July Market Focus: Is the window of opportunity closing for buyers in Jackson Hole?

Then vs. Now: Is the window of opportunity closing for buyers? Has it already closed?

 Recently, we have all been closely watching a recovering real estate market in Jackson Hole.  Sales Volume and Transactions are both up (see last month’s Market Report), average days on market is going down meaning properties are selling more quickly, and distressed property sales make up less and less of total sales. To better illustrate the real estate market’s shift, it’s helpful to look at individual market segments.

Below is a quick ‘Then vs Now’ analysis of condos and town homes in the Town of Jackson.

Fact:  During the first 6 months of 2012, 31 condos/townhomes sold in the Town of Jackson.

Fact:  The average sales price for one of these condos/townhomes was $310,000 or $226/sq ft.

 

Fact:  During the first 6 months of 2013, 50 condos/townhomes sold in the Town of Jackson.

Fact:  The average sales price for one of these condos/townhomes was $440,000 or $328/sq ft.

 

Fact:  Currently there are 40 condos/townhomes available for sale in the Town of Jackson.

Fact:  The average listing price for one of these condos/townhomes is $538,000 or $428/sq ft. 

(Note: 21 of these listings are priced under $440,000; only 9 are listed for under the $310,000)

In addition to number crunching and analysis, I would also like to share several anecdotal stories that further paint a picture of a fast moving recovery that has many Sellers excited and has many Buyers worried they may have missed their opportunity.

Story #1 – Home in Rafter J: There was a home in Rafter J that was on the market for the first 6 months of 2012 listed at $460,000. It did not sell and the Sellers took it off the market in July last year. On May 31st of 2013 (less than a year later), they put the property back on the market and listed it at $515,000. In the first 72 hours they received two strong offers and the property was quickly put under contract.

Story #2 – Elk Run: There have been 5 sales of Elk Run townhomes in the past 18 months. They have ranged from an interior bank owned unit that sold for $304,000 in April 2012 to an end unit on Flat Creek (arguably the best location in the complex) that sold for $390,000 in March 2013 after 222 days on the market. I listed a nicely remodeled Elk Run end unit (however not on the Creek) in June 2013 for $419,500. Within the first 24 hours, we had received 3 FULL price offers and we closed this past week at a price greater than the listing price. 

Exterior Front

If you are a buyer, don’t be too discouraged. There are still many opportunities hitting the market, but they are moving quickly and interested buyers have to act fast!  If you are interested in receiving automatic email updates within your desired area/price range in order to learn about new opportunities as soon as they hit the market, please email me at katiecolbert123@gmail.com

Monthly Market Update – “What” Sold in Jackson Hole in June 2013?

Monthly Market Update for July 2013

Jackson Hole, WY   

What Sold in June 2013? 

  • 46% :: Percentage of single family home sales (consistent with the past several months)
  • 26% :: Percentage of condo/townhome sales (down from May – 37%)
  • 26% :: Percentage of Land Sales (up again from last month)
  • 10% :: Percentage of distressed property sales (same as last month)
  • 32% :: Percentage of residential properties selling for over $1 million (vs. 26% in May)
  • 68% :: Percentage of residential properties selling for under $1 million (vs. 74% in May)
  • 41% :: Percentage of residential properties selling for under $500,000 (vs. 44% in May)

 

What it means:  Despite a drop in sales volume and transactions this month, many other indicators suggest this month was in line with previous months in terms of ‘what’ sold in Jackson Hole. Single Family home sales continue to make up just under ½ of all sales, sales under $500,000 hovered around 40% and distressed property sales (short sales and bank sales) continue to make up 10% of all sales in June. One exception is Land Sales, which made up 26% of all sales this month (see chart above). Over the past several months, the sale of building sites has continued to increase (both in # of transactions and % of total sales), a strong indicator that the real estate market is back in full swing (See chart below).

 

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

Interested in learning more? Email me at katiecolbert123@gmail.com for more information on anything real estate related – a history of a specific property, a market update on your neighborhood, a mortgage payment calculation for a certain price range – I’m happy to help!

