High-end building sites hit the market in August in Jackson real estate market

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The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

What’s new in Aug 2016? (New Listing Analysis)

  • 77 :: Total number of new listings in Aug
    • Total New Listing Volume: $244,036,000
    • Average List Price: $3,169,000
  • 44 new residential properties (single family, condo, townhome)
    • Average List Price: $2,746,000
    • New listings already under contract or sold: 11
  • 33 new building sites
    • Average List Price: $3,733,000
    • New listings already under contract or sold: 3

What it means: The amount of new listings hitting the market has been slowly declining from the peak in May. However, thanks to an influx of vacant lots hitting the market in August, overall new listing levels saw an uptick last month. Fourteen land parcels at the Snake River Sporting Club, a golf and equestrian community south of Jackson, hit the market in August. Note that without these new lot additions to the inventory, overall new listings in August would have followed the declining trend seen over the last few months. The total dollar volume of new listings increased significantly after a slow July, as a result of several high priced lot listings across the Valley. In addition to the 14 lots listed for sale down in the Snake River Sporting Club (10 of which were 35 acre ranch parcels listed between $1.7mm-$2.7mm), there were also two 35 acre parcels listed in the Bar BC Ranch ($8.9 & $9.9 million) and four tracts making up the 580 acre Spring Gulch Ranch ranging in price from $10.9mm – $14.5mm. It’s no surprise that the average listing price in August topped $3 million, easily the highest average monthly listing price in the past year.  With the help of these lot listings, August’s new inventory is in line with new inventory levels seen in the past 2 years. While these new listings will no doubt help the overall low inventory levels, it’s also important to note what new inventory is NOT coming onto the market. Only 10 of the new listings in August (less than 20% of all listings) were priced under $700,000, with 4 of them already under contract (as of Sept 10th). On the other hand, 35 new listings in August (or 45% of all new listings) were priced in excess of $2 million.   

Notable new listings in August include:

  • Rarely listed Golf Creek condo at JH Golf & Tennis – $795,000
  • Nearly 10,000 sq foot home in the Gill Addition backing up to the Elk Refuge – $7,500,000
  • 13 acres atop Horse Creek Mesa with nearby Forest Service access – $350,000
  • Largest lot in Stilson Ranch (7 acres) along the Village Rd – $2,900,000

Click HERE to view all new August residential listings.

Click HERE to view all new August land listings.

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Sales and dollar volume down again, available inventory lowest since 2007: Mid Year update from The Jackson Hole Report

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Sale transactions and dollar volume are down again in the second quarter of 2016, mostly due to dwindling well-priced inventory under $1 million.  The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 2nd quarter 2016. Click HERE to read the full 2016 Mid Year Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 16%
  • Sales under $1 million are down 21%
  • Overall dollar volume is down 14%
  • Despite dwindling sales, the Average Sale Price increased by 3% in Q2 2016
  • Hot Price Point: Properties priced under $1 million, where 53% of the sales occurred in the second quarter
  • Hot Location: The Town of Jackson, which accounted for 35% of all sales in the second quarter
  • Overall inventory is down by 7% (compared to Q2 2015), representing the LOWEST inventory levels since the market peak in 2007

HIGH END MARKET

  • High-end property sales ($2+ million) were down 23% from Q2 2015
  • However, despite declining sales, high-end properties under contract have increased by 42%
  • There are 68 properties for sale over $5 million, an increase of 11%
  • The most expensive property for sale in Teton County is a 264 acre property just south of Wilson with 7,715 sq ft main house, guest house, and expansive frontage on both the Snake River and Fish Creek, listed for $53 million (pictured below)

264 acre property on Snake River & Fish Creek – $53 million (listed by JH Sotheby’s)

SINGLE FAMILY HOMES

  • Single family (SF) home sales in the second quarter were up only slightly (2%) from last year at this time
  • SF home sales over $1 million are up 18%, SF home sales over $3 million are up 43%
  • Overall SF home inventory is down 12%, with only 20% of listings priced under $1 million
  • Only 13 homes are available under $750,000, down 71% from this time last year
  • The average asking price of new listings is up 11% to $3.65 million – the second highest average ever!

Click HERE to view the 39 single family home listings priced under $1 million

3 bed / 2 bath in Cottonwood Park – $650,000 (Listed by JH Sotheby’s)

CONDO/TOWNHOME

  • Overall condo sales have slowed, down 6% from this time last year
  • Condo sales under $500,000 fell dramatically (down 32%)
  • Overall available inventory is up 10%, however inventory under $300,000 is down 71%
  • The average listing price for condo/townhomes is up 29%
  • 72% of available condos are priced under $1 million, with only 31% priced under $500,000

Click HERE to see the 26 condos/townhomes available under $500,000

Nelson

4 bedroom townhome in East Jackson – $499,000 (listed by RE/MAX Obsidian)

VACANT LAND

  • Lot sales are down significantly (55%) with only 28 sales in the first 6 months of 2016
  • However, the average sales price continues to climb, up 10% in Q2 2016
  • 64% of lot sales are purchased with cash (i.e. no financing)
  • Overall available inventory dipped 5% from Q2 2015, however the supply of lots remains high
  • NOTE: Supply exceeds demand in this segment, with 34 months of inventory currently on the market.
  • The majority of available lots (49) are in the $500,000 – $1 million price range.

