2014 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

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Over the course of 2014, I have been tracking many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the take-aways from the Jackson Hole real estate market in 2014:

Quick Stats – 2014:

  • 447 total real estate transactions in 2014
    • 189 single family home sales
    • 163 condos and townhomes sales
    • 95 land sales
  • Reported sales volume of $440 million
  • Additional unreported sales volume of $127 million
  • Estimated TOTAL sales volume of $567 million
  • Average sales price (including unreported sales) = $1,268,000

Average Days on Market measures the amount of time an average property spends on the market from the time of listing to the closing date. There are always outliers and in my sales tracking, I try to exclude any listing that has been on the market for more than 1,000 days. Since the start of 2014, days on market have been declining, and have hovered around 200 days for the last few months. Consistently in 2014 we saw well priced properties and/or properties in low-inventory, high-demand sub markets sell very quickly, many times going under contract immediately after they were listed. That being said, many sellers also wanted to test the market and priced their properties above market value to see if they would get any bites. Sometimes this led to increased days on market. I think we will see this trend (low days on market) continue until inventory levels increase. Many times properties are not even officially hitting the market before being placed under contract, as realtors are able to find a buyer through their own contacts or through a colleague at their office. (Note: If you are a Buyer searching for a specific property, please contact me so that I may be on the lookout for future listings for you.)

DOM2014

 

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2014, including unreported sales in MLS, is estimated to be around $1,268,000. In every month in the past year, the monthly average sales price hovered just under $1,000,000 (see chart), with the exception of September & October when the monthly average sales price was over $2 million and just under $1.4 million, respectively. These months obviously drove the annual average sales price up. In 2014, the average sales price for single family homes was just under $1.5 million, while the average sales price for condos and townhomes in Teton County was $587,000. The average sales price for land sales was just under $1.1 million.

avgsales2014

 

In analyzing the Breakdown of Sales by Price Point in 2014, a few trends become clear. The majority of residential sales in Teton County last year were in the $500,000 – $1,000,000 range. These sales included single family homes in the Town of Jackson and south of Town, condos in Teton Village and higher-end/larger condos in The Aspens. Only 9% of all sales in 2014 sold for under $300,000 and were usually for smaller condos in the Town of Jackson. More than 1 out of every 4 sales in 2014 was for property valued over $1 million.

BreakdownPriceRes

The breakdown for land sales in 2014 shows a similar distribution, with the majority of land sales occuring in the $500,000 – $1,000,000 range. Nearly 1 out of every 5 land sales in 2014 was priced under $300,000 and represented several lots in the Town of Jackson and south of Town near Hoback. There were 7 land sales above $3 million in 2014 which included lots in 3 Creek Ranch, Crescent H and Shooting Star.

BreakdownPriceLand

 

Happy New Year! 

Thank you to all my clients and colleagues for making 2014 a great year in real estate. I was able to help 19 different buyers and sellers purchase or sell property in Teton County this past year. I look forward to helping many more people in 2015!

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Single family home sales dominate in December in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

What Sold in Dec 2014? 

  • 62% :: Percentage of single family home sales (up significantly from last month’s 40%)
  • 18% :: Percentage of condo/townhome sales (the lowest % of 2014)
  • 20% :: Percentage of Land Sales (right around average for the year)
  • 1 :: Number of distressed property sales (One bank sale in Dec)
  • 35% :: Percentage of residential properties selling for over $1 million (back up after several low months)
  • 65% :: Percentage of residential properties selling for under $1 million (down from last month’s high of 77%)
  • 32% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales dominated the month of December, representing 62% of all sales, tied for the highest monthly percentage this year. Conversely, condo and townhome sales were slim – there were only 6 sales in this segment, representing only 18% of all sales, by far the lowest percentage of the year (see chart below). Land sales in December were about average for the year, representing 20% of all sales (average for 2014 was 19%).  There was one bank sales in December, a 20 acre tract of land up Horse Creek that sold after 2,189 days on the market!  Currently there are zero distressed properties on the market. The percentage of properties selling for over $1 million picked up after several months of decline. In December, 32% of the property sales were for $500,000 or under, in line with the 2014 average of 34%.

Breakdown2014

Over1Jan

Under500Jan

 

Click HERE to read the full Monthly Market Update for January 2015 and Year End 2014.

