Sale Statistics for the Jackson Hole Real Estate Market – July 2014

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Summary – July 2014:

  • 40 :: Total residential sale transactions (up significantly from last month’s 28)
  • $38,600,000 :: Total residential sales volume reported to MLS (up significantly from last month’s $20 million)
  • $1,075,000::  Average sales price of reported sales (up from last’s month’s $800,000)
  • 96% ::  Ratio of sales price to list price (down slightly from last month’s high of 97%)
  • 293* ::  Average days on market prior to selling (up from last month’s 180 days)

What it means: The month of July saw an increase in both transactions (from 28 to 40) and reported sales volume, which was almost double that of last month. In July there were several high end sales not reported to the MLS which could add an estimated additional $15.85 million in sales volume. The average sales price reached an 8 month high last month as a result of several higher end sales (see “What” Sold section below).  The sale price to list price ratio remains high at 96% suggesting properties continue to sell very close to their listing price (on average). In fact, in the month of July 10 properties (25% of all sales) sold at or above their list price.   Average days on market were back up, as several of the high end property sales had been on the market for quite some time. (*Note: High outliers (in excess of 1,000 days on market) are taken out of these calculations.)

Transactions.aug2014

volume.aug2014

AVSP.Aug2014

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Sale Statistics for the Jackson Hole Real Estate Market – June 2014

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Summary – June 2014:

  • 28 :: Total residential sale transactions (a drop from last month’s 35)
  • $20,000,000 :: Total residential sales volume reported to MLS (down from last month’s $25 million)
  • $800,000::  Average sales price of reported sales (down from last’s month’s $918,000)
  • 97% ::  Ratio of sales price to list price (up significantly from last month’s 95%)
  • 180 ::  Average days on market prior to selling (down significantly from last month’s (adjusted) 232 days)

What it means: The month of June saw a drop in both transactions (from 35 to 28) and reported sales volume, which dropped $5 million. In June there were 3 transactions that were not reported to the MLS which total an estimated additional $12.5 million in sales volume. The average sales price dropped significantly down to $800,000, the lowest monthly average in almost a year (See Chart below). This can be explained by several lower end sales (and not as many high end sales) in June (see “What” Sold section below).  The sale price to list price ratio reached 97% last month, the highest level seen since I started keeping stats at the beginning of 2013. This is evidence of a hot real estate market where properties are selling very close to their listing price (on average).  Taking out a King Eider lot sale  (which had been on the market for 1,704 days!) the average days on market has decreased from the last several months, also evidence of  an active real estate market where properties are selling fairly quickly (on average).

Breakdown.July

SalesVolumeJuly

AvgSales.July

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

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Monthly Market Update for June 2014

Jackson Hole, WY

What Sold in May 2014? 

  • 31% :: Percentage of single family home sales (down from last month’s 34%, lower than usual)
  • 40% :: Percentage of condo/townhome sales (down from last month 46%)
  • 29% :: Percentage of Land Sales (higher than average this month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in May)
  • 29% :: Percentage of residential properties selling for over $1 million (down slightly from last month’s 31%)
  • 71% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 69%)
  • 43% :: Percentage of residential properties selling for under $500,000 (up significantly from last month’s 37%)

What it means: Last month there were higher than average land sales (29% of all sales) and more sales under $500,000 than is typical in Teton County. In May there were 15 sales under $500,000 (which represented 43% of all sales). There were five lots sales in the new King Eider development in Rafter J which were all listed under $300,000. Additionally 5 other lots sold throughout the Valley last month including Teton Pines, John Dodge, Saddle Butte, and 3 Creek Ranch (pictured below). This spike in land sales could be explained by the time of year, as lots become more visually appealing during the spring & summer months. The month of May also saw several low-end condo sales in the Town of Jackson which contributed to the higher than average sales in that segment (see chart below). There are also several significant commercial sales in May including the old Valley Feed & Pet building on Hwy 89 (listed for $1,700,000), a 28,000 square foot Class A office space in downtown Jackson (listed for $2,125,000) and the new Whole Grocer building, which sold to an investor close to the listing price of $16,500,000.

3creeklot

Breakdown.June

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Jackson Hole Real Estate Sales Statistics for May 2014

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Monthly Market Update for June 2014

Jackson Hole, WY

Summary – May 2014:

    • 35 :: Total residential sale transactions (identical to last month)
    • $25,000,000 :: Total residential sales volume reported to MLS (less than last month’s $29 million)
    • $918,000::  Average sales price of reported sales (up again from last month’s $892k)
    • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
    • 439* ::  Average days on market prior to selling (up again from last month’s 355 days)

    What it means: May’s transactions were identical to April, while reported sales volume took a slight dip (down $4 million). However, in May there were 7 transactions that were not reported to the MLS which total an estimated additional $6 million in sales volume. The average sales price was up again last month suggesting that sales prices overall are on the rise. However, average sales prices are still lower than last Fall (see chart below). The sale price to list price ratio slightly increased last month, meaning buyers are purchasing, on average, closer to the asking price. The average days on market appears to have increased substantially however a closer look at the numbers reveals that this statistic is skewed this month due to 5 lot sales in the King Eider development (which have been on the market since October 2009). Removing these outliers gives us a much more realistic average of 232 days on market.

Sales.June

Volume.June

ASP.June

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

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Monthly Market Update for May 2014

Jackson Hole, WY

What Sold in April 2014? 

  • 34% :: Percentage of single family home sales (up from last month (28%) but still lower than usual)
  • 46% :: Percentage of condo/townhome sales (down from last month (52%) but still higher than usual)
  • 20% :: Percentage of Land Sales (typical)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in April)
  • 31% :: Percentage of residential properties selling for over $1 million (up from last month’s 26%)
  • 69% :: Percentage of residential properties selling for under $1 million (down from 74% in March)
  • 37% :: Percentage of residential properties selling for under $500,000 (down slightly from last month and closer to average)

What it means: The month of April saw the breakdown between property type (single family homes/condos & townhomes/land sales) move closer towards normal levels, however condo and townhome sales continue to account for a higher percentage of property sales than normal (and single family homes continue to make up less than normal). On average (over the past 12 months), single family home sales usually make up around 40-45% of all sales, while townhomes and condos tend to make up 35%-37% of all sales (see chart below). Land sales last month were on par with their 12 month average of 19% of all sales.  For the second month in a row, there were NO bank sales and NO short sales. Currently there is only one distressed property available for sale: The Game Creek Ranch, located south of town and listed for $1.395m (pictured below). With regards to the price point of closed sales last month, the breakdown between Over $1 million / Under $1 million / Under $500,000 returned closer to normal last month.

BreakdownPropertyType.May2014

gamecreekranch

Game Creek Ranch – only available short sale in Teton County

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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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“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

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