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

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Monthly Market Update for January 2014

Jackson Hole, WY

What Sold in January 2014? 

  • 38% :: Percentage of single family home sales (down from last month’s 46%)
  • 29% :: Percentage of condo/townhome sales (down again from 36% last month)
  • 33% :: Percentage of Land Sales (more than double the typical month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in January)
  • 29% :: Percentage of residential properties selling for over $1 million (similar last month’s 27%)
  • 71% :: Percentage of residential properties selling for under $1 million (similar to 73% in Dec)
  • 38% :: Percentage of residential properties selling for under $500,000 (down from 42% in Dec)

What it means: When analyzing “what” sold in Teton County in Jan 2014, the most unique statistic was the high percentage of land sales. There were 8 lot sales in January which represented 1/3 of all transactions. The amount of land sales isn’t that uncommon (in the past 12 months there have been 6 months with at least 8 land sales), however what is unique about this month is that while overall sales dropped (see Summary Blog) land sales remained steady (between 6 and 10 sales per month). Overall, land tends to sell more in the spring/summer months, but there have been 17 lots sales in Teton County since the snow started flying. Notable land sales in January included a Granite Ridge homesite (listed at $2.95 million) and a lot at Shooting Star (listed for $3.3 million) in Teton Village, 2 lots in the new King Eider development in Rafter J and a lot out in Kelly (listed for $349,000).

LandSales.Feb2014

The month of January did not include a short sale or a bank sale after 2-5 such sales every month since October. Currently there are only 2 distressed properties for sale under $1 million – a fixer upper 3 bedroom condo in E Jackson for $352,000 and a 2 bedroom condo in W Jackson for $249,900. Note there are two higher end short sales also on the market – Game Creek Ranch ($1.495m) and an interesting ‘castle’ like property down Fish Creek Rd, listed for $1,500,000, which is pictured below. Click HERE to view all 4 distressed properties.

CastleProperty

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Summary of Real Estate Sales Statistics for Jan 2014 in Jackson Hole

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Monthly Market Update for February 2014

Jackson Hole, WY

Summary – January 2014:

  • 24 :: Total residential sale transactions (down again from last month’s 33)
  • $18,000,000 :: Total residential sales volume reported to MLS (also down significantly from past months)
  • $930,000::  Average sales price of reported sales (similar to last month)
  • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
  • 550 ::  Average days on market prior to selling (up significantly from the last few months)

What it means: The New Year was off to a slow start, with only 24 residential sale transactions amounting to $18 million of reported sales volume in the month of January. Even if we include the 4 unreported sales, which could add roughly another $6.5 million to the sales volume totals, that number is still low compared to recent months (see chart below). Remember that December was also an unusually slow month with only 33 transactions for $28 million in sales volume. At first glance, these numbers may suggest that the market is slowing down or plateauing. I don’t believe that is the case as there are 52 properties in Teton County currently under contract for sale that should be closing in the next few months. A more plausible explanation for the past few slow months may be our current drought of inventory. For example, there is only ONE existing house for sale in Rafter J, only TWO 1-bdrm condos for sale in The Aspens and currently NO single family homes for sale in the Town of Jackson priced under $500,000.  Low inventory levels (a.k.a. supply) inevitably put upward pressure on prices as we see demand remain strong in Teton County. The result? Quick sales on well priced properties, especially homes located in these low supply sub-markets – many times with multiple offers on the property! With low inventory levels, we also see an absorption of the existing older inventory, some of which has been on the market a very long time. This month there were several sales of property that first hit the market 2, 3, and over 4 years ago!

Transactions.Feb2014

SalesVolume.Feb2014


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