High-end building sites hit the market in August in Jackson real estate market

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The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

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

  • 77 :: Total number of new listings in Aug
    • Total New Listing Volume: $244,036,000
    • Average List Price: $3,169,000
  • 44 new residential properties (single family, condo, townhome)
    • Average List Price: $2,746,000
    • New listings already under contract or sold: 11
  • 33 new building sites
    • Average List Price: $3,733,000
    • New listings already under contract or sold: 3

What it means: The amount of new listings hitting the market has been slowly declining from the peak in May. However, thanks to an influx of vacant lots hitting the market in August, overall new listing levels saw an uptick last month. Fourteen land parcels at the Snake River Sporting Club, a golf and equestrian community south of Jackson, hit the market in August. Note that without these new lot additions to the inventory, overall new listings in August would have followed the declining trend seen over the last few months. The total dollar volume of new listings increased significantly after a slow July, as a result of several high priced lot listings across the Valley. In addition to the 14 lots listed for sale down in the Snake River Sporting Club (10 of which were 35 acre ranch parcels listed between $1.7mm-$2.7mm), there were also two 35 acre parcels listed in the Bar BC Ranch ($8.9 & $9.9 million) and four tracts making up the 580 acre Spring Gulch Ranch ranging in price from $10.9mm – $14.5mm. It’s no surprise that the average listing price in August topped $3 million, easily the highest average monthly listing price in the past year.  With the help of these lot listings, August’s new inventory is in line with new inventory levels seen in the past 2 years. While these new listings will no doubt help the overall low inventory levels, it’s also important to note what new inventory is NOT coming onto the market. Only 10 of the new listings in August (less than 20% of all listings) were priced under $700,000, with 4 of them already under contract (as of Sept 10th). On the other hand, 35 new listings in August (or 45% of all new listings) were priced in excess of $2 million.   

Notable new listings in August include:

  • Rarely listed Golf Creek condo at JH Golf & Tennis – $795,000
  • Nearly 10,000 sq foot home in the Gill Addition backing up to the Elk Refuge – $7,500,000
  • 13 acres atop Horse Creek Mesa with nearby Forest Service access – $350,000
  • Largest lot in Stilson Ranch (7 acres) along the Village Rd – $2,900,000

Click HERE to view all new August residential listings.

Click HERE to view all new August land listings.

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What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home. 
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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

New Listing: Spacious condo in East Jackson

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Quick Stats:

  • 2 bedrooms, 1.75 baths
  • 921 square feet
  • Large Deck
  • Vaulted Ceilings
  • Bamboo Floors
  • Covered Parking
  • List Price: $435,000

2 bed / 2 bath condo in East Jackson

Conveniently located in East Jackson, this 2 bed/2 bath condo enjoys a large semi-private deck with filtered Teton views through the trees. Great in-Town location adjacent to the new May Park and steps away from the hospital, Elk Refuge and Cache Creek trail system. Additional features include: vaulted ceilings, bamboo flooring, track lighting, additional lofted storage, built-in entertainment cabinets/shelving and a barnwood accent wall. Owner occupied and well maintained, this property includes covered parking, laundry on site and is dog-friendly. New roof in 2012 and new decking underway.

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Additional Information:

  • 755 E Hansen Ave #203, Jackson, WY 83001
  • MLS: 16-2483 
  • HOA Fees: $396.85/month
  • 2016 Taxes: $1,741.17/year

Click HERE for more information/photos

Listed by Katie Colbert Brady, Owner/Associate Broker 

 

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New listings slow, overall inventory very low in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

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

  • 73 :: Total number of new listings in July
    • Total New Listing Volume: $133,226,000
    • Average List Price: $1,825,000
  • 58 new residential properties (single family, condo, townhome)
    • Average List Price: $1,677,000
    • New listings already under contract or sold: 13
  • 15 new building sites
    • Average List Price: $2,393,000
    • New listings already under contract or sold: 3

