Monthly Market Update – “What” Sold in Jackson Hole in June 2013?

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Monthly Market Update for July 2013

Jackson Hole, WY   

What Sold in June 2013? 

  • 46% :: Percentage of single family home sales (consistent with the past several months)
  • 26% :: Percentage of condo/townhome sales (down from May – 37%)
  • 26% :: Percentage of Land Sales (up again from last month)
  • 10% :: Percentage of distressed property sales (same as last month)
  • 32% :: Percentage of residential properties selling for over $1 million (vs. 26% in May)
  • 68% :: Percentage of residential properties selling for under $1 million (vs. 74% in May)
  • 41% :: Percentage of residential properties selling for under $500,000 (vs. 44% in May)

 

What it means:  Despite a drop in sales volume and transactions this month, many other indicators suggest this month was in line with previous months in terms of ‘what’ sold in Jackson Hole. Single Family home sales continue to make up just under ½ of all sales, sales under $500,000 hovered around 40% and distressed property sales (short sales and bank sales) continue to make up 10% of all sales in June. One exception is Land Sales, which made up 26% of all sales this month (see chart above). Over the past several months, the sale of building sites has continued to increase (both in # of transactions and % of total sales), a strong indicator that the real estate market is back in full swing (See chart below).

 

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

Interested in learning more? Email me at katiecolbert123@gmail.com for more information on anything real estate related – a history of a specific property, a market update on your neighborhood, a mortgage payment calculation for a certain price range – I’m happy to help!

Monthly Market Update July 2013 – Summary of Sales Statistics

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Monthly Market Update for July 2013

Jackson Hole, WY

Summary – June 2013:
• 41 :: Total residential sale transactions (a dip from last month’s high of 61)
• $44,000,000 :: Total residential sales volume (a dip from last month’s high of $68m)
• $948,000 :: Average sales price (down from last month’s $1,160,000)
• 94% :: Ratio of sales price to list price (a slight drop from the last few months)
• 328 :: Average days on market prior to selling (similar to last month)

What it means: The month of June wasn’t as spectacular as May as we saw a dip in both Transactions and Sales Volume this past month. However, the market continues to remain hot as many well priced opportunities don’t remain on the market for long. The average sales price of $948,000 remains near the typical average for Teton County. Sales price to list price ratio dropped slightly to 94% on average; however many properties in the lower price ranges (sub $500,000) are selling very close to, or above, the listing price. On the surface, the average days on market remains consistent with past months, however a closer look reveals several properties that finally sold this month after being on the market for over 1,000 days. When you remove these outliers, all other properties closed after an average of 221 days, a number more representative of our faster moving market.

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

Interested in learning more? Email me at katiecolbert123@gmail.com for more information on anything real estate related – a history of a specific property, a market update on your neighborhood, a mortgage payment calculation for a certain price range – I’m happy to help! Please consider following me for up to date market trends, hot picks and statistics.

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As Jackson Hole Real Estate Inventory Increases, Buyers are Acting Quickly

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Spring and Summer are historically a busy time in the real estate market here in Jackson Hole, Wyoming, as Sellers take advantage of the beautiful weather, lush green landscapes and influx of tourists that flock to the greater Grand Teton & Yellowstone National Park area.  This year is no exception.  However, after a winter of unusually low real estate inventory levels paired with favorable lending environments, there are many anxious Buyers ready to make a move on the new inventory as soon as it hits the market.  As such, demand for this new inventory has increased significantly.  There are currently 42 properties under contract in Teton County. Twenty-eight of them (or 1/3) were on the market for 4 months or less.  Thirteen of the current pending sales were on the market less than a month before going under contract. Demand has increased especially for well priced homes and the majority of homes in the lower end of the market (sub $500,000). Sixty percent (60%) of current pending sales are listed under $1,000,o00; nearly 1/3 are priced under $500,000. Buyers are hoping more inventory continues to enter the market, while Sellers are taking advantage of the high demand and many times, multiple offer situations.