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Low inventory levels push prices up in Teton County real estate market

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The Jackson Hole Report Quarterly Update

Extremely low inventory levels are driving the number of sales down, but pushing prices up in Teton County, especially in the lower end of the market (under $1 million).  

marketfocus

My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. Below are some interesting statistics from his 3rd Quarter Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the 3rd quarter 2014 and are compared to the first 3 quarters of 2013.

THE OVERALL MARKET

  • The total number of sales decreased by 11%, while sales under $1 million dropped 14%
  • The average sales price increased by 7% (Note: Exactly 1/2 of all transactions through Sept 2014 were conducted in CASH)
  • Available inventory (active listings) decreased by 15%, while available inventory under $1 million dropped 24%
  • The median listing price rose 39%, as a result of low inventory levels

SINGLE FAMILY HOMES

  • Total Single Family Home sales are down 24% (when compared to this time last year)
  • The average sale price is up 6%
  • Available inventory has dropped 16% and is down 29% in the under $1 million segment
  • 75 sales have occurred in the $500,000-$1,000,000 range (Hot Spot)
  • As of Oct 1, there were 37 homes on the market, with only 1 priced under $500,000 (located in Moran)

CONDO/TOWNHOME

  • Total condo/townhome sales are similar to this time last year
  • The average sales price is up 8%
  • Available inventory has fallen 32%
  • 88 sales have occurred in the sub $500,000 market, representing 54% of all condo/townhome sales (Hot Spot)
  • 24 sales occurred in the sub $300,000 market, however only 3 condos are currently listed in this price range

VACANT LAND

  • Total sales are down 11% compared to this time last year
  • The median sales price is up 11%
  • 36 land sales were under $500,000, representing 42% of all sales
  • However, pending land sales under $500,000 represent only 13% of all pending sales, compared to 50% in 2013
  • Available inventory for land is down 8%

Buyers Flock to East Jackson

The Jackson Hole Report’s 3rd Quarter Report also focuses on the recent surge of real estate activity seen in East Jackson. Since 2012, East Jackson has seen the largest concentration of new homes in Teton County with 44 completed and 10 currently under construction. However, of the 44 new homes, only 9 have been available on the open market. The majority (24) were custom built for home owners, while 11 were purchased directly from the developer. Of the 9 homes publicly listed (including the newly constructed home in the Gill Addition below), the average sales price was $1,247,000, or an average price per square foot of $400. These homes sold quickly, spending an average of only 47 days on the market before closing.

NewHome

 

Several high end land sales in October in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for November 2014

Jackson Hole, WY

What Sold in Oct 2014? 

  • 34% :: Percentage of single family home sales (back down from last month’s high of 62%)
  • 30% :: Percentage of condo/townhome sales (identical to last month)
  • 36% :: Percentage of Land Sales (up significantly, much higher than usual)
  • 3.5% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Oct)
  • 39% :: Percentage of residential properties selling for over $1 million (back down from last month’s high of 52%)
  • 61% :: Percentage of residential properties selling for under $1 million (back up from last month’s 48%)
  • 21% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 26%)

What it means: After a summer filled with higher than usual single family home sales (52%-62% of all sales) the month of October saw fewer single family homes sales. The percentage of condo and townhome sales stayed the same, while building sites experienced higher than usual activity in October. In fact, in the month of October, there were the same amount of land sales (20) as the previous 4 months combined (June-Sept). In all, land sales accounted for over $32 million in sales volume last month helped by several very high end sales including a 13 acre parcel in Indian Springs (selling for over $6.5 million), a 35 acre tract in Crescent H Ranch (selling for north of $4.5 million) and a 18 acre lot up north in Solitude, which sold for over $4.5 million. The percentage of properties selling for over $1 million dropped down after a very strong month in September, however still remained higher than usual (see chart below). The percentage of properties that sold for under $500,000 declined for a 3rd month in a row, as inventory in the entry level market continues to dwindle (see chart below).

breakdownNov

over$1m

under$500

 

Click HERE to read the full Monthly Market Update for November. 

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

Market Focus: New Fall Inventory in Jackson Hole Real Estate Market

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New Fall Inventory

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What types of properties are hitting the market this Fall? How are they priced? How have new listings affected inventory levels? 

In last month’s Market Focus: Summer in Review, we analyzed the busy summer selling season (considered June/July/Aug) where we saw 124 residential sales transactions representing over $100 million in sales volume. In this month’s Market Focus, I decided to take a look at new listing activity since the end of the busy summer season.

