Market Reports Archives - Page 8 of 25 - Katie Brady Real Estate

2018: November New Listings

December 10, 2018/in Market Reports, Uncategorized/by Molly Stewart

Both new listings and new listing dollar volume were down in November, a month typically slower for new listing activity. Only 31 new properties came onto the market last month, roughly one third of new listings seen in the high month of May. Total new listing dollar volume still topped $60 million in November as 4 new homes priced over $3 million hit the market, including two homes in excess of $10 million – a 4,000 square foot house and adjoining lot in Wilderness Ranches and a 6 bedroom home now under construction in Shooting Star. Helped by these higher end homes, the average listing price reached over $2 million in November, however the median listing price dropped under $1 million for the first time in the past 7 months. Only two new lots came onto the market in November, not surprising given the time of year – a 3.3 acre lot north of town listed for $825,000 and a unique half acre lot with Fish Creek frontage in Wilson, listed for $1.65 million. The majority (35%) of new November listings were in the $1-3 million price point, including a newly built home in downtown Wilson, listed for $1,785,000 and an oversized home in Melody Ranch, totaling nearly 4,700 square feet, listed at $2,350,000.

2018: November – What Sold?

December 10, 2018/in Market Reports, Uncategorized/by Molly Stewart

November recorded 45 real estate sales, down from last month (53 sales) and also down from November 2017 (50 sales). However, despite having 8 fewer transactions than October, the sales volume in November was $10 million higher. In fact, November was only the third month all year where total sales volume exceeded $100 million. This spike in total volume was helped by 3 large sales: 2 houses in the exclusive Indian Springs neighborhood (both listed slightly over $10 million), and a 170 acre ranch parcel at the end of Boyles Hill Road, which was listed for $23 million. As a result, the average sales price jumped up to $2.2 million in November, however the median sales price dropped to $965,000 as 53% of all sales last month occurred under $1 million. The sales to list price ratio reached 98% for the first time since I began tracking these stats in 2013! Nearly 30% of all November sales occurred at or ABOVE their listing price, with several other sales occurring very close to the listing price, an indication that our market remains very competitive with limited inventory. The average days on market increased to 157 days in November as a few older listings finally sold, including a unique inholding on Mormon Row in Grand Teton National Park, that was ultimately sold to the National Park Foundation. That being said, over 40% of property sales in November were on the market less than 90 days.

2018: October New Listings

November 8, 2018/in Market Reports, Uncategorized/by Molly Stewart

While increasing slightly from September, the 46 new listings in October represent only half of the listing levels seen in the busy summer months. Despite the modest increase in the number of new listings, the overall dollar volume of those new listings ($84 million) dropped significantly from September ($148 million), representing only a quarter of the volume seen in the height of the summer. As a result, the average new listing price in October was also down significantly, dipping below $2 million for the first time since March 2018. These drops can be attributed to the fact that fewer high end listings (above $3 million) hit the market in October. After an average of 20 new high end listings hit the market each month this summer, there were 14 such listings in September and only 6 new listings priced over $3 million coming onto the market in October. Usually the homes with the highest price tags strategically put their homes on the market at opportune times to sell (i.e. the summer!). Despite a lower average, the median listing price actually increased in October, helped by a spike in listings in the $1-3 million range, where 25 new properties came onto the market.

2018: October – What Sold?

November 7, 2018/in Market Reports, Uncategorized/by Molly Stewart

October saw a spike in real estate sales, recording 53 transactions – the second highest monthly transaction total in 2018. Overall sales volume increased at a similar rate, reaching just over $91 million in the month of October. While the average sales price remained similar to September, the median sales price dropped $400,000 (down 28%) to just above $1 million, as nearly 50% of all sales fell in the sub $1 million price point. The average days on market dropped to 125, the second lowest monthly average since I began tracking stats in 2013! To help reduce swings in this category, outliers having more than 1,000 marketing days are removed. Interestingly, there were 3 such outliers in October: Vacant lots in Solitude and Jackson Hole Golf & Tennis, and a unit in Hotel Terra, all sold in October after all being on the market nearly 2,000 days (that’s over 5 years!). After 6 straight months holding steady at 97%, the average sales to list price ratio dipped to 96%. However, there were still 11 properties that sold at or above listing price, meaning that many properties sold under 96% in October, suggesting owners’ added motivation to sell at the end of summer. Eight sales occurred in the high end market, with 3 properties selling over $6 million in the Willowbrook, Woodside and Indian Springs neighborhoods.

