Transactions and sales decline in July after explosive June in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

Summary – July 2016:

  • 31 :: Total residential sale transactions (vs. 58 in June)
  • $29,125,000 :: Total residential sales volume (vs. $78 million in June)
  • $940,000::  Average sales price of reported and unreported sales (lowest in past year)
  • 96% ::  Ratio of sales price to list price (typical level)
  • 133 ::  Average days on market prior to selling (lowest in past 3+ years!)

What it means:  The explosion of real estate activity we experienced in June proved to be more of an anomaly than signaling the start of a record breaking summer trend. After recording the highest transaction level in 3 years (58) and the highest sales volume in 2016 ($75 million) in June, the Jackson Hole real estate market eased off a bit in July with 31 sales totally less than $30 million in sales volume. Interestingly, last July was also lackluster with only 34 sales and $30 million in sales volume. It will be interesting to see if these next few months will mirror the sustained increase in activity seen in Aug/Sept/Oct of 2015 (see chart below). After increasing two months in a row, the average sales price dropped significantly in July, dipping below the $1 million mark for the first time since July 2015 ($902,000). The lower average sales price was driven by several sales in the $500,000 – $700,000 range (see “What Sold?” below). While the sale price to list price ratio held steady at 96%, over 1/4 of buyers paid at, near or ABOVE the listing price for properties in July, including a twinhome in Rafter J, which had multiple offers and sold for $20,000 OVER the listing price. This illustrates that there is still strong demand for well priced properties, especially in the sub $650,000 price range. After hitting a high of 225 days in January 2016, the average number of days a property sits on the market before selling took another dip, reaching a low not seen in the past 3+ years (since I began tracking this statistic). In fact, 50% of all sales in July sold within 90 days of hitting the market (!) – most likely a result of 10 year low inventory levels (see Mid Year Summary). Many buyers know the market well and are prepared to act quickly when they find a property that suits their needs.  (Note: If you are searching for a particular property type/price range, please connect me so that I can alert you about well priced properties entering our market. You can also sign up for email updates for new listings in your price range.) 

DOM

 

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Sales and dollar volume down again, available inventory lowest since 2007: Mid Year update from The Jackson Hole Report

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Sale transactions and dollar volume are down again in the second quarter of 2016, mostly due to dwindling well-priced inventory under $1 million.  The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 2nd quarter 2016. Click HERE to read the full 2016 Mid Year Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 16%
  • Sales under $1 million are down 21%
  • Overall dollar volume is down 14%
  • Despite dwindling sales, the Average Sale Price increased by 3% in Q2 2016
  • Hot Price Point: Properties priced under $1 million, where 53% of the sales occurred in the second quarter
  • Hot Location: The Town of Jackson, which accounted for 35% of all sales in the second quarter
  • Overall inventory is down by 7% (compared to Q2 2015), representing the LOWEST inventory levels since the market peak in 2007

HIGH END MARKET

  • High-end property sales ($2+ million) were down 23% from Q2 2015
  • However, despite declining sales, high-end properties under contract have increased by 42%
  • There are 68 properties for sale over $5 million, an increase of 11%
  • The most expensive property for sale in Teton County is a 264 acre property just south of Wilson with 7,715 sq ft main house, guest house, and expansive frontage on both the Snake River and Fish Creek, listed for $53 million (pictured below)

264 acre property on Snake River & Fish Creek – $53 million (listed by JH Sotheby’s)

SINGLE FAMILY HOMES

  • Single family (SF) home sales in the second quarter were up only slightly (2%) from last year at this time
  • SF home sales over $1 million are up 18%, SF home sales over $3 million are up 43%
  • Overall SF home inventory is down 12%, with only 20% of listings priced under $1 million
  • Only 13 homes are available under $750,000, down 71% from this time last year
  • The average asking price of new listings is up 11% to $3.65 million – the second highest average ever!