Monthly Market Update July 2013 – Summary of Sales Statistics

Monthly Market Update for July 2013

Jackson Hole, WY

Summary – June 2013:
• 41 :: Total residential sale transactions (a dip from last month’s high of 61)
• $44,000,000 :: Total residential sales volume (a dip from last month’s high of $68m)
• $948,000 :: Average sales price (down from last month’s $1,160,000)
• 94% :: Ratio of sales price to list price (a slight drop from the last few months)
• 328 :: Average days on market prior to selling (similar to last month)

What it means: The month of June wasn’t as spectacular as May as we saw a dip in both Transactions and Sales Volume this past month. However, the market continues to remain hot as many well priced opportunities don’t remain on the market for long. The average sales price of $948,000 remains near the typical average for Teton County. Sales price to list price ratio dropped slightly to 94% on average; however many properties in the lower price ranges (sub $500,000) are selling very close to, or above, the listing price. On the surface, the average days on market remains consistent with past months, however a closer look reveals several properties that finally sold this month after being on the market for over 1,000 days. When you remove these outliers, all other properties closed after an average of 221 days, a number more representative of our faster moving market.

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

Interested in learning more? Email me at katiecolbert123@gmail.com for more information on anything real estate related – a history of a specific property, a market update on your neighborhood, a mortgage payment calculation for a certain price range – I’m happy to help! Please consider following me for up to date market trends, hot picks and statistics.

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Jackson Hole Compass provides in-depth look at Jackson Community

JH Compass 2013 Cover

The 2013 edition of the Jackson Hole Compass publication was recently released in Jackson Hole, WY. This magazine, described as “a comprehensive overview of and reference to our community” takes an in-depth look at Jackson’s economy, demographics, politics, tourism, philanthropy, trends, recreation and most important to this blog, Housing. Below are some interesting statistics (based on the 2010 census) on Jackson Hole’s housing market.

  • 70% of Teton County’s 12,813 homes are occupied by year-round residents (a very high proportion for a resort town)
  • In the past 10 years, 40% of the new homes were constructed in the Town of Jackson.
  • In the past 10 years, Teton Village saw the highest growth in new homes, thanks to the Shooting Star development.
  • The Moose-Wilson Village Rd (Hwy 390) area houses the County’s largest share of second homes and short-term rental property.

Even though there hasn’t been much new home construction in the past few years, the real estate market has picked up sharply since the low point of 2009. Real estate sales have increased every year since, with 2013 on track to outpace them all as low inventory levels are driving higher sales prices.

Here are some other quick interesting facts about Teton County, Wyoming from The Compass:

  •  Since 1990 Teton County has ranked among the top five counties in the nation in per-capita income.
  • Teton County has roughly 1.25 jobs for every permanent resident (with much help from the tourism industry)
  • Yellowstone National Park sees nearly 3.5 million visitors per year; Grand Teton National Parks sees around 2.6 million per year.
  • Teton County’s median age is 37, slightly younger than the nation as a whole. The largest age group is 25-29.
  • There are over 200 non-profits in Teton County.

Read the entire 2013 digital edition of The Compass HERE.

What strikes you as the most interesting trend in Jackson Hole?

 

As Jackson Hole Real Estate Inventory Increases, Buyers are Acting Quickly

Spring and Summer are historically a busy time in the real estate market here in Jackson Hole, Wyoming, as Sellers take advantage of the beautiful weather, lush green landscapes and influx of tourists that flock to the greater Grand Teton & Yellowstone National Park area.  This year is no exception.  However, after a winter of unusually low real estate inventory levels paired with favorable lending environments, there are many anxious Buyers ready to make a move on the new inventory as soon as it hits the market.  As such, demand for this new inventory has increased significantly.  There are currently 42 properties under contract in Teton County. Twenty-eight of them (or 1/3) were on the market for 4 months or less.  Thirteen of the current pending sales were on the market less than a month before going under contract. Demand has increased especially for well priced homes and the majority of homes in the lower end of the market (sub $500,000). Sixty percent (60%) of current pending sales are listed under $1,000,o00; nearly 1/3 are priced under $500,000. Buyers are hoping more inventory continues to enter the market, while Sellers are taking advantage of the high demand and many times, multiple offer situations.