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

/in , , , , , , /by

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


Interested in receiving The Colbert Real Estate Report Quarterly Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Quarterly Market Updates.  

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

                 follow-me-on-google-plus

Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market in 2013

/in , , , , , , , , , , , , , , /by

Over the course of 2013 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 major take-aways from the Jackson Hole Real Estate Market in 2013:

Distressed Property Sales:  Teton County experienced the highest levels of distressed property sales (bank sales and short sales) in the spring and early summer of 2013. In April, there were 8 distressed sales, which represented 15% of all property sales that month. May and June also saw a significant amount of bank and short sales, however by the end of the summer, these types of properties seemed to disappear from the market all together as September did not see a single distressed sale. Since then, each month has had their own share of sales, suggesting that while the majority of this shadow inventory has been absorbed, there still remains a trickle of  bank owned property coming onto the market.  Click HERE to see Distressed Properties currently for sale in Teton County.

Distressed.2013

Investment Property Sales: Overall, the sale of investment property in Teton County increased throughout 2013. Investment property is defined as property that can legally be short term rented and is concentrated in areas such as The Aspens, Teton Village and near Snow King Resort in the Town of Jackson. Interestingly this type of property experienced more sales near the beginning of both the summer (May) and winter (Nov) tourist seasons suggesting that investors were planning to benefit from Jackson’s two busiest seasons. Recent improvements made to both Teton Village and Jackson Hole Mountain Resort and Snow King Resort may also help explain the increased interest and real estate activity for these property types. Click HERE to see short term rental/investment property currently for sale in Teton County.

InvestmentSales2013

Average Days on Market: The average days a property sits on the market before selling can tell us many things about the speed of absorption, the level and quality of inventory and the motivation of both buyers and sellers. When inventory levels are low (i.e. not many properties on the market) we tend to see sales of property that has been on the market for quite some time as buyer’s options decrease. On the other hand, when inventory is low well priced properties can be snatched up quickly (and not be on the market for very long at all). From the chart below, we can understand that during months when sold properties spent a longer time on market before selling, these properties were selling at more of a discount (or a lower Sales Price to List Price ratio). Conversely, when the monthly sales had a lower average of days on market before selling, buyers were receiving LESS of a discount (or purchasing at a HIGHER Sale/List Price ratio).

DOMvList.2013

Inventory by Price Point: Earlier this year I analyzed how the available inventory levels (and pending sales) compared to actual closed sales, based on various price points. When we look back on 2013 as a whole, a few trends emerge. There were 440 closed sales in Teton County in 2013 (excluding land sales and fractional sales). Currently there are only 230 properties available for sale, or about a 6 month inventory. Property sales in 2013 were spread somewhat evenly across various price points (Under $500,000 / Between $500,000 – $1 million / Over $1 million – See Chart below.) This is also in contrast to available inventory, where the majority of properties (59%) are priced over $1 million despite this price point accounting for only 30% of 2013′s sales. Conversely, properties selling for under $500,000 made up 36% of all property sales in 2013, however only 12% of the current available inventory is priced under $500,000 (29 properties to be exact).

Inventory.2013

 

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

                 follow-me-on-google-plus

“What” sold in the Jackson Hole Real Estate Market in December 2013?

/in , , , , , , , /by

Monthly Market Update for January 2014

Jackson Hole, WY

What Sold in December 2013? 

  • 46% :: Percentage of single family home sales (up from last month’s 41%)
  • 36% :: Percentage of condo/townhome sales (vs. 43% last month)
  • 15% :: Percentage of Land Sales (similar to last month)
  • 9% :: Percentage of distressed property sales (3 bank sales and 0 short sales)
  • 27% :: Percentage of residential properties selling for over $1 million (down again from last month’s 37%)
  • 73% :: Percentage of residential properties selling for under $1 million (up from 63% in Nov)
  • 42% :: Percentage of residential properties selling for under $500,000 (up from 37% in Nov)

What it means: Along with decreased sales transactions and sales volume, the month of December also experienced more sales in the lower end of the market. Sales of property both under $1 million and under $500,000 represented a much higher percentage of total sales this past month, which helps explain the lower average sales price (See “Summary Section”). The share of sales under $500,000 in particular, have increased over the past few months and in December reached a level not seen since the Summer of 2013 (See Chart below). Conversely, sales of property over $1 million represented only 1/4 of all sales in December, down from a high of almost 45% in October. In the month December, there were 3 bank sales including a 3,600 square foot contemporary house in John Dodge, which sold for just under $5 million (pictured below).

