Summary of Jackson Hole Real Estate Sales Statistics for April 2014

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Monthly Market Update for May 2014

Jackson Hole, WY

Summary – April 2014:

  • 35 :: Total residential sale transactions (identical to last month)
  • $29,000,000 :: Total residential sales volume reported to MLS (up $2 million from last month)
  • $892,000::  Average sales price of reported sales (up slightly from last month’s $847k)
  • 94% ::  Ratio of sales price to list price (down significantly from last month’s 96%)
  • 355 ::  Average days on market prior to selling (up significantly from last month’s 190 days)

What it means: Most of April’s statistics were similar to March with 35 residential sale transactions and $29 million in total residential sales volume (see charts below) and an average sales price of $892,000. However two statistics fluctuated significantly from last month. Average Days on Market increased substantially from last’s month’s low of 190 days. This increase can be explained by several sales of older inventory including a lot in 3 Creek Ranch that was on the market for 2,635 days before selling! The sales price to listing price ratio dropped down to 94%, suggesting that buyers were purchasing, on average, at a 6% discount off the listing price (see chart below). Upon additional analysis, it appears that several buyers were able to secure a purchase at an even larger discount. In April, there were 5 properties that sold for less than 90% of the list price. This suggests that while some Sellers may be pricing aggressively, in some cases Buyers are not having to pay above market prices. If will be interesting to see if this trend can continue as we head into the spring/summer listing season.

Trans.May2014

Volume.May2014

SLRatio.May2014

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With current inventory levels at an extreme low in the Jackson Hole real estate market, will April showers bring May inventory?

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Potential buyers (or anyone that has been following the Jackson real estate market) have seen how few home purchase options are available right now. It’s typical that inventory levels dip in late winter/early spring as the existing inventory has been absorbed and many potential Sellers are waiting for warmer weather (and greener lawns) to list their properties for sale. However, this spring, inventory levels are particularly low. For example, there are only 13 single family homes for sale in the Town of Jackson, none of which are priced under $500,000. In fact only 5 of them are priced under $1 million. There is currently nothing for sale in Cottonwood Park, only 1 townhome for sale in Rafter J, and only 2 market homes for sale in all of Melody Ranch. Another example: only 6 condos for sale in Teton Village (excluding condo hotels), and only two priced under $500,000. Finally, as I reported last month in my Jackson Real Estate Market Analysis, less than a half dozen condos are currently on the market in The Aspens.

While I was working on this month’s report, I went back to my April 2013 market report where I analyzed the temporary bubble created by a lack of inventory.  It was interesting to note that, compared to this spring, the inventory didn’t seem too low! Last year at this time, there were 11 single family homes for sale under $500,000 in Teton County; today there are 2 – a cabin in Moran ($169,000) and a deed restricted attainable home in Melody Ranch ($475,000).

Available Properties for Sale in Teton County that are:

April 2013

April 2014
All Properties Under $500,000

44

24
Single family homes Under $500,000

11

2
All Properties Under $300,000

8

8

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.

marketreport

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

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Monthly Market Update for April 2014

Jackson Hole, WY

What Sold in March 2014? 

  • 28% :: Percentage of single family home sales (significantly lower than usual – down from 48% in Feb)
  • 52% :: Percentage of condo/townhome sales (significantly higher than usual – up from 30% in Feb)
  • 20% :: Percentage of Land Sales (close to normal)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in March)
  • 26% :: Percentage of residential properties selling for over $1 million (down from last month’s 37%)
  • 74% :: Percentage of residential properties selling for under $1 million (up from 63% in Feb)
  • 40% :: Percentage of residential properties selling for under $500,000 (up significantly from 29% in Feb)

What it means: Unlike February, the month of March saw a higher than average amount of condo/townhome sales, especially in the low and mid-level price points ($250,000 – $800,000). There were 3 condo sales in The Aspens, 2 sales in Teton Shadows (north of town) and 7 condo sales in the Town of Jackson. There were also several higher end condo sales in Teton Village including units at Teton Mountain Lodge, Hotel Terra and a unit in Crystal Springs, which sold for just under $1.5 million (pictured below).  Of the 10 single family home sales in March, NONE of them sold for under $750,000 and only 4 of them were under $1 million. The lowest priced single family home sale in March was a home in Rafter J, which sold for $775,000 and represented by far the most expensive sale in Rafter J in the past 6 months.  Last month there were no bank sales or short sales, continuing a downward trend and further illustrating that much of that distressed inventory has been absorbed. In fact, since the beginning of 2014, there has been only 1 bank sale and 1 short sale (see chart below).