Between September 1, 2014 and October 15, 2014  there have been 33 new residential listings in Teton County totaling $52 million in listing volume (excluding fractionals and lots (see below)). That equates to one new listing every 1.36 days. The average listing price of these new listings is $1,538,000. Compare that to the typical average of just under $1,000,000 for SOLD properties.  As of Oct 15th, 14 of these new listings (or 42%) are already off the market; as 12 have been put under contract and 2 have already sold.

Click HERE to view the new residential listings

Between September 1, 2014 and October 15, 2014  there have been 14 new building lot listings in Teton County totaling $22 million in listing volume. That equates to one new listing every 3.2 days. The average listing price of these new lots is $1,584,000. As of Oct 15th, 3 of these new listings (or 21%) are already off the market; as 2 have been put under contract and 1 has already sold.

Click HERE to view the new building site listings

 

Many of the new listings, and the majority of the entry level listings (under $525,000), are located in the Town of Jackson. Three new listings are in Rafter J, two are in Melody Ranch and two are in Teton Village (a Tensleep 2 bdrm condo for $389,000 and a 9th floor 3 bdrm unit at the Four Seasons for $3,050,000 – pictured below).

fourseasons

New listings for building sites are located all over the County, including several high end lots in Spring Creek Ranch, Gros Ventre West & North, and Stilson Ranch. Only one of the new lot listings is priced under $300,000 – a 0.6 acre lot south of Town on Horse Creek Road. The next least expensive lot is a 6.21 acre building site in Game Creek for $649,000 (pictured below). The most expensive new lot listing is for a 2.75 acre parcel in 3 Creek Ranch for $3,550,000.

Game Creek

Of the properties that have already gone under contract, half of them are priced under $600,000 and the majority are located in the Town of Jackson including Cottonwood Flats, E Jackson and Snow King. The two new listings that closed in less than a month included a 2 bdrm house in Wilson, which was not advertised in the MLS, and a 2 bdrm Meadowbrook/Town Creek condo in Town, which sold in 25 days.

Overall, inventory is not being replaced quite as quickly as it has been selling. Over the summer, there were 124 transactions, averaging out to 1.34 sales per day, while the recent new listings (land and homes combined) have been coming onto the market at a rate of about 1 per day in the last month and a half.

Summary: In conclusion, these new listings tell us a few things about the market. 1) Prices (at least asking prices) are increasing. The average listing price for new residential listings in the last 1.5 months was 50% higher than the average SOLD price in the past year. 2) Well priced properties (and even not-so-well priced properties that are in a high demand location or price point) are being snatched up quickly, and 3) overall inventory levels remain lower than usual and demand remains high, especially in the sub $600,000 market.

 

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Market Focus: Jackson Hole Real Estate – Summer 2014 in Review

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2014 Summer in Review:

What sold? What did it sell for? Where did properties sell this summer?

marketfocus

Based on transaction numbers and sales volume, it appears the Jackson Hole real estate market went up month over month this summer. After a slow start in June (28 transactions for $20 million in sales volume), July saw 40 transactions and nearly $39 million in reported sales. The summer ended on a high note with 53 transactions for $45 million in reported sales in August. (See Charts in Sales Summary above.) The below analysis focuses on what sold, where property sold and for how much it sold, as well as a few highlighted sales of the summer.

Market Summary – Summer 2014 (June/July/August):

  • 124 :: Total residential sale transactions
  • $106,000,000 :: Total residential sales volume reported to MLS
  • $33,000,000 :: Additional estimated sales volume from undisclosed sales prices
  • $940,000::  Average sales price of reported sales
  • 96% ::  Average ratio of sales price to list price
  • 267 ::  Average days on market prior to selling

This summer there were 124 residential transactions (excluding fractional sales), or roughly 1.35 properties sold each day. Compare that to Jan-May of 2014, which saw 1.03 properties sold each day (156 total sales). Average days on market this summer (267 days) was significantly lower than the earlier part of the year, which saw an average of 353 days on market before a property sold.

 What Sold this Summer?

  • Single Family Homes:
    • There were 55 single family home sales this summer, which represented 44% of all sales this summer.
    • The average sales price was $1.2 million or $445/sq ft on average.
    • The least expensive single family home sale was a summer cabin up in Turpin Meadows in Moran, which sold for $99,000 (pictured below). The least expensive single family home sale outside of Moran was a 2 bed / 1 bath little house in Cottonwood Park, which sold for $498,000.
    • The most expensive single family home sale was a 7,700 sq foot house in Teton Pines, which sold for $4 million.