 

WHAT TO DO NEXT? 

BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.

SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.

Condos and Homes in the $500,000-$1,000,000 price range see increased activity in June

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The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

What Sold in June 2016?

  • 55% :: Percentage of single family home sales (back up after low last month)
  • 38% :: Percentage of condo/townhome sales (down after high last month)
  • 7% :: Percentage of Land Sales (down for second month in a row)
  • 45% :: Percentage of residential properties selling for over $1 million (up again from last month)
  • 55% :: Percentage of residential properties selling for under $1 million (down again from last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (half of last month)

What it means:  Single family homes sales are back up after a slow May, representing over half of all property sales in June.  Condos and townhome sales dipped after a strong showing in May.  Land sales declined again last month (only 4 sales in June), as many buyers focus their attention on the influx of existing homes and townhomes that have come onto the market in the last few months.  Entry level sales took a dip after a strong May, with only 15% of all sales occurring under $500,000 in June. The “hot spot” in June was the $500,000 – $1,000,000 price range, representing 36% of all sales last month. Sales in this segment included several vacation condos in The Aspens and Teton Village and several single family homes in Rafter J and Cottonwood Park, which are popular with local buyers. Property sales over $1 million increased for a second month in a row, accounting for 45% of all sales. High end property sales (defined as sales over $3 million) slowed in June as only 4 sales occurred in this price range (7% of all sales). Three of these high end sales were in Granite Ridge – 2 cabins (pictured below) and the last remaining undeveloped slopeside lot in the development. 

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Granite Ridge

One of 2 Granite Ridge cabins that sold in June (listed by JH Sotheby’s)

Click HERE to read the full Monthly Market Update for July 2016.

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New listing activity explodes in May in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

What’s new in May 2016? (New Listing Analysis)

  • 110 :: Total number of new listings in April
    • Total New Listing Volume: $206,025,000
    • Average List Price: $1,870,000
  • 78 new residential properties (single family, condo, townhome)
    • Average List Price: $1,860,000
    • New listings already under contract or sold: 13
  • 32 new building sites
    • Average List Price: $1,890,000
    • New listings already under contract or sold: 1

What it means: Hello Inventory! New listing activity exploded in May as over 100 new listings hit the market last month, totaling over $200 million in listing volume. Without a doubt, the busy summer selling season is here! In the early parts of 2016, inventory levels lagged 2014 & 2015 numbers (see chart below), however new listings in May surpassed 2015 levels and nearly matched 2014 levels.  New listings in May outpaced sales at a rate of more than 3 to 1, meaning for every sale in May, 3 new listings came onto the market. The average asking price of May’s new listings was close to $2 million, as many high end properties hit the market. In particular, there were 13 new listings over $3 million in Teton County in May, including a 35 acre property in Ely Springs Ranch ($10.3 million), the re-listing of the Lazy Moose Ranch in Wilson ($8.75 million) and a 5,100 sq foot home in Bar-B-Bar Meadows north of town (listed for $3.25 million and pictured below).  At the other end of the spectrum, 9 condos priced under $500,000 were added to the summer inventory, including a 2-story, 2 bed/2 bath townhome on Glenwood ($395,000) and a 2 bedroom Ponderosa Village condo, currently the least expensive property in Teton County, listed at $265,000.  Compared to April, May also saw nearly 3 times as many new lot listings, with an average listing price near $2 million. The least expensive lot listing in May is a 4.3 acre lot located south of Wilson for $380,000, while the most expensive lot listing was a 35 acre parcel in Crescent H Ranch listed for $6.75 million.

Notable new listings in May include:

  • Beautifully remodeled 3 bedroom East Jackson townhome with Teton views – $599,000
  • Re-development potential on double lot in Town with older single family home and large shop – $1,195,000
  • Newly constructed 2,400 sq foot home in downtown Wilson – $1,350,000
  • 6 acres of private land on the Wilson bench on Teton Pass – $1,200,000

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.

