Sales and Volume decline in 2016, while affordable inventory dwindles – Quarterly Update from The Jackson Hole Report

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Sale transactions and dollar volume are down in the first quarter of 2016 while available inventory in the entry level market dwindles, resulting in increased demand for well priced properties. 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 1st quarter 2016. Click HERE to read the full 2016 Q1 Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 26%
  • Sales under $1 million are down 36%
  • Overall dollar volume is down 27%
  • Due to limited inventory, the Average Sale Price increased by 11% in Q1 2016
  • Hot Price Point: Properties priced between $1-3 million, where 40% of the sales occurred in the first quarter
  • Hot Location: The Westbank (including Teton Village) which accounted for 45% of all sales in the first quarter
CrystalSprings

Crystal Springs condo sold in Teton Village (listed by JH Sotheby’s)

HIGH END MARKET

  • While high-end property sales ($2+ million) were down 68% in the first quarter, there are 39 high-end properties under contract (an increase of 34%), with an average list price of more than $4.5 million
  • Available inventory of high end properties is up 20% compared to this time last year
  • There are 47 properties for sale over $5 million, an increase of 18%
  • The most expensive property for sale in Teton County is a 580 acre ranch (with 6 building sites), listed for $45 million (pictured below)
580Acres

580 acres available for sale off Spring Gulch Rd – $45 million (listed by Live Water Properties)

SINGLE FAMILY HOMES

  • Single family home sales in the first quarter were consistent with sales last year at this time
  • However, the average sale price increased 18% to $2.3 million
  • Single family home sales over $1 million are up 13%
  • Single family home sales over $3 million are up 100% compared to this time last year!
  • While over all single family inventory is up 8%, available homes under $1 million are at a 25 year low
  • Only 15% of available single family homes are priced under $1 million
  • Considering that 47 homes sold in this segment in 2015, there is less than 1 month of available inventory for home under $1 million.
  • Click HERE to view the 20 single family home listings priced under $1 million
HiddenRanch

Single family home available in Hidden Ranch – $925,000 (listed by JHREA)

CONDO/TOWNHOME

  • Overall condo sales are down 29%, with only 39 sales in the first 3 months of 2016
  • The average sales price dropped 11%, however the price of available inventory is up 38% – which represents the highest average condo list price since the start of the recession in 2008
  • Condo sales under $500,000 decreased by 39% in Q1 2016 due to low inventory levels
  • Condo listings under $500,000 sell in 86 days, on average, many times receiving multiple offers
  • Only 28% of available condos are priced under $500,000

VACANT LAND

  • Lot sales are down significantly (58%) with only 14 sales in the first quarter of 2016
  • Average sales price is up 16%
  • Overall available inventory dropped 5% from last year, however list prices remained consistent.
  • Available vacant land for sale under $500,000 is only 1/4 of what was available in 2013 & 2014.
  • Majority (71%) of vacant land buyers are second homeowners and/or retiring baby boomers.

marketreport

As we approach 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, representing only 2 months of inventory. 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.

Sales under $500,000 reach new low; account for only 8% of all sales in March

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The Colbert Real Estate Report

Monthly Market Update for April 2016

Jackson Hole, WY

What Sold in Mar 2016? 

  • 50% :: Percentage of single family home sales (another increase)
  • 37.5% :: Percentage of condo/townhome sales (similar to last month)
  • 12.5% :: Percentage of Land Sales (down from last February)
  • 58% :: Percentage of residential properties selling for over $1 million (huge jump from last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 8% :: Percentage of residential properties selling for under $500,000 (lowest % in 3+ years!)

What it means: Single family home sales increased again in March, representing 1/2 of all sales in Teton County. Condo and townhome sales remained consistent after a surge in February. Land Sales dropped slightly in March, probably a result of low winter inventory levels. After starting the year out strong, property sales under $500,000 hit another new low, representing only 8% of all sales in March. This is the first time sales in this segment have dipped below 10% in the past 3 years (since the start of compiling statistics for this report in 2013). We should expect to continue to see a low number of sales in this price point until more entry level inventory hits the market. (Currently there are only 22 full ownership options available in Teton County priced under $500,000.) Conversely, sales above $1 million increased significantly in March, representing nearly 60% of all sales. There were several high end sales in March including a 6,300 sq foot home in Spring Creek Ranch, a Granite Ridge home site in Teton Village and the sale of a 105 acre portion of the large Vandewater Ranch located on the Village Road, which included 3 separately deeded parcels and had both Fish Creek and Flat Creek frontage (pictured below).