Click HERE to view the 39 single family home listings priced under $1 million

3 bed / 2 bath in Cottonwood Park – $650,000 (Listed by JH Sotheby’s)

CONDO/TOWNHOME

  • Overall condo sales have slowed, down 6% from this time last year
  • Condo sales under $500,000 fell dramatically (down 32%)
  • Overall available inventory is up 10%, however inventory under $300,000 is down 71%
  • The average listing price for condo/townhomes is up 29%
  • 72% of available condos are priced under $1 million, with only 31% priced under $500,000

Click HERE to see the 26 condos/townhomes available under $500,000

Nelson

4 bedroom townhome in East Jackson – $499,000 (listed by RE/MAX Obsidian)

VACANT LAND

  • Lot sales are down significantly (55%) with only 28 sales in the first 6 months of 2016
  • However, the average sales price continues to climb, up 10% in Q2 2016
  • 64% of lot sales are purchased with cash (i.e. no financing)
  • Overall available inventory dipped 5% from Q2 2015, however the supply of lots remains high
  • NOTE: Supply exceeds demand in this segment, with 34 months of inventory currently on the market.
  • The majority of available lots (49) are in the $500,000 – $1 million price range.

 

WHAT TO DO NEXT? 

BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.

SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.

Condos and Homes in the $500,000-$1,000,000 price range see increased activity in June

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The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

What Sold in June 2016?

  • 55% :: Percentage of single family home sales (back up after low last month)
  • 38% :: Percentage of condo/townhome sales (down after high last month)
  • 7% :: Percentage of Land Sales (down for second month in a row)
  • 45% :: Percentage of residential properties selling for over $1 million (up again from last month)
  • 55% :: Percentage of residential properties selling for under $1 million (down again from last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (half of last month)

What it means:  Single family homes sales are back up after a slow May, representing over half of all property sales in June.  Condos and townhome sales dipped after a strong showing in May.  Land sales declined again last month (only 4 sales in June), as many buyers focus their attention on the influx of existing homes and townhomes that have come onto the market in the last few months.  Entry level sales took a dip after a strong May, with only 15% of all sales occurring under $500,000 in June. The “hot spot” in June was the $500,000 – $1,000,000 price range, representing 36% of all sales last month. Sales in this segment included several vacation condos in The Aspens and Teton Village and several single family homes in Rafter J and Cottonwood Park, which are popular with local buyers. Property sales over $1 million increased for a second month in a row, accounting for 45% of all sales. High end property sales (defined as sales over $3 million) slowed in June as only 4 sales occurred in this price range (7% of all sales). Three of these high end sales were in Granite Ridge – 2 cabins (pictured below) and the last remaining undeveloped slopeside lot in the development. 

Under500

Over1m

PropertyType

Granite Ridge

One of 2 Granite Ridge cabins that sold in June (listed by JH Sotheby’s)

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

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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Jackson Hole Real Estate activity explodes in June, reaching levels not seen in nearly 3 years

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The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

Summary – June 2016:

  • 58 :: Total residential sale transactions (highest in nearly 3 years!)
  • $77,934,000 :: Total residential sales volume (highest in 2016)
  • $1,345,000::  Average sales price of reported and unreported sales (another increase)
  • 96% ::  Ratio of sales price to list price (typical level)
  • 173 ::  Average days on market prior to selling (remains low)

What it means:  The Jackson Hole real estate market is on fire! There were nearly 60 sale transactions in June, the highest level of monthly transactions since August 2013. Sales Volume also spiked in June, marking the highest monthly volume seen since last October 2015. While May 2016 statistics lagged 2015 (see June’s Market Report), the activity level in June 2016 leaves no doubt that the busy summer selling season is in full swing!  The average sales price increased again in June, but still remains below the highs seen in the past year (see chart below).  The sale price to list price ratio has returned to stable levels at 96%, meaning, on average buyers are purchasing at a 4% discount to the listing price. That being said, 11 properties sold at, near or above the listing price in June, including an older cabin and guest house on 1.5 acres off the Village Road, which sold for $25,000 OVER the listing price.  The average number of days on market remained at 173, the lowest level seen since last September. Well priced properties continue to sell quickly, as 24 properties (41% of all sales!) sold within 90 days of listing. Again this month, there were also several properties that sold BEFORE even hitting the market or being entered into the Multiple List Service (MLS). (Note: If you are searching for a particular property type/price range, please contact me so that I can help identify additional properties for you that may not be officially listed in the MLS.)