2018: Q3 Market Update & Review

October 9, 2018/in Market Reports, Uncategorized/by Molly Stewart

The 2018 summer listing season was explosive, with over 200 new listings hitting the market in the third quarter totaling a staggering $678 million in dollar volume. While the total number of new listings was very similar to Q3 2017 (200 sales), the overall dollar volume was another story, coming in $222 million higher than Q3 2017, an increase of nearly 50%! As one can imagine, the average listing price increased significantly from $2.2 million in Q3 2017 to $3.3 million in this past third quarter. Interestingly, while the median listing price this year outpaced the median listing price in July and August last year, the reverse can be said for September. The median listing price in Sept 2017 was close to $2 million, however this September saw many new listings under $1 million which pulled the median listing price closer to $1 million. It will be interesting to track whether the drastic increase in listing prices translates to a similar increase in sales volume in the remainder of 2018 – stay tuned!

Both real estate transaction levels and overall sales volume are both up from this time last year. Transactions increased 11% from Q3 in 2017, with nearly 150 sales in the Jackson Hole market over the past 3 months. However, overall dollar volume was up nearly 50% compared to this time last year, with nearly $275 million in sales (vs. $183 million in Q3 2017). As a result, the average sales price also increased from $1.397 million to $1.867 million in Q3 2018. The median sales price (many times a more indicative metric) was also up, increasing from just over $1 million last year to $1.23 million in the third quarter. In looking at the price point breakdown from Q3 last year and this year, it’s apparent that the additional real estate sales occurred in both the $1-3 million segment and the over $3 million segment, which saw twice as many sales in Q3 this year. The type of properties selling also shifted quite a bit from Q3 2017, when 34% of all sales were for single family homes. In the 3^rd quarter of 2018, half of all sales were for single family homes. Conversely, condo and townhome sales, which represented 50% of sales in Q3 2017, accounted for less than 35% of sales in Q3 2018.

Both real estate transaction levels and overall sales volume are both up from this time last year. Transactions increased 11% from Q3 in 2017, with nearly 150 sales in the Jackson Hole market over the past 3 months. However, overall dollar volume was up nearly 50% compared to this time last year, with nearly $275 million in sales (vs. $183 million in Q3 2017). As a result, the average sales price also increased from $1.397 million to $1.867 million in Q3 2018. The median sales price (many times a more indicative metric) was also up, increasing from just over $1 million last year to $1.23 million in the third quarter. In looking at the price point breakdown from Q3 last year and this year, it’s apparent that the additional real estate sales occurred in both the $1-3 million segment and the over $3 million segment, which saw twice as many sales in Q3 this year. The type of properties selling also shifted slightly as more single family homes were sold in Q3 2018, representing 56% of all sales in the third quarter this year, an increase of 10% from this time last year.

2018: September Market Report

October 8, 2018/in Buyers, Market Report, Market Reports, Monthly Market Report, Monthly Market Update, New Listings, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Supply/Demand/by Molly Stewart

After a busy summer listing season that saw over 330 new listings hit the market, activity cooled in September with only 40 new property listings, reflecting less than half the summer average of 83 new listings/month. The average listing price in September was close to $4 million (significantly higher than the summer average of $2.8 million), as 8 new listings hit the market priced over $5 million, including 2 estates advertised for $19 million each. While high priced listings can inflate the average, a more telling statistic is the median list price, which actually dropped down to $1.1 million in September – the lowest since before summer. Four properties were listed under $600,000, with two of them already under contract, including a 2 bed / 1 bath townhome backing up to Cottonwood Park. Eight new lot listings came onto the market in September, with a median list price of $1 million. Two of those listings (both priced under $1 million) are already under contract.