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VandewaterRanch

Parcel 2 of Vandewater Ranch sold in March (listed for $14.2 million by JHREA)

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Nearly 50 new listings hit the Jackson Hole real estate market in March 2016

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The Colbert Real Estate Report

Monthly Market Update for April 2016

Jackson Hole, WY

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

  • 48 :: Total number of new listings in March
    • Total New Listing Volume: $66,500,000
    • Average List Price: $1,385,000
  • 40 new residential properties (single family, condo, townhome)
    • Average List Price: $1,415,000
    • New listings already under contract or sold: 14
  • 8 new building sites
    • Average List Price: $1,235,000
    • New listings already under contract or sold: 3

What it means: New listing activity picked up in March, with nearly 50 new properties hitting the Teton County real estate market. We should expect to see more inventory each month as we get closer to the busy summer selling season. New listings in March outpaced March sales at a rate of 2 to 1, marking the first time since last Aug 2015 that new listings have been at least 2x that of monthly sales. In March, there were 17 new condo/townhome listings under $750,000, adding some much needed inventory to the entry level market. By April 10th, 8 of these new listings were already under contract, illustrating the high demand for properties in this price point. At the other end of the spectrum, there were 7 single family homes that hit the market priced in excess of $2 million including a recently remodeled home in the Gill Addition ($2.25m and pictured below), an equestrian estate in the Flat Creek Fishing Club ($3.96m) and a 5,400 sq ft home in Owl Creek listed for just under $6 million. Eight new lot listings hit the market in March including, 4 of which are located north of Town with great Teton views.

As we approach the busy selling season, Sellers will be in a great position to sell this Spring/Summer. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis.

Notable new listings in March include:

  • 23 different options to own a tenant-in-common interest at the Fireside Resort – $350,000-$395,000 (Note: These properties are not available for conventional financing. In the new listing stats above, these options were only counted as 2 new listings for March)
  • Bright and sunny 3 bed / 3.5 bath townhome in East Jackson – $695,000
  • Four contiguous lots zoned for multi-family development in Town  -$3,000,000

Click HERE to view all new March residential listings.

Click HERE to view all new March land listings.

NewListings

NewVSold

GillAddition

Recently remodeled home in the Gill Addition – $2.25 million – listed by RE/MAX Obsidian

Click HERE to read the full Monthly Market Update for April 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 April 30, 2016 will be included in our RE/MAX Obsidian Real Estate Spring Brochure!

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Real Estate sales and dollar volume recover in March

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Mar 2016:

  • 25 :: Total residential sale transactions (up again from last month)
  • $41,750,000 :: Total residential sales volume (up again from last month)
  • $1,670,000::  Average sales price of reported and unreported sales (down slightly from last month)
  • 90% ::  Ratio of sales price to list price (lowest in past several years!)
  • 209 ::  Average days on market prior to selling (up slightly from last month)

What it means:  March real estate sales and dollar volume recovered after a very slow February, however both are still lagging numbers seen the same time last year. Transactions this March were roughly 30% below March 2015, while dollar volume was only 3/4 of what it was last year at this time. The average sales price in March remained high, thanks to several high end sales (see What Sold section). The sale price to list price ratio continued to fall in March, meaning properties were selling, on average, at more of discount, and reached a low not seen in the last 3+ years (since I’ve been compiling stats for this report). While this low percentage was in no doubt helped by a 105 acre ranch parcel which sold for half of its listing price in MLS, even without that transaction, the monthly average was still 92%. While this low percentage could indicate that Sellers are becoming more motivated in general, in reality many Sellers may have priced recent listings aggressively in anticipation that the market would continue to increase at the rate seen in 2015 (see 2015 Year End Report). Since the market value acceleration slowed a bit in 2016, many Sellers may now be willing to sell at a greater discount to their original list prices. The average days on market increased slightly as most properties, on average, sold within 200 days after listing. In March, only 4 properties sold in 3 months or less including two condo hotels in Teton Mountain Lodge and only 1 property sold at the listing price (compare that to various months in 2015, when as many as 1/3 of properties could sell within a few months of being listed and several properties would consistently sell at or above the list price).