Transactions

M-M.Transactions

SalesVolume

AVSP

 

Click HERE to read the full Monthly Market Update for July 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.

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New listing activity explodes in May in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

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

  • 110 :: Total number of new listings in April
    • Total New Listing Volume: $206,025,000
    • Average List Price: $1,870,000
  • 78 new residential properties (single family, condo, townhome)
    • Average List Price: $1,860,000
    • New listings already under contract or sold: 13
  • 32 new building sites
    • Average List Price: $1,890,000
    • New listings already under contract or sold: 1

What it means: Hello Inventory! New listing activity exploded in May as over 100 new listings hit the market last month, totaling over $200 million in listing volume. Without a doubt, the busy summer selling season is here! In the early parts of 2016, inventory levels lagged 2014 & 2015 numbers (see chart below), however new listings in May surpassed 2015 levels and nearly matched 2014 levels.  New listings in May outpaced sales at a rate of more than 3 to 1, meaning for every sale in May, 3 new listings came onto the market. The average asking price of May’s new listings was close to $2 million, as many high end properties hit the market. In particular, there were 13 new listings over $3 million in Teton County in May, including a 35 acre property in Ely Springs Ranch ($10.3 million), the re-listing of the Lazy Moose Ranch in Wilson ($8.75 million) and a 5,100 sq foot home in Bar-B-Bar Meadows north of town (listed for $3.25 million and pictured below).  At the other end of the spectrum, 9 condos priced under $500,000 were added to the summer inventory, including a 2-story, 2 bed/2 bath townhome on Glenwood ($395,000) and a 2 bedroom Ponderosa Village condo, currently the least expensive property in Teton County, listed at $265,000.  Compared to April, May also saw nearly 3 times as many new lot listings, with an average listing price near $2 million. The least expensive lot listing in May is a 4.3 acre lot located south of Wilson for $380,000, while the most expensive lot listing was a 35 acre parcel in Crescent H Ranch listed for $6.75 million.

Notable new listings in May include:

  • Beautifully remodeled 3 bedroom East Jackson townhome with Teton views – $599,000
  • Re-development potential on double lot in Town with older single family home and large shop – $1,195,000
  • Newly constructed 2,400 sq foot home in downtown Wilson – $1,350,000
  • 6 acres of private land on the Wilson bench on Teton Pass – $1,200,000

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.

NewListings

NewListings2014-2016

NewVsSold

Bar-B-Bar

Newly listed home in Bar-B-Bar $3.25 million – Listed by RE/MAX Obsidian

marketreport

As we enter the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

Property sales under $500,000 increase for 2nd month in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

What Sold in May 2016? 

  • 42% :: Percentage of single family home sales (significant drop from previous months)
  • 46% :: Percentage of condo/townhome sales (significant increase from previous months)
  • 12% :: Percentage of Land Sales (down slightly from April)
  • 36% :: Percentage of residential properties selling for over $1 million (up from low last month)
  • 64% :: Percentage of residential properties selling for under $1 million (down from high last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (2nd large monthly increase)
  • 7 :: Commercial Transactions – 5 sales and 2 leases

