March sales continue trend of increasing sales prices in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for April 2015

Jackson Hole, WY

Summary – Mar 2015:

  • 33 :: Total residential sale transactions (down slightly from Feb’s 35)
  • $52,000,000 :: Total residential sales volume reported to MLS (up slightly from last month)
  • $1,570,000::  Average sales price of reported sales (identical to last month)
  • 95% ::  Ratio of sales price to list price (up slightly from last month)
  • 239 ::  Average days on market prior to selling (up slightly from last month’s 243)
  • 48 :: Number of new listings in March
  • $1,240,000 :: Average list price of new listings
  • 15 :: Number of those new listings currently under contract or already sold

What it means:  The month of March echoed the trends/statistics we saw in February. Sales Volume remained close to $50 million (the highest levels we’ve seen in 2015) and sale transactions hovered near 30. We continue to see a lower amount of sale transactions as a result of extremely low inventory levels. Despite limited sale transactions however, the average sales price remained near $1.5 million, due to several high end sales in March (see What Sold below). The average sales price has been increasing, month over month, since November 2014 (see chart below). Sale price to list price and average days on market in March remained close to February numbers.

NEW THIS MONTH: Every month going forward, I will be monitoring new residential listings, the average list prices of those listings and tracking how many of them go under contract (or sell) within the month. These benchmarks should help keep an eye on inventory levels and can help us understand the relationship between new inventory (new supply) and sales prices. See the Market Focus section below for an in-depth analysis of past patterns of new listings/inventory levels in Teton County.

transactions

sales vol

sales price

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

 

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Inventory Levels in Jackson Hole: Then and Now

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

marketfocus

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

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

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

NewListings

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

NewVsSold

 

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Low inventory levels increase vacant land sales in Teton County, while under $500,000 sales continue to decline

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The Colbert Real Estate Report

Monthly Market Update for March 2015

Jackson Hole, WY

What Sold in Feb 2015? 

  • 29% :: Percentage of single family home sales (nearly half of last month’s 55%)
  • 37% :: Percentage of condo/townhome sales (similar to last month’s 36%)
  • 34% :: Percentage of Land Sales (up significantly from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 54% :: Percentage of residential properties selling for over $1 million (vs. 23% last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from a high of 77% last month)
  • 23% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types was very atypical last month. Single family homes sales only represented 29% of all sales (they usually represent around 50%). Land sales dominated in February, with 12 sales representing a whopping 34% of land sales (lot sales usually account for around 20% of all sales). This is the 2nd time in the last 5 months that land sales have exceeded 1/3 of monthly sales (see chart below). Low levels in single family home and condo/townhome inventory have no doubt pushed people to land – if they can’t find it, then they will buy land and build it! Buyers were purchasing many lots that had sat on the market for quite some time. In particular, of the 12 lots last sold in February, the average days on market was 526 days! There were no bank or short sales again last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million jumped up in February (to the highest % in the past year), thanks to several high end sales including two Four Seasons condos (selling for $3.25m and $3.95m), a beautiful home in Dairy Ranches (pictured below), which sold for north of $7 million, a 4.24 acre lot in Indian Springs (selling for $3.5 million), and a home in Granite Ridge selling for just under $4 million.  Properties selling for under $500,000 continue to decline (see chart below), as overall prices continue to go up.  The least expensive single family home sale in February was for an older home on Aspen Drive (4 bed / 1 bath) which sold for the list price (with multiple offers) of $650,000.

Breakdown

Under500

DairyRanches

 

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

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Several high end sales in February push up transactions, sales volume in Jackson Hole Real Estate

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The Colbert Real Estate Report

Monthly Market Update for March 2015

Jackson Hole, WY

Summary – Feb 2015:

  • 35 :: Total residential sale transactions (up significantly from Jan’s 22)
  • $47,000,000 :: Total residential sales volume reported to MLS (double last month’s $23.6m)
  • $1,500,000::  Average sales price of reported sales (up significantly from last month’s $1,124,000)
  • 94% ::  Ratio of sales price to list price (slight dip from the last few months)
  • 243 ::  Average days on market prior to selling (back up from last month’s 148)

What it means:  After a slow start to 2015 (See Last Month’s Market Report), sales in February picked up the pace. Last month we saw 37 transactions, which was the highest level of transactions in the past 4 months. Sales Volume in Teton County in February reached $47 million in reported sales, also the highest in the last 4 months (see charts below). In February, there was an estimated additional $19 million in unreported sales, including two large land parcels located up north in Bar BC East – a 49 acre parcel listed at $9.5 million and a 35 acre parcel listed at $9 million. Due to several high end sales in February (see “What Sold?” below), the average sales price was pushed up to $1.5 million, the highest average sales price since September 2014 (see chart below). The sales price to list price ratio dipped down to 94%, while days on market increased to 243 days. We are continuing to see well priced properties, in high demand sub-markets, sell very quickly. In February in particular, we saw several lots sell after long exposure time on the market (see “What Sold” below).

