Sale Statistics for the Jackson Hole Real Estate Market – July 2014

Summary – July 2014:

  • 40 :: Total residential sale transactions (up significantly from last month’s 28)
  • $38,600,000 :: Total residential sales volume reported to MLS (up significantly from last month’s $20 million)
  • $1,075,000::  Average sales price of reported sales (up from last’s month’s $800,000)
  • 96% ::  Ratio of sales price to list price (down slightly from last month’s high of 97%)
  • 293* ::  Average days on market prior to selling (up from last month’s 180 days)

What it means: The month of July saw an increase in both transactions (from 28 to 40) and reported sales volume, which was almost double that of last month. In July there were several high end sales not reported to the MLS which could add an estimated additional $15.85 million in sales volume. The average sales price reached an 8 month high last month as a result of several higher end sales (see “What” Sold section below).  The sale price to list price ratio remains high at 96% suggesting properties continue to sell very close to their listing price (on average). In fact, in the month of July 10 properties (25% of all sales) sold at or above their list price.   Average days on market were back up, as several of the high end property sales had been on the market for quite some time. (*Note: High outliers (in excess of 1,000 days on market) are taken out of these calculations.)

Transactions.aug2014

volume.aug2014

AVSP.Aug2014

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

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 February 2014?

Monthly Market Update for March 2014

Jackson Hole, WY

What Sold in February 2014? 

  • 48% :: Percentage of single family home sales (up 10% from last month’s 38%)
  • 30% :: Percentage of condo/townhome sales (similar to last month)
  • 22% :: Percentage of Land Sales (vs. last months high of 33% – now closer to normal)
  • 7% :: Percentage of distressed property sales (1 bank sale and 1 short sale in February)
  • 37% :: Percentage of residential properties selling for over $1 million (up from last month’s 29%)
  • 63% :: Percentage of residential properties selling for under $1 million (down from 71% in Jan)
  • 29% :: Percentage of residential properties selling for under $500,000 (down again from 38% in Jan)

What it means: The month of February saw another increase in high end property sales (over $1 million), and marked the second highest percentage in the past 12 months (see chart below). Conversely, the percentage of entry level sales (under $500,000) dropped again this month and represented only 29% of all property sales in February, which was the lowest representation since Oct 2013 and the second lowest percentage in the past 12 months (see chart below).  As is typical, when we see more high end property sales, we also see more single family homes sales (vs. townhome/condo or land sales). In February, 7 of the 10 sales over $1 million were single family homes – including a 5,190 square foot house in John Dodge that was listed close to $6 million (see photo below). February did see 1 bank sale (a condo on Deer Drive south of Jackson) and 1 short sale (a house in E Jackson), up from 0 distressed sales in January.

Over$1m.March2014

$500Sales.March2014

JohnDodge

7 bdrm house in John Dodge – sold in February – sale price undisclosed

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

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Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market in 2013

Over the course of 2013 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 major take-aways from the Jackson Hole Real Estate Market in 2013:

Distressed Property Sales:  Teton County experienced the highest levels of distressed property sales (bank sales and short sales) in the spring and early summer of 2013. In April, there were 8 distressed sales, which represented 15% of all property sales that month. May and June also saw a significant amount of bank and short sales, however by the end of the summer, these types of properties seemed to disappear from the market all together as September did not see a single distressed sale. Since then, each month has had their own share of sales, suggesting that while the majority of this shadow inventory has been absorbed, there still remains a trickle of  bank owned property coming onto the market.  Click HERE to see Distressed Properties currently for sale in Teton County.

Distressed.2013

Investment Property Sales: Overall, the sale of investment property in Teton County increased throughout 2013. Investment property is defined as property that can legally be short term rented and is concentrated in areas such as The Aspens, Teton Village and near Snow King Resort in the Town of Jackson. Interestingly this type of property experienced more sales near the beginning of both the summer (May) and winter (Nov) tourist seasons suggesting that investors were planning to benefit from Jackson’s two busiest seasons. Recent improvements made to both Teton Village and Jackson Hole Mountain Resort and Snow King Resort may also help explain the increased interest and real estate activity for these property types. Click HERE to see short term rental/investment property currently for sale in Teton County.

