Monthly Market Update Archives - Page 8 of 13

Condo/Townhome sales rebound in January in Town of Jackson

February 10, 2016/in Condos, Entry level market, High End Real Estate, Housing, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Townhome/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Jan 2016?

43% :: Percentage of single family home sales (slight dip from last month)
48% :: Percentage of condo/townhome sales (jump after low last month)
9% :: Percentage of Land Sales (down after high last month)

43% :: Percentage of residential properties selling for over $1 million (identical to last month)
57% :: Percentage of residential properties selling for under $1 million (identical to last month)
33% :: Percentage of residential properties selling for under $500,000 (huge jump after low last month)

3 :: Commercial Land Sales (after 10 last month)

What it means: Single family home sales dipped slightly last month but still remained close to average levels. Condo and townhome sales jumped up in January, representing nearly 1/2 of all sales after an all-time low in December (17% of all sales). Land Sales, which were at an all time high in December (35% of all sales), leveled off to typical levels in January. Property sales under $500,000 rebounded in January after recording only 3 sales in December. This is a bit of good news for the entry level market, as 2015 saw a downward trend in sales under $500,000 (See 2015 Year End Review). It remains to be seen if this trend will continue as we move through 2016 (there are 17 condos under $500,000 available now). All of the sales under the half million mark in January were condos in The Aspens or the Town of Jackson, including a one bedroom Hollybock building in The Aspens, which sold close to asking price after only 51 days on the market. Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in January. Separately, there were 3 large commercial land sales in the month of January (after 10 commercial sales in December!), as investors and developers continue to have interest in the Jackson Hole market. Notably, 8 commercial lots on the corner of N Cache and Mercill (across from the Forest Service building) sold for an undisclosed amount to a Marriott & Hilton franchise (listed for a collective $7.8 million and pictured below).

Click HERE to read the full Monthly Market Update for February 2016.

With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!

May I ask for your vote?

Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

I very much appreciate your support!

Sale Transactions & Dollar Volume down at start of New Year

February 10, 2016/in Average Sales Price, Days on Market, Housing, Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Jan 2016:

21 :: Total residential sale transactions (lowest in past year)
$32,690,000 :: Total residential sales volume (down again from last month)
$1,560,000:: Average sales price of reported and unreported sales (down from last month)
95% :: Ratio of sales price to list price (same as last month)
225 :: Average days on market prior to selling (up slightly from last month)

What it means: Real estate sale transactions continued to decline in January, reaching a low not seen in the past several years! Sales volume also decreased again, representing the 3rd lowest levels seen in the past year. While January is typically a slow month for sales (Jan 2015 had only 22 sales), some evidence suggests that these sluggish levels of activity may stick around. The average sales price dipped to $1.5 million in January, after 3 of the last 4 months saw average prices up near $2 million mark. The ratio of sale price to listing price remained at 95% for the second month in a row suggesting that recently buyers are purchasing property at slightly more of a discount (on average). In January, only 2 properties sold within 1% of the listing price (compare that to December, where 35% of all sales sold at, near, or above the listing price). Properties that sold in January were on the market for an average of 225 days. In particular, there were 7 properties that sold after 6 months on the market and 4 that sold after being on the market for over a year. This could be a result of not much new inventory hitting the market, forcing buyers to focus on the existing, older inventory. There were several high-end sales in January, in which the sales prices were not disclosed to the MLS including a 10 acre estate perched above the Town of Kelly (listed for $7.5 million), a 6,000 sq foot house in Crescent H (listed for $7.9 million and pictured below) and a 6 bedroom home at the base of Jackson Hole Mountain Resort.

6,000 sq foot home in Crescent H sold in January (listed by JHREA)

Click HERE to read the full Monthly Market Update for February 2016.

With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!

May I ask for your vote?

Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

I very much appreciate your support!

Properties selling under $500,000 lowest in over 2 years

January 12, 2016/in Commercial Property, Condos, Entry level market, High End Real Estate, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

What Sold in Dec 2015?

