Sales under $500,000 hit new low in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

What Sold in June 2015? 

  • 60% :: Percentage of single family home sales (up for the 4th month in a row)
  • 32% :: Percentage of condo/townhome sales (down again from last month)
  • 8% :: Percentage of Land Sales (down for the 4th month in a row)
  • 45% :: Percentage of residential properties selling for over $1 million (up significantly from last month)
  • 55% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)

What it means: Single family home sales continued to dominate sales in Teton County, representing 60% of all sales in June. Since February 2015, every month has seen more and more single family homes sales (as it relates to other property types). As a result, land and condo/townhome sales have continued to make up less and less of the total sales over the past 4 months. (Note: There was one multi-family sale in June – a 3 unit property in E Jackson.) The percentage of properties selling for over $1 million spiked to a 4 month high after a few low months, representing nearly half of all sales in June. Properties selling in the sub-$500,000 market continued a downward trend that began last November, hitting a new low, as less than 1 in 5 sales occurred under $500,000 in Teton County. This may be the new reality of the market, as entry level condos (i.e. 1-2 bedrooms under 800 sq feet) are inching closer to $400,000 and anything  with 3 bedrooms and a garage (regardless of condition) is being priced well above $500,000.

Under500

Breakdown

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

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60% of properties selling in June were on market less than 90 days

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – June 2015:

  • 57 :: Total residential sale transactions (back down after a spike in May)
  • $54,000,000 :: Total residential sales volume reported to MLS (down slightly from last month)
  • $1,300,000::  Average sales price of reported sales (back up after 2 months of decline)
  • 96% ::  Ratio of sales price to list price (same as last month)
  • 168 ::  Average days on market prior to selling (down for the 4th month in a row)

What it means:  After a spike in May, transaction levels in June returned to more recent levels, suggesting that May was more of an anomaly than the start of a summer trend, as many may have suspected. It will be interesting to see if July is in line with June or if we see a spike back up to May levels. Sales Volume was down, but not down significantly given the drop in transactions. As illustrated by the average sales price in June, there were many high end sales that contributed to the sales volume. There were two sales with unreported sales prices, which would bring the total sales volume to $58.2 million, which is consistent with levels seen in the last 5 months.  The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property is on the market before closing declined for the 4th month in a row, representing the second lowest number of days in the past year. If priced well, properties are being snatched up very quickly. In fact in the month of June, nearly 60% of the properties that sold had been on the market for less than 90 days! As many sellers continue to list their properties at overly optimistic (read: above market) prices, Buyers are quick to jump on well priced new listings.

Transactions

Volume

AvgSalesPrice

Days on Market

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

 

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Many single family home sales occurring in the $500,000 – $1 million range

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

What Sold in May 2015? 

  • 50% :: Percentage of single family home sales (up again after several low months)
  • 39% :: Percentage of condo/townhome sales (down slightly from last month)
  • 11% :: Percentage of Land Sales (down again after two higher than average months)
  • 32% :: Percentage of residential properties selling for over $1 million (down significantly from last month)
  • 68% :: Percentage of residential properties selling for under $1 million (up significantly from last month)
  • 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales continued their upward trend last month, representing 1/2 of all sales in Teton County. Land sales dropped again to below average levels after two strong months in February and March 2015. (Note: There was one multi-family sale in May, a two 2-bdrm duplex in West Jackson, which was counted as a single family home sale for this analysis.) Properties selling for over $1 million continued a downward trend as less than 1/3 of properties sold in this price segment. On the other end, properties selling for under $500,000 also declined, albeit slightly. These two statistics can be explained by looking in the $500,000 – $1 million segment, which saw 23 sales in May (40% of all sales). We are seeing many of the entry level single family home sales in this price range. Gone are the days of buying a stand alone property (even a fixer upper) priced under $500,000. For example, in May, a 1,344 sq ft house in Cottonwood sold for $617,500, a 1,900 sq ft house in Red Top sold for $575,000 and a 2,155 sq ft house in Rafter J sold for $695,000. The month of May also saw several higher end condo sales including a nicely remodeled condo in E Jackson selling for $700,000, a Love Ridge condo selling for just under $1 million and a Teton Village condo selling for just over $1 million after 569 days on the market (pictured below).

Over$1m

Under$500

TetonVillage

4 bdrm condo at the base of Jackson Hole Mountain Resort

Thinking of listing this summer? There is still time.ForSale

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.