What it means: The amount of new inventory hitting the market is slowly declining from the peak in May, with 73 new listings coming online in July. The dollar volume of July’s new listings also declined, making up only 1/2 of the new listing volume from June. (Remember that June’s new listing volume was inflated due to 2 very high-end properties hitting the market for a combined $81 million, however even after removing these two outliers, listing volume in July was still down roughly $30 million from June.) Even though we’ve seen close to 300 new properties hit the market this summer, current inventory levels are the lowest since the peak of the real estate market in 2007. New inventory in 2016 has lagged both 2014 and 2015 numbers in nearly every month of the year (see chart below).  While the average listing price of new lots remained above $2 million, the average listing price of homes dropped significantly from June to July, mostly as a result of those two high-end listings in June.  Six condos priced under $500,000 hit the market in July, including a one bedroom end unit in the Berry Patch in The Aspens, listed for $435,000. On the other end of the spectrum, 8 homes priced between $3-6 million came onto the market in July, including homes in Tucker Ranch, Teton Pines and Jackson Hole Golf & Tennis. Many buyers continue to move quickly on well priced inventory, as over 20% of July’s new listings are already sold or have sales pending (by Aug 10th).   

Notable new listings in July include:

  • Two 1 bedroom condos close to downtown Jackson – $320,000 – $325,000
  • 40 acres bordering National Forest in Squaw Creek – $895,000
  • New Construction in “downtown” Wilson – $1,795,000
  • Two 3,330 sq foot cabins at Shooting Star Resort – $4,500,000 each

Click HERE to view all new July residential listings.

Click HERE to view all new July land listings.

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What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home. 
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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

New Listings continue to hit Jackson Hole real estate market, especially in the higher end

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The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

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

  • 90 :: Total number of new listings in June
    • Total New Listing Volume: $240,700,000
    • Average List Price: $2,675,000
  • 69 new residential properties (single family, condo, townhome)
    • Average List Price: $2,690,000
    • New listings already under contract or sold: 16
  • 21 new building sites
    • Average List Price: $2,620,000
    • New listings already under contract or sold: 2

What it means: New inventory continues to hit the market, with 90 new listings coming online in June. Joined with last month, we’ve seen 200 new properties enter the Jackson Hole real estate market so far this summer. While the number of new listings in June is down slightly from May, the volume of new listings actually increased. As a result, the average sales price of June listings was close to $2.7 million. There were two very high end new listings that no doubt affected these statistics: an 11,000 sq foot home on 40 acres north of Town was listed for $28 million (pictured below) and a 264 acre property (including modern home, guest house, barn, etc.) with frontage on both Fish Creek and the Snake River was listed for $53 million! However, even without these two listings, the average sales price of June’s new inventory was over $1.8 million, continuing an increasing trend seen over the last few months (see chart below).  The average listing price of new lot listings was also above $2.6 million and included two large parcels in Bar-B-Bar (located along the Snake River north of Town), listed for $12 million and $15.5 million, respectively. Several single family homes hit the market in the $600,000 – $800,000 price range. These homes in Cottonwood Park, Rafter J, the Town of Jackson, Red Top Meadows and Hoback Junction represent the least expensive single family home options in Teton County.  Many buyers are moving quickly, as 20% of June’s new listings are already sold or have sales pending (by July 10th).   

Notable new listings in June include:

  • 2 bedroom / 1 bath single family home in West Jackson – $599,000
  • Log Cabin with large shop/garage in Hoback – $635,000
  • Modern 2 bdrm condo in Pearl @ Jackson in downtown – $1,150,000
  • Four lots bordering Elk Refuge in Gill Addition (with older home) – $6,000,000

Click HERE to view all new June residential listings.

Click HERE to view all new June land listings.

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11,000 sq ft home on 40 acres – Listed by JH Sotheby’s for $28 million

As we continue through the busy summer selling season, the amount (and price) of new inventory will continue to dictate future market values. Whether you are a first time or seasoned home buyer, there are many opportunities out there, with several not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for a comprehensive analysis of the current buying opportunities in our market.

