Jackson Hole Real Estate Archives - Page 4 of 19

2020: June New Listings in Jackson Hole

July 13, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

New listings exploded in June, exceeding the highs seen during last year’s busy summer listing season. It’s the first time we’ve seen this many new monthly listings in over 4 years! The total list volume of $366 million was the highest since last June 2019, which saw a record volume of $439 million. While the average listing price was down vs last June, the median list price was up, topping $2 million for only the second time since I began tracking this stat in April 2017. Three out of every 4 new listings in June was above $1 million. A staggering 36 new homes entered the market above $3 million, beating out last June’s high of 30 properties in this price point. High end new listings in June included a 65 acre property with a 4,700 sq ft home in Dairy Ranches for $18.9 million, a 6,700 sq ft home in Indian Springs for $13.9 million and a 120 acre ranch with live water and panoramic mountain views, listed for just under $16 million. Only 5 properties entered the market under $500,000 in June, including 3 condos in town, all of which are already under contract. Over half of June’s new listings were for single family homes. After seeing 0 lot listings in April, vacant land has been entering the market at a fast pace with 20 new listings in May and 18 in June.

2020: June Sales in Jackson Hole

July 12, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

Real estate sales picked up in June – recording 26 sales – however sales are still below levels seen this time last year (36 sales). However, the total sales volume of $65 million is the highest monthly volume since January and slightly higher than dollar volume seen in June last year ($51 million). The average sale price was just above $2.5 million, a decrease from May but nearly $1 million higher than June last year. The median sale price picked up in June to $1.44 million, higher than the previous 12 month average of $1.3 million. Property selling in June sold more quickly than average, spending an average of 134 days on the market. While 6 properties sold at or above their listing prices, properties on average sold at a 5% discount to asking price, a drop from the 96-97% levels seen in the previous 4 months. Single-family homes made up the majority (62%) of sales in June, representing the highest monthly percentage in the past year. While 38% of sales occurred in the $500,000 – $1 million range, nearly 1 in 4 sales in June were in excess of $3 million including a Shooting Star cabin (listed for $5.5 million) and the historic 199 acre Gill Huff Ranch, located at the base of Teton Pass, listed for $8.9 million.

2020: May Sales in Jackson Hole

June 8, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

While it appears that the COVID-19 pandemic has affected the number of real estate sales in Jackson Hole, it does not appear to be affecting pricing/values overall. May real estate sales looked a lot like April real estate sales in Jackson Hole, both well below sale levels seen last year at this time. May recorded only 19 transactions, less than half of the 41 sales in May 2019. However, despite seeing only half of the sales, the overall dollar volume was exceptionally strong, totaling nearly $54 million vs $59.6 million last May (with twice as many sales). As a result, and thanks to several high-end sales at the end of May, the average sale price jumped up to $2.8 million, the highest monthly average sale price in over 3 years! Interesting to note, 13 of the 19 sales in May were over $1 million, with 5 high-end sales over $3 million including: the penthouse at One Town Hill (listed at $3.975 million), two 35-acre Ranch Estates at the Snake River Sporting Club, a lot in Shooting Star (listed at $5.5 million) and a beautiful estate in Grand Teton Ranch north of town, listed for $16.9 million.

On average, properties sold for 97% of their listing prices in May (with 6 of the 19 sales selling at or above the asking prices). While this might suggest that sellers are not adjusting their prices due to the pandemic, upon digging further into the numbers, we see a second story emerge. Seven of the 19 sales sold between 85-91% of their listing prices (or at a 9-15% discount) suggesting that yes, some sellers are seemingly motivated to sell during this time. It’s also important to note one significant outlier. Ranch Estate #8 down in the Snake River Sporting Club sold for 30% over its listing price. This was a build-to-suit/ lot purchase combo and the buyer ended up doing many upgrades pushing the sale price above and beyond the stated list price. Removing this outlier drops the monthly sale-list price ratio down to 95%.

2020: May New Listings in Jackson Hole

June 8, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

While the COVID-19 pandemic no doubt kept new listings quiet in April, it appeared many sellers were feeling more confident in May, collectively putting 76 new properties on the market in Jackson Hole. These new listings represent 75% of the new listings seen in May of 2019, a strong number considering our current economic environment. Overall listing volume was $175 million in May, the highest monthly volume since August 2019. The average listing price of $2.3 million was down from April’s high of $3.3 million, but in line with the average listing price seen last year in May ($2.22 million). The median listing price dropped significantly, down $800,000 from April to $1.56 million in May, which is slightly below the average median list price seen throughout the last year. Why did the average and median price listing price drop in May? While the majority (39) of new listings were priced between $1-3 million, 26 new listings came on line under $1 million (2 of those under $500,000), the highest monthly inventory seen in this price range since Aug 2019.