Moran

  • Condo / Townhome Sales:
    • There were 45 condo or townhome sales this summer, representing 36% of all sales this summer.
    • The average sales price was $507,000, or $416/sq ft on average.
    • The least expensive condo sale was a bank owned Ponderosa Village condo in Town which sold for $187,500.
    • The most expensive condo sale was Moose Creek townhome in Teton Village that sold for just over $1.6 million (pictured below).

MooseCreek

  • Land Sales:
    • There were 20 lot sales this summer, representing 16% of all sales this summer.
    • The average sales price was $1,300,000.
    • The least expensive lot sale was a 3 acre parcel near Red Top Meadows, south of Wilson, which sold for $210,000.
    • The most expensive lot sale was a 35 acre tract in Crescent H Ranch, which sold for $4.7 million.
  • Distressed Sales: There were only 4 distressed property sales this summer (2 bank sales and 2 short sales), which represented 3.2% of all sales.

Where did properties sell this Summer?

  • Town of Jackson :: 44 sales :: 35% of all sales
  • South of Jackson (inc. Hoback) :: 24 sales :: 19% of all sales
  • Wilson/Westbank :: 18 sales :: 15% of all sales
  • Aspens / Teton Pines :: 14 sales :: 11% of all sales
  • North of Jackson :: 9 sales :: 7% of all sales
  • Teton Village :: 6 sales :: 5% of all sales

LocationSales

How much were properties selling for this Summer? 

The average sales price this summer was $940,000 which was slightly higher than the first part of 2014 ($906,000). Property sales were spread out pretty evenly between the following price points with the majority of sales occurring in the $500,000 – $1,000,000 price range.

  • Under $500,000 :: 38 sales :: 31% of all sales
  • $500,001 – $1,000,000 :: 47 sales :: 39% of all sales
  • Over $1 million :: 29 sales :: 30% of all sales

SummerBreakdown

The summer selling season is here! Many new real estate listings hit the market in Jackson Hole.

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As we enter the spring/summer months, many new listings have come onto the market in Teton County. Since May 1, 2014, there have been 90 new residential listings and 40 new building lot listings. There have also been 7 new commercial listings.

RESIDENTIAL LISTINGS: Ninety new residential listings have hit the market since May 1st with an average listing price of $1,750,000. New listings range from a 2 bedroom condo in Town priced at $214,900 to 2 different $11 million estates – one in John Dodge on the Snake River and one in Crescent H south of Wilson (pictured below).

CrescentH

Of the 90 listings, the majority (38%) are priced between $1,000,000 – $3,000,000. The next largest price segment is the $500,000 – $1,000,000 range where there have been 26 new listings since May 1st. The price segments to see the smallest amount of new listings are Under $300,000 (3 listings) and Over $5,000,000 (4 listings). 

NewListings

So far 6 of these new listings have already gone under contract, which represents only 6.6% of all new listings, suggesting that many buyers have yet to make their move (perhaps because some of these new listing prices are a little too high).

The price point breakdown of the new residential listings is below. Click below to view the new listings in each category:

BUILDING LOT LISTINGS: Since May 1st, there have been 40 new lots to hit the market, with an average listing price of $1,725,000. Available building sites range from the last remaining lot for sale in the new King Eider development in Rafter J (listed for $312,500) to a 48 acre parcel for sale in Crescent H for $5,750,000. None of the newly listing lots have gone under contract, however there are currently 12 lot sales pending in the MLS (properties listed prior to May 1, 2014).  

The price point breakdown of the new lot listings is below. Click below to view the new listings in each category:

COMMERCIAL LISTINGS: Since May 1, 2014 there have been 7 new commercial listings in Teton County. Three lease opportunities – an 1,100 sq foot office space in The Aspens, and office & retail space for lease on the corner of Pearl & King in downtown Jackson. There is also an opportunity to purchase a live/work unit south of town for $895,000 (pictured below). Finally the Teton Gables/Cutty’s Bar & Grill property ($4,850,000) and the old Maverick site ($1,150,000) are also newly available for sale. Click HERE to see all new commercial listings.

LiveWork

Thinking of listing this summer?

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. It may be a great time to sell.  Please contact me for more info or to receive a free market analysis on your property. Properties listed by June 20, 2014 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure

“What” sold in the Jackson Hole Real Estate Market in May 2014?