Transactions

Volume

DOM

SaletoList%

 

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Property Sales under $500,000 drop, representing only 16% of all sales in Teton County

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Feb 2016? 

  • 47% :: Percentage of single family home sales (slight uptick from last month)
  • 37% :: Percentage of condo/townhome sales (back down after high last month)
  • 16% :: Percentage of Land Sales (up after slow January)
  • 42% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 58% :: Percentage of residential properties selling for under $1 million (similar to last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (big drop from last month)
  • 2 :: Commercial Land Sales (after 13 the last two months)

What it means: Single family home sales were back up to average levels in February, while condo and townhome sales dropped back down after a high last month.  Land Sales saw a slight increase after a slow January, as several buyers appear to be looking towards the spring construction season. Property sales under $500,000 represented only 16% of all sales after a strong January (33% of all sales). We may continue to see a low number of sales under $500,000 due to increased pricing and little to no inventory. There are only 14 condos currently for sale under $500,000 in Teton County (excluding several tenant in common interests available for sale at the Fireside Resort).  Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in February. There were 4 luxury property sales over $3 million last month, including a home in Teton Pines, Shooting Star, Granite Ridge and a 9,000 sq foot home in the exclusive Indian Springs neighborhood (pictured below), which sold for over $10 million.

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Indian Springs

9,000 sq ft home sold in Indian Springs (listed by JH Sotheby’s)

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Real Estate Transactions hit new low in February in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Feb 2016:

  • 19 :: Total residential sale transactions (lowest in past year)
  • $34,688,000 :: Total residential sales volume (up slightly from last month)
  • $1,825,000::  Average sales price of reported and unreported sales (up from last month)
  • 94% ::  Ratio of sales price to list price (down from last several months)
  • 194 ::  Average days on market prior to selling (down from last month)

What it means:  Even with the extra Leap Day, real estate sale transactions hit a new low in February with only 19 sales reported to the MLS.  Sales volume remained low, but was a slight improvement from January.   The average sales price rose in February thanks to a $10+ million sale in Indian Springs (see What Sold below). Interestingly, the ratio of sale price to listing price dropped down to 94% after several months of 95-96% illustrating that buyers purchased property at even more of a discount in February. In particular, only 1 of the 19 sales occurred at or very near to the listing prices (compare that to December, where 35% of all sales sold at, near, or above the listing price). While this could be evidence that Sellers are becoming more motivated, more likely I believe that many sellers are pricing their properties above market and then are willing to sell at a price closer to recent sale comps. For example, one home sale in Teton Pines was originally listed at $5.2 million, reduced to $4.3 million and finally sold last month for $3.85 million. Properties that sold in February were on the market for an average of 194 days and marked the first time this statistic has dipped below 200 days since Oct 2015. There were 5 properties (or 26% of all sales) that sold in under 3 months, while two different high end properties sold after 2 years on the market, including a Granite Ridge property that sold after 426 days on the market.

Transactions

SalesVolume

DOM

SaleVsListRatio

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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A few more listings, but overall Jackson Hole Inventory remains low

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

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

  • 31 :: Total number of new listings in February
    • Total New Listing Volume: $80,500,000
    • Average List Price: $2,600,000
  • 26 new residential properties (single family, condo, townhome)
    • Average List Price: $2,900,000
    • New listings already under contract or sold: 2
  • 5 new building sites
    • Average List Price: $1,170,000
    • New listings already under contract or sold: 1

What it means: After several slow months, new listings in February picked up slightly, but still lag new inventory levels seen last year at this time (see chart below). We should expect to see more new listings as we move into spring, however what remains to be seen is if those levels will be on par with the last several years, where we saw a healthy spike in new listing in May, June & July. Given the very low sales numbers (see Summary section above), February’s new listings still outpaced sales last month. In February, there were 7 single family homes that hit the market in the $1-2 million price range in East Jackson, Indian Trails, The Aspens, Polo Ranches and Melody Ranch. The least expensive single family home listing in February was a 4 bdrm, 3.500 sq foot home in Indian Trails, listed for $1,125,000. There were also 5 single family homes new to the market in Teton Village, priced between $3 – $8 million. Conversely, there were only 3 new listings under $500,000 in February including a 3 bedroom condo in E Jackson (no garage) for $419,000 and a 1 bedroom condo in Teton Village for $399,500. Five new lot listings hit the market including a 6.2 acre lot with beautiful views at the top of Game Creek ($695,000 and pictured below) and a 3.23 acre parcel on the Ridge of Spring Creek Ranch ($2.7 million).