High-LowSales.2013

Rockcress

Bank owned contemporary home in John Dodge – Sold for $4.9 million

 Please visit the Monthly Market Update tab for the entire January / Year End 2013 Market Report.

 

Interested in receiving The Colbert Real Estate Report Quarterly Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Quarterly Market Updates.  

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

                 follow-me-on-google-plus

Summary of Real Estate Sales Statistics for Dec 2013 in Jackson Hole

/in , , , , /by

Monthly Market Update for December 2013

Jackson Hole, WY

Summary – December 2013:

  • 33 :: Total residential sale transactions (down again from last month’s 46)
  • $28,000,000 :: Total residential sales volume reported to MLS (also down significantly from past months)
  • $900,000::  Average sales price of reported sales (down from last month’s $1.387m)
  • 94% ::  Ratio of sales price to list price (up slightly from last month’s 93%)
  • 185 ::  Average days on market prior to selling (down significantly from the last few months)

What it means: Usually, December is a very active month in the real estate market as many buyers and sellers try to close on properties before the end of the year. This was certainly NOT the case in December 2013, as we saw only 33 completed transactions, the least amount of sales since March 2013. Similarly, total sales volume was also lower than expected as only $28 million of property exchanged hands in December 2013. (Note: There were 2 undisclosed sale prices in Dec which could add another $4 million to total volume.) Compare that to $58 million in November and a high of nearly $80 million in August 2013. December’s average sales price ($900,000) dipped below the typical average of $1 million as many lower end condos and building sites sold (See “What Sold” section). In December, the sales price to list price ratio increased slightly and the average days on market dropped significantly (down to 185 from 370 in Nov) suggesting that many of the properties that sold in December were priced well and sold quickly. In fact, 67% of properties that sold in December were on the market less than 6 months before selling and 9 properties sold in under 90 days.

2013.Transactions

2013.SalesVolume

  Please visit the Monthly Market Update tab for the entire January / Year End 2013 Market Report.

Interested in receiving The Colbert Real Estate Report

Quarterly Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Quarterly Market Updates.  

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

                 follow-me-on-google-plus

“What” sold in the Jackson Hole Real Estate Market in November 2013?

/in , , , , , , /by

Monthly Market Update for December 2013

Jackson Hole, WY

What Sold in November 2013? 

  • 41% :: Percentage of single family home sales (down from last month’s high of 49%)
  • 43% :: Percentage of condo/townhome sales (vs. 37% last month)
  • 13% :: Percentage of Land Sales (similar to last month)
  • 4.3% :: Percentage of distressed property sales (2 bank sales and 0 short sales)
  • 37% :: Percentage of residential properties selling for over $1 million (down from last month’s high of 43%)
  • 63% :: Percentage of residential properties selling for under $1 million (up from 57% in Oct)
  • 37% :: Percentage of residential properties selling for under $500,000 (up 10% from Oct)

What it means: Last month, the big story was the large amount of high end home and property sales in the Teton County area, where almost 1/2 of all sales were over $1,000,000. This month, the breakdown has shifted to more typical levels (63% under $1m / 37% over $1m).  Likewise, the breakdown by property type returns to more typical levels as well with 43% of all sales in the townhome / condo market. That being said, there were still several high end properties that sold in November including one of my favorites in Teton Pines – a 7,300 sq ft estate located on the 18th fairway – which sold for over $7 million (pictured below). Interestingly, the month of November saw 13 sales of condos that allow short term rentals, perhaps as many new property owners hope to capture rental income from the upcoming ski season (see Market Focus).

TetonPines18th

Beautiful Estate at Teton Pines

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

Interested in receiving The Colbert Real Estate Report Monthly Market Updates via email?

Email

Email me at katiecolbert123@gmail.com or

Sign up HERE to receive next month’s report.  

 

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

         

Summary of Real Estate Sales Statistics for Nov 2013 in Jackson Hole

/in , , , , /by

Monthly Market Update for December 2013

Jackson Hole, WY

Summary – November 2013:

  • 46 :: Total residential sale transactions (down from last month’s 57)
  • $61,000,000 :: Total residential sales volume reported to MLS (down slightly)
  • $1,387,000::  Average sales price of reported sales (similar to last month)
  • 93% ::  Ratio of sales price to list price (down from last month’s 96%)
  • 370 ::  Average days on market prior to selling (still higher than usual)

What it means: November sales statistics reflected a slight dip after October’s high numbers in both transactions (46 v. 57) and reported sales volume ($61m v.$68m). This month there were 4 unreported sales which could add another $3m-$3.3m in additional sales volume. Remember, last month there were 7 unreported sales which could have totaled an additional $80-$86 million in additional sales volume! November’s average sales price was similar to October’s (reported) average which is still slightly higher than the typical average of $1 million. On average, properties were selling for 7% less than the current listing price in November, which is the greatest discount we’ve seen since March 2013.