Distressed.March

CrystalSpringsCrystal Spring condo sold in Teton Village in March

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Summary of Jackson Hole Real Estate Sales Statistics for March 2014

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Monthly Market Update for April 2014

Jackson Hole, WY

Summary – March 2014:

  • 35 :: Total residential sale transactions (up 25% from last month’s 27)
  • $27,000,000 :: Total residential sales volume reported to MLS (up $7 million from last month)
  • $847,000::  Average sales price of reported sales (down $100,000 from last month)
  • 96% ::  Ratio of sales price to list price (up significantly from last month’s 93%)
  • 190 ::  Average days on market prior to selling (down significantly from last month’s 457 days)

What it means: The month of March saw encouraging increases in both transactions and sales volume (see charts below). (Note: Every month, these statistics include all residential sales in Teton County with the exception of fractional sales.)  Two other statistics drastically changed this past month. Average days on market dropped significantly from the last several months to only 190 days vs. a high of 550 days just 2 months ago (see chart below). This is significant because it suggests that much of the old inventory has been absorbed over the past few months and that many of the properties selling recently are selling much more quickly. In March, the quickest sale occurred within 26 days of the property hitting the market. At the same time, the ratio of sales price to list price rose to 96%, meaning that buyers are paying closer to the asking price for properties. This increase could be explained by a lack of comparable inventory and/or more competition from other interested buyers, which can drive the prices up.

Trans.April2014

Volume.april2014

DOM.April

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

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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

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Summary of Real Estate Sales Statistics for Feb 2014 in Jackson Hole

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Monthly Market Update for March 2014

Jackson Hole, WY

Summary – February 2014:

  • 27 :: Total residential sale transactions (up slightly from last month’s 24)
  • $20,000,000 :: Total residential sales volume reported to MLS (similar to last month)
  • $947,000::  Average sales price of reported sales (similar to last month)
  • 93% ::  Ratio of sales price to list price (down from last month’s 95%)
  • 457 ::  Average days on market prior to selling (down from last month’s high of 550 days)

What it means: The second month of 2014 was very similar to the first with only a slight increase in both transactions (27) and reported sales volume ($20 million). Every month I also like to note the estimated volume of undisclosed sales. Many times buyers and/or sellers choose not to report the sales price to the Multiple List Service (the source of data for my reports). In February, there was an estimated $12.5 million in unreported sales volume. When sales are not reported I multiply the last listing price by the average sale price to list price ratio for that month to come up with a reasonable estimate of sales prices. In the month of February, this ratio dipped down to 93%, meaning on average properties were selling for a 7% discount from the last listing price. Days on market dropped from last month’s high of 550; however 457 is still higher than average (see chart below). This can be explained from several properties selling after many years on the market as we continue to see old inventory being absorbed due to an overall lack of current/new inventory.

Transactions.March2014

SalesVolume.March2014

ADOM.March2014

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

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Jackson Real Estate Market Analysis: Condos in The Aspens

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Condos in The Aspens have been a popular real estate purchase for many years for many different types of buyers. Second homeowners enjoy the ease of access to Jackson Hole Mountain Resort and Grand Teton National Park. Locals have been attracted to the convenient location of The Aspens with its proximity to restaurants, the bus line, a coffee shop and a grocery store. Investors continue to be drawn by the lucrative short term rental market. Whatever the reason, people have been buying Aspens condos! Since Jan 2013, there have been 24 condo sales in The Aspens. Twenty of those sales occurred in 2013 (which equates to about 2 sales a month).  In 2013, the average sales price for an Aspens condo was $408,650 or $356/sq ft. One bedroom units sold on average for $295,000. Two bedrooms went for an average of $427,000 and 3 bedroom units commanded an average price of $592,000. The highest condo sale in The Aspens in 2013 was a top floor 3 bedroom Wheatgrass condo, which sold for $625,000 in Oct 2013. In 2014, we’ve already seen 4 sales in The Aspens (again about 2 per month) including a Windflower 3 bedroom which sold for $630,000 in Jan 2014 (pictured below) and most recently a 2 bedroom end unit condo in the Hawthorne building which sold for $289,000 last week.