Given the low inventory levels, Sellers may  be in a great position to sell this Spring. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis.

Notable new listings in February include:

  • 3.5 acres on Fall Creek Rd in Red Top with a temporary structure (not financeable) $380,000
  • Two commercial lots located across the street from Snow King & Phil Baux Park – $1,600,000
  • Two bed/2.5 bath fully furnished condo in the 199 Pearl building -$1,650,000

Click HERE to view all new February residential listings.

Click HERE to view all new February land listings.

NewListings

NewbyMonth

NewVsSold

GameCreek

6.22 acres in Game Creek $695,000 (listed by Re/Max Obsidian)

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Real Estate Sales and Dollar Volume up again in 2015

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The Jackson Hole Report, a quarterly market report prepared by my colleagues David & Devon Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market. Below is a quick summary of their 2015 Year End Report. Click HERE to read the full 2015 Jackson Hole Report.

OVERALL MARKET

In 2015, the real estate market in Jackson Hole (including land, condos, single family and commercial) saw 12% more sales than in 2014. Dollar Volume of those sales was up 36% from 2014. The luxury market ($3+ million) saw even bigger increases over 2014, reporting a 39% jump in sales and a 37% jump in dollar volume. This trend of increasing sales over the past few years has left the market with very little inventory – current available listings at the end of 2015 were the 3rd lowest level in 25 years (2014 saw the 2nd lowest level).

  • Total real estate sales: 684
  • Total dollar volume: $1,095,000,000
  • 52% of all sales in 2015 occurred under $1 million

SINGLE FAMILY HOMES

  • Single family homes accounted for 36% of total sales in 2015
  • Dollar Volume ($501 million) was up 26%
  • Average Sales Price was up 23%
  • Hot Spot: The Town of Jackson had 67 single family home sales, selling on average for $832,615.

There were 99 homes sales under $1 million in 2015. However, currently inventory is thin, with only 24 homes available under $1 million (and only 2 under $600,000). Homes over $1 million were up too, reporting 125 sales in 2015 (up 25% from 2014).

Henley

Single family home in E Jackson sold in 2015 for more than the list price of $975,000 (listed by Re/max).

CONDO/TOWNHOMES

  • Condo and townhome sales were up 17% in 2015
  • Dollar Volume was up a staggering 79%!
  • Average Sales Price was up 53%
  • 59% of all condo sales were over $500,000
  • Hot Spot: Teton Village sales increased 88% in 2015, with an average sales price of $2.13 million

Why the increase? Condos and townhomes were the first to recover after the recession, especially in the entry level market (under $300,000). Many entry level condos have appreciated as much as 100% in the last 5 years. As an example, in 2012 there were 50 condo sales under $300,000. Currently, there are zero!

Teton Village

Wind River condo in Teton Village sold in 2015 for $1.05 million (listed by Re/max).

LAND SALES

  • Lot sales were up 16% in 2015
  • Dollar Volume was up 33%
  • Average Sales Price was up 15%
  • Hot Spot: Lots sales over $1 million increased 16%, with sales volume up 33%

Land sales have been on the rise as the construction industry strengthens and people’s desire to build a home in Jackson continues. Unlike the diminishing inventory in the single family home and condo market, the existing inventory for vacant land is healthy. There are 61 lots currently for sale in Teton County priced under $1 million. Given the low inventory for built homes, demand for vacant land should continue to grow in 2016.

Fall Creek

3 acre lot on Fall Creek Rd sold in 2015 for $820,000 (listed by Re/max).

LOOKING TO 2016: Prices should continue to rise as we enter 2016 due to the low inventory and steady demand. But how much well-priced inventory will be available for local buyers? Will there be a breaking point? Will the market stall out or plateau if/when prices get too high?  The next few months may be relatively quiet, given the low inventory levels. Much of the state of the Jackson real estate market going forward will depend on the amount and price point of new Spring inventory, which usually hits the market in May. Stay tuned…..