After a busy summer (and especially busy August), real estate sales dropped off in September, with 43 sales. Overall dollar volume also dropped, dipping below $75 million for the first time since May 2018. While the transaction levels are similar to this time last year (40 sales in Sept 2017), sales volume is $13 million higher. As a result, the average sales price remained consistently strong, marking the 4^th month in a row at or above $1.7 million. The median sales price, however, increased significantly in September, up a whopping 55% from August, as 60% of sales occurred over $1 million (including 7 over $3 million). Of the 40% of sales occurring in the sub $1 million market, only 3 of them were under $500,000, including a 1 bedroom East Jackson condo that sold at full list price of $346,000. The market remains competitive as 60% of all Sept sales closed within 90 days of listing. While only 7 properties sold at or above the listing price (this stat has reached 33% in the past), many sold very close to listing price.

2018: August Market Report

September 9, 2018/in Market Reports, Uncategorized/by Molly Stewart

Eighty-five new listings hit the market in August representing $227 million in volume. This year’s summer selling season (May through Aug) has seen a total of 332 new listings hit the market (or an average of 83 per month), similar to the same time last year, when 342 new listings hit the market during the summer months. Despite the similar number of new listings, this year saw $134 million MORE in listing volume. Put another way, on average, listing prices have increased 17% from listing prices in the summer of 2017. Of the 67 new residential listings (single family homes and townhomes) in August, 16 of them were priced over $3 million and 9 were priced over $5 million, including a beautiful mountain modern home north of town with 8,200 square feet on 5 acres, listed for $10.9 million. However, the median list price of the residential listings dropped to $15 million as 13 new listings hit the market priced under $600,000. Demand remains high for this price segment, as 6 of those new listings are already under contract. Eighteen new lot listings, totally $45 million, pushed the median lot listing price up to $2.25 million, the highest monthly median price for vacant lots in the past year.

August was a busy month for Jackson Hole real estate with nearly 60 transactions – the highest monthly total of 2018! Overall Sales Volume eclipsed $100 million, increasing for the 4^th month in a row and was the second highest monthly volume seen this year. What is interesting about August sales is the price points that things were selling. There were 10 sales under $500,000, a rate of “entry-level” sales not seen throughout the year. These sales included several Aspen condos, vacant lots in Squaw Creek and Pineglen, and 4 condos in the Town of Jackson. As a result, the median sales price dipped below $1 million for the first time in 5 months. Another 20 sales occurred in the $500,000 – $1 million range (referred to as the “locals” market), resulting in over 50% of the sales happening under $1 million. The luxury market didn’t fall off completely, with 10% of all sales occurring over $3 million, including a 6,5000 sq foot home in Teton Village, which sold for just under $11 million. The average days on market dipped to 146, with nearly 50% of the sales closing in under 90 days. That being said, there were also 10 sales of properties that had been on the market over 1 year, including a 3 acre lot in Sublette Woods, next to the Hobacks at Jackson Hole Mountain Resort, which sold for an undisclosed price (listed at $5.5M) after 575 days on the market.

2018: July Market Report

August 9, 2018/in Market Reports, Uncategorized/by Molly Stewart

There were 82 new listings in July, making a total of nearly 250 new listings since the start of the busy summer season in May. Compare that to a total of 98 new listings in the first 3 months of the year. While the number of new listings was down slightly compared to June, the overall listing volume in July reached over $300 million, by far the highest monthly total of 2018. Sixteen of the new listings were priced over $5 million, with 8 priced over $10 million including a unique ultra-contemporary home down in the Snake River Sporting Club, listed for $12 million. As a result, the average listing price jumped up to $3.7 million in July with a median listing price of $1.65 million. High demand properties continue to sell quickly with 25% of all July listings already under contract or sold.

The busy summer selling season remains strong with 46 sales in July, down slightly from June but still the second highest number of sales in 2018. Total sales volume increased from June, representing the highest monthly volume seen in 2018, outside of April, where 40% of sales occurred over $3 million. Both the average sales price ($2.1m) and median sales price ($1.1m) were up in July, signaling an overall increase in values as we move through the summer. Sales prices remained strong, with properties selling, on average, at 97% of listing price for the 5^th time in the last 6 months – perhaps the new standard in the market. July saw a similar distribution among price points with a slight majority of sales occurring between $500,000 – $1 million, however over 1/3 of all property sales occurred in the $1-3 million range.