Transactions

Volume

AVSP

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

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“Sister” Resort Towns across the West show similarities and differences to Jackson Hole

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This week I was able to attend an event hosted by the Western Mountain Resort Alliance (WMRA). The WMRA is a group of Realtors who work in real estate markets located in destination ski resorts around the Mountain West. I always find it interesting to here about our “sister” ski resort real estate markets. This week we heard from representatives from markets in Park City, Sun Valley, Tahoe and Whistler. I thought I’d share a few interesting stats/trends from each market.

Moutain

Tahoe

  • Average Sales Price (2014): $675,000
  • Sales Volume 2014: $1.2 billion
  • Most sales in the area occur between May-October. Tahoe sees several more visitors in the summer then in the winter (similar to Jackson). Tahoe is well known for their biking, golf and beach!
  • Overall listings are up 7%, while units sold are down 8%. However, despite the general laws of supply and demand, prices are up, with Buyers gravitating towards the $2+ million market, which saw 64% more transactions in 2014 vs 2013.
  • Vacant land sales are down as most of the inventory was sold off in 2013. This pushed the prices of the remaining lots up, which pushed buyers into the single family home market.
  • Tahoe’s lack of snow pack is a significant issue affecting not only the ski resorts, but also increasing wildfire risk which is causing home insurance rates to sky rocket.

Whistler

  • Average Sales Price (2014): $721,000
  • Sales Volume in 2014 ($520 million) was up almost 20% compared to 2013 ($450 million).
  • Inventory is significantly low right now. Last year there were 770 sales in Whistler, however currently there are only 430 active listings!
  • Single family homes (or as they call them in Whistler – “Chalets”) in the $1-2 million range are the biggest segment in the Whistler real estate market. The majority of condos sell between $200,000-$500,000.
  • The majority of real estate purchasers are from Canada, while only 6% of buyers in 2014 were from the United States.
  • Whistler’s market’s biggest challenge is low inventory, which is a result of limited available land (similar to Jackson Hole).

Park City

  • Average Sales Price (2014): $726,000
  • Sales Volume 2014: $1.6 trillion (nearly 3 times that of Jackson)
  • Since the take over of Park City ski resort by Vail Resorts, the area has seen prices increase, sales occur more quickly and funky/undesirable properties starting to sell.
  • Of the 363 homes available for sale in the Park City area, only 10 are priced under $600,000 (similar to Jackson). This has caused Buyers to focus more on condos or vacant land, of which Park City has plenty of supply (see below).
  • There are 44 available lots for sale priced under $200,000. Most are located in a new golf course community and offer 1 acre lots (not bad!).
  • Park City hasn’t seen as much negative impact from the low snow year, as many visitors come to Park City for things other than skiing (shopping, dining, film festivals, etc.).
  • Park City is also seeing an influx of Buyers who are relocated to Salt Lake City for work, but prefer the life style offered by the resort community.

Sun Valley

  • Average Sales Price (2014): 682,000
  • Total Sales Volume in 2014: $355 million
  • The Sun Valley real estate market is really a tale of two cities/markets. Ketchum is the home of the Sun Valley resort and Hailey, ID is a neat little town located only 12 minutes from the ski resort (think Victor or Alpine communities but only as far as Hoback!)
  • The average sales price in Ketchum is $834,000, while in Hailey people can purchase property, on average, for $275,000.
  • In 2012, roughly 50% of Sun Valley’s real estate sales were for distressed properties, today that number is around 6-7% of all sales (compare that to Jackson where we MAY have 1 distressed sale each month).
  • The County offices (County Clerk, Building & Planning Dept, etc.) only work 4 day weeks (taking Fridays off). This can make it hard to close transactions on time or receive proper County sign off on new construction. How strange!

Below is a comprehensive look at each of the mountain town’s 2014 sales numbers including transactions, sales volume, average sales price, etc. Teton County is the last column. We had the highest average sales price ($1.3 million) and median sales price ($713,000) by far, however our sales volume was only 1/2 of Tahoe’s and almost 1/3 of Park City’s. (Sorry for the small print – it’s best to open the photo and zoom in.)