Transactions.png

SalesVolume

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

Interested in receiving The Colbert Real Estate Report Monthly Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to receive next month’s report.  

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

         

“What” sold in the Jackson Hole Real Estate market in October 2013?

/in , , , , , , /by

Monthly Market Update for November 2013

Jackson Hole, WY

What Sold in October 2013? 

  • 49% :: Percentage of single family home sales (a 10% increase from last month’s 39%)
  • 37% :: Percentage of condo/townhome sales (vs. 33% last month)
  • 14% :: Percentage of Land Sales (down from last month)
  • 1.75% :: Percentage of distressed property sales (4 bank sales and 1 short sale)
  • 43% :: Percentage of residential properties selling for over $1 million (double last month’s 22%!)
  • 57% :: Percentage of residential properties selling for under $1 million (down 20% from Sept)
  • 27% :: Percentage of residential properties selling for under $500,000 (down from 39% in Sept)

What it means: The big story in October was the large amount of high end home and property sales in the Teton County area. Almost 1/2 of all sales this past month were for properties over $1,000,000. Ten properties sold for over $3 million and 3 pieces of property sold for over $10 million! (Who was visiting Jackson Hole last month?!) The numbers also tell us that the majority (49%) of sales this past month were single family homes, however there were several high end condominiums that sold as well including a Crystal Springs 2,000 square foot condo at Teton Village and a 2 bed / 2 bath condo at Pearl @ Jackson in downtown. Both condos sold for over $1.3 million (pictured below). After a September without a single distressed property sale, the month of October saw 4 bank sales and 1 short sale. However, currently there are only 2 distressed properties available for sale in Teton County and only 4 properties on the Teton County Sheriff’s Foreclosure List.

CrystalSprings

PearlatJackson

Pearl @ Jackson condos in downtown Jackson

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

 

Interested in receiving The Colbert Real Estate Report Monthly Market Updates via email?

Email

Email me at katiecolbert123@gmail.com or

Sign up HERE to receive next month’s report.  

 

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

         

 

Summary of Real Estate Sales Statistics for Oct 2013 in Jackson Hole

/in , , , , , /by

Monthly Market Update for November 2013

Jackson Hole, WY

Summary – October 2013:

  • 57 :: Total residential sale transactions (very close to the high of 61 transactions in Aug)
  • $68,000,000 :: Total residential sales volume reported to MLS **
  • $1,300,000::  Average sales price of reported sales ** (up 33%  from last month’s $833k)
  • 96% ::  Ratio of sales price to list price (up from last month’s 94%)
  • 321 ::  Average days on market prior to selling (similar to the last several months, higher than usual)

What it means: October sales numbers were close to this year’s high in number of transactions (Aug & May 61) and also came close to this year’s high in reported sales volume (Aug $79.5m). **In October there were 7 undisclosed sale prices on several very high end pieces of property including 293 acres with amazing Teton views along Spring Gulch Rd listed for a combined $29.6 million (pictured below), the Riva Ridge estate auction, which was last listed for $33 million, and an 8,000 sq foot log home off of Fish Creek Rd listed for $15 million (also pictured below). None of those sales prices (along with $8.4 million of other listings) were reported to the Multiple Listing Service (MLS). Since the majority of the data from this report is based on MLS data, the actual total sales volume could actually be closet to $150 million! If these sales prices were reported it would have also pushed the average sales price up higher than the $1.3 million, which on its own is already a higher than normal average. Needless to say there were several very high end sales in the month of October.

FishCreekMeadows

SpringGulch

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

Interested in receiving The Colbert Real Estate Report Monthly Market Updates via email?

Email

Email me at katiecolbert123@gmail.com or

Sign up HERE to receive next month’s report.  

 

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

         

 

Real Estate Market Analysis: Aspens Condos in Jackson Hole, WY

/in , , , , /by

In order to understand what is happening in the Jackson Hole real estate market, it’s helpful to analyze a particular market and see what the numbers tell us. Every month, I like to focus on a different neighborhood in the Teton County area. What are homes selling for in this neighborhood? How quickly are they selling? What were they selling for a year ago? How have values changed? What are the current opportunities in the neighborhood?

