Sales and dollar volume top in 2016, still lags 2015

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

Summary – Sept 2016:

  • 61 :: Total residential sale transactions (highest since Aug 2013)
  • $87,928,000 :: Total residential sales volume (highest since Oct 2015)
  • $1,441,000::  Average sales price of reported and unreported sales (highest in past 6 months)
  • 95% ::  Ratio of sales price to list price (down from average)
  • 195 ::  Average days on market prior to selling (highest in past 5 months)

What it means: After a very active August, both transactions and sales volume increased again in September reaching a new recent high in the Jackson Hole real estate market. There were 61 property sales in Teton County in September, the highest amount recorded in over 3 years! After doubling from July to August, monthly dollar volume climbed even higher, recording close to $90 million in sales in September, a level not seen since Oct 2015. While the 2016 market has been strong, overall it has fallen short of activity levels and volume seen in 2015. For example, since January 2016, there have been 328 sales in the Jackson Hole area compared with 356 transactions by this time last year. Further, 2016 year-to-date sales volume of $433,000,000 pales in comparison to the $557,000,000 in volume reached through September in 2015. Nine months into 2016, the data suggests we may have hit a “peak” in the Fall of 2015. That being said, the recent increasing trend of sales transactions may contribute to different results at year end. It will be interesting to see the sale/volume numbers for the fourth quarter of 2016 in the Jackson real estate market – stay tuned! The average sales price increased again in September reaching it’s highest level in the past 6 months, however it is still roughly 25% lower than the average sales price seen last September and October. The sale price to list price ratio dipped down below the typical level (96%) in September as buyers received a 5% discount to list price, on average. That being said, roughly 20% of properties still sold at, near or ABOVE the listing price, especially in the sub $700,000 price range (8 of 21 sales). The average number of days a property sits on the market before selling increased in September but still remained below 200 days for the 5th month in a row. Interestingly, while 18 properties sold within 90 days of listing (29% of all sales) many properties that sold in September had been on the market for quite some time. Twenty one properties (34% of all sales) had been on the market for over 6 months while 11 properties had been marked for over a year before finally selling in September. This suggests that many sellers didn’t want to spend another winter trying to sell their property. It’s important to note that as a buyer, now may be a good time to capitalize on many Sellers’ increasing motivation to sell their home before the snow flies. (Please connect me if you are interested in discussing some of these opportunities.) 

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Property sales over $1 million increase in August 2016

The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

What Sold in Aug 2016?

  • 52% :: Percentage of single family home sales (slight increase)
  • 34% :: Percentage of condo/townhome sales (slight decrease)
  • 14% :: Percentage of Land Sales (slight increase)
  • 45% :: Percentage of residential properties selling for over $1 million (up from last month)
  • 55% :: Percentage of residential properties selling for under $1 million 
  • 20% :: Percentage of residential properties selling for under $500,000 (spike after two months of decline)

What it means:  The breakdown of sales by property type has remained relatively consistent over the last two months, with single family home sales representing just over 1/2 of all sales in Teton County. The share of condo and townhome sales has decreased over the last few months, down from a high of 46% in May.  Land sales increased slightly in August but have remained relatively consistent throughout 2016, usually making up between 10-20% of monthly sales.  Entry level sales saw a spike in August after declining for the past two months. There were 10 condo sales under $500,000 in August, 8 of which were located in the Town of Jackson, including a 2 bed/1 bath townhome with a 1 car garage, which sold for just over $450,000. It was the least expensive property with a garage in Teton County. While the “middle market” ($500,000 – $1,000,000) remained strong in August, accounting for 34% of all sales, there were also several sales in the $1-2 million range, including a high end Pine Glades townhome on Snow King, which sold for $1,820,000. As a result, sales over $1 million increased after being down in July.  High end sales (defined as sales over $3 million) also rebounded in August (after zero sales in July), as 3 properties sold between $3-$5 million, and included homes in JH Golf & Tennis, Teton Village and 3 Creek Ranch. 

