New Listings in November are lowest seen in past year in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for December 2015

Jackson Hole, WY

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

  • 18 :: Total number of new listings in November
    • Average List Price: $1,400,000
  • 15 new residential properties (single family, condo, townhome)
    • Average List Price: $922,000
    • New listings already under contract or sold: 4
  • 3 new building sites
    • Average List Price: $1,900,000
    • New listings already under contract or sold: 1

What it means: November saw the fewest new listings hit the market in the past 12 months. On par with last November, this month typically sees very little new inventory. The average listing price of new inventory was higher than usual in November, thanks to 3 new lot listings over $1 million, with one over $3 million. Note that the average listing price of residential listing (not including land) was under $1 million.  As of December 10th, nearly 30% of these new listings are under contract or sold, illustrating that well priced listings are being snatched up very quickly. Given the low level of new inventory, sales last month exceed new listings for the first time since last November. Despite the opening of the Jackson Hole Mountain Ski Resort and the influx of visitors expected for the holidays, it’s apparent that very few sellers are entering the market. That being said, now may be a great time to sell a property as there is little to no 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 November include:

  • Rare Creekside townhome on the creek – 3 bed / 2.5 bath / 2 car garage: $597,500
  • Three new Aspens condos (2-4 bedrooms) starting at $616,500 (one pictured below)
  • Half acre lot in Teton Village, currently the least expensive in the area: $1,350,000

Click HERE to view all new November residential listings.

Click HERE to view all new November land listings.

NewListings

NewVOld

Aspens

New Listing: 4 bdrm / 2 bath Aspen condo $749,000

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

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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.

NewListings

NewVSoldListings

SoldvNew

SpringCreek

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

 

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

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Nearly 30% of new September inventory in Jackson Hole is already under contract

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

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

  • 60 :: Total number of new listings in Sept (following a downward trend)
    • Average List Price: $1,945,000
  • 50 new residential properties (single family, condo, townhome)
    • Average List Price: $1,690,000
    • New listings already under contract or sold: 14
  • 10 new building sites
    • Average List Price: $2,200,000
    • New listings already under contract or sold: 2

What it means: New listings have been steadily declining since the height of the listing season in June.  In the month of September, properties were being listed at a rate similar to before the busy summer selling season, (however when compared to this time last year, we did see roughly 10 more new listings). As of October 15th, nearly 30% of the new listings were under contract including several that received multiple offers within days of hitting the market.  As the rate of new inventory coming onto the market slowed in September, it came close to matching the monthly sales for September, meaning that every property that sold last month is being replaced by a new listing. For most of the summer the average listing price of these new listings was higher than the average sales price of properties that sold that month. In other words the “replacement” property was coming on line at a much higher price than those properties that were leaving the market, which arguably contributes to an increasing market. That trend changed in August and September as the listing prices of new inventory was roughly in line with sales, suggesting that the market may be slowing a bit (see chart below).

Notable new listings in September include:

  • A duplex in West Jackson: Two 3 bed / 1 bath units with fenced yard and room to build garage $775,000
  • A bank-owned 3,200 square foot home overlooking Town on Budge Drive: $1,195,000 (pictured below)
  • A 37 acre home site in Bar B Bar on the Snake River: $11,900,000

Click HERE to view all new September residential listings.

Click HERE to view all new September land listings.

NewListings

New.v.Sold

AVSP.NewVsSold

BudgeDr

Multi-level bank owned home on Budge Dr overlooking Town $1,195,000

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

 

Over 40% of property sales last month sold in less than 90 days – Would you like to be notified as soon as a new listing hits the market in a particular location or price range?

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New Listings slow in Jackson Hole as summer nears end

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

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

  • 81 :: Total number of new listings in Aug (another drop after a high in June)
    • Average List Price: $1,785,000
  • 63 new residential properties (single family, condo, townhome)
    • Average List Price: $1,900,000
    • New listings already under contract or sold: 9
  • 18 new building sites
    • Average List Price: $1,670,000
    • New listings already under contract or sold: 2

What it means: New listings took another dip in August as the summer selling season is nearing its end. This is typical for this time of year, as August 2014 saw a similar number of new listings (75). New inventory continues to outpace monthly sales. In August, for every sale there were 1.6 new listings, however that gap is quickly closing (see chart below). It is typical for this gap to be the largest during the spring and early summer season when there is an influx of new listings.  The average listing price of all new listings in August (land and residential combined) dipped below $2 million for the first time since April 2015. Keep in mind this average is still $700,000 higher than the average SALES price in August ($1,070,000). Earlier this spring and summer (March through June), between 22% – 32% of a month’s new listings went under contract or sold by the time the next month’s report was published (usually around the 10th of the next month). Last month at this time, only 17% of the new July listings were under contract, and this month, only 14% of August’s new listings are under contract or sold. This downward trend illustrates the recent slow down in the market and may suggest that many new listings continue to be over priced for the current market.