New inventory entering the market very low, even for January

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

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

  • 25 :: Total number of new listings in January
    • Average List Price: $1,160,000
  • 22 new residential properties (single family, condo, townhome)
    • Average List Price: $1,200,000
    • New listings already under contract or sold: 2
  • 3 new building sites
    • Average List Price: $860,000
    • New listings already under contract or sold: 1

What it means: January saw a continued a trend of very little new inventory entering the market (not even 1 new listing per day!). Compare that to the peak of summer, when 80-120 new listings were hitting the market every month. While the winter months are usually slow for new listings, this winter we are seeing even fewer new listings compared to last year (see chart below). It is interesting to note that 3 of the “new” listing aren’t actually new at all, but back on the market with different real estate companies (new year, new realtor?).  Of those Sellers who listed their properties in January, the majority were close to the skiing activities in Teton Village, The Aspens/Pines and Snow King Resort. Five new listings hit the market in Teton Village including two condo-hotel units in Teton Mountain Lodge and a 3,400 sq foot Granite Ridge cabin (pictured below). At Snow King Resort, the inventory of Love Ridge condos went from 0 to 3, as several new units hit the market in January. The average listing price of new inventory dropped in January, thanks to several new entry level condos in Town, including a 2 bed/1 bath condo near Powderhorn Park for $349,000. Activity seems to be cooling a bit in January as only 3 of these new listings (or 8%) have gone under contract by Feb 10th, marking one of the lowest levels of activity in recent months. That being said, a rarely listed 3 bed / 3 bath / 1 car garage in The Aspens (listed at $990,000) and a commercial lot in Hoback (listed at $299,000) did go under contract quickly illustrating that well priced and/or high demand properties are selling quickly.  While low inventory levels may have contributed to rapidly rising values in 2015, we may be entering a phase of the market where transactions decline AND values are stagnant, or may even decline a bit. While I don’t for see a drop off like we saw several years ago, I do anticipate a slight market correction in 2016.   (If you are curious about the value of your property in the current market, please contact me for a free and honest analysis.) 

Notable new listings in January include:

  • Love Ridge condo at Snow King (1 of 3 new listings) – $1,350,000 – a list price not seen since the 2007 peak
  • Nicely remodeled and immaculately cared for 3 bedroom home in Town on Aspen Drive – $975,000
  • Two bed/1 bath condo near Lucky’s Market – priced below last comp at $349,000

Click HERE to view all new January residential listings.

Click HERE to view all new January land listings.

New

NewVSold

AVSP-NewVSold

GraniteRidge

Newly Listed: Granite Ridge Cabin in Teton Village $3.25m (listed by JH Sotheby’s)

 

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

With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!

 BestofJH2016_7

May I ask for your vote? 

Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

I very much appreciate your support! 

Condo/Townhome sales rebound in January in Town of Jackson

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Jan 2016? 

  • 43% :: Percentage of single family home sales (slight dip from last month)
  • 48% :: Percentage of condo/townhome sales (jump after low last month)
  • 9% :: Percentage of Land Sales (down after high last month)
  • 43% :: Percentage of residential properties selling for over $1 million (identical to last month)
  • 57% :: Percentage of residential properties selling for under $1 million (identical to last month)
  • 33% :: Percentage of residential properties selling for under $500,000 (huge jump after low last month)
  • 3 :: Commercial Land Sales (after 10 last month)

What it means: Single family home sales dipped slightly last month but still remained close to average levels.  Condo and townhome sales jumped up in January, representing nearly 1/2 of all sales after an all-time low in December (17% of all sales).  Land Sales, which were at an all time high in December (35% of all sales), leveled off to typical levels in January. Property sales under $500,000 rebounded in January after recording only 3 sales in December. This is a bit of good news for the entry level market, as 2015 saw a downward trend in sales under $500,000 (See 2015 Year End Review). It remains to be seen if this trend will continue as we move through 2016 (there are 17 condos under $500,000 available now). All of the sales under the half million mark in January were condos in The Aspens or the Town of Jackson, including a one bedroom Hollybock building in The Aspens, which sold close to asking price after only 51 days on the market. Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in January. Separately, there were 3 large commercial land sales in the month of January (after 10 commercial sales in December!), as investors and developers continue to have interest in the Jackson Hole market.  Notably, 8 commercial lots on the corner of N Cache and Mercill (across from the Forest Service building) sold for an undisclosed amount to a Marriott & Hilton franchise (listed for a collective $7.8 million and pictured below).

Over1

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Breakdown

Commercial

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

With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!

 BestofJH2016_7

May I ask for your vote? 

Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

I very much appreciate your support!