Windflower

Where has all the inventory gone?

If you read my Market Reports, you are aware that inventory is currently thin in the Jackson Hole Real Estate Market. The Aspens sub-market is no exception. Right now, there are 4 condos for sale in The Aspens including a one bedroom + loft in the Sagebrush building, a 3 bedroom Woodlands condo with over 1,800 sq feet, a remodeled 3 bedroom unit with a detached garage, and a 3 bedroom Cove unit with mountain views. Click HERE to view all 4 available listings. Based on past absorption rates (2 sales per month), we have about a 2 month supply of inventory – not much!

There are currently 2 condo sales pending in The Aspens. The last new listing to hit the market  was a nicely remodeled one bedroom unit in the Tamarack building (pictured below). It was on the market for less than 10 days before receiving multiple offers and going under contract close to list price.

Tamaracl

Spring time in the Jackson Hole Real Estate Market usually means an influx of new listings as sellers seek to take advantage of the warmer weather and green landscapes. Already we are starting to see some new listing activity. In the past 2 weeks, 14 new listings have hit the market in Teton County. It will be interesting to see what (and how many) new listings pop up in The Aspens this Spring.

marketreport

If you currently own a condo in The Aspens, 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.

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

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Monthly Market Update for January 2014

Jackson Hole, WY

What Sold in January 2014? 

  • 38% :: Percentage of single family home sales (down from last month’s 46%)
  • 29% :: Percentage of condo/townhome sales (down again from 36% last month)
  • 33% :: Percentage of Land Sales (more than double the typical month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in January)
  • 29% :: Percentage of residential properties selling for over $1 million (similar last month’s 27%)
  • 71% :: Percentage of residential properties selling for under $1 million (similar to 73% in Dec)
  • 38% :: Percentage of residential properties selling for under $500,000 (down from 42% in Dec)

What it means: When analyzing “what” sold in Teton County in Jan 2014, the most unique statistic was the high percentage of land sales. There were 8 lot sales in January which represented 1/3 of all transactions. The amount of land sales isn’t that uncommon (in the past 12 months there have been 6 months with at least 8 land sales), however what is unique about this month is that while overall sales dropped (see Summary Blog) land sales remained steady (between 6 and 10 sales per month). Overall, land tends to sell more in the spring/summer months, but there have been 17 lots sales in Teton County since the snow started flying. Notable land sales in January included a Granite Ridge homesite (listed at $2.95 million) and a lot at Shooting Star (listed for $3.3 million) in Teton Village, 2 lots in the new King Eider development in Rafter J and a lot out in Kelly (listed for $349,000).

LandSales.Feb2014

The month of January did not include a short sale or a bank sale after 2-5 such sales every month since October. Currently there are only 2 distressed properties for sale under $1 million – a fixer upper 3 bedroom condo in E Jackson for $352,000 and a 2 bedroom condo in W Jackson for $249,900. Note there are two higher end short sales also on the market – Game Creek Ranch ($1.495m) and an interesting ‘castle’ like property down Fish Creek Rd, listed for $1,500,000, which is pictured below. Click HERE to view all 4 distressed properties.