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Low Inventory contributes to low sales, volume for 2015

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The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

Summary – Jan 2015:

  • 22 :: Total residential sale transactions (down significantly from Dec’s 34)
  • $23,600,000 :: Total residential sales volume reported to MLS (down from last month’s $29.3m)
  • $1,124,000::  Average sales price of reported sales (up from last month’s $946,000)
  • 95% ::  Ratio of sales price to list price (same for the 4th month in a row)
  • 148 ::  Average days on market prior to selling (down significantly from last month’s 215)

What it means:  The beginning of 2015 was off to a slow start in terms of both transactions and sales volume, but the average sales price was up. There was only 22 sales in January; the lowest amount in over 2 years! Sales Volume remained low (under $30 million) for the third month in a row. (See charts below). Despite low transactions and volume, the average sales price increased after two months below the $1,000,000 mark. These trends are a result of a very limited inventory in the Jackson Hole real estate market – the lowest we’ve seen in 25 years!  (see Market Focus below). There was only 1 unreported sales price in the MLS in January (estimated at $850,000), however it is likely that there were several sales handled completely outside of the MLS, which is a typical occurance as inventory shrinks. The average days on market decreased signficantly (after removing two outliers) suggesting that properties are moving much more quickly (again a result of low inventory levels). As we move into 2015, we should see the trend of increasing prices continue until more inventory comes onto the market.

transactions

sales volume

avsprice

 

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

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Condo sales rebound in 2015 slow December

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The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

What Sold in Jan 2015? 

  • 55% :: Percentage of single family home sales (down from last month’s 62%)
  • 36% :: Percentage of condo/townhome sales (up from the lowest % of 2014)
  • 9% :: Percentage of Land Sales (down from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 23% :: Percentage of residential properties selling for over $1 million (back down after a peak last month)
  • 77% :: Percentage of residential properties selling for under $1 million (back to a high)
  • 27% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types returned to more typical distributions last month, with about 55% of all sales representing single family homes. Condo and townhome sales rebounded in January after reporting the lowest percentage of sales in over 2 years in December 2014. There were 2 land sales in January, representing 9% of all sales. There were no bank or short sales last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million dropped back down after a peak in December. In January , 27% of the property sales were for $500,000 or under, lower than the 2014 average of 34%. Of the 6 sales under $500,000, all were for 1-2 bedroom condos. The least expensive single family home sale in January was a 1,665 sq foot house in Cottonwood Park, which sold for just under $650,000.

breakdownjan

over

under

 

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

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The Jackson Hole Report: Year End Update

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Extremely low inventory levels continue to contribute to fewer sales, while pushing prices up in Teton County

My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he 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 Year End Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the year end 2014 and are compared to 2013.

THE OVERALL MARKET

  • All types of properties (single family homes, condos, land) saw fewer sales in 2014 (compared to 2013) as the total number of sales in Teton County decreased by 12%
  • Overall sales volume was also down across the board, dropping 8% in 2014
  • Overall available inventory is down 15% from last year, and is now at the second lowest level in 25 years – which obviously contributes to the low sales transactions and sales volume
  • The shortage in supply has pushed prices up – the average sales price jumped 18% from 2013

SINGLE FAMILY HOMES

  • Total Single Family Home sales volume is down 16% compared to 2013
  • The average sale price rose by 5%
  • Current available inventory is the lowest in 25 years
  • In 2014, there were 123 sales under $1 million (representing 51% of all single family home sales) however only 19 homes are currently on the market in this price point (representing only 17% of all single family home listings)
  • Of the 113 homes currently listed, the average listing price is $4.25 million
  • Least expensive single family home listing: a 2 bedroom older home in Buffalo Valley for $465,000
  • Most expensive single family home listing: a 7,583 sq ft private 72 acre estate on the Snake River for $24.75 million (pictured below)

SnakeRiverHome

CONDO/TOWNHOME

  • Total condo/townhome sales were down 10% compared to 2013, while sales volume fell by 9%
  • Average sales price was UP by 9%
  • Currently only 4 condos are available in Teton County for under $300,000
  • 56% of all condos sales were under $500,000, however currently there are only 11 condos for sale in this segment
  • Available inventory is down 23% compared to this time in 2013, marking the 3rd lowest condo inventory in the past 25 years
  • Least expensive condo listing: a 558 sq ft, 1 bed/1 bath condo at Snake River Lodge & Spa in Teton Village for $270,000 (pictured below)
  • Most expensive condo listing: a 2,240 sq ft, 3 bed/3 bath condo for $3.1 million at the Four Seasons Resort

SnakeRiverLodge

VACANT LAND

  • Total lots sales in 2014 dropped 14%
  • The average sales price was up 4% compared to 2013
  • The number of lots under contract has dropped by 40%, while the average listing price for lots under contract has jumped 180%
  • Available lot inventory is down 12% compared to this time in 2013
  • Average listing price for vacant lots in Teton County is $2.173 million
  • Currently there are 5 lots for sale in Teton County priced under $300,000
  • With home inventory at an all time low, we should see demand increase for vacant land

Best of Jackson Hole – JH Weekly’s Reader’s Poll – 2015

With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!