Neighborhood Details: The Aspens is a neighborhood located on the Westbank of the Snake River along Teton Village Road in Wilson, Wyoming. The development was planned and platted in the late 1970s and includes several 1, 2 and 3 bedroom condominiums. A small handful of these condos have garages, the majority do not. The entire Aspens development is zoned for short term rentals, meaning owners can rent out their property nightly. This zoning is valuable for second homeowners and investors as the proximity of Jackson Hole Mountain Resort (5 minutes away) and the south entrance to Grand Teton National Park (7 minutes away) make The Aspens an attractive location for vacationers, tourists and skiers alike. There are several property management companies that specialize in helping owners maximize their rental income potential. There are also many locals who call The Aspens home and enjoy the nearby skiing, hiking, biking, hunting, and camping year round.

Past Sales: Throughout the entire Jackson Hole real estate market, we have seen sales prices increasing over the past 6-9 months and The Aspens is no exception. In the past 6 months (April 2013 – Oct 2013), there have been 11 condo sales in The Aspens. These condos have sold on average for $380/square foot after an average of 179 days on the market. Similarly the previous 6 months (Oct 2012 – March 2013), saw 10 condos sell in The Aspens for an average price of $370/square foot after an average of 181 days on the market. Compare that to the previous year (Oct 2011 – Oct 2012), when the averages sales price was $343/square foot and properties were on the market an average of 253 days before selling, suggesting that over the past year condos in The Aspens have  been selling more quickly and for a higher price (on average).

AspensChart

Current Opportunities: There are currently 8 condos for sale in The Aspens, only 1/3 of a year’s worth of inventory.  These condos are priced between $259,000 – $849,000. On average these listings are priced at $381/square foot, very much in line with the past 6 months of sales ($380/sf). There are currently 4 condos under contract for purchase. Interestingly, the average listing price per square foot of these 4 condos is $422/sq ft. We will have to watch the market and see if these condo sell closer to the $380/sq ft average of the past 6 months or if higher sales prices will signal a further increase of values in The Aspens. Stay tuned…..Click HERE to view the current 8 condos for sale.

EmailAutomatic Email Market Updates keep you informed about the Jackson Hole Real Estate market by notifying you via email a few times a week of any new listing, pending sale or closed sale (with sold price) for your specific price range and market area. Your search is unique and will be completely customized for you!  

Email me at katiecolbert123@gmail.com or

Fill out your own Auto Email Update Form to start receiving the automatic updates.  

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

         

Summary of Real Estate Sales Statistics for Sept 2013 in Jackson Hole

/in , , , , /by
Monthly Market Update for October 2013

Jackson Hole, WY

Summary – Sept 2013:

  • 49 :: Total residential sale transactions (back down after a high of 61 transactions in Aug)
  • $44,000,000 :: Total residential sales volume (back down after a 2013 high of $79m in Aug)
  • $833,000::  Average sales price (a 33% drop from last month’s $1.258m)
  • 94% ::  Ratio of sales price to list price (down again from last month’s 95%)
  • 321 ::  Average days on market prior to selling (similar to last month, which was also higher than usual)

What it means: The Jackson Hole real estate market slowed down a bit in September after a very busy August. Sales volume fell back to levels seen through most of 2013 at $44 million (see charts below). Likewise, the number of sales transactions in September fell to 49, a level typical to most of 2013 (see charts below).  Sales price to list price ratio dipped again down to 94%; meaning buyers are getting better deals and perhaps not facing as many multiple-offer situations (which inevitably drive up the sales price). The average number of days a home is on the market remained high at 321, as much of the older inventory continues to be absorbed due to low inventory levels. Twelve properties finally sold after well over a year on the market including a Love Ridge condo (1,508 days), the Miller Park Penthouse (770 days), a Pine Glades townhome (1,045 days) and a house up at Spring Creek Ranch (918 days).

Volume

Transactions

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

Auto Email Market Updates

Email

Would you like to be notified of new listings in a certain price range?
Is there a specific location where you’d like to follow the real estate trends?
Do you want to keep track real estate sale prices in your neighborhood?

 

Automatic Email Market Updates keep you informed about the Jackson Hole Real Estate market by notifying you via email a few times a week of any new listing, pending sale or closed sale (with sold price) for your specific price range and market area. Your search is unique and will be completely customized for you!  

Email me at katiecolbert123@gmail.com or

Fill out your own Auto Email Update Form to start receiving the automatic updates.  

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