CastleProperty

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Summary of Real Estate Sales Statistics for Jan 2014 in Jackson Hole

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Monthly Market Update for February 2014

Jackson Hole, WY

Summary – January 2014:

  • 24 :: Total residential sale transactions (down again from last month’s 33)
  • $18,000,000 :: Total residential sales volume reported to MLS (also down significantly from past months)
  • $930,000::  Average sales price of reported sales (similar to last month)
  • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
  • 550 ::  Average days on market prior to selling (up significantly from the last few months)

What it means: The New Year was off to a slow start, with only 24 residential sale transactions amounting to $18 million of reported sales volume in the month of January. Even if we include the 4 unreported sales, which could add roughly another $6.5 million to the sales volume totals, that number is still low compared to recent months (see chart below). Remember that December was also an unusually slow month with only 33 transactions for $28 million in sales volume. At first glance, these numbers may suggest that the market is slowing down or plateauing. I don’t believe that is the case as there are 52 properties in Teton County currently under contract for sale that should be closing in the next few months. A more plausible explanation for the past few slow months may be our current drought of inventory. For example, there is only ONE existing house for sale in Rafter J, only TWO 1-bdrm condos for sale in The Aspens and currently NO single family homes for sale in the Town of Jackson priced under $500,000.  Low inventory levels (a.k.a. supply) inevitably put upward pressure on prices as we see demand remain strong in Teton County. The result? Quick sales on well priced properties, especially homes located in these low supply sub-markets – many times with multiple offers on the property! With low inventory levels, we also see an absorption of the existing older inventory, some of which has been on the market a very long time. This month there were several sales of property that first hit the market 2, 3, and over 4 years ago!

Transactions.Feb2014

SalesVolume.Feb2014


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Year in Review: 2013 Teton County Real Estate Sales highest of past 6 years

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As we move into 2014, it’s helpful to look back at the real estate activity in 2013 and by comparing that to past years statistics, try to determine where the market is heading (isn’t that what we all want to know?!). I should first note that the below numbers are compiled from closed real estate sales in Teton County as reported to the Multiple Listing Service (MLS). They include residential sales, land sales and commercial property sales.

TETON COUNTY: In 2013 there were 557 sale transactions totaling $656 million in sales volume in Teton County. This is almost 100 more transactions and $40 million more in volume than in 2012. These strong numbers come in spite of the fact that Dec 2013 was a very quiet month, recording only 33 transactions for $32 million in sales volume. Compare that to Dec 2012, which ended with a bang as 55 properties exchanged hands for a staggering $124 million. October 2013 proved to be the busiest month as 58 sales totaled almost $130 million. Looking at sales volume by month, for each year in the chart below, it’s clear that 2013 (orange colored line) had the 4th highest sales volume since 2002. For the early part of the year, volume was right in line with volumes seen in 2004 (yellow). Sales volume for 2013 was still behind the peak years of 2005-2007 (top three lines), but were well above the bottom year of 2009 (salmon).

TCCompare

TOWN OF JACKSON: Real Estate Sales in the Town of Jackson saw a significant bump in both transactions (213) and sales volume ($122 million) in 2013. This past year marked the highest sales volume levels in Town since 2008, when $128 million in sales occurred but with roughly half of the transactions (122). This comparison illustrates that the high sales volume in 2013 was achieved not through million dollar home sales, but through many lower end condo, townhome and entry level single family home sales. Interestingly, Town chalked up more than 4x the number of sales in Teton Village (48) and nearly 65% more in sales volume ($74 million).

Town

 REAL ESTATE FORECAST FOR 2014: As we enter 2014, I believe the main concern for the real estate market with be the available inventory (or lack of it!). Will there be anything to sell in 2014? For anyone that is currently shopping the market, it’s obvious that the inventory levels are very thin. For example, there is currently only one existing single family home for sale in Rafter J, NO single family homes under $500,000 in Town and NO homes in Melody Ranch under $1 million. Due to these low inventory levels, we may start to see Sellers taking a bolder position on pricing, knowing that they are the only option for buyers looking in a particular market/location. Will buyers be willing to over pay for a property they like, especially if it’s the only one they can find? While there may be a few of those buyers here and there, I think most buyers will not chase the prices up remembering the lessons learned from the last bubble burst (in 2008-2009), where the majority of properties in Teton County lost about 30-35% in value. If the later occurs, we may see sales activity (and values) plateau until more inventory (supply) enters the market.

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