What it means: After increasing for 3 straight months, single family homes sales declined in May, representing only 42% of all sales and marking the lowest percentage since Aug 2015. Three of these sales were multi-family properties (2 duplexes and 1 four-plex), illustrating investors’ interest in our strong rental market in Jackson Hole. On the other end, the percentage of condo and townhome sales nearly doubled from April to May and accounted for more sales than single family homes for the first time in several months (see chart below). There were 4 land sales in May including two 1.17 acre vacant lots in Shooting Star near Teton Village at the base of Jackson Hole Mountain Resort which sold for $2.7 million each.  Entry level sales had another strong month, with 30% of all sales occurring under $500,000 in May, achieving a double digit increase for the second month in a row (see chart below). The majority of the 10 sales under $500,000 where condos in the Town of Jackson, including a 2 bed/2 bath townhome with a 1 car garage located in central Jackson, which sold in 79 days from listing. Property sales over $1 million rebounded slightly after accounting for only 25% of all sales last month. Property sales over $3 million also rebounded with 4 sales over $3 million including a newly built home on the Westbank, which had been on and off the market for nearly 3 years (pictured below).  The month of May also saw 4 larger commercial sales in Jackson, including the Wilson gas station, an in-town restaurant space and a re-development opportunity on Broadway (currently home to Ocean City).

Over$1m

Under$500

PropertyTypeBreakdown

Rivendell

New custom home on Westbank – SOLD in May 2016 – Listed by JH Real Estate Assoc

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

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Sale Transactions & Dollar Volume increase in May, but still lag 2015 summer sale statistics

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

Summary – May 2016:

  • 33 :: Total residential sale transactions (highest in past 6 months)
  • $38,200,000 :: Total residential sales volume (jump from last month)
  • $1,160,000::  Average sales price of reported and unreported sales (up after a low last month)
  • 96% ::  Ratio of sales price to list price (back up to typical level)
  • 173 ::  Average days on market prior to selling (lowest in 8 months)

What it means:  Both sale transactions and dollar volume jumped up in the month of May after a sluggish early spring. Dollar Volume increased 54% from April, while sale transactions in May were the highest in the past 6 months. This is great news as we enter the busy summer selling season, however these sale statistics are still lagging 2015 numbers. Compared to May 2015, both sales transactions AND dollar volume are down 42% (see chart below). It will be interesting to see if the entire summer selling season will lag 2015, or if we are simply off to a slower start this year.  The average sales price increased slightly in May, but still remains low, dipping below $1.2 million for only the 3rd time in the past 12 months.   The sale price to list price ratio stabilized at 96% after a low a few months ago. In May, 5 properties sold at or near the listing price, including two 3-bdrm condos in Hansen Meadows, selling at $410,000 and $440,000.  The average number of days a property sits on the market before selling dropped significantly in May, marking the lowest level seen since last September, as 11 properties (or 33% of all sales) sold within 90 days of listing. There were also several properties that sold BEFORE even hitting the market or being entered into the Multiple List Service (MLS). (Note: If you are searching for a particular property type/price range, please contact me so that I can help identify additional properties for you that may not be officially listed in the MLS.)

Transactions

SalesVolume

AvgSalesPrice

2015v2016.Transactions

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

 

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April sees spike in Property Sales under $1 million in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

What Sold in Apr 2016? 

  • 58% :: Percentage of single family home sales (3rd monthly increase)
  • 25% :: Percentage of condo/townhome sales (drop from last several month)
  • 17% :: Percentage of Land Sales (uptick from March)
  • 25% :: Percentage of residential properties selling for over $1 million (lowest since Jan 2015)
  • 75% :: Percentage of residential properties selling for under $1 million (highest since Jan 2015)
  • 20% :: Percentage of residential properties selling for under $500,000 (rebound from low last month)

What it means: Single family home sales continued to increase for the 3rd month in a row, representing over 1/2 of all sales in Teton County. Condo and townhome sales took a dip after several strong months in 2016. Land Sales increased in April as we get closer to the construction season.  The month of April saw many sales in the lower price ranges, with 75% of all sales occurring under $1 million, a level we haven’t seen in 15 months. In particular, there were 6 single family homes sales under $700,000 in April, quite the surge considering there are only 5 single family homes currently for sale in this price range (3 of which are in Moran, WY).  Conversely, property sales over $1 million only accounted for 1/4 of all sales last month. There were only 2 sales over $3 million in April (and 0 sales over $4 million) – compare that to the last several months where we have seen 4-5 sales between $3-$10 million.  After a 3 year low last month, property sales under $500,000 recovered in April representing 20% of all sales and included condos in Town and Teton Village, a lot in Teton Pines and a bank owned property in Moran that had been on the market for over a year.

