April sees spike in Property Sales under $1 million in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

What Sold in Apr 2016? 

  • 58% :: Percentage of single family home sales (3rd monthly increase)
  • 25% :: Percentage of condo/townhome sales (drop from last several month)
  • 17% :: Percentage of Land Sales (uptick from March)
  • 25% :: Percentage of residential properties selling for over $1 million (lowest since Jan 2015)
  • 75% :: Percentage of residential properties selling for under $1 million (highest since Jan 2015)
  • 20% :: Percentage of residential properties selling for under $500,000 (rebound from low last month)

What it means: Single family home sales continued to increase for the 3rd month in a row, representing over 1/2 of all sales in Teton County. Condo and townhome sales took a dip after several strong months in 2016. Land Sales increased in April as we get closer to the construction season.  The month of April saw many sales in the lower price ranges, with 75% of all sales occurring under $1 million, a level we haven’t seen in 15 months. In particular, there were 6 single family homes sales under $700,000 in April, quite the surge considering there are only 5 single family homes currently for sale in this price range (3 of which are in Moran, WY).  Conversely, property sales over $1 million only accounted for 1/4 of all sales last month. There were only 2 sales over $3 million in April (and 0 sales over $4 million) – compare that to the last several months where we have seen 4-5 sales between $3-$10 million.  After a 3 year low last month, property sales under $500,000 recovered in April representing 20% of all sales and included condos in Town and Teton Village, a lot in Teton Pines and a bank owned property in Moran that had been on the market for over a year.

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Click HERE to read the full Monthly Market Update for May 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 May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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New Listings continue to hit the market as busy summer selling season approaches in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

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

  • 54 :: Total number of new listings in April
    • Total New Listing Volume: $83,100,000
    • Average List Price: $1,540,000
  • 43 new residential properties (single family, condo, townhome)
    • Average List Price: $1,266,000
    • New listings already under contract or sold: 9
  • 11 new building sites
    • Average List Price: $2,600,000
    • New listings already under contract or sold: 0

What it means: New listing activity continued to increase as we approach the busy summer selling season. Fifty-four new properties (including both residential properties & building sites) hit the Teton County real estate market in April. After several months of lagging or matching the inventory levels seen in 2014 & 2015, April saw more new residential listings than in the previous years (see chart below). New listings in April continued to outpace sluggish sales levels, this time at a rate of 2.5 to 1. In April, there were 10 new condo/townhome listings under $750,000, lower than last month’s 17 new listings in this price range, but nonetheless adding much needed inventory to the entry level market. By March 10th, 4 of these new listings were already under contract, illustrating the continued high demand for properties in this price point. At the other end of the spectrum, 6 single family homes hit the market priced in excess of $2 million including homes in Jackson Hole Golf & Tennis, Teton Pines, Game Creek and an 8,300 sq foot home in Town overlooking the Elk Refuge (listed for $4.9m). The middle of the market saw quite a bit of new listing activity as 11 new single family home listings priced between $500,000 – $1,000,000 hit the market, including homes in Rafter J, Cottonwood Park, East Jackson, and a ranch style home on 5 acres south of Jackson (pictured below).  Nearly a dozen new lot listings were added to the inventory in April including 4 building sites in Saddle Butte, located just north of downtown, ranging from $788,000-$1,995,000.

Notable new listings in April include:

  • 3 bdrm condo at Snow King with short term rental income – $545,000
  • 3 bdrm remodeled townhome (with garage) at the base of Jackson Hole Mountain Resort – $1,275,000
  • Rafter J lot in the new King Eider subdivision – $349,000

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

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Spoiled Horse

New Listing in Spoiled Horse subdivision – $849,000 – listed by RE/MAX Obsidian

Click HERE to read the full Monthly Market Update for May 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 May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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Dollar Volume down in 2016 as April records lowest level in 15 months

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

Summary – Apr 2016:

  • 24 :: Total residential sale transactions (similar to last month)
  • $24,700,000 :: Total residential sales volume (lowest in 2+ years)
  • $1,030,000::  Average sales price of reported and unreported sales (lowest in 9 months)
  • 96% ::  Ratio of sales price to list price (back up to typical level)
  • 210 ::  Average days on market prior to selling (similar to last month)

What it means:  Sale transactions in April were in line with March sales, which continued to lag 2015 transaction numbers. Total dollar volume dropped significantly last month, marking the lowest level since Jan 2014. Compared to last year, April’s dollar volume was less than half of what was sold in April 2015, a prevailing trend so far in 2016 (see chart below).  Given the low dollar volume, the average sales price in April also dropped as many properties sold in the lower price ranges (see What Sold below). The last time the average sales price was down near $1 million was back in July 2015.  The sale price to list price ratio rebounded from last month to more typical levels. In particular, 6 properties (or 25% of all sales) sold at or near the listing price in April, including a 3 bedroom updated Aspens condo, which sold quickly for the listing price of $990,000. The average days on market remained consistent as most properties, on average, sold in a little over 200 days of listing. In April, more than 40% of the sales occurred within 3 months of hitting the market, including a 3 bedroom townhome in E Jackson and a vacant lot in Teton Pines. This illustrates that well-priced properties in high demand market segments are selling quickly in the Jackson real estate market.

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Click HERE to read the full Monthly Market Update for May 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 May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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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.

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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).

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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.

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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.

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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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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.

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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.

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