Market Report Archives - Page 6 of 17 - Katie Brady Real Estate

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: 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.

Do you know how much equity you’ve built in your Jackson home?

May 9, 2018/in Market Report/by Molly Stewart

Did you buy your Jackson Hole property 3 or 4 years ago?

Are you curious to learn if you could move up in the Jackson market?

Have you ever said? “I would absolutely consider selling if only there was something I else I could buy”

Many Jackson homeowners have built a good amount of equity in their home over the past several years. For example, the market value of a Creekside 3 bedroom townhome has gone up… That’s great news for local owners. However, with available inventory at an all-time low, local homeowners are experiencing a particularly competitive real estate market as they look to move up in the local market.

I’ve assisted several local families sell their current townhome/house and simultaneously successfully purchase a new home. It can sometimes be a complicated and competitive process, but one that I take great pride in. I’d love to hear more about your situation. Let’s talk.

Faced with low inventory and a competitive market, Jackson Hole Real Estate Associates is thinking outside the box and created a local match-making map in order to pair buyers with other sellers that are also looking to upsize or downsize.

There are many other people out there just like you! These owners would sell their Cottonwood home, Rafter J home, etc. IF they could find something else to buy.

Our unique match-making board attempts to track some of this “shadow” inventory and allows us to get creative in a tight market. Perhaps we could find you a perfect match with a property that is not currently on the open market…

2018: April Market Report

May 9, 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 big headline of the April market report is that nearly 40% of all April sales occurred in the high end of the market. After a first quarter of 2018 that saw 60% of sales happen in the “locals” market (sub $1 million), there were 11 sales over $3 million last month, including 6 sales over $5 million and one sale close to $15 million (a newly completed 10,000+ sq ft estate in Dairy Ranches). As a result, the average sales price skyrocketed to over $4 million (the median sales price also increased significantly to $1.7 million). April sales volume topped $85 million, quite the strong number considering that the total sales volume for the first 3 months of the year was a combined $103 million.

The good news for local buyers is that new listings increased in April, with 36 new properties hitting the market – the most monthly listings since Sept 2017. The average listing price of these new listings was $1.8 million, however the median listing price was just under $1 million. The average days on market dropped to 159 days and the sale price to list price ratio increased to 96%. This ratio has been at or above 96% since the beginning of the year, illustrating that many properties are selling close to list price as demand remains strong.

2018: Q1 Review

April 18, 2018/in High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The number of new listings hitting the market in first quarter of 2018 is up slightly when compared to last year, thanks to an usually busy January 2018, where nearly 40 new listings hit the market (vs. 21 in Jan 2017). However, the overall dollar volume of these new listings is down slightly in Q1 2018. As a result, the average listing price for the first quarter is down 15%, from $2.092 million to $1.78 million. The decrease was helped by the strong Jan 2017 (which saw an average listing price of $3.3m) and a somewhat weaker March 2018 (which saw an average listing price of $1.2m).

We are officially entering the “busy listing season” of April/May/June, so it will be interesting to see how much new inventory hits the market (and at what price points). Stay tuned….

Property sales over $1 million increase in August 2016

September 12, 2016/in Buyers, Condos, Entry level market, Housing, Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes, Townhome/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

What Sold in Aug 2016?

52% :: Percentage of single family home sales (slight increase)
34% :: Percentage of condo/townhome sales (slight decrease)
14% :: Percentage of Land Sales (slight increase)

45% :: Percentage of residential properties selling for over $1 million (up from last month)
55% :: Percentage of residential properties selling for under $1 million
20% :: Percentage of residential properties selling for under $500,000 (spike after two months of decline)

What it means: The breakdown of sales by property type has remained relatively consistent over the last two months, with single family home sales representing just over 1/2 of all sales in Teton County. The share of condo and townhome sales has decreased over the last few months, down from a high of 46% in May. Land sales increased slightly in August but have remained relatively consistent throughout 2016, usually making up between 10-20% of monthly sales. Entry level sales saw a spike in August after declining for the past two months. There were 10 condo sales under $500,000 in August, 8 of which were located in the Town of Jackson, including a 2 bed/1 bath townhome with a 1 car garage, which sold for just over $450,000. It was the least expensive property with a garage in Teton County. While the “middle market” ($500,000 – $1,000,000) remained strong in August, accounting for 34% of all sales, there were also several sales in the $1-2 million range, including a high end Pine Glades townhome on Snow King, which sold for $1,820,000. As a result, sales over $1 million increased after being down in July. High end sales (defined as sales over $3 million) also rebounded in August (after zero sales in July), as 3 properties sold between $3-$5 million, and included homes in JH Golf & Tennis, Teton Village and 3 Creek Ranch.