Over1m

Under500

Breakdown

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

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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New Listings continue to hit the market as busy summer selling season approaches in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

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

  • 54 :: Total number of new listings in April
    • Total New Listing Volume: $83,100,000
    • Average List Price: $1,540,000
  • 43 new residential properties (single family, condo, townhome)
    • Average List Price: $1,266,000
    • New listings already under contract or sold: 9
  • 11 new building sites
    • Average List Price: $2,600,000
    • New listings already under contract or sold: 0

What it means: New listing activity continued to increase as we approach the busy summer selling season. Fifty-four new properties (including both residential properties & building sites) hit the Teton County real estate market in April. After several months of lagging or matching the inventory levels seen in 2014 & 2015, April saw more new residential listings than in the previous years (see chart below). New listings in April continued to outpace sluggish sales levels, this time at a rate of 2.5 to 1. In April, there were 10 new condo/townhome listings under $750,000, lower than last month’s 17 new listings in this price range, but nonetheless adding much needed inventory to the entry level market. By March 10th, 4 of these new listings were already under contract, illustrating the continued high demand for properties in this price point. At the other end of the spectrum, 6 single family homes hit the market priced in excess of $2 million including homes in Jackson Hole Golf & Tennis, Teton Pines, Game Creek and an 8,300 sq foot home in Town overlooking the Elk Refuge (listed for $4.9m). The middle of the market saw quite a bit of new listing activity as 11 new single family home listings priced between $500,000 – $1,000,000 hit the market, including homes in Rafter J, Cottonwood Park, East Jackson, and a ranch style home on 5 acres south of Jackson (pictured below).  Nearly a dozen new lot listings were added to the inventory in April including 4 building sites in Saddle Butte, located just north of downtown, ranging from $788,000-$1,995,000.

Notable new listings in April include:

  • 3 bdrm condo at Snow King with short term rental income – $545,000
  • 3 bdrm remodeled townhome (with garage) at the base of Jackson Hole Mountain Resort – $1,275,000
  • Rafter J lot in the new King Eider subdivision – $349,000

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

NewListings

NewListings2014-2016

Spoiled Horse

New Listing in Spoiled Horse subdivision – $849,000 – listed by RE/MAX Obsidian

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

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure-e1402338408759

Dollar Volume down in 2016 as April records lowest level in 15 months

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

Summary – Apr 2016:

  • 24 :: Total residential sale transactions (similar to last month)
  • $24,700,000 :: Total residential sales volume (lowest in 2+ years)
  • $1,030,000::  Average sales price of reported and unreported sales (lowest in 9 months)
  • 96% ::  Ratio of sales price to list price (back up to typical level)
  • 210 ::  Average days on market prior to selling (similar to last month)

What it means:  Sale transactions in April were in line with March sales, which continued to lag 2015 transaction numbers. Total dollar volume dropped significantly last month, marking the lowest level since Jan 2014. Compared to last year, April’s dollar volume was less than half of what was sold in April 2015, a prevailing trend so far in 2016 (see chart below).  Given the low dollar volume, the average sales price in April also dropped as many properties sold in the lower price ranges (see What Sold below). The last time the average sales price was down near $1 million was back in July 2015.  The sale price to list price ratio rebounded from last month to more typical levels. In particular, 6 properties (or 25% of all sales) sold at or near the listing price in April, including a 3 bedroom updated Aspens condo, which sold quickly for the listing price of $990,000. The average days on market remained consistent as most properties, on average, sold in a little over 200 days of listing. In April, more than 40% of the sales occurred within 3 months of hitting the market, including a 3 bedroom townhome in E Jackson and a vacant lot in Teton Pines. This illustrates that well-priced properties in high demand market segments are selling quickly in the Jackson real estate market.

Transactions

Volume

2016v2015

AVSP

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

 

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure-e1402338408759