May I ask for your vote? 

BestofJH2015

Visit www.jhweekly.com and click on the icon on the right hand side. After you enter your name/email you can start voting. Be sure to vote for all your other Jackson favorites. It’s fun!
I very much appreciate your support!

2014 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

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Over the course of 2014, 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 take-aways from the Jackson Hole real estate market in 2014:

Quick Stats – 2014:

  • 447 total real estate transactions in 2014
    • 189 single family home sales
    • 163 condos and townhomes sales
    • 95 land sales
  • Reported sales volume of $440 million
  • Additional unreported sales volume of $127 million
  • Estimated TOTAL sales volume of $567 million
  • Average sales price (including unreported sales) = $1,268,000

Average Days on Market measures the amount of time an average property spends on the market from the time of listing to the closing date. There are always outliers and in my sales tracking, I try to exclude any listing that has been on the market for more than 1,000 days. Since the start of 2014, days on market have been declining, and have hovered around 200 days for the last few months. Consistently in 2014 we saw well priced properties and/or properties in low-inventory, high-demand sub markets sell very quickly, many times going under contract immediately after they were listed. That being said, many sellers also wanted to test the market and priced their properties above market value to see if they would get any bites. Sometimes this led to increased days on market. I think we will see this trend (low days on market) continue until inventory levels increase. Many times properties are not even officially hitting the market before being placed under contract, as realtors are able to find a buyer through their own contacts or through a colleague at their office. (Note: If you are a Buyer searching for a specific property, please contact me so that I may be on the lookout for future listings for you.)

DOM2014

 

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2014, including unreported sales in MLS, is estimated to be around $1,268,000. In every month in the past year, the monthly average sales price hovered just under $1,000,000 (see chart), with the exception of September & October when the monthly average sales price was over $2 million and just under $1.4 million, respectively. These months obviously drove the annual average sales price up. In 2014, the average sales price for single family homes was just under $1.5 million, while the average sales price for condos and townhomes in Teton County was $587,000. The average sales price for land sales was just under $1.1 million.

avgsales2014

 

In analyzing the Breakdown of Sales by Price Point in 2014, a few trends become clear. The majority of residential sales in Teton County last year were in the $500,000 – $1,000,000 range. These sales included single family homes in the Town of Jackson and south of Town, condos in Teton Village and higher-end/larger condos in The Aspens. Only 9% of all sales in 2014 sold for under $300,000 and were usually for smaller condos in the Town of Jackson. More than 1 out of every 4 sales in 2014 was for property valued over $1 million.

BreakdownPriceRes

The breakdown for land sales in 2014 shows a similar distribution, with the majority of land sales occuring in the $500,000 – $1,000,000 range. Nearly 1 out of every 5 land sales in 2014 was priced under $300,000 and represented several lots in the Town of Jackson and south of Town near Hoback. There were 7 land sales above $3 million in 2014 which included lots in 3 Creek Ranch, Crescent H and Shooting Star.

BreakdownPriceLand

 

Happy New Year! 

Thank you to all my clients and colleagues for making 2014 a great year in real estate. I was able to help 19 different buyers and sellers purchase or sell property in Teton County this past year. I look forward to helping many more people in 2015!

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Single family home sales dominate in December in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

What Sold in Dec 2014? 

  • 62% :: Percentage of single family home sales (up significantly from last month’s 40%)
  • 18% :: Percentage of condo/townhome sales (the lowest % of 2014)
  • 20% :: Percentage of Land Sales (right around average for the year)
  • 1 :: Number of distressed property sales (One bank sale in Dec)
  • 35% :: Percentage of residential properties selling for over $1 million (back up after several low months)
  • 65% :: Percentage of residential properties selling for under $1 million (down from last month’s high of 77%)
  • 32% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales dominated the month of December, representing 62% of all sales, tied for the highest monthly percentage this year. Conversely, condo and townhome sales were slim – there were only 6 sales in this segment, representing only 18% of all sales, by far the lowest percentage of the year (see chart below). Land sales in December were about average for the year, representing 20% of all sales (average for 2014 was 19%).  There was one bank sales in December, a 20 acre tract of land up Horse Creek that sold after 2,189 days on the market!  Currently there are zero distressed properties on the market. The percentage of properties selling for over $1 million picked up after several months of decline. In December, 32% of the property sales were for $500,000 or under, in line with the 2014 average of 34%.

Breakdown2014

Over1Jan

Under500Jan

 

Click HERE to read the full Monthly Market Update for January 2015 and Year End 2014.

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.