Clusters townhome with garage sold in August (listed by JH Sotheby’s)

Pineglades townhome at the base of Snow King sold in August (listed by JHREA)

Property Search is Here!

Search ALL Teton County Listings: Single Family Homes, Condos, Vacant Land, Multi-family, Farm/Ranch, Commercial and Leases

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Search by MLS #, if you have a specific property in mind
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High-end building sites hit the market in August in Jackson real estate market

September 11, 2016/in Asking Prices, Building Site, High End Real Estate, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Over $1 million/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

What’s new in Aug 2016? (New Listing Analysis)

77 :: Total number of new listings in Aug
- Total New Listing Volume: $244,036,000
- Average List Price: $3,169,000
44 new residential properties (single family, condo, townhome)
- Average List Price: $2,746,000
- New listings already under contract or sold: 11
33 new building sites
- Average List Price: $3,733,000
- New listings already under contract or sold: 3

What it means: The amount of new listings hitting the market has been slowly declining from the peak in May. However, thanks to an influx of vacant lots hitting the market in August, overall new listing levels saw an uptick last month. Fourteen land parcels at the Snake River Sporting Club, a golf and equestrian community south of Jackson, hit the market in August. Note that without these new lot additions to the inventory, overall new listings in August would have followed the declining trend seen over the last few months. The total dollar volume of new listings increased significantly after a slow July, as a result of several high priced lot listings across the Valley. In addition to the 14 lots listed for sale down in the Snake River Sporting Club (10 of which were 35 acre ranch parcels listed between $1.7mm-$2.7mm), there were also two 35 acre parcels listed in the Bar BC Ranch ($8.9 & $9.9 million) and four tracts making up the 580 acre Spring Gulch Ranch ranging in price from $10.9mm – $14.5mm. It’s no surprise that the average listing price in August topped $3 million, easily the highest average monthly listing price in the past year. With the help of these lot listings, August’s new inventory is in line with new inventory levels seen in the past 2 years. While these new listings will no doubt help the overall low inventory levels, it’s also important to note what new inventory is NOT coming onto the market. Only 10 of the new listings in August (less than 20% of all listings) were priced under $700,000, with 4 of them already under contract (as of Sept 10th). On the other hand, 35 new listings in August (or 45% of all new listings) were priced in excess of $2 million.

Notable new listings in August include:

Rarely listed Golf Creek condo at JH Golf & Tennis – $795,000
Nearly 10,000 sq foot home in the Gill Addition backing up to the Elk Refuge – $7,500,000
13 acres atop Horse Creek Mesa with nearby Forest Service access – $350,000
Largest lot in Stilson Ranch (7 acres) along the Village Rd – $2,900,000

Click HERE to view all new August residential listings.

Click HERE to view all new August land listings.

What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home.

Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

Real Estate activity rebounds after slow July, but still lags 2015

September 9, 2016/in Asking Prices, Average Sales Price, Buyers, Condos, Days on Market, Housing, Jackson Hole Real Estate, Listing Prices, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume, The Aspens/by Molly Stewart

New listings slow, overall inventory very low in Jackson Hole real estate market

August 10, 2016/in Asking Prices, Building Site, Condos, High End Real Estate, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Listing Prices, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Property Search/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

What’s new in July 2016? (New Listing Analysis)

73 :: Total number of new listings in July
- Total New Listing Volume: $133,226,000
- Average List Price: $1,825,000
58 new residential properties (single family, condo, townhome)
- Average List Price: $1,677,000
- New listings already under contract or sold: 13
15 new building sites
- Average List Price: $2,393,000
- New listings already under contract or sold: 3

What it means: The amount of new inventory hitting the market is slowly declining from the peak in May, with 73 new listings coming online in July. The dollar volume of July’s new listings also declined, making up only 1/2 of the new listing volume from June. (Remember that June’s new listing volume was inflated due to 2 very high-end properties hitting the market for a combined $81 million, however even after removing these two outliers, listing volume in July was still down roughly $30 million from June.) Even though we’ve seen close to 300 new properties hit the market this summer, current inventory levels are the lowest since the peak of the real estate market in 2007. New inventory in 2016 has lagged both 2014 and 2015 numbers in nearly every month of the year (see chart below). While the average listing price of new lots remained above $2 million, the average listing price of homes dropped significantly from June to July, mostly as a result of those two high-end listings in June. Six condos priced under $500,000 hit the market in July, including a one bedroom end unit in the Berry Patch in The Aspens, listed for $435,000. On the other end of the spectrum, 8 homes priced between $3-6 million came onto the market in July, including homes in Tucker Ranch, Teton Pines and Jackson Hole Golf & Tennis. Many buyers continue to move quickly on well priced inventory, as over 20% of July’s new listings are already sold or have sales pending (by Aug 10th).