48% :: Percentage of single family home sales (similar to last month)
17% :: Percentage of condo/townhome sales (lowest in over 2 years)
35% :: Percentage of Land Sales (one of highest % in past year)

43% :: Percentage of residential properties selling for over $1 million (up from last month)
57% :: Percentage of residential properties selling for under $1 million (down from last month)
13% :: Percentage of residential properties selling for under $500,000 (lowest in past 2 years)

10 :: Commercial Land Sales

What it means: Single family home sales remained near average levels in December, representing nearly 1/2 of all sales in December (12 month average is 47%). On the other hand, there were only 4 condo/townhome sales in December, accounting for less than 20% of sales in Teton County last month. This represents the lowest percentage seen since compiling statistics for this Report in the summer of 2013. Low condo sales could be explained by the low condo inventory levels – currently only 25% of all listings in Teton County are condo or townhomes. Land sales spiked in December, representing 35% of all sales, one of the highest percentages recorded in the past year. Notable land sales in December include two lot sales in 3 Creek Ranch, a 36 acre parcel in Bar-B-Bar Ranch north of Jackson and three land sales south of town in Squaw Creek, Shootin’ Iron Ranch and the Snake River Sporting Club. Property sales under $500,000 took a significant drop in December – there were only 3 sales in December under the half million mark, representing the lowest percentage of sales the past 2 years. This decline is significant as it illustrates the shrinking of the entry level market. Options for first time home buyers and local families are becoming fewer, creating higher demand and resulting in even higher prices for this segment. On the other hand, sales above $1 million increased after a low month in November and represented nearly 1/2 of all sales in Teton County. Separately, there were 10 commercial sales in the month of December in Teton County, as many investors aimed to complete a purchase or sale before the year end. (Although this Report does not track commercial sales, there are usually 1-2 per month.) Notable commercial sales included: two industrial condominiums on Elk Ave (south of town), two Pine Box live/work units in Town (pictured below), two high end office condos in downtown and the sale of the Elk Refuge Inn, which sold for $3.5 million.

Two Pine Box units sold in December offering a live/work option in West Jackson

Click HERE to read the full Monthly Market Update for January 2016.

Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

How can I help you buy or sell a home in 2016?

December sales lowest since Jan 2015 in Jackson Hole real estate market

January 12, 2016/in Average Sales Price, Days on Market, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

Summary – Dec 2015:

23 :: Total residential sale transactions (2nd lowest in past year)
$44,525,000 :: Total residential sales volume (another drop)
$1,935,000:: Average sales price of reported and unreported sales (back up after a dip last month)
95% :: Ratio of sales price to list price (slight drop after many consistent months)
217 :: Average days on market prior to selling (identical to last month)

What it means: Real estate sale transactions dropped off significantly in December, marking the lowest number of monthly sales since Jan 2015, and perhaps signaling a new trend of slowing real estate activity. Sales volume also declined again, representing the 3rd lowest levels seen in the past year. The average sales price was back up near $2 million, a typical average price over the last several months. The ratio of sale price to listing price dropped slightly to 95% after 7 months at 96%, suggesting that recently buyers are purchasing property at more of a discount (on average). That being said however, 35% of all sales in December sold at, near, or above the listing price, including all 3 sales that occurred under $500,000. Properties selling in December were, on average, on the market slightly longer than sales in the summer months. The 10 acre Forest Service parcel on North Cache finally sold after 910 days on the market (and after falling out of contract with several previous buyers). Conversely there were also several property sales that occurred very quickly in December including a cabin on 3 acres in Red Top Meadows (listed for $489,000) and an Aspens one bedroom condo with a unique floor plan (listed for $405,000). Both properties sold in under 70 days from hitting the market. Well priced and high demand properties continue to sell quickly, however many aggressively priced properties are sitting on the market. Heading into 2016, I anticipate this trend to continue as Buyers continue to be motivated by value and are not ready or willing to pay more than a property is worth (based on the most recent market comps).

Aspens Condo with unique floor plan sold quickly in December

Click HERE to read the full Monthly Market Update for January 2016.

Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

How can I help you buy or sell a home in 2016?