 

Real Estate Transactions sky rocket in May in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – May 2015:

  • 57 :: Total residential sale transactions (a huge jump from the last few months)
  • $54,000,000 :: Total residential sales volume reported to MLS (up significantly from last month)
  • $976,000::  Average sales price of reported sales (another dip)
  • 96% ::  Ratio of sales price to list price (down slightly from last month)
  • 204 ::  Average days on market prior to selling (down again from last month)

What it means:  Transaction levels sky rocketed in May, hitting a high mark not seen since the Fall of 2013, signaling what could be a very busy summer in the Jackson Hole real estate market. Sales Volume also saw a significant increase in May, with $54 million in reported sales, marking the highest volume since October 2014 (see chart below). Adding in 2 sales with unreported sales prices, puts the actual volume in the $66 million range. We should expect to see these numbers continue to increase as we enter the busy summer selling season. As a point of reference, last September we saw sales volumes in excess of $90 million. We should also expect to see new listings continue to hit the market (See “What’s New?” section). The average sales price in May dropped again thanks to several sales in the sub-$500,000 market including 9 condo sales under $400,000. The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property sits on the market before closing also continued to decrease, another illustration of the current “seller’s market” existing in the Jackson Hole Real Estate market.

Transactions

ReportedVolume

DaysonMarket

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New listings increase as we enter busy summer selling season, but still lagging levels from last year

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What’s new in May 2015? (New Listing Analysis)

  • 85 :: Total number of new listings in May (a jump from last month’s 66)
  • 67 new residential properties (single family, condo, townhome)
    • Average List Price: $1,650,000
    • New listings already under contract or sold: 15
  • 18 new building sites
    • Average List Price: $2,375,000
    • New listings already under contract or sold: 1

What it means: The number of new listings continues to increase each month as we have now entered the busy summer selling season in the Jackson Hole real estate market. We are seeing slightly fewer new listings than we did during this time last year (see chart below). Despite the new listings, inventory levels continue to remain very low. New listings in May barely replaced the inventory that was sold in May (see chart below). Many of the recent new listings appear to be ‘testing’ the market with aggressive listing prices that are significantly higher than past sales. In some cases, buyers are willing to pay that premium because inventory levels are so low. Many buyers may feel a sense of urgency to get into a market that has been increasing at a fast pace for the last 6 months. When these higher sales prices are achieved they set the new bar for future listings in that neighborhood or condo complex, which then contributes to the increasing market.  Of the 15 new residential listings in May that are already under contract or have closed, 13 of them were priced under $1 million with only 3 of them priced under $500,000. This again points to a consistently hot market in the $500,000 – $1 million range (see “What Sold?” above). The month of May saw many new high end lots hit the market (with an average list price of $3,275,000) including four 40 acre parcels of land available in Buffalo Valley for $18,900,000 and two different 35 acre ranch parcels in the Bar BC listed for $8.5 million and $8.95 million (pictured below).

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.

NewListings

NewvsSold

BarBC

Teton views from a 35 acre ranch parcel in the Bar BC

Thinking of listing this summer? There is still time.ForSale

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.

 

 

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).

LandSales

BreakdownPropertyType

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!

Brochure

 

Sales to List Price increases to 97% for April real estate sales in jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for May 2015

Jackson Hole, WY

Summary – Apr 2015:

  • 34 :: Total residential sale transactions (similar to the last 3 months)
  • $34,000,000 :: Total residential sales volume reported to MLS (down from last month)
  • $1,135,000::  Average sales price of reported sales (a drop after two high months)
  • 97% ::  Ratio of sales price to list price (up again from last month, highest in almost a year)
  • 215 ::  Average days on market prior to selling (down from last month)

What it means:  Transaction levels remained consistent in April, hovering around 35 sales. We should expect the increase in new listings (See “What’s New?“) to increase sale transactions in the coming months. Reported sales volume in April took a slight dip from previous months, however adding in the estimated sales volume from 4 high end, unreported sales resulted in a slight increase in overall sales volume in April (see chart below). The average sales price in April dropped after 5 straight months of increases. This can be explained by several entry level condo and townhome sales this past month (7 sales under $500,000). For the first time in almost a year, the sales price to list price ratio hit a high of 97%, as many properties are selling very close to list price.

Transactions

UnreportedVolume

AvgSalesPrice

ListPrice-SalesPrice

 

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

Interested in keeping an eye on new listings this spring/summer?