Twenty condo / townhomes were listed in May, with 15 of those priced under $1 million, a great selection for local buyers and second homeowners looking for a Jackson Hole getaway. Surprisingly, 20 vacant lots were listed in May, the highest number of monthly lot listings in the past year. Thirteen of the 20 new lots were listed over $1 million, including a large 21 acre redevelopment parcel on the Westbank, currently home to the Bar J Chuckwagon, listed for $14 million. The least expensive new lot listing is a .32 acre lot on Snow King Ct with stunning Teton views over the Elk Refuge.

New Listing :: Quintessential Mountain Home

June 1, 2020/in Buyers, Featured Listing, Featured Listings, Housing, Jackson Hole Real Estate, New Listings, Over $1 million, Property Search, WY/by Molly Stewart

Tucked in the woods on a quiet cul-de-sac, this quintessential mountain home is only a 1/2 mile from downtown Wilson. You get it all: true peace and privacy but with unparalleled proximity to the best of Westbank living. A true stand-out for this reason. The home sits on a generous 1.52-acre lot that abuts deeded HOA open space. Soak up the views of the Wilson Faces as you soak in the second story hot tub. Comfortable and inviting, there are two bedrooms on the main floor, a large lofted space currently used as another bedroom, and a new 550 sq foot master suite with gas fireplace. The basement “bunkhouse” accommodates all your friends and family effortlessly. All together, there is approx. 4100 sq. ft. of space in this home to stretch out, relax and enjoy Wilson living at its finest

COVID-19 Protocols: Practices to Protect You & Your Home

May 21, 2020/in COVID-19, Jackson Hole Real Estate, pandemic, Real Estate Industry News/by Molly Stewart

Encourage buyers to narrow their property search through photos, virtual tours, and leveraging other technology to reduce the number of in-person showings.
Limit in-person showings only to qualified and serious buyers.
Discuss protocol for precautions that will be taken that are acceptable to the Seller.
Require property showings by appointment, in lieu of open houses, to reduce the number of persons in a property at any given time.
Request both the seller and potential buyers to self-disclose whether they have COVID-19 or exhibit any symptoms. However, note that COVID-19 is also spread by individuals who are asymptomatic.
Limit group size and discourage non-essential parties from attending the showing.
Ask buyers to remain in their vehicle until listing agent arrives at the property.
For owner or tenant-occupied properties, request that the seller or tenant open all interior doors, closets, window coverings, and to turn on lights before leaving the property.

Adhere to social distancing recommendations, and maintain a minimum of six feet of space between persons at all times.
Avoid shaking hands with clients.
Limit the number of persons who may attend a showing. Show property in shifts for more than 4 people.
Require all persons entering a property to immediately wash their hands or to use hand sanitizer, remove footwear or wear booties, and wear a face mask or covering.
Instruct buyers and others touring the home to avoid touching any surfaces in the home, such as light switches, cabinet and door handles.
Instruct buyers and guests not to use bathroom facilities at the property.
Do not share phones, pens, or tablets or other personal property during the showing.

Wipe down any surfaces (light switches, door knobs, handles, etc.) touched during the showing with a sanitizing wipe or disinfecting cleaner.
Wipe down the key and/or lockbox with a sanitizing wipe or disinfecting cleaner after use.
Conduct follow up conversations with buyers outside of the property or in a ventilated area while maintaining a distance of 6 feet, or arrange to speak by phone or email.
Offer to provide marketing materials digitally in lieu of paper documents.
Use hand sanitizer upon returning to vehicle.
Maintain a detailed log of interactions to enable contact tracing, to include names, dates, and locations of interactions, as well as a party’s contact information.

COVID-19 Protocols

May 21, 2020/by Molly Stewart

Encourage buyers to narrow their property search through photos, virtual tours, and leveraging other technology to reduce the number of in-person showings.
Limit in-person showings only to qualified and serious buyers.
Discuss protocol for precautions that will be taken that are acceptable to the Seller.
Require property showings by appointment, in lieu of open houses, to reduce the number of persons in a property at any given time.
Request both the seller and potential buyers to self-disclose whether they have COVID-19 or exhibit any symptoms. However, note that COVID-19 is also spread by individuals who are asymptomatic.
Limit group size and discourage non-essential parties from attending the showing.
Ask buyers to remain in their vehicle until listing agent arrives at the property.
For owner or tenant-occupied properties, request that the seller or tenant open all interior doors, closets, window coverings, and to turn on lights before leaving the property.

Adhere to social distancing recommendations, and maintain a minimum of six feet of space between persons at all times.
Avoid shaking hands with clients.
Limit the number of persons who may attend a showing. Show property in shifts for more than 4 people.
Require all persons entering a property to immediately wash their hands or to use hand sanitizer, remove footwear or wear booties, and wear a face mask or covering.
Instruct buyers and others touring the home to avoid touching any surfaces in the home, such as light switches, cabinet and door handles.
Instruct buyers and guests not to use bathroom facilities at the property.
Do not share phones, pens, or tablets or other personal property during the showing.