InvestmentSales2013

Average Days on Market: The average days a property sits on the market before selling can tell us many things about the speed of absorption, the level and quality of inventory and the motivation of both buyers and sellers. When inventory levels are low (i.e. not many properties on the market) we tend to see sales of property that has been on the market for quite some time as buyer’s options decrease. On the other hand, when inventory is low well priced properties can be snatched up quickly (and not be on the market for very long at all). From the chart below, we can understand that during months when sold properties spent a longer time on market before selling, these properties were selling at more of a discount (or a lower Sales Price to List Price ratio). Conversely, when the monthly sales had a lower average of days on market before selling, buyers were receiving LESS of a discount (or purchasing at a HIGHER Sale/List Price ratio).

DOMvList.2013

Inventory by Price Point: Earlier this year I analyzed how the available inventory levels (and pending sales) compared to actual closed sales, based on various price points. When we look back on 2013 as a whole, a few trends emerge. There were 440 closed sales in Teton County in 2013 (excluding land sales and fractional sales). Currently there are only 230 properties available for sale, or about a 6 month inventory. Property sales in 2013 were spread somewhat evenly across various price points (Under $500,000 / Between $500,000 – $1 million / Over $1 million – See Chart below.) This is also in contrast to available inventory, where the majority of properties (59%) are priced over $1 million despite this price point accounting for only 30% of 2013′s sales. Conversely, properties selling for under $500,000 made up 36% of all property sales in 2013, however only 12% of the current available inventory is priced under $500,000 (29 properties to be exact).

Inventory.2013

 

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“What” sold in the Jackson Hole Real Estate Market in December 2013?

Monthly Market Update for January 2014

Jackson Hole, WY

What Sold in December 2013? 

  • 46% :: Percentage of single family home sales (up from last month’s 41%)
  • 36% :: Percentage of condo/townhome sales (vs. 43% last month)
  • 15% :: Percentage of Land Sales (similar to last month)
  • 9% :: Percentage of distressed property sales (3 bank sales and 0 short sales)
  • 27% :: Percentage of residential properties selling for over $1 million (down again from last month’s 37%)
  • 73% :: Percentage of residential properties selling for under $1 million (up from 63% in Nov)
  • 42% :: Percentage of residential properties selling for under $500,000 (up from 37% in Nov)

What it means: Along with decreased sales transactions and sales volume, the month of December also experienced more sales in the lower end of the market. Sales of property both under $1 million and under $500,000 represented a much higher percentage of total sales this past month, which helps explain the lower average sales price (See “Summary Section”). The share of sales under $500,000 in particular, have increased over the past few months and in December reached a level not seen since the Summer of 2013 (See Chart below). Conversely, sales of property over $1 million represented only 1/4 of all sales in December, down from a high of almost 45% in October. In the month December, there were 3 bank sales including a 3,600 square foot contemporary house in John Dodge, which sold for just under $5 million (pictured below).

High-LowSales.2013

Rockcress

Bank owned contemporary home in John Dodge – Sold for $4.9 million

 Please visit the Monthly Market Update tab for the entire January / Year End 2013 Market Report.

 

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How are high end sales trending in 2013 in Jackson Hole? What about property selling for under $500,000? In which direction is the market moving?

As we analyze past sales data for 2013, in particular examining sales in the lower end of the market (under $500,000) and higher end sales (over $1,000,000), a few trends can be seen. Over the past 6 months, the percentage of property selling for under $500,000 has been trending downward with the exception of September which experienced a high amount of ‘lower-end” sales. In April 2013, over 1/2 of all sales were under the half million mark; while in October only 27% of all sales were under $500,000.

Under$500

Conversely, the percentage of sales over $1 million has been slowly increasing since May 2013, with the highest percentage of high end home sales occurring in October where almost 1/2 (43%) of all property sold for over $1 million. The lowest point for high end sales came in September, when only 11 properties sold for over $1 million, which represented only 22% of all sales.

Over$1m

CURRENT INVENTORY: There are currently 30 homes for sale under $500,000 (not including fractional ownership opportunities); 5 of them are single family homes, while 25 of them condos or townhomes. In the higher end of the market, there are 154 homes for sale over $1 million, 59 properties over $3 million and 27 homes for sale over $5,000,000. There are 45 lots for sale in Teton County priced under $500,000 with 19 lots priced are under $300,000. There are 160 lots available for sale over $500,000; of which 106 lots are priced over $1 million.

 

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“What” sold in the Jackson Hole Real Estate market in October 2013?

Monthly Market Update for November 2013

Jackson Hole, WY

What Sold in October 2013? 