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Clusters townhome with garage sold in August (listed by JH Sotheby’s)

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Pineglades townhome at the base of Snow King sold in August (listed by JHREA)

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

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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Real Estate activity rebounds after slow July, but still lags 2015

New listings slow, overall inventory very low in Jackson Hole real estate market

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

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

  • 73 :: Total number of new listings in July
    • Total New Listing Volume: $133,226,000
    • Average List Price: $1,825,000
  • 58 new residential properties (single family, condo, townhome)
    • Average List Price: $1,677,000
    • New listings already under contract or sold: 13
  • 15 new building sites
    • Average List Price: $2,393,000
    • New listings already under contract or sold: 3

What it means: The amount of new inventory hitting the market is slowly declining from the peak in May, with 73 new listings coming online in July. The dollar volume of July’s new listings also declined, making up only 1/2 of the new listing volume from June. (Remember that June’s new listing volume was inflated due to 2 very high-end properties hitting the market for a combined $81 million, however even after removing these two outliers, listing volume in July was still down roughly $30 million from June.) Even though we’ve seen close to 300 new properties hit the market this summer, current inventory levels are the lowest since the peak of the real estate market in 2007. New inventory in 2016 has lagged both 2014 and 2015 numbers in nearly every month of the year (see chart below).  While the average listing price of new lots remained above $2 million, the average listing price of homes dropped significantly from June to July, mostly as a result of those two high-end listings in June.  Six condos priced under $500,000 hit the market in July, including a one bedroom end unit in the Berry Patch in The Aspens, listed for $435,000. On the other end of the spectrum, 8 homes priced between $3-6 million came onto the market in July, including homes in Tucker Ranch, Teton Pines and Jackson Hole Golf & Tennis. Many buyers continue to move quickly on well priced inventory, as over 20% of July’s new listings are already sold or have sales pending (by Aug 10th).   

Notable new listings in July include:

  • Two 1 bedroom condos close to downtown Jackson – $320,000 – $325,000
  • 40 acres bordering National Forest in Squaw Creek – $895,000
  • New Construction in “downtown” Wilson – $1,795,000
  • Two 3,330 sq foot cabins at Shooting Star Resort – $4,500,000 each

Click HERE to view all new July residential listings.

Click HERE to view all new July land listings.

NewListingbyMonth

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“Middle Market” Hot: Half of all sales in July occur in $500,000 – $1,000,000 price range

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

What Sold in July 2016?

  • 48% :: Percentage of single family home sales (back to average)
  • 39% :: Percentage of condo/townhome sales (similar to last month)
  • 13% :: Percentage of Land Sales (up after 2 low months)
  • 35% :: Percentage of residential properties selling for over $1 million (down from last month)
  • 65% :: Percentage of residential properties selling for under $1 million (up from last month)
  • 10% :: Percentage of residential properties selling for under $500,000 (down again)

What it means:  The breakdown of sales across property types returned to typical levels in July, with single family home sales representing just under 1/2 of all sales. Condos and townhome sales remained similar to last month, but were still a bit below average. Land sales picked up after two months of decline, most likely a result of low inventory levels (i.e. when buyers can’t find an existing house they desire, they may to turn to land to build what they want).  Entry level sales took another dip after starting out strong this past spring. Only 10% of all sales occurred under $500,000 in July, the second lowest percentage in the past year (see chart below). As prices continue to rise, the entry level market is shrinking. The hot spot this summer is proving to be the “middle market” ($500,000 – $1,000,000). In June, 36% of all sales occurred in this price range and in July this segment accounted for over 50% of all sales! Sales in this segment included several townhomes and single family homes in Rafter J and Cottonwood Park, which remain popular with local buyers. As a result, property sales over $1 million took a dip after increasing for two straight months, accounting for only 35% of all sales (vs. 45% in June). Further, there were zero high end property sales (defined as sales over $3 million) in July, the first such time this has occurred in the past 12 months. 

Walden Pond Twinhome in Rafter J – one of many sales in the mid market price range in July (listed by JH Sotheby’s)

 

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

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Transactions and sales decline in July after explosive June in Jackson Hole real estate market

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

Summary – July 2016:

  • 31 :: Total residential sale transactions (vs. 58 in June)
  • $29,125,000 :: Total residential sales volume (vs. $78 million in June)
  • $940,000::  Average sales price of reported and unreported sales (lowest in past year)
  • 96% ::  Ratio of sales price to list price (typical level)
  • 133 ::  Average days on market prior to selling (lowest in past 3+ years!)

