Monthly Market Update July 2013 – Summary of Sales Statistics

Monthly Market Update for July 2013

Jackson Hole, WY

Summary – June 2013:
• 41 :: Total residential sale transactions (a dip from last month’s high of 61)
• $44,000,000 :: Total residential sales volume (a dip from last month’s high of $68m)
• $948,000 :: Average sales price (down from last month’s $1,160,000)
• 94% :: Ratio of sales price to list price (a slight drop from the last few months)
• 328 :: Average days on market prior to selling (similar to last month)

What it means: The month of June wasn’t as spectacular as May as we saw a dip in both Transactions and Sales Volume this past month. However, the market continues to remain hot as many well priced opportunities don’t remain on the market for long. The average sales price of $948,000 remains near the typical average for Teton County. Sales price to list price ratio dropped slightly to 94% on average; however many properties in the lower price ranges (sub $500,000) are selling very close to, or above, the listing price. On the surface, the average days on market remains consistent with past months, however a closer look reveals several properties that finally sold this month after being on the market for over 1,000 days. When you remove these outliers, all other properties closed after an average of 221 days, a number more representative of our faster moving market.

Please visit the Monthly Market Update tab for the entire July Market Report.

Interested in learning more? Email me at katiecolbert123@gmail.com for more information on anything real estate related – a history of a specific property, a market update on your neighborhood, a mortgage payment calculation for a certain price range – I’m happy to help! Please consider following me for up to date market trends, hot picks and statistics.

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Jackson Hole Compass provides in-depth look at Jackson Community

JH Compass 2013 Cover

The 2013 edition of the Jackson Hole Compass publication was recently released in Jackson Hole, WY. This magazine, described as “a comprehensive overview of and reference to our community” takes an in-depth look at Jackson’s economy, demographics, politics, tourism, philanthropy, trends, recreation and most important to this blog, Housing. Below are some interesting statistics (based on the 2010 census) on Jackson Hole’s housing market.

  • 70% of Teton County’s 12,813 homes are occupied by year-round residents (a very high proportion for a resort town)
  • In the past 10 years, 40% of the new homes were constructed in the Town of Jackson.
  • In the past 10 years, Teton Village saw the highest growth in new homes, thanks to the Shooting Star development.
  • The Moose-Wilson Village Rd (Hwy 390) area houses the County’s largest share of second homes and short-term rental property.

Even though there hasn’t been much new home construction in the past few years, the real estate market has picked up sharply since the low point of 2009. Real estate sales have increased every year since, with 2013 on track to outpace them all as low inventory levels are driving higher sales prices.

Here are some other quick interesting facts about Teton County, Wyoming from The Compass:

  •  Since 1990 Teton County has ranked among the top five counties in the nation in per-capita income.
  • Teton County has roughly 1.25 jobs for every permanent resident (with much help from the tourism industry)
  • Yellowstone National Park sees nearly 3.5 million visitors per year; Grand Teton National Parks sees around 2.6 million per year.
  • Teton County’s median age is 37, slightly younger than the nation as a whole. The largest age group is 25-29.
  • There are over 200 non-profits in Teton County.

Read the entire 2013 digital edition of The Compass HERE.

What strikes you as the most interesting trend in Jackson Hole?

 

As Jackson Hole Real Estate Inventory Increases, Buyers are Acting Quickly

Spring and Summer are historically a busy time in the real estate market here in Jackson Hole, Wyoming, as Sellers take advantage of the beautiful weather, lush green landscapes and influx of tourists that flock to the greater Grand Teton & Yellowstone National Park area.  This year is no exception.  However, after a winter of unusually low real estate inventory levels paired with favorable lending environments, there are many anxious Buyers ready to make a move on the new inventory as soon as it hits the market.  As such, demand for this new inventory has increased significantly.  There are currently 42 properties under contract in Teton County. Twenty-eight of them (or 1/3) were on the market for 4 months or less.  Thirteen of the current pending sales were on the market less than a month before going under contract. Demand has increased especially for well priced homes and the majority of homes in the lower end of the market (sub $500,000). Sixty percent (60%) of current pending sales are listed under $1,000,o00; nearly 1/3 are priced under $500,000. Buyers are hoping more inventory continues to enter the market, while Sellers are taking advantage of the high demand and many times, multiple offer situations.

10 acres on N Cache in down town Jackson available for sale

Ten acres on N Cache St in downtown Jackson Hole, Wyoming, officially hit the market this past weekend Advertised for $11.55 million, this large parcel presents a unique development opportunity just 5 minutes south of Grand Teton National Park. Currently owned by the National Forest Service, the property is 10 acres and borders the National Elk Refuge. Since the property is publically owned land, any new buyer would need to work with the Town of Jackson on re-zoning the property for their use. (The property will become Rural zoning upon coneyance.) Another challenge is the limited access to the parcel. Click the following links to view the AERIAL MAP and the FULL LISTING.

New Listing: 3 bed/2.5 bath Townhome in Jackson, WY

New Listing :: 1070 Elk Run Lane #47, Jackson, WY

  • 3 bedroom, 2.5 bath
  • 2 car attached garage
  • 1,614 square feet
  • $419,500

Living Room 2 Kitchen 1

Bright and sunny Elk Run end unit recently upgraded with pine flooring, granite counters, alder cabinets/trim, and new light fixtures. Private entrance and views of Snow King from the deck. Spacious bedrooms and bonus loft space make for comfortable living. Convenient location near Flat Creek, bike path, hiking trails and town amenities.

Back Deck Private Front Entrance

Click HERE for more info and more photos.

PUBLIC OPEN HOUSE – Wed June 5th 5:30-7:00pm – Come take a tour!

Grand Teton Estate goes to Real Estate Auction

Just announced today….

 GrandTetonEstate2         BackPatio

The Grand Teton Estate, a 23,000 square foot estate will be auctioned off to the highest bidder in mid July in Jackson Hole, WY. The home sits on 10.63 private acres at the base of Jackson Hole Mountain Resort. The property was originally listed for $32,500,000 and was recognized as one of the Top Three Most Spectacular Ski Homes in America by CNBC. Designed by renowned architect Jonathan Foote, the property is designed for both family intimacy and grand entertaining. The home boasts 7 bedrooms, 7 baths, a guest quarters, a 12 seat private theater, two offices, a 4,000 bottle wine cellar, and a 1,200 square foot gym. The grounds of this heavily treed lot include extensive paver walkways, lush gardens, streams and ponds stocked with fish. And to top it all off, the property is located minutes away from Grand Teton National Park and the Jackson Hole Aerial Tram.

This estate will sell without reserve (meaning no minimum bid) on July 12, 2013.

Click here to view the full Auction Catalog.

GrandTetonEstate