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Monthly Market Update for June 2014

Jackson Hole, WY

What Sold in May 2014? 

  • 31% :: Percentage of single family home sales (down from last month’s 34%, lower than usual)
  • 40% :: Percentage of condo/townhome sales (down from last month 46%)
  • 29% :: Percentage of Land Sales (higher than average this month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in May)
  • 29% :: Percentage of residential properties selling for over $1 million (down slightly from last month’s 31%)
  • 71% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 69%)
  • 43% :: Percentage of residential properties selling for under $500,000 (up significantly from last month’s 37%)

What it means: Last month there were higher than average land sales (29% of all sales) and more sales under $500,000 than is typical in Teton County. In May there were 15 sales under $500,000 (which represented 43% of all sales). There were five lots sales in the new King Eider development in Rafter J which were all listed under $300,000. Additionally 5 other lots sold throughout the Valley last month including Teton Pines, John Dodge, Saddle Butte, and 3 Creek Ranch (pictured below). This spike in land sales could be explained by the time of year, as lots become more visually appealing during the spring & summer months. The month of May also saw several low-end condo sales in the Town of Jackson which contributed to the higher than average sales in that segment (see chart below). There are also several significant commercial sales in May including the old Valley Feed & Pet building on Hwy 89 (listed for $1,700,000), a 28,000 square foot Class A office space in downtown Jackson (listed for $2,125,000) and the new Whole Grocer building, which sold to an investor close to the listing price of $16,500,000.

3creeklot

Breakdown.June

Please visit the Real Estate Market Report tab for the entire June Market Report.

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Jackson Hole Real Estate Sales Statistics for May 2014

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Monthly Market Update for June 2014

Jackson Hole, WY

Summary – May 2014:

    • 35 :: Total residential sale transactions (identical to last month)
    • $25,000,000 :: Total residential sales volume reported to MLS (less than last month’s $29 million)
    • $918,000::  Average sales price of reported sales (up again from last month’s $892k)
    • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
    • 439* ::  Average days on market prior to selling (up again from last month’s 355 days)

    What it means: May’s transactions were identical to April, while reported sales volume took a slight dip (down $4 million). However, in May there were 7 transactions that were not reported to the MLS which total an estimated additional $6 million in sales volume. The average sales price was up again last month suggesting that sales prices overall are on the rise. However, average sales prices are still lower than last Fall (see chart below). The sale price to list price ratio slightly increased last month, meaning buyers are purchasing, on average, closer to the asking price. The average days on market appears to have increased substantially however a closer look at the numbers reveals that this statistic is skewed this month due to 5 lot sales in the King Eider development (which have been on the market since October 2009). Removing these outliers gives us a much more realistic average of 232 days on market.

Sales.June

Volume.June

ASP.June

Please visit the Real Estate Market Report tab for the entire June Market Report.

 

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“What” sold in the Jackson Hole Real Estate Market in April 2014?

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Monthly Market Update for May 2014

Jackson Hole, WY

What Sold in April 2014? 

  • 34% :: Percentage of single family home sales (up from last month (28%) but still lower than usual)
  • 46% :: Percentage of condo/townhome sales (down from last month (52%) but still higher than usual)
  • 20% :: Percentage of Land Sales (typical)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in April)
  • 31% :: Percentage of residential properties selling for over $1 million (up from last month’s 26%)
  • 69% :: Percentage of residential properties selling for under $1 million (down from 74% in March)
  • 37% :: Percentage of residential properties selling for under $500,000 (down slightly from last month and closer to average)

What it means: The month of April saw the breakdown between property type (single family homes/condos & townhomes/land sales) move closer towards normal levels, however condo and townhome sales continue to account for a higher percentage of property sales than normal (and single family homes continue to make up less than normal). On average (over the past 12 months), single family home sales usually make up around 40-45% of all sales, while townhomes and condos tend to make up 35%-37% of all sales (see chart below). Land sales last month were on par with their 12 month average of 19% of all sales.  For the second month in a row, there were NO bank sales and NO short sales. Currently there is only one distressed property available for sale: The Game Creek Ranch, located south of town and listed for $1.395m (pictured below). With regards to the price point of closed sales last month, the breakdown between Over $1 million / Under $1 million / Under $500,000 returned closer to normal last month.

BreakdownPropertyType.May2014

gamecreekranch

Game Creek Ranch – only available short sale in Teton County

Please visit the Real Estate Market Report tab for the entire May Market Report.

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

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