Inventory Levels in Jackson Hole: Then and Now

/in , , , , , , , , /by

Teton County sees historically low inventory levels as we enter the busy spring/summer listing season

marketfocus

As my colleague David Viehman noted in his year end Jackson Hole Report (and I summarized in a previous analysis),current inventory levels are at or near their lowest levels in 25 years. At the end of 2014…..

  • Overall available inventory in Teton County was down 15% from 2013, and is now at the second lowest level in 25 years
  • Single family home inventory was the lowest in 25 years
  • Condo/Townhome inventory was down 23% compared to year end 2013, marking the 3rd lowest condo inventory in the past 25 years
  • Available land inventory was down 12% compared to year end 2013

I went back over the past year and determined the number of new listings (residential property in Teton County) to hit the MLS each month. Typically spring and early summer see the most new listings, which was the case in 2014 when there were 228 new listings in the months of May and June last year. Since the start of the new year we’ve seen a total of only 141 new listings. After 6 months of limited new inventory, listing activity picked up in March with 59 new listings. It will be interesting to see if March’s increase continues into our spring/early summer listing season. How much new inventory will we see in May and June? Will it be at the same levels we saw in 2014?

NewListings

It’s also interesting to compare the number of new listings with the sale transactions that occur each month. Last spring/early summer there were almost 4 times as many new listings hitting the market as there were sales each month. Compare that to the Fall months of 2014 (Sept/Oct/Nov) where there was not even enough new inventory to replace the sales that occurred those months. In the past 3 months, we’ve seen slightly more new listings than sales, however historically low inventory levels in the past 6 months are likely contributing to the low transaction levels.

NewVsSold

 

Interested in keeping an eye on new listings this spring/summer? Would you like to be alerted as soon as a new listing hits the market in a particular location or price range? 

Email

Sign up for automatic email market updates from The Colbert Real Estate Report.

Off-Season in Jackson Hole marked with Low Inventory and Bold List Prices

/in , , , , , /by

marketfocus

If you are an active buyer in the Jackson Hole real estate market (or just simply someone who likes to stay on top of the market) you’ve surely noticed the lack of new inventory that has hit market in the last few months. Since October 1, only 45 new listings have come onto the market. Eleven of these properties have already sold or are currently under contract. This is hardly enough new inventory to make up for our very busy selling season this summer (July-Sept), which saw 143 transactions and $175 million in reported sales volume. As a result of a robust summer selling season (and low inventory levels) Sellers appear to be testing the market with more aggressive list prices. In particular, properties in the The Aspens, the Town of Jackson and Teton Shadows neighborhoods have seen some of the largest changes in available inventory and in some cases, listing prices. Has the market really increased that much and that quickly? Time will tell, as buyers decide if these prices truly reflect the new real estate market in Jackson Hole. One thing is for sure however, it appears to be a Seller’s market in many of the segments of the Jackson Hole Real Estate market.

CONDOS IN THE ASPENS

Cinqfoil

  • In the past 12 months, there have been 19 sales of 1 & 2  bdrm condos in The Aspens
  • One bedroom condos have sold, on average, for $314,000 or $400/sq ft
  • Four recent new listings of one bedroom condos range from $355,000-$389,000
  • Two bedroom condos have sold, on average for $450,000 or $424/sq ft
  • Two new listings of two bedroom condos are priced at $415,000 and $715,000

While not every condo unit is the same in The Aspens (some have an added loft, some have 2 bathrooms vs. 1 bathroom and some are end units or unique floor plans), the general trend shows an increase in pricing in one bedroom units in particular. The overall change in the two bedroom condo market is a bit more difficult to determine right now as one of the units is a very unique unit with a carport and ability to add a 3rd bedroom (pictured above) and the other unit appears to be listed by motivated sellers. 

TOWNHOMES IN TOWN (with a garage, priced under $550,000)

CottonwoodFlats

  • In the past 12 months, there have been 29 sales of townhomes in the Town of Jackson with a garage priced under $550,000
  • These townhomes have sold, on average, for $438,000 or $351/sq ft
  • Currently there is one townhome under contract in the Town of Jackson (priced under $550,000)
  • There are NO townhomes available for sale in the Town of Jackson, with a garage, priced under $550,000

This segment of the market has, in my opinion, seen the most drastic change in available (and affordable) inventory levels. After a year that saw almost 2.5 Town townhome sales per month, to not have a single available option in this price range at the end of the year is extreme. 

TETON SHADOWS

TetonShadows

  • In the past year, there have been 11 condo sales in Teton Shadows (a condo development located north of Jackson near Jackson Hole Golf & Tennis)
  • These condos have sold, on average, for $493,000 or $313/sq.ft.)
  • There are currently 0 Teton Shadows condos under contract
  • There is currently only 1 Teton Shadows condo on the market listed for $495,000 or $384/sq.ft

Similar to condos in The Aspens, Teton Shadows units can be quite different ranging in size (1,288sf – 2,088sq ft), bedrooms (2-4) and overall condition (original to fully remodeled). However, on average is appears that pricing is up (with more inventory we can be more certain) and inventory is down. 

Would you sell your home in …..Teton Shadows? …..The Aspens? …..Teton Village? …..the Town of Jackson? 

SoldSign

As seen from the above Market Focus, inventory is extremely low, especially in these areas.

Current Property owners are in a great position to take advantage of a Seller’s market.

If you are considering selling your home, I’d love the opportunity to share what I can do for you.