Wipe down any surfaces (light switches, door knobs, handles, etc.) touched during the showing with a sanitizing wipe or disinfecting cleaner.
Wipe down the key and/or lockbox with a sanitizing wipe or disinfecting cleaner after use.
Conduct follow up conversations with buyers outside of the property or in a ventilated area while maintaining a distance of 6 feet, or arrange to speak by phone or email.
Offer to provide marketing materials digitally in lieu of paper documents.
Use hand sanitizer upon returning to vehicle.
Maintain a detailed log of interactions to enable contact tracing, to include names, dates, and locations of interactions, as well as a party’s contact information.

2020: April New Listings in Jackson Hole

May 7, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

While April is typically a slow month for new real estate listings, this April was particularly slow with only 19 new properties entering the market. Compare that to April of last year, when more than double (41) the listings came online, suggesting that the Coronavirus may be affecting sellers’ plans to list this year. Whether people are taking a “wait-and-see approach” to the larger market or have legitimate concerns about other buyers and Realtors entering their home, we are starting to see the effects of COVID-19 on our inventory levels for Spring. Interestingly, despite recording only half of the new listings seen last April, the total dollar volume of April’s new listings this year is similar ($63 million this year vs. $65 million last April 2019).

The unusually high dollar volume can be explained by the fact that 16 of April’s 19 new listings were priced over $1 million, with 6 high-end listings entering the market over $3 million, including a 5-bedroom ski-in ski-out house in Teton Village, a 9,000 sq ft home on 18 acres in Bar-B-Bar and the historic Gill Huff Ranch, consisting of 160 acres at the base of Teton Pass, which is already under contract. Only 3 new listings entered the market under $1 million in April, including a 1,200 sq ft house in Hoback, a trailer in Evans Trailer Court, and a 4 bedroom remodeled Creekside townhome, the latter two of which are already under contract. As a result, the average listing price for April topped $3.3 million! The median list price was also up significantly, jumping to $2.3 million vs. the previous 12-month average of $1.5 million. Over 60% of April’s new listings were for single-family homes. Strangely, not one new vacant lot entered the market in April, an interesting stat considering 10 vacant lots were listed last month and 8 lots came online in April of last year.

May and June are traditionally the busiest months for new listings with over 100 properties entering the market in both May and June of 2019. It will be interesting to see the number of new listings over the next few months, which will help determine the true effects of COVID-19 on our inventory levels this spring (which will no doubt have an effect on pricing and values).

2020: April Sales in Jackson Hole

May 6, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

Since COVID-19 shut down much of Jackson Hole in mid-March, real estate activity has definitely slowed. While March numbers were still strong thanks to a busy first half of the month, April sales numbers seem to better reflect the effects of the Coronavirus on our market. There were only 18 sales in April 2020, totaling $26 million in total sales volume. While April is considered the “off-season” in Jackson, with consistently slower real estate activity, it was much slower this year in particular, recording roughly half of the 33 sales seen in April 2019. Sales volume was also lower, with approximately $12 million less than in April 2019 and marking the lowest monthly sales volume since April 2016. After exceeding $2 million for each month of the first quarter this year, the average sale price dropped significantly in April, down to $1.4 million, the lowest monthly average sale price in the last 11 months. The median sale price was also down, dropping from $1.6 million in March 2020 to $1.323 million in April 2020, which was however, still nearly double the median sale price in April 2019 ($785,000). April’s lower average sale price can be explained by two other monthly stats.

1) Nearly half of April sales this year were under $1 million vs. Q1 2020, where sales in this segment accounted for 30-34% of all sales.

2) Only 2 sales occurred over $3 million, the lowest monthly number of high-end sales since April last year.

Properties that sold in April were not on the market long selling within an average of 133 days, the lowest days on market in the past 7 months. Sale prices remain strong seeing an average sale to list price ratio of 97%, with 5 properties selling at or above their asking price in April. Condo and townhome sales represented 50% of all sales in April, the highest monthly percentage since nearly a year ago in May 2019. Only 1 lot sold in April, the only time that has happened since I began tracking stats in 2013

2020: Q1 Sales & New Listings

April 10, 2020/in Asking Prices, Average Sales Price, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Update, Multi-family, Over $1 million, Past Sales, Properties under $500, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, The Jackson Hole Report, Town of Jackson, Townhome, Under $500, WY/by Molly Stewart

