Condo sales rebound in 2015 slow December

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The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

What Sold in Jan 2015? 

  • 55% :: Percentage of single family home sales (down from last month’s 62%)
  • 36% :: Percentage of condo/townhome sales (up from the lowest % of 2014)
  • 9% :: Percentage of Land Sales (down from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 23% :: Percentage of residential properties selling for over $1 million (back down after a peak last month)
  • 77% :: Percentage of residential properties selling for under $1 million (back to a high)
  • 27% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types returned to more typical distributions last month, with about 55% of all sales representing single family homes. Condo and townhome sales rebounded in January after reporting the lowest percentage of sales in over 2 years in December 2014. There were 2 land sales in January, representing 9% of all sales. There were no bank or short sales last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million dropped back down after a peak in December. In January , 27% of the property sales were for $500,000 or under, lower than the 2014 average of 34%. Of the 6 sales under $500,000, all were for 1-2 bedroom condos. The least expensive single family home sale in January was a 1,665 sq foot house in Cottonwood Park, which sold for just under $650,000.

breakdownjan

over

under

 

Click HERE to read the full Monthly Market Update for February 2015.

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Single family home sales dominate in December in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

What Sold in Dec 2014? 

  • 62% :: Percentage of single family home sales (up significantly from last month’s 40%)
  • 18% :: Percentage of condo/townhome sales (the lowest % of 2014)
  • 20% :: Percentage of Land Sales (right around average for the year)
  • 1 :: Number of distressed property sales (One bank sale in Dec)
  • 35% :: Percentage of residential properties selling for over $1 million (back up after several low months)
  • 65% :: Percentage of residential properties selling for under $1 million (down from last month’s high of 77%)
  • 32% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales dominated the month of December, representing 62% of all sales, tied for the highest monthly percentage this year. Conversely, condo and townhome sales were slim – there were only 6 sales in this segment, representing only 18% of all sales, by far the lowest percentage of the year (see chart below). Land sales in December were about average for the year, representing 20% of all sales (average for 2014 was 19%).  There was one bank sales in December, a 20 acre tract of land up Horse Creek that sold after 2,189 days on the market!  Currently there are zero distressed properties on the market. The percentage of properties selling for over $1 million picked up after several months of decline. In December, 32% of the property sales were for $500,000 or under, in line with the 2014 average of 34%.

Breakdown2014

Over1Jan

Under500Jan

 

Click HERE to read the full Monthly Market Update for January 2015 and Year End 2014.

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End of 2014 in Jackson Hole Real Estate Market sees only slight increases in transactions, sales volume

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The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

Summary – Dec 2014:

  • 34 :: Total residential sale transactions (up slightly from Nov’s 30 transactions)
  • $29,300,000 :: Total residential sales volume reported to MLS (up slightly from last month’s $23.8m)
  • $946,000::  Average sales price of reported sales (up slightly, still close to typical average)
  • 95% ::  Ratio of sales price to list price (same for the 3rd month in a row)
  • 215 ::  Average days on market prior to selling (up from last month’s 170)

What it means: The year 2014 did not end with much fanfare for real estate in Teton County . Transactions were only slightly up from November and were below average compared to the rest of 2014 (see chart below). The summer and fall months of August, September and October proved to be the high point for the year, accounting for over 35% of the year’s transactions (159 sales). Sales Volume in December was also up slightly from November, but significantly lower than the monthly average for 2014 ($36,700,000 per month). There were 3 unreported sales in December, accounting for an estimated $8 million in additional sales volume, bringing the total sales volume in December to around $37 million, which is one of the lower volumes seen in 2014 (see Sales Volume WITH Unreported Sales chart below). August, September and October accounted for over $200,000,000 in sales, a whopping 47.5% of sales volume for the entire year!  The average sales price in December remained close to average at $946,000. The sale price to list price ratio in December stayed at 95% for the third month in a row and reflected a month that saw a handful of sales at or above list price as well as several heavily discounted sales (10% or more). Properties that are priced competitively and/or those that are in low inventory segments, continue to sell very quickly, while sellers who are testing the market tend to have properties that stay on the market longer or sell at a discount.

Trans.2014

SalesVol.2014

unreportedsales.2014

 

Click HERE to read the full Monthly Market Update for January 2015 and Year End 2014.

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Real Estate Transactions, Sales Volume down after busy selling season in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for December 2014

Jackson Hole, WY

Summary – Nov 2014:

  • 30 :: Total residential sale transactions (down significantly from last month’s 56)
  • $23,800,000 :: Total residential sales volume reported to MLS (only 1/3 of last month’s volume)
  • $915,000::  Average sales price of reported sales (down again closer to typical average)
  • 95% ::  Ratio of sales price to list price (same as last month)
  • 170 ::  Average days on market prior to selling (down from last month’s 206)

What it means: After a very active summer and fall, this off season saw the real estate market cool off a bit. There were only 30 residential sale transactions in the month of November, one of the slowest month’s in the past year (see chart below). Sales volume also dropped significantly, down from $73 million in October and $90 million in reported sales in September. There were 4 unreported sales in November, accounting for an estimated $18 million in additional sales volume, bringing the total sales volume in November to just under $41 million, which is this lowest total volume seen in the past 4 months. After high average sales prices of $2 million in September and $1.4 million in October, November saw the average sales price drop down to, well, average (see chart below). In November there were 10 condo sales under $500,000 (see “What Sold” below), which helped push the average sales price down this month. The sale price to list price ratio in November stayed at 95%, meaning that on average, buyers were getting a 5% discount to list price. However there were 3 properties that sold at quite a considerable discount including a house in Moran (sold at a 11% discount), a house south of Jackson (sold at a 15% discount) and a difficult building lot in Game Creek, which sold for 73% of the listing price. This suggests that, while we have seen listing prices increasing in the last several months (see Market Focus below), some Sellers are still very motivated to sell at market prices. Average days on market in November was the lowest seen in the past 2 years, probably a result of significantly lower inventory levels.

TransactionsDec2014

Volume.Dec2014

ASP.Dec2014

DOM.Dec

 

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

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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

 

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

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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

 

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

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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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