2018: June Market Report

July 10, 2018/in Market Reports, Uncategorized/by Molly Stewart

There were 9% fewer new listings in the second quarter of 2018 compared to this same time last year. This overall decrease was caused by a slower than usual June 2018, which saw 30% fewer listings than June 2017. With a decrease in transactions, we also saw a decline in new listing volume, which was down 11% from this time last year. Fewer new listings will contribute to already low inventory levels, and we should expect to see increased demand and competition, which will continue to put upward pressure on pricing. Despite lower transactions and sales volume, listing prices are increasing, as the median list price was consistently above monthly levels seen this quarter last year.

The second quarter of 2018 was explosive, recording $268 million in real estate sales in Teton County. That is more than DOUBLE Q2 sales volume last year! Quite the amazing feat given that the number of transactions increased only 7.5% from Q2 2017 to this year. As a result, the average sales price and median sales price was much higher in Q2, easily outpacing monthly averages from Q2 2017. The price point of property sales in Q2 shifted significantly compared to this time last year, when the majority of properties sold between $500,000 – $1,000,000, considered the “locals” market. In the second quarter of this year, there were significantly more sales in the $1-3 million range and the high end market above $3 million (see bottom left graph). Single family home sales increased significantly and made up more than half of all sales in the second quarter. On the other hand, condo and townhome sales, which made up 50% of all sales in Q2 2017, represented only 38% of sales this past quarter.

2018: May Market Report

June 6, 2018/in Average Sales Price, High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Report, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The busy summer selling season is heating up with 93 new listings hitting the market in May, totaling $212 million in listing volume. Action is picking up fast, as May 2018 is well ahead of last May 2017 where we saw 86 new listings totaling $190 million in volume. Across the board, sellers are feeling confident as the average listing price reached $2.286 million in May, the highest average seen thus far in 2018. Buyers are watching and moving quickly. Of the 65 new residential listings in May (single family homes and townhomes/condos), 21 are already under contract or sold. While the majority of new listings are always residential, there were 28 new lot listings in May, by far the most seen in one month in the last several years.

After an April that saw nearly 40% of property sales over the $3 million mark, things calmed down a bit in May. While there were more sales (38 total transactions), they totaled less volume ($66.8 million in May vs. $119 million in April despite 9 fewer sales). As a result, the average sales price dropped back down to typical levels at $1.7 million. The median sale price fell to $1.125 million, however this is still high given that this metric has been under $1 million in 8 of the last 12 months. Nearly half of all sales occurred under the $1 million mark in May compared to only 31% in April, with nearly 40% occurring in the “locals” market between $500,000 – $1,000,000. These sales included several older single family homes in Town, townhomes in Town and condos in Teton Village. The sale to list price ratio remains strong at 97%, marking the 6^th consecutive month where properties have sold at 96-97% of the listing price. In fact, 9 properties in May sold at or ABOVE the listing price, including a 3 bedroom Teton Village condo that was listed at $795,000 and sold for nearly $100,000 more.

What happened in November?

New Listings

$2,059,839

Average List Price

29

Residential Listings

$63,855,000

New Listing Volume

$982,500

MEDIAN LIST PRICE

35%

$1M-$3M Price Point

8

Listings below $500,000

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in November?

What Sold

$101,494,388

Total Sales Volume

157

Average Days on Market

$965,000

MEDIAN SALES PRICE

$2,255,431

Average Sales Price

11%

of property sales were under $500,000

24

TRANSACTIONS UNDER $1M

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in October?

New Listings

$1,828,630

Average List Price

40

Residential Listings

$84,117,000

New Listing Volume

$1,425,000

MEDIAN LIST PRICE

54%

$1M-$3M Price Point

2

Listings below $500,000

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in October?

What Sold

$91,639,359

Total Sales Volume

125

Average Days on Market

$1,049,000

MEDIAN SALES PRICE

$1,729,045

Average Sales Price

9%

of property sales were under $500,000

25

TRANSACTIONS UNDER $1M

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

New Listings – What’s New?

$3,357,072

AvERAGE LIST PRICE

$678,113,000

LIST PRICE Volume

Market Analysis

Transactions/Sales Volume – What Sold?

$1,233,542

Average Median Sales Price

$274,099,401

Total Sales Volume

Market Analysis

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in September?

New Listings

$3,708,200

Average List Price

$1,100,000

MEDIAN LIST PRICE

$148,328,000