Real estate sales in Jackson Hole in the first quarter of 2020 were slightly lower than sales in the first quarter last year. After just barely outpacing 2019 in January and February, a slower than usual March (with 7 fewer sales) contributed to an overall drop in sales from Q1 2019 to this year. Despite having 4 fewer sales, overall dollar volume was up about $15 million in Q1 2020, with higher monthly sales volume in all 3 months of the first quarter this year (even in March which had the 7 fewer sales). After seeing consistent average prices in January and February, the average sale price in March 2020 was up 44% versus March 2019, thanks to several high-end sales last month. As a result, the overall average sale price of Q1 2020 was up 12.5% versus Q1 2019. In looking at the median sale price, we see a somewhat similar trend. After falling short in both January and February, the median sales price in March was significantly higher, recording the highest median sale price in over a year and pulling the overall average of Q1 median sale prices in line with Q1 2019 ($1.415 million vs $1.453 million).

Which price point saw the most sales in the first quarter? Property sales in the $1-3 million range represented the majority of sales in each of the first 3 months in 2020, accounting for 40 of the 91 sales in the first quarter (44%). This is slightly higher than 2019, where 40% of sales occurred in this price point. The first quarter of 2020 saw 3 more high-end sales (above $3 million) but 11 fewer sales in the under $500,000 segment, a decline of 61%. While single family homes made up a similar percentage of sales in Q1 2020 versus Q1 2019, the first quarter of 2020 saw 9 more lot sales and 9 fewer condo/townhome sales than the first quarter of 2019.

The number of new listings entering the market in the first quarter of 2020 was nearly identical to the first quarter of 2019, however the timing of these new listing entering the market was very different. January 2020’s 32 new listings paled in comparison to the 55 new listings in January 2019. This difference may be explained by the fact that after a dynamite 2018, many sellers were encouraged to put their properties on the market in early 2019. February 2020 saw an unusually high number of new listings with 20 more properties hitting the market compared to February 2019. Finishing out the first quarter, new listings in March 2020 were consistent with March 2019. Despite having a similar number of new listings as Q1 2019, the dollar volume of the new listings in Q1 2020 was significantly higher, recording $93 million more in listing volume, an increase of 44%! Even though January 2020 saw 23 fewer sales than Jan 2019, dollar volume was strong ($110 million). February 2020’s new listing volume surpassed January, recording $88 million more in listing volume than February 2019. Finally, March 2020 outpaced March 2019 by $14 million. The average listing price has been declining since a high in December of $3.9 million, dipping below $2 million for the first time since November 2019. Despite the declining trend, the average listing price for the entire quarter was still nearly $1 million higher than the average listing price in Q1 2019. The median list price followed a similar trend. After a high of $2.3 million in January, we’ve seen a significant drop in each of the last two months, down to just above $1 million in March, the lowest median list price in over a year. However, the average median list price of Q1 2020 was still approx. $600,000 higher than this time last year.

The majority (40%) of new listings entered the market between $1-3 million in the first quarter of 2020. February was the most popular month for this price point with 20 new listings hitting the market. Interestingly, March saw a surge of listings in the $500,000 – $1 million segment, when 19 new options entered the market. Comparing quarter to quarter, 2020 saw more new listings in all price points (including the high-end where 10 more listings hit the market) with the exception of the entry level. There were only 5 new listings under $500,000 in the first 3 months of 2020 vs. 24 new listings in Q1 2019. Note: 18 of the 24 new listings represented the newly remodeled Virginian Village Condos, new to the market during Q1 last year.

What happened in June?

New Listings

$366,867,000

New Listing Volume

18

Vacant Lot Listings

$3,335,155

Average List Price

$2,175,000

MEDIAN LIST PRICE

5

listings under $500,000

82

Listings over $1M

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in June?

What Sold

$34,116,499

Total Sales Volume

134

Average Days on Market

$1,440,000

MEDIAN SALES PRICE

62%

Single Family Home Sales

58%

of property sales over $1M

1

TRANSACTIONS UNDER $500,000

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in May?

What Sold

$53,797,394

Total Sales Volume

185

Average Days on Market

$1,402,500

MEDIAN SALES PRICE

53%

Single Family Home Sales

31%

of property sales under $1M

1

TRANSACTIONS UNDER $500,000

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in May?

New Listings

$175,284,000

New Listing Volume

20

Vacant Lot Listings

$2,306,368

Average List Price

$1,567,500

MEDIAN LIST PRICE

2

listings under $500,000

50

Listings over $1M

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

Property Details

1475 N Old Trail Dr Wilson, WY 83014

Practices to Protect You & Your Home

PRIOR TO SHOWING

DURING SHOWING

AFTER SHOWING

Questions?

Practices to Protect You & Your Home

PRIOR TO SHOWING

DURING SHOWING

AFTER SHOWING

Questions?

What happened in April?

New Listings

$63,634,000

New Listing Volume

0

Vacant Lot Listings

$3,349,158

Average List Price