  • 49% :: Percentage of single family home sales (a 10% increase from last month’s 39%)
  • 37% :: Percentage of condo/townhome sales (vs. 33% last month)
  • 14% :: Percentage of Land Sales (down from last month)
  • 1.75% :: Percentage of distressed property sales (4 bank sales and 1 short sale)
  • 43% :: Percentage of residential properties selling for over $1 million (double last month’s 22%!)
  • 57% :: Percentage of residential properties selling for under $1 million (down 20% from Sept)
  • 27% :: Percentage of residential properties selling for under $500,000 (down from 39% in Sept)

What it means: The big story in October was the large amount of high end home and property sales in the Teton County area. Almost 1/2 of all sales this past month were for properties over $1,000,000. Ten properties sold for over $3 million and 3 pieces of property sold for over $10 million! (Who was visiting Jackson Hole last month?!) The numbers also tell us that the majority (49%) of sales this past month were single family homes, however there were several high end condominiums that sold as well including a Crystal Springs 2,000 square foot condo at Teton Village and a 2 bed / 2 bath condo at Pearl @ Jackson in downtown. Both condos sold for over $1.3 million (pictured below). After a September without a single distressed property sale, the month of October saw 4 bank sales and 1 short sale. However, currently there are only 2 distressed properties available for sale in Teton County and only 4 properties on the Teton County Sheriff’s Foreclosure List.

CrystalSprings

PearlatJackson

Pearl @ Jackson condos in downtown Jackson

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

 

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Summary of Real Estate Sales Statistics for Oct 2013 in Jackson Hole

Monthly Market Update for November 2013

Jackson Hole, WY

Summary – October 2013:

  • 57 :: Total residential sale transactions (very close to the high of 61 transactions in Aug)
  • $68,000,000 :: Total residential sales volume reported to MLS **
  • $1,300,000::  Average sales price of reported sales ** (up 33%  from last month’s $833k)
  • 96% ::  Ratio of sales price to list price (up from last month’s 94%)
  • 321 ::  Average days on market prior to selling (similar to the last several months, higher than usual)

What it means: October sales numbers were close to this year’s high in number of transactions (Aug & May 61) and also came close to this year’s high in reported sales volume (Aug $79.5m). **In October there were 7 undisclosed sale prices on several very high end pieces of property including 293 acres with amazing Teton views along Spring Gulch Rd listed for a combined $29.6 million (pictured below), the Riva Ridge estate auction, which was last listed for $33 million, and an 8,000 sq foot log home off of Fish Creek Rd listed for $15 million (also pictured below). None of those sales prices (along with $8.4 million of other listings) were reported to the Multiple Listing Service (MLS). Since the majority of the data from this report is based on MLS data, the actual total sales volume could actually be closet to $150 million! If these sales prices were reported it would have also pushed the average sales price up higher than the $1.3 million, which on its own is already a higher than normal average. Needless to say there were several very high end sales in the month of October.

FishCreekMeadows

SpringGulch

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

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Riva Ridge Preserve to be Sold at Real Estate Auction in Jackson Hole

On September 12, 2013, interested buyers will have the opportunity to bid on a 118 acre estate located 800 feet above the Jackson Hole Valley. Concierge Auctions, who has successfully completed several other auction real estate sales in the Jackson Hole area (See Grand Teton Estate), will be hold this auction in two weeks without a reserve (minimum bid).

RivaRidge-views

RivaRidge-glassentry

The estate was constructed in 2009 and consists of a 13,721 square f00t, 6 bedroom main residence, a 3,850 square foot, 4 bedroom guest house and a 1,400 square foot caretakers apartment. The property’s location atop one of the area’s ridge tops provides stunning views of the Tetons and Jackson Hole Mountain Resort. The 118 acres include a beautiful landscape with ponds, creeks, waterfalls and a private lake. The Adirondack style log home was designed with high end finishes and features throughout including a two story glass entrance (pictured above), a double sided moss rock fireplace, commercial grade kitchen with wood fired pizza oven, game room, media room, gym, locker rooms, wine tunnel (pictured below) and custom burled wood mantles throughout the home. My favorite area is the indoor marble pool area with hot tub and kitchen – perfect for entertaining! – along with a movable glass wall that can be opened to the outdoors (pictured below). Amazing!

RivaRidge-winetunnel

RivaRidge-swimming

This property originally hit the real estate market in September 2012 and was listed by JHREA for $37,000,000. It has since been reduced to $32,950,000 and will sell at auction on Sept 12th.

Click HERE to view the full brochure.

Please contact me for more details and stay tuned for the auctioned sale price!