New listings up slightly in December, but still very low

January 12, 2016/in Asking Prices, Entry level market, Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Monthly Market Update, New Listings, Sellers, Supply/Demand, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

What’s new in Dec 2015? (New Listing Analysis)

26 :: Total number of new listings in December
- Average List Price: $2,400,000
23 new residential properties (single family, condo, townhome)
- Average List Price: $1,833,000
- New listings already under contract or sold: 4
3 new building sites
- Average List Price: $1,970,000
- New listings already under contract or sold: 1

What it means: New listings picked up slightly in December, but still remained low. With only 26 new listings, December 2015 marked the second slowest month for new listings in the past year (November 2015 was the lowest with only 18 new listings). While winter is usually a slower time for new inventory, the small up tick in December could be explained by sellers’ motivation to list their properties in time for the holiday rush of visitors and skiers (potential real estate buyers). In particular, 10 of the new listings in December were in Teton Village including a rarely listed 5 bedroom Snow Ridge condo for $1,600,000, which went under contract in early January. The average sales price of new listings increased for the second month in a row, jumping up to nearly $2 million, in part thanks to 2 high end land listings, both with Flat Creek frontage, but in different parts of the Valley. A 35 acre parcel in the Flat Creek Fishing Club Subdivision south of Jackson was listed for $5.65 million and a 1.17 acre lot in Shooting Star at the base of Jackson Hole Mountain Resort was listed for $2.85 million in December (pictured below). As of Jan 10th, just under 20% of these new listings are pending or sold (down from nearly 30% in November), suggesting that many of the new listings prices may be a bit above market. Due to the low sales in December (see Summary section above), new inventory slightly outpaced inventory leaving the market (i.e. sales). While low inventory levels usually contribute to rising values, it’s becoming apparent that buyers are not willing to “buy just to buy” and are holding out for well-priced properties. It will be interesting to see the pricing trends of new inventory hitting the market in 2016, and to see if Sellers are still holding on to 2015 values (which were some of the highest seen since the peak in 2007) or if we will see sale and listing prices leveling off in the New Year. That being said, now may be a great time to sell a property as there is little new inventory coming onto the market at competitive prices. (Please contact me for a free in-depth analysis on the current market value of your property.)

Notable new listings in December include:

Two bedroom/one bath townhome with garage in Cottonwood Park – $499,000
Completely re-built 2 bedroom home on the Village Road – $950,000 (pictured below)
Four bedroom, true ski-in/ski-out home in Teton Village – $9.5 million

Click HERE to view all new December residential listings.

Click HERE to view all new December land listings.

Lot for Sale in Shooting Star development – $2.85 million

Click HERE to read the full Monthly Market Update for January 2016.

Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

How can I help you buy or sell a home in 2016?

Sales Volume drops significantly in November in Jackson Hole real estate market

December 11, 2015/in Average Sales Price, Days on Market, Distressed Properties, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Short Sales/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

Summary – Nov 2015:

41 :: Total residential sale transactions (down for the second month)
$52,500,000 :: Total residential sales volume (a BIG drop from the last few months)
$1,280,000:: Average sales price of reported and unreported sales (down after many months near $2m)
96% :: Ratio of sales price to list price (consistent for past 7 months)
216 :: Average days on market prior to selling (up for second month in a row)

What it means: Real estate sale transactions dipped again in November after a busy Fall season. Sales volume dropped off significantly in November, representing only half of sales volumes seen this summer. The average sales price also decreased significantly, down nearly 35% from the averages of Aug-Sept-Oct. Properties are consistently selling, on average, at 96% of the current listing price. That being said there were several properties that sold this month for significantly less than their original listing price including a 2 bedroom home in Rafter J that sold for $50,000 less than the listing price, a Moosecreek townhome in Teton Village that sold at 90% of list price and a property at the base of Snow King, which sold for nearly $200,000 less than its original listing price. Properties that sold in November were, on average, on the market longer than sales in the previous 2 months. in particular, a unique distressed property (short sale) on Fish Creek Road finally sold after being on the market for over 2 years (pictured below). That being said, there were 12 properties that sold in November (29% of all sales) after less than 3 months on the market, including a 3 bedroom condo at Snow King with short term rental zoning, which had multiple offers in the first few days and sold for $15,000 OVER the listing price. Bottom line: Well priced properties continue to sell quickly, while aggressively priced properties sit on the market and/or eventually sell at deep discounts. This demonstrates that Buyers are ready to buy but are motivated by value and are not willing to over pay for a property.