Notable new listings in August include:

  • Several condo-hotel rooms at the White Buffalo Club in Town: 1 bdrms start at $320,000 and 3 bdrms (with large kitchen) start at $948,000 (pictured below)
  • 4 bdrm townhome in Town with grand-fathered short term rental zoning for $795,000
  • To-be-built spec new home in downtown Wilson: $1,350,000

Click HERE to view all new August residential listings.

Click HERE to view all new August land listings.

NewListings

New vs Sold

White Buffalo Club. CREDIT: David J Swift

 

Well priced properties are moving quickly – Would you like to be notified as soon as a new listing hits the market in a particular location or price range?

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Inventory is up, but so are listing prices in Teton County real estate market

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

  • 109 :: Total number of new listings in June (another jump from last month)
  • 83 new residential properties (single family, condo, townhome)
    • Average List Price: $2,130,000
    • New listings already under contract or sold: 24
  • 26 new building sites
    • Average List Price: $2,430,000
    • New listings already under contract or sold: 0

What it means: As we move into the heat of summer, new listings continue to hit the market at an accelerated rate. We are now reaching new listing levels seen last year (June 2014: 115 new listings). These new listings are adding inventory to the market at a rate not seen since this time last year, as there were 3x as many new listings as sales in the month of June (see chart). While inventory is obviously increasing, so too are listing prices. The average listing price of all new listings in June (land and residential) was a staggering $2.28 million, nearly twice the average listing price in March ($1.277 million). As evidenced by the stall in sales in June (see Summary above), it appears many buyers are not biting on these aggressively priced homes. It will be interesting to see if the lull continues into July or if Sellers are pressured to become more realistic in their listing prices. (Anecdotely, early this week there were price reductions for 3 different listings in Rafter J, an area that has seen aggressive pricing this summer.) Of the 24 new residential listings in June that are already under contract or have closed, 10 of them were priced over $1 million with ONLY 1 priced under $500,000.  As evidenced by the high average listing price, almost every segment of the market saw an increase in listing prices. Notably there were 4 new estate listings priced over $11 million, including the Split Creek Ranch, a beautiful 6,000 sq foot log home on 10 secluded acres north of Jackson (pictured below).

Click HERE to view all new June residential listings.

Click HERE to view all new June land listings.

NewListings

Listings.v.Sales

SplitCreek

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

Thinking of listing this summer? There is still time.ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

New Listing in Rafter J!

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Quick Stats:

  • 3 Bedroom
  • 2.5 Bathroom
  • 2,094 sq ft
  • 2 Car Garage
  • .25 Acres
  • Listing Price: $745,000

All the extras in Rafter J

Located on the quiet side of Rafter J, this recently remodeled home has nearly 2,100 square feet of living space and boasts 3 generous sized bedrooms, a bonus dining room or office, a separate mud room/laundry room, large pantry and 2 decks perfect for entertaining. A great room with vaulted ceilings and big windows lets in an abundance of natural light, while a wood burning fireplace and gas stove create an imitate and relaxed setting. This home has been tastefully updated with new hardwood and tile flooring, granite counter tops, new GE appliances, wooden blinds, and completely new bathrooms. Stretch out on a quarter acre lot, while enjoying a spacious yard, south facing and north facing decks, and a raised bed for your garden.

[easyrotator]erc_0_1436803646[/easyrotator]

 

Additional Information:

  • Located in Rafter J
  • MLS#: 15-1920 (Click HERE for the MLS link)
  • Taxes: $4,087.32/year
  • HOA: $626.88

PUBLIC OPEN HOUSE: Wednesday July 15 10:00am – 1:00pm

New listings increase as we enter busy summer selling season, but still lagging levels from last year

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

  • 85 :: Total number of new listings in May (a jump from last month’s 66)
  • 67 new residential properties (single family, condo, townhome)
    • Average List Price: $1,650,000
    • New listings already under contract or sold: 15
  • 18 new building sites
    • Average List Price: $2,375,000
    • New listings already under contract or sold: 1

What it means: The number of new listings continues to increase each month as we have now entered the busy summer selling season in the Jackson Hole real estate market. We are seeing slightly fewer new listings than we did during this time last year (see chart below). Despite the new listings, inventory levels continue to remain very low. New listings in May barely replaced the inventory that was sold in May (see chart below). Many of the recent new listings appear to be ‘testing’ the market with aggressive listing prices that are significantly higher than past sales. In some cases, buyers are willing to pay that premium because inventory levels are so low. Many buyers may feel a sense of urgency to get into a market that has been increasing at a fast pace for the last 6 months. When these higher sales prices are achieved they set the new bar for future listings in that neighborhood or condo complex, which then contributes to the increasing market.  Of the 15 new residential listings in May that are already under contract or have closed, 13 of them were priced under $1 million with only 3 of them priced under $500,000. This again points to a consistently hot market in the $500,000 – $1 million range (see “What Sold?” above). The month of May saw many new high end lots hit the market (with an average list price of $3,275,000) including four 40 acre parcels of land available in Buffalo Valley for $18,900,000 and two different 35 acre ranch parcels in the Bar BC listed for $8.5 million and $8.95 million (pictured below).