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Bar-B-Bar

Newly listed home in Bar-B-Bar $3.25 million – Listed by RE/MAX Obsidian

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As we enter the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

Real Estate Transactions hit new low in February in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Feb 2016:

  • 19 :: Total residential sale transactions (lowest in past year)
  • $34,688,000 :: Total residential sales volume (up slightly from last month)
  • $1,825,000::  Average sales price of reported and unreported sales (up from last month)
  • 94% ::  Ratio of sales price to list price (down from last several months)
  • 194 ::  Average days on market prior to selling (down from last month)

What it means:  Even with the extra Leap Day, real estate sale transactions hit a new low in February with only 19 sales reported to the MLS.  Sales volume remained low, but was a slight improvement from January.   The average sales price rose in February thanks to a $10+ million sale in Indian Springs (see What Sold below). Interestingly, the ratio of sale price to listing price dropped down to 94% after several months of 95-96% illustrating that buyers purchased property at even more of a discount in February. In particular, only 1 of the 19 sales occurred at or very near to the listing prices (compare that to December, where 35% of all sales sold at, near, or above the listing price). While this could be evidence that Sellers are becoming more motivated, more likely I believe that many sellers are pricing their properties above market and then are willing to sell at a price closer to recent sale comps. For example, one home sale in Teton Pines was originally listed at $5.2 million, reduced to $4.3 million and finally sold last month for $3.85 million. Properties that sold in February were on the market for an average of 194 days and marked the first time this statistic has dipped below 200 days since Oct 2015. There were 5 properties (or 26% of all sales) that sold in under 3 months, while two different high end properties sold after 2 years on the market, including a Granite Ridge property that sold after 426 days on the market.

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Click HERE to read the full Monthly Market Update for March 2016.

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Sales over $1 million account for majority of real estate transactions in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What Sold in Sept 2015? 

  • 58% :: Percentage of single family home sales (up after two low months
  • 25% :: Percentage of condo/townhome sales (down from last two months)
  • 17% :: Percentage of Land Sales (down after a high trend this summer)
  • 57% :: Percentage of residential properties selling for over $1 million (highest % in last 2 years)
  • 43% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 23% :: Percentage of residential properties selling for under $500,000 (up after a low in Aug)

What it means: Single family home sales spiked in September, representing nearly 60% of all sales in Teton County. High sales in this category usually go hand in hand with high sales volume and higher than usual average sales prices, as many of the sales in this price range tend to be single family homes. For example, in September 22 of the 30 sales occurring over $1 million were for stand alone homes (5 were lot sales and 3 were high end condo sales). As a result of higher single family home sales, condo and townhome sales and vacant land sales declined in September. Building lot sales in particular took a downturn after an increasing trend seen throughout the summer months. Sales over $1 million accounted for nearly 60% of all transactions, the highest percentage recorded in the last 2 years! Additionally, in the month of September, nine properties sold in excess of $3 million in neighborhoods like Tucker Ranch, Crescent H, Indian Springs, and 3 Creek Ranch. Two very high end homes sold in Teal Trace (in Wilson and pictured below) and Shooting Star (at the base of Jackson Hole Mountain Resort), both with listing prices north of $11 million. On the other end of the spectrum, sales under $500,000 rebounded to 23% after representing only 14% of all sales (a new low) in August. The overwhelming majority of sales in this price range are for 1-2 bedroom condos in the Town of Jackson. The least expensive single family home in September was for an older, 1,700 sq foot split level home in West Jackson, which sold for $675,000.

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Sold in Teal Trace in Wilson – listed for $11,500,000

 

Click HERE to read the full Monthly Market Update for October 2015.

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Land Sales in Jackson dip after several strong months, high end sales dominate

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The Colbert Real Estate Report

Monthly Market Update for May 2015

Jackson Hole, WY

What Sold in April 2015? 

  • 41% :: Percentage of single family home sales (up after two low months)
  • 41% :: Percentage of condo/townhome sales (up slightly from last month)
  • 18% :: Percentage of Land Sales (down after two higher than average months)
  • 41% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 59% :: Percentage of residential properties selling for under $1 million (similar to last month)
  • 29% :: Percentage of residential properties selling for under $500,000 (similar to last month)

What it means: Land sales dropped back down to average levels after two months of above average activity. Single family home sales increased after two months below average.  The breakdown by print point was very similar to last month. In addition to seeing several entry level condo/townhome sales (7 sales under $500,000), April also saw several high end sales. Nine properties sold for over $2 million (with 6 of those sales over $3 million) including two lots in Shooting Star and two Granite Ridge cabins, both located at the base of Jackson Hole Mountain Resort, a 10,000 square foot estate in Indian Spring Ranch (listed for $7.5 million) and a 13 acre legacy parcel (with a 17,500 sq foot home) located in Owl Creek adjacent to the Grand Teton National Park, which sold for an undisclosed price (listed at $10.9 million and pictured below).

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OwlCreek

13 acre, 17,000 sq foot estate in Owl Creek

Click HERE to view the entire Monthly Market Update for May. 