What it means:  The explosion of real estate activity we experienced in June proved to be more of an anomaly than signaling the start of a record breaking summer trend. After recording the highest transaction level in 3 years (58) and the highest sales volume in 2016 ($75 million) in June, the Jackson Hole real estate market eased off a bit in July with 31 sales totally less than $30 million in sales volume. Interestingly, last July was also lackluster with only 34 sales and $30 million in sales volume. It will be interesting to see if these next few months will mirror the sustained increase in activity seen in Aug/Sept/Oct of 2015 (see chart below). After increasing two months in a row, the average sales price dropped significantly in July, dipping below the $1 million mark for the first time since July 2015 ($902,000). The lower average sales price was driven by several sales in the $500,000 – $700,000 range (see “What Sold?” below). While the sale price to list price ratio held steady at 96%, over 1/4 of buyers paid at, near or ABOVE the listing price for properties in July, including a twinhome in Rafter J, which had multiple offers and sold for $20,000 OVER the listing price. This illustrates that there is still strong demand for well priced properties, especially in the sub $650,000 price range. After hitting a high of 225 days in January 2016, the average number of days a property sits on the market before selling took another dip, reaching a low not seen in the past 3+ years (since I began tracking this statistic). In fact, 50% of all sales in July sold within 90 days of hitting the market (!) – most likely a result of 10 year low inventory levels (see Mid Year Summary). Many buyers know the market well and are prepared to act quickly when they find a property that suits their needs.  (Note: If you are searching for a particular property type/price range, please connect me so that I can alert you about well priced properties entering our market. You can also sign up for email updates for new listings in your price range.) 

DOM

 

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

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

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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

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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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 Listings continue to hit Jackson Hole real estate market, especially in the higher end

The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

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

  • 90 :: Total number of new listings in June
    • Total New Listing Volume: $240,700,000
    • Average List Price: $2,675,000
  • 69 new residential properties (single family, condo, townhome)
    • Average List Price: $2,690,000
    • New listings already under contract or sold: 16
  • 21 new building sites
    • Average List Price: $2,620,000
    • New listings already under contract or sold: 2

What it means: New inventory continues to hit the market, with 90 new listings coming online in June. Joined with last month, we’ve seen 200 new properties enter the Jackson Hole real estate market so far this summer. While the number of new listings in June is down slightly from May, the volume of new listings actually increased. As a result, the average sales price of June listings was close to $2.7 million. There were two very high end new listings that no doubt affected these statistics: an 11,000 sq foot home on 40 acres north of Town was listed for $28 million (pictured below) and a 264 acre property (including modern home, guest house, barn, etc.) with frontage on both Fish Creek and the Snake River was listed for $53 million! However, even without these two listings, the average sales price of June’s new inventory was over $1.8 million, continuing an increasing trend seen over the last few months (see chart below).  The average listing price of new lot listings was also above $2.6 million and included two large parcels in Bar-B-Bar (located along the Snake River north of Town), listed for $12 million and $15.5 million, respectively. Several single family homes hit the market in the $600,000 – $800,000 price range. These homes in Cottonwood Park, Rafter J, the Town of Jackson, Red Top Meadows and Hoback Junction represent the least expensive single family home options in Teton County.  Many buyers are moving quickly, as 20% of June’s new listings are already sold or have sales pending (by July 10th).   

Notable new listings in June include:

  • 2 bedroom / 1 bath single family home in West Jackson – $599,000
  • Log Cabin with large shop/garage in Hoback – $635,000
  • Modern 2 bdrm condo in Pearl @ Jackson in downtown – $1,150,000
  • Four lots bordering Elk Refuge in Gill Addition (with older home) – $6,000,000

Click HERE to view all new June residential listings.

Click HERE to view all new June land listings.

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11,000 sq ft home on 40 acres – Listed by JH Sotheby’s for $28 million

As we continue through the busy summer selling season, the amount (and price) of new inventory will continue to dictate future market values. Whether you are a first time or seasoned home buyer, there are many opportunities out there, with several 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 a comprehensive analysis of the current buying opportunities in our market.

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As a Seller, the best strategy is to make your property stand out against the competition by pricing it competitively (based on the most comparable sales) and marketing it effectively, as buyers are moving quickly on well-priced, high-demand properties. If you are interested in a learning what your property could sell for in this market, please complete a Home Valuation Form for a free estimate of your home’s market value.

 

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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.