Several high end land sales in October in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for November 2014

Jackson Hole, WY

What Sold in Oct 2014? 

  • 34% :: Percentage of single family home sales (back down from last month’s high of 62%)
  • 30% :: Percentage of condo/townhome sales (identical to last month)
  • 36% :: Percentage of Land Sales (up significantly, much higher than usual)
  • 3.5% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Oct)
  • 39% :: Percentage of residential properties selling for over $1 million (back down from last month’s high of 52%)
  • 61% :: Percentage of residential properties selling for under $1 million (back up from last month’s 48%)
  • 21% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 26%)

What it means: After a summer filled with higher than usual single family home sales (52%-62% of all sales) the month of October saw fewer single family homes sales. The percentage of condo and townhome sales stayed the same, while building sites experienced higher than usual activity in October. In fact, in the month of October, there were the same amount of land sales (20) as the previous 4 months combined (June-Sept). In all, land sales accounted for over $32 million in sales volume last month helped by several very high end sales including a 13 acre parcel in Indian Springs (selling for over $6.5 million), a 35 acre tract in Crescent H Ranch (selling for north of $4.5 million) and a 18 acre lot up north in Solitude, which sold for over $4.5 million. The percentage of properties selling for over $1 million dropped down after a very strong month in September, however still remained higher than usual (see chart below). The percentage of properties that sold for under $500,000 declined for a 3rd month in a row, as inventory in the entry level market continues to dwindle (see chart below).

breakdownNov

over$1m

under$500

 

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Sales Transactions and Volume remain high in October in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for November 2014

Jackson Hole, WY

Summary – Oct 2014:

  • 56 :: Total residential sale transactions (up slightly from last month’s 50)
  • $73,700,000 :: Total residential sales volume reported to MLS (down from last month’s high of $90m)
  • $1,390,000::  Average sales price of reported sales (down from last month’s high of $2m)
  • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
  • 206* ::  Average days on market prior to selling (up slightly from last month’s 193)

What it means: After September’s unusually high sales volume ($90 million) and transaction level (50), October remained strong with 56 residential sale transactions accounting for over $73 million in reported sales volume. There were also 3 unreported sales in October, accounting for an estimated $17 million in additional sales volume, bringing the total sales volume to $90 million, which is in line with last month’s unusually high volume (see charts below). After an average sales price of more than double the typical average in September, last month’s average remained higher than usual at $1.39 million (typical average is right around $ 1 million). There were again several high end real estate sales that helped keep the average sales price and sales volume higher than usual (see the “What Sold” section below). In October, the sale price to list price ratio increased to 95% after an usually low percentage (94%) in September. *After removing 2 outlier properties that were on the market for more than 1,000 days, the average days on market were similar to last month and again low on average, as inventory levels remain very low.

Trans.Nov2014

SalesVol.Nov2014

Unreported.Nov2014

 

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Single Family Home Sales Continue Upward Trend in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for October 2014

Jackson Hole, WY

What Sold in Sept 2014? 

  • 62% :: Percentage of single family home sales (the highest % seen in years)
  • 30% :: Percentage of condo/townhome sales (down from last month’ s 38%)
  • 8% :: Percentage of Land Sales (similar to last month, but lower than average)
  • 4% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Sept)
  • 52% :: Percentage of residential properties selling for over $1 million (considerably higher than average)
  • 48% :: Percentage of residential properties selling for under $1 million (down significantly from last month’s 68%)
  • 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month’s 28%)

What it means: The month of September was the 4th month in a row that saw month-over-month increases in single family home sales and represented the highest percentage (62%) of single family home sales since I began keeping statistics (see chart below). Condo and townhome sales fell to 30% of all sales after a spike in activity last month, where this segment represented 38% of all sales. Land sales remained low this past month and only represented 8% of all residential sales in Teton County. September saw 2 distressed sales – a bank owned condo in Teton Village and a short sale condo in The Aspens. Currently there are two distressed properties under contract and NO other bank or short sales on the market. Sales under $500,000 continued to decline in September, accounting for only 26% of all sales, the lowest representation in over a year. On the other hand, sales over $1 million continued to increase, representing a staggering 52% of all sales in September. See Charts below. Several VERY high end single family home and ranch sales occurred in September which contributed to the higher than average numbers. Five high end homes in Bar B Bar, Pine Meadows and Shooting Star sold between $3-5 million in September. Additionally, 3 large ranches sold last month including the 164 acre Fall Creek Ranch (located south of Red Top Meadows) and 140 acres of the VandeWater Ranch along Fish Creek, which sold for close to $20 million.

BreakdownOct2014

under$500

over$1m

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

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Sales Volume and Average Sales Price Double in September in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for October 2014

Jackson Hole, WY

Summary – Sept 2014:

  • 50 :: Total residential sale transactions (similar to last month’s 53)
  • $90,600,000 :: Total residential sales volume reported to MLS (DOUBLE last month’s $45 million)
  • $2,014,000::  Average sales price of all* sales (DOUBLE last month’s $957,000)
  • 96% ::  Ratio of sales price to list price (down from last month’s 96%)
  • 193** ::  Average days on market prior to selling (similar to last month’s 180)

What it means: September continued the strong selling trends of the summer with 50 transactions and a staggering $90,600,000 in reported sales volume (more than double the typical volume). In fact, this month’s sales volume was at the highest level since I began keeping statistics. The closest comparable month was Aug 2013, which saw $70,000,000 in reported sales volume. Additionally, there were 5 unreported sale prices in September, accounting for an estimated $10 million in additional sales volume. Understandably, the average sales price also nearly doubled from last month ($957,000). *Note that the Average sales price calculation factors in unreported sales by making an estimate on these sales prices. The increases in sales volume and average sales price can be explained by several high end sales (over $4 million) and 2 very high end sales (over $10 million). See the “What Sold” section below. The sale price to list price ratio dropped after several months at or above 95%. This could be explained by many sellers’ extra motivation and eagerness to sell as we head into the Fall/Winter season. **After removing 3 outlier properties that were on the market for more than 1,000 days, the average days on market were similar to last month and again low on average (see chart below).