Notable new listings in July include:

Two 1 bedroom condos close to downtown Jackson – $320,000 – $325,000
40 acres bordering National Forest in Squaw Creek – $895,000
New Construction in “downtown” Wilson – $1,795,000
Two 3,330 sq foot cabins at Shooting Star Resort – $4,500,000 each

Click HERE to view all new July residential listings.

Click HERE to view all new July land listings.

Property Search is Here!

Search ALL Teton County Listings: Single Family Homes, Condos, Vacant Land, Multi-family, Farm/Ranch, Commercial and Leases

Quick Search or Advanced Search capabilities
Customizable Map Search
Search by MLS #, if you have a specific property in mind
Create your own saved searches

Search Jackson Hole Properties now.

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.

What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home.

Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

“Middle Market” Hot: Half of all sales in July occur in $500,000 – $1,000,000 price range

August 9, 2016/in Building Site, Condos, Entry level market, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Rafter J, Real Estate Sales, Single family homes, Supply/Demand/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

What Sold in July 2016?

48% :: Percentage of single family home sales (back to average)
39% :: Percentage of condo/townhome sales (similar to last month)
13% :: Percentage of Land Sales (up after 2 low months)

35% :: Percentage of residential properties selling for over $1 million (down from last month)
65% :: Percentage of residential properties selling for under $1 million (up from last month)
10% :: Percentage of residential properties selling for under $500,000 (down again)

What it means: The breakdown of sales across property types returned to typical levels in July, with single family home sales representing just under 1/2 of all sales. Condos and townhome sales remained similar to last month, but were still a bit below average. Land sales picked up after two months of decline, most likely a result of low inventory levels (i.e. when buyers can’t find an existing house they desire, they may to turn to land to build what they want). Entry level sales took another dip after starting out strong this past spring. Only 10% of all sales occurred under $500,000 in July, the second lowest percentage in the past year (see chart below). As prices continue to rise, the entry level market is shrinking. The hot spot this summer is proving to be the “middle market” ($500,000 – $1,000,000). In June, 36% of all sales occurred in this price range and in July this segment accounted for over 50% of all sales! Sales in this segment included several townhomes and single family homes in Rafter J and Cottonwood Park, which remain popular with local buyers. As a result, property sales over $1 million took a dip after increasing for two straight months, accounting for only 35% of all sales (vs. 45% in June). Further, there were zero high end property sales (defined as sales over $3 million) in July, the first such time this has occurred in the past 12 months.

Walden Pond Twinhome in Rafter J – one of many sales in the mid market price range in July (listed by JH Sotheby’s)

Click HERE to read the full Monthly Market Update for Aug 2016.

Property Search is Here!

Search ALL Teton County Listings: Single Family Homes, Condos, Vacant Land, Multi-family, Farm/Ranch, Commercial and Leases

Quick Search or Advanced Search capabilities
Customizable Map Search
Search by MLS #, if you have a specific property in mind
Create your own saved searches

Search Jackson Hole Properties now.

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.

What happened in September?

New Listings

$3,708,200

Average List Price

$1,100,000

MEDIAN LIST PRICE

$148,328,000

New Listing Volume

What Sold

$73,466,400

Total Sales Volume

7%

of property sales were under $500,000

$1,455,000

MEDIAN SALES PRICE

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 May?

New Listings

$2,286,774

Average List Price

28

NEW LOTS FOR SALE

$157,255,950

New Listing Volume

What Sold

$66,826,600

Total Sales Volume

47%

of property sales were under $1M

$1,758,595

Average Sales PRICE

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.

Did you buy your Jackson Hole property 3 or 4 years ago?

Are you curious to learn if you could move up in the Jackson market?

Have you ever said? “I would absolutely consider selling if only there was something I else I could buy”

Here’s how I can help:

Set up a meeting to “crunch” numbers.

Help you prepare your home for sale.

Utilize our JHREA exclusive “Local’s Match-Making Board”

I recently helped Arnold and his family move from a townhome in Cottonwood Park to a house in Rafter J.

What happened in April?

$2,134,609

Average List Price

$115,268,900

LIST PRICE Volume

$118,833,300

Total Sales Volume

$4,097,700

Average Sales PRICE

38%

of transactions sold over $3M

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?

$1,781,873

AvERAGE LIST PRICE

$174,002,500

LIST PRICE Volume

Transactions/Sales Volume – What Sold?

$132,681,658

Total Sales Volume

$1,272,155

Average Sales PRICE

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.

The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

Click HERE to read the full Monthly Market Update for Aug 2016.

Katie Brady