Unique Property on Fish Creek Rd – a short sale that finally sold after 2+ years on market

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

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Single family home sales drop in November, as condo/townhomes sales surge

December 11, 2015/in Buyers, Condos, Entry level market, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

What Sold in Nov 2015?

46% :: Percentage of single family home sales (sharp drop)
46% :: Percentage of condo/townhome sales (huge increase this month)
8% :: Percentage of Land Sales (another decrease)

37% :: Percentage of residential properties selling for over $1 million (large drop from last 3 months)
63% :: Percentage of residential properties selling for under $1 million (up significantly from last few months)
20% :: Percentage of residential properties selling for under $500,000 (up from last month)

What it means: After two strong months, single family home sales dropped significantly in November, representing less than 1/2 of all sales in Teton County. On the other hand, condo/townhome sales increased significantly last month, accounting for nearly 1/2 of all sales in November and marking the highest monthly percentage seen in the past year. The higher than usual condo/townhome sales helps explain the lower sales volume and lower average sales price (see Summary above), as most condo sales are in the lower price points. In particular, there were 9 condo sales under $600,000 last month including two condos in the Aspens, selling for $55,000 and $70,000 under list price. There were also several high-end condo sales over $1 million including a townhome in Teton Pines, a Moose Creek townhome in Teton Village and a penthouse unit at Teton Mountain Lodge, which sold for just under $2.3 million (pictured below). Building lot sales took yet another dip as many potential lot buyers are most likely waiting until after winter to make a purchase so that they can break ground after the spring thaw. Properties selling for over $1 million also took a sharp drop in November, representing less than 40% of all sales – the second lowest percentage seen in the last 6 months. Again, this is connected to the higher than usual condo/townhome sales. Last month there were only 3 sales over $3 million including homes in 3 Creek Ranch, Teton Village and Tucker Ranch. Conversely, there were 8 sales under $500,000, representing 20% of all sales, an increase after several months of up and down. Last month, we saw a rarity: two single family home sales under $500,000 – a 1 bedroom 626 sq ft home on Aspen Drive (technically zoned a townhome) and a log home up in Moran, which sold for $490,000.

Penthouse in Teton Mountain Lodge in Teton Village – Sold in Nov 2015

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

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Rate of new inventory continues to decline, now matches rate of inventory selling in Jackson Hole real estate market

November 11, 2015/in Asking Prices, Housing, Inventory Levels, Jackson Hole Real Estate, Listing Prices, Market Report, Market Reports, Monthly Market Update, New Listings, Sellers/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What’s new in October 2015? (New Listing Analysis)

46 :: Total number of new listings in Oct
- Average List Price: $1,118,000
36 new residential properties (single family, condo, townhome)
- Average List Price: $1,300,000
- New listings already under contract or sold: 4
10 new building sites
- Average List Price: $935,000
- New listings already under contract or sold: 1

What it means: New listings hitting the market each month continue to drop since the height of the listing season in June, however compared to October 2014, we did see more new listings this year (36 v 46). The average listing price of new inventory dropped in October and was the lowest average in the past 8 months (see chart below). As of November 10th, only 11% of these new listings are under contract or sold. Compare that to last month where nearly 30% of the September new listings were under contract by mid October. The rate of new inventory coming onto the market in October was identical to inventory leaving the market (i.e. sales). This is the first time since November 2014 that new listings have NOT exceeded sales in any given month (see chart below). Fewer and fewer sellers choose to list their property in the winter months, believing that their property will show much better during the spring/summer when everything is green. That being said, now may be a great time to sell a property as there is not much new inventory (i.e. competition) coming onto the market. (Please contact me for a free in-depth analysis on the current market value of your property.)

Notable new listings in October include:

A 2 bed / 2 bath single family home with 1 car garage and fenced backyard in Town: $607,500
Two building sites in Kelly with direct Teton views: $479,000 each
A 6,500 sq ft modern designed house atop Spring Creek Ranch: $15,000,000 (pictured below)

Click HERE to view all new October residential listings.

Click HERE to view all new October land listings.

Modern Home in Spring Creek – Listing in October for $15,000,000

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.