Trans.Oct2014

SalesVol.Oct2014

ADOM.Oct2014

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

 

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

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Monthly Market Update for August 2014

Jackson Hole, WY

What Sold in Aug 2014? 

  • 53% :: Percentage of single family home sales (higher than typical for second month in a row)
  • 38% :: Percentage of condo/townhome sales (up significantly from last month’ s 25%)
  • 7% :: Percentage of Land Sales (down significantly from the last few months)
  • 6 :: Number of commercial sales (land/buildings) in the month of August (see below)
  • 5.7% :: Percentage of distressed property sales (2 bank sales and 1 short sale in August)
  • 32% :: Percentage of residential properties selling for over $1 million (up from last month’s 25%)
  • 68% :: Percentage of residential properties selling for under $1 million (down from last month’s 75%)
  • 28% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 36%)

What it means: The month of August continued the upward trend of single family home sales. In August, 53% of all sales were for stand alone houses, including 2 redevelopment opportunities in Town (these properties included older homes, but the real value was in the land). Condo and townhome sales pick up last month and represented 38% of all sales, a percentage much closer to the typical average. Land sales were down this month after a strong showing in July. In August, there was a small spike in foreclosure activity with 2 bank sales and 1 short sale. This is atypical as almost all distressed inventory has been absorbed by the market. This summer we saw more properties selling for OVER $1 million and less properties selling for UNDER $500,000. In the month of August in particular, only 28% of all sales were under the half million mark, the lowest % in almost a year (since 27% in Oct 2013). See Charts below. This month there were 6 commercial sales – certainly high for our market. Three commercial buildings sold – a small office building in Town, a cabinetry business and warehouse on Martin Lane and the Enclosure Climbing Gym, which was listed for $2.95 million and sold for an undisclosed price in mid-August (pictured below). Several commercial building sites also sold in August including two lots on Martin Lane and one in the South Park Service Center.

enclosure

over$1m

under$500

 

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

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Monthly Market Update for August 2014

Jackson Hole, WY

Summary – Aug 2014:

  • 53 :: Total residential sale transactions (up significantly from last month’s 40)
  • $45,400,000 :: Total residential sales volume reported to MLS (up again from last month’s $38 million)
  • $957,000::  Average sales price of reported sales (down slightly from last month’s high)
  • 96% ::  Ratio of sales price to list price (same as last month)
  • 180 ::  Average days on market prior to selling (down from 293 days)

What it means: This summer officially ended on a high note! Transactions were up 32.5% from last month and were the highest reported since almost a year ago (57 in Oct 2013). Reported sales volume was up $8 million compared to last month (with another $5 million in estimated sales volume from sales with undisclosed prices). Sales volume was at the highest level since Nov 2013 ($58 million in reported sales volume). See Charts below. The average sales price held strong at $957,000, down slightly from July’s 8-month high of $1,075,000. The sale price to list price ratio remains high at 96% illustrating that properties continue to sell very close to their listing price (on average).  Average days on market were down, suggesting that a good amount of summer inventory has sold. In fact, in the month of August, 23 properties sold within 3 months of hitting the market – representing 43% of all properties sold.

Trans.Sept2014

SalesVolume.Sept2014

avsp.sept

 

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

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Monthly Market Update for July 2014

Jackson Hole, WY

What Sold in July 2014? 

  • 52.5% :: Percentage of single family home sales (much higher than typical)
  • 25% :: Percentage of condo/townhome sales (down significantly from last month’ s 46%)
  • 22.5% :: Percentage of Land Sales (up from last month’s 14%)
  • 2.5% :: Percentage of distressed property sales (1 short sale in July)
  • 25% :: Percentage of residential properties selling for over $1 million (down again from last month’s 29%)
  • 75% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 71%)
  • 36% :: Percentage of residential properties selling for under $500,000 (down from last month’s 43%)

What it means: The month of July saw the highest amount of single family home sales in almost a year. Single family homes sales accounted for 52.5% of all sales last month and included several high end properties in Teton Pines, Stilson Ranch (pictured below) and Teton Village (which had been on the market for 564 days!).  There were also two high end lot sales in Crescent H and Shooting Star, listed at $5.5 million and $2.3 million, respectively. Neither sale price was disclosed. Conversely, condo and townhome sales were down significantly last month representing only 1/4 of all sales. This trend  mirrors the available inventory, where there are 213 single family homes for sale and only 91 condos available for sale. Land Sales were up again, representing 22.5% of all sales in July. Last month there was one short sale, only the third distressed sale in all of 2014. It was a small condo on Snow King Drive that went under contract back in March 2014.

stilson

breakdown.aug2014

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

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Summary – July 2014:

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

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

Transactions.aug2014

volume.aug2014

AVSP.Aug2014

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

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Summary – June 2014:

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

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

Breakdown.July

SalesVolumeJuly

AvgSales.July

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

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Monthly Market Update for June 2014

Jackson Hole, WY

What Sold in May 2014? 

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

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

3creeklot

Breakdown.June

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