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As a Seller, the best strategy is to make your property stand out against the competition by pricing it competitively (based on the most comparable sales) and marketing it effectively, as buyers are moving quickly on well-priced, high-demand properties. If you are interested in a learning what your property could sell for in this market, please complete a Home Valuation Form for a free estimate of your home’s market value.

 

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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

 

New listing activity explodes in May in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

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

  • 110 :: Total number of new listings in April
    • Total New Listing Volume: $206,025,000
    • Average List Price: $1,870,000
  • 78 new residential properties (single family, condo, townhome)
    • Average List Price: $1,860,000
    • New listings already under contract or sold: 13
  • 32 new building sites
    • Average List Price: $1,890,000
    • New listings already under contract or sold: 1

What it means: Hello Inventory! New listing activity exploded in May as over 100 new listings hit the market last month, totaling over $200 million in listing volume. Without a doubt, the busy summer selling season is here! In the early parts of 2016, inventory levels lagged 2014 & 2015 numbers (see chart below), however new listings in May surpassed 2015 levels and nearly matched 2014 levels.  New listings in May outpaced sales at a rate of more than 3 to 1, meaning for every sale in May, 3 new listings came onto the market. The average asking price of May’s new listings was close to $2 million, as many high end properties hit the market. In particular, there were 13 new listings over $3 million in Teton County in May, including a 35 acre property in Ely Springs Ranch ($10.3 million), the re-listing of the Lazy Moose Ranch in Wilson ($8.75 million) and a 5,100 sq foot home in Bar-B-Bar Meadows north of town (listed for $3.25 million and pictured below).  At the other end of the spectrum, 9 condos priced under $500,000 were added to the summer inventory, including a 2-story, 2 bed/2 bath townhome on Glenwood ($395,000) and a 2 bedroom Ponderosa Village condo, currently the least expensive property in Teton County, listed at $265,000.  Compared to April, May also saw nearly 3 times as many new lot listings, with an average listing price near $2 million. The least expensive lot listing in May is a 4.3 acre lot located south of Wilson for $380,000, while the most expensive lot listing was a 35 acre parcel in Crescent H Ranch listed for $6.75 million.

Notable new listings in May include:

  • Beautifully remodeled 3 bedroom East Jackson townhome with Teton views – $599,000
  • Re-development potential on double lot in Town with older single family home and large shop – $1,195,000
  • Newly constructed 2,400 sq foot home in downtown Wilson – $1,350,000
  • 6 acres of private land on the Wilson bench on Teton Pass – $1,200,000

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.

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Newly listed home in Bar-B-Bar $3.25 million – Listed by RE/MAX Obsidian

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As we enter the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

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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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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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 Listing: Multi-Family Investment Opportunity in E Jackson

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Quick Stats:

  • Multi-family
  • 4 units, 2,880 sq ft total
  • Each unit: 2 bed /1 bath
  • Good Rental Income
  • Long term tenants
  • Listing Price: $975,000

Great Investment Opportunity

Great turn-key investment opportunity in desirable East Jackson. Four units (each with 2 bdrm/1 bath) provide great rental income from long term tenants. Current owner has made many updates to the 4-plex including: new windows, new washer/dryers, new water heaters and new carpet. Storage units and adequate off-street parking on site. Grandfathered use – you could not build this under current zoning. Great employee housing opportunity. 

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Additional Information:

  • 370 E Pearl Ave, Jackson, WY 83001
  • MLS#: 16-350 (Click HERE for the MLS link)
  • Gross Rental Income: $57,600
  • No HOA or CC&Rs
  • Storage units and 8+ off-street parking spaces on site

 

Listed by Katie Colbert Brady, RE/MAX Obsidian Real Estate

 

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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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.

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!

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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! 

New listings up slightly in December, but still very low

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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.

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Lot for Sale in Shooting Star development – $2.85 million

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

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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?