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.

NewListings

NewvsSold

BarBC

Teton views from a 35 acre ranch parcel in the Bar BC

Thinking of listing this summer? There is still time.ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

 

 

New Listing in “Downtown” Wilson

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Quick Stats:

  • 3 Bedroom
  • 3 Bathroom
  • 2,656 sq ft
  • Single Family Home
  • .33 Acres
  • Listing Price: $1,150,000 Just Reduced!

Downtown Wilson Serenity

Experience privacy and Flat Creek views while still enjoying an unbeatable location in downtown Wilson directly across the street from Owen Bircher Park. Older home has many recent updates including solid hickory hardwood floors and a complete new kitchen with quartz counter tops, cherry cabinets, a porcelain farmhouse sink, and stainless steel Samsung appliances. Spread out in 2,600+ sq ft including a second living room/play room, office/bonus rooms located off 2 of the bedrooms, and a new deck off the master bedroom. Expansive property also includes an additional one car garage + storage area, a lean-to perfect for boat/gear storage, a newly constructed chicken coop and greenhouse for your summer vegetables. Unlimited possibilities with no CC&Rs and no subdivision rules. Zoning (NC-SF) allows a guest house.

[easyrotator]erc_75_1433884941[/easyrotator]

 

Lot-Split

Additional Information:

  • Located in downtown Wilson, across from Owen Bircher Park
  • MLS#: 15-1478 (Click HERE for the MLS link)
  • Taxes: $4,842.98/year

Click HERE to watch a property tour video.

What’s new in the Jackson Hole Real Estate Market? Spring New Listing Analysis

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April New Listings Update: Currently in Teton County, we are seeing inventory levels at a 25 year low. The following benchmarks, such as number of new listings, average sales price of those listings, and how quickly those listings go under contract, should help keep an eye on these inventory levels and can help us understand the relationship between new inventory (new supply) and sales prices.

  • 66 :: Total number of new listings in April
  • 47 new residential properties (single family, condo, townhome)
    • Average List Price: $1,540,000
    • New listings already under contract or sold: 15
  • 19 new building sites
    • Average List Price: $1,544,000
    • New listings already under contract or sold: 0

What it means: The number of new listings have been increasing almost every month since November 2014 (see chart below), however not at a rate to significantly impact the record low inventory levels. Hopefully we continue to see more listings hit the market as we enter the busy listing season (May-June). Currently we are barely replacing the inventory that is selling (see chart below). Judging from the consistent sale transaction levels (see Summary section above), we have yet to see a real impact from these new listings. That being said, many new listings are being snatched up as soon as they hit the market. Of the 47 new residential listings that hit the market in April, almost 1/3 of them are already under contract. Therefore, we should expect to see sales transactions tick up next month. Lot listings aren’t moving as quickly, possibly due to the fact that 17 of the 19 new land listings in April are priced over $1,000,000 (5 of the new land listings are priced in excess of $2 million). The average list price of new listings last month ($1.54m) is nearly $500,000 higher than the average sales price of properties sold last month ($1.135m).

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

 

NewListings

NewlistingsvsSales

 

Thinking of Listing this Summer? 

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market.
As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County.Obsidian Holiday Season 2014 Brochure PG1
Please contact me for more info or to receive a free market analysis on your property. Properties listed by May 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Inventory Levels in Jackson Hole: Then and Now

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Teton County sees historically low inventory levels as we enter the busy spring/summer listing season

marketfocus

As my colleague David Viehman noted in his year end Jackson Hole Report (and I summarized in a previous analysis),current inventory levels are at or near their lowest levels in 25 years. At the end of 2014…..

  • Overall available inventory in Teton County was down 15% from 2013, and is now at the second lowest level in 25 years
  • Single family home inventory was the lowest in 25 years
  • Condo/Townhome inventory was down 23% compared to year end 2013, marking the 3rd lowest condo inventory in the past 25 years
  • Available land inventory was down 12% compared to year end 2013

I went back over the past year and determined the number of new listings (residential property in Teton County) to hit the MLS each month. Typically spring and early summer see the most new listings, which was the case in 2014 when there were 228 new listings in the months of May and June last year. Since the start of the new year we’ve seen a total of only 141 new listings. After 6 months of limited new inventory, listing activity picked up in March with 59 new listings. It will be interesting to see if March’s increase continues into our spring/early summer listing season. How much new inventory will we see in May and June? Will it be at the same levels we saw in 2014?

NewListings

It’s also interesting to compare the number of new listings with the sale transactions that occur each month. Last spring/early summer there were almost 4 times as many new listings hitting the market as there were sales each month. Compare that to the Fall months of 2014 (Sept/Oct/Nov) where there was not even enough new inventory to replace the sales that occurred those months. In the past 3 months, we’ve seen slightly more new listings than sales, however historically low inventory levels in the past 6 months are likely contributing to the low transaction levels.

NewVsSold

 

Interested in keeping an eye on new listings this spring/summer? Would you like to be alerted as soon as a new listing hits the market in a particular location or price range? 

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