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. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property. Properties listed byMay 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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Land Sales account for a third of all sales in Feb, March in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for April 2015

Jackson Hole, WY

What Sold in Mar 2015? 

  • 30% :: Percentage of single family home sales (similar to last month’s 29%)
  • 37% :: Percentage of condo/townhome sales (identical to last month)
  • 33% :: Percentage of Land Sales (high again for a second straight month)
  • 40% :: Percentage of residential properties selling for over $1 million (down from 54% last month)
  • 60% :: Percentage of residential properties selling for under $1 million (up from 46% last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (up from 23% last month)

What it means: The breakdown of property types in March was also nearly identical the breakdown we saw in February. Land sales remained higher than average for the second straight month. While land sales usually represent about 20% of all sales on average, in February and March 2015 there were 12 and 11 sales accounting for 34% and 33% of all sales (see chart below). This trend could be explained by the lack of available built-out inventory (i.e. single family homes and townhomes). As buyers are unable to find what they are looking for (or what they like is overpriced), many are considering purchasing land and building their own home.  The percentage of properties selling for over $1 million dropped down to 40% after a high of 54% in February. The number of properties selling for under $500,000 increased after 4 months of decline (see chart below). That being said, the average sales price remained high ($1.57 million) due to several high end sales including a 6,000 square foot house in Teton Pines (selling close to $8 million) a 48 acre tract of land in Crescent H (selling around $5 million) and a 6 bedroom estate in Shooting Star, at the base of Jackson Hole Mountain Resort, which sold for north of $10 million (pictured below).

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Click HERE to read the entire Monthly Market Update for April. 

 

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Single Family Home Sales Continue Upward Trend in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for October 2014

Jackson Hole, WY

What Sold in Sept 2014? 

  • 62% :: Percentage of single family home sales (the highest % seen in years)
  • 30% :: Percentage of condo/townhome sales (down from last month’ s 38%)
  • 8% :: Percentage of Land Sales (similar to last month, but lower than average)
  • 4% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Sept)
  • 52% :: Percentage of residential properties selling for over $1 million (considerably higher than average)
  • 48% :: Percentage of residential properties selling for under $1 million (down significantly from last month’s 68%)
  • 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month’s 28%)

What it means: The month of September was the 4th month in a row that saw month-over-month increases in single family home sales and represented the highest percentage (62%) of single family home sales since I began keeping statistics (see chart below). Condo and townhome sales fell to 30% of all sales after a spike in activity last month, where this segment represented 38% of all sales. Land sales remained low this past month and only represented 8% of all residential sales in Teton County. September saw 2 distressed sales – a bank owned condo in Teton Village and a short sale condo in The Aspens. Currently there are two distressed properties under contract and NO other bank or short sales on the market. Sales under $500,000 continued to decline in September, accounting for only 26% of all sales, the lowest representation in over a year. On the other hand, sales over $1 million continued to increase, representing a staggering 52% of all sales in September. See Charts below. Several VERY high end single family home and ranch sales occurred in September which contributed to the higher than average numbers. Five high end homes in Bar B Bar, Pine Meadows and Shooting Star sold between $3-5 million in September. Additionally, 3 large ranches sold last month including the 164 acre Fall Creek Ranch (located south of Red Top Meadows) and 140 acres of the VandeWater Ranch along Fish Creek, which sold for close to $20 million.

BreakdownOct2014

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

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

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Monthly Market Update for July 2014

Jackson Hole, WY

What Sold in July 2014? 

  • 52.5% :: Percentage of single family home sales (much higher than typical)
  • 25% :: Percentage of condo/townhome sales (down significantly from last month’ s 46%)
  • 22.5% :: Percentage of Land Sales (up from last month’s 14%)
  • 2.5% :: Percentage of distressed property sales (1 short sale in July)
  • 25% :: Percentage of residential properties selling for over $1 million (down again from last month’s 29%)
  • 75% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 71%)
  • 36% :: Percentage of residential properties selling for under $500,000 (down from last month’s 43%)

What it means: The month of July saw the highest amount of single family home sales in almost a year. Single family homes sales accounted for 52.5% of all sales last month and included several high end properties in Teton Pines, Stilson Ranch (pictured below) and Teton Village (which had been on the market for 564 days!).  There were also two high end lot sales in Crescent H and Shooting Star, listed at $5.5 million and $2.3 million, respectively. Neither sale price was disclosed. Conversely, condo and townhome sales were down significantly last month representing only 1/4 of all sales. This trend  mirrors the available inventory, where there are 213 single family homes for sale and only 91 condos available for sale. Land Sales were up again, representing 22.5% of all sales in July. Last month there was one short sale, only the third distressed sale in all of 2014. It was a small condo on Snow King Drive that went under contract back in March 2014.

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