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What’s new in the Jackson Hole Real Estate Market? Spring New Listing Analysis

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April New Listings Update: Currently in Teton County, we are seeing inventory levels at a 25 year low. The following benchmarks, such as number of new listings, average sales price of those listings, and how quickly those listings go under contract, should help keep an eye on these inventory levels and can help us understand the relationship between new inventory (new supply) and sales prices.

  • 66 :: Total number of new listings in April
  • 47 new residential properties (single family, condo, townhome)
    • Average List Price: $1,540,000
    • New listings already under contract or sold: 15
  • 19 new building sites
    • Average List Price: $1,544,000
    • New listings already under contract or sold: 0

What it means: The number of new listings have been increasing almost every month since November 2014 (see chart below), however not at a rate to significantly impact the record low inventory levels. Hopefully we continue to see more listings hit the market as we enter the busy listing season (May-June). Currently we are barely replacing the inventory that is selling (see chart below). Judging from the consistent sale transaction levels (see Summary section above), we have yet to see a real impact from these new listings. That being said, many new listings are being snatched up as soon as they hit the market. Of the 47 new residential listings that hit the market in April, almost 1/3 of them are already under contract. Therefore, we should expect to see sales transactions tick up next month. Lot listings aren’t moving as quickly, possibly due to the fact that 17 of the 19 new land listings in April are priced over $1,000,000 (5 of the new land listings are priced in excess of $2 million). The average list price of new listings last month ($1.54m) is nearly $500,000 higher than the average sales price of properties sold last month ($1.135m).

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

 

NewListings

NewlistingsvsSales

 

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.Obsidian Holiday Season 2014 Brochure PG1
Please contact me for more info or to receive a free market analysis on your property. Properties listed by May 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Quarterly Market Update from The Jackson Hole Report

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marketfocusAvailable inventory in the Jackson Hole real estate market has been declining since Spring 2011. Currently inventory is the lowest it’s been in more than 25 years! Compare that to just 5 years ago (Spring 2010), when the market offered the most inventory in 25 years. This time of year in 2010, Buyers had 640 available homes, lots, condos, multi-family and commercial properties to choose from; now that same Buyer has half as many choices (319 active listings).

Every quarter, David Viehman, my colleague at RE/MAX Obsidian Real Estate publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. David’s report not only includes all the MLS sales, but he is also able to track sales happening outside of MLS. Below are some interesting statistics from his Q1 2015 Report. Please contact me for a copy of his entire report. All statistics (unless otherwise noted) are Q1 2015 verses Q1 2014.

Highlights:

OVERALL MARKET

  • Despite low inventory, the number of sales are up 10% vs Q1 2014 with sales volume up a staggering 46%!
  • As expected, average sales prices were also up 32%, with help from the $1-3 million segment, which saw 32% of all sales in Q1 2015.
  • Upper-End Sales (over $2 million) have seen 105% higher sales in Q1 2015 vs Q1 2014, with a third of those sales being condos (think Four Seasons).
  • The amount of properties currently under contract in Q1 2015 is 51% higher than Q1 2014, with a median list price up 51% as well.
  • Conversely, overall available inventory is down 17% when compared to Q1 2014.

CONDOS/TOWNHOMES

  • Available inventory is down 39% from Q1 2014.
  • During the height of the recession (2009) there were 4 times as many available condos on the market (195) compared to only 49 condos available now.
  • Of the 49 condos/townhomes available, only 14 are priced under $500,000 and only 4 are priced under $300,000.
  • Despite low inventory, condo/townhome sales are up 15% compared to Q1 2014, a trend that is expected to continue as we enter the summer months.

SINGLE FAMILY HOMES

  • Home sales in this segment are lagging 2014 (down 5% vs Q1 2014) due to record low inventory levels, however the median sales price has increased 22%.
  • As of April 1, 2015, only 107 homes were listed in the MLS (in all price ranges).
  • In 2013, there were 96 sales of single family homes under $750,000. Currently there are only 10 homes for sale in this price range.

TETON VILLAGE

  • Buyer’s flocked to Teton Village this winter (Jan-March 2015) gobbling up 69% more sales than the first quarter 2014 for 72% more in sales volume.
  • Nineteen properties currently under contract in Teton Village suggest this trend will continue.
  • Available affordable inventory is very low as we enter the summer months – only 4 condos priced under $500,000

Please contact me for a copy of the entire First Quarter 2015 – Jackson Hole Report.

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).

land sales

sales under 500k

Shooting Star

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

 

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? 

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