Property sales over $1 million increase in August 2016
The Colbert Real Estate Report
Monthly Market Update for Sept 2016
Jackson Hole, WY
What Sold in Aug 2016?
- 52% :: Percentage of single family home sales (slight increase)
- 34% :: Percentage of condo/townhome sales (slight decrease)
- 14% :: Percentage of Land Sales (slight increase)
- 45% :: Percentage of residential properties selling for over $1 million (up from last month)
- 55% :: Percentage of residential properties selling for under $1 million
- 20% :: Percentage of residential properties selling for under $500,000 (spike after two months of decline)
What it means: The breakdown of sales by property type has remained relatively consistent over the last two months, with single family home sales representing just over 1/2 of all sales in Teton County. The share of condo and townhome sales has decreased over the last few months, down from a high of 46% in May. Land sales increased slightly in August but have remained relatively consistent throughout 2016, usually making up between 10-20% of monthly sales. Entry level sales saw a spike in August after declining for the past two months. There were 10 condo sales under $500,000 in August, 8 of which were located in the Town of Jackson, including a 2 bed/1 bath townhome with a 1 car garage, which sold for just over $450,000. It was the least expensive property with a garage in Teton County. While the “middle market” ($500,000 – $1,000,000) remained strong in August, accounting for 34% of all sales, there were also several sales in the $1-2 million range, including a high end Pine Glades townhome on Snow King, which sold for $1,820,000. As a result, sales over $1 million increased after being down in July. High end sales (defined as sales over $3 million) also rebounded in August (after zero sales in July), as 3 properties sold between $3-$5 million, and included homes in JH Golf & Tennis, Teton Village and 3 Creek Ranch.
Clusters townhome with garage sold in August (listed by JH Sotheby’s)
Pineglades townhome at the base of Snow King sold in August (listed by JHREA)
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High-end building sites hit the market in August in Jackson real estate market
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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“Middle Market” Hot: Half of all sales in July occur in $500,000 – $1,000,000 price range
The Colbert Real Estate Report
Monthly Market Update for Aug 2016
Jackson Hole, WY
What Sold in July 2016?
- 48% :: Percentage of single family home sales (back to average)
- 39% :: Percentage of condo/townhome sales (similar to last month)
- 13% :: Percentage of Land Sales (up after 2 low months)
- 35% :: Percentage of residential properties selling for over $1 million (down from last month)
- 65% :: Percentage of residential properties selling for under $1 million (up from last month)
- 10% :: Percentage of residential properties selling for under $500,000 (down again)
What it means: The breakdown of sales across property types returned to typical levels in July, with single family home sales representing just under 1/2 of all sales. Condos and townhome sales remained similar to last month, but were still a bit below average. Land sales picked up after two months of decline, most likely a result of low inventory levels (i.e. when buyers can’t find an existing house they desire, they may to turn to land to build what they want). Entry level sales took another dip after starting out strong this past spring. Only 10% of all sales occurred under $500,000 in July, the second lowest percentage in the past year (see chart below). As prices continue to rise, the entry level market is shrinking. The hot spot this summer is proving to be the “middle market” ($500,000 – $1,000,000). In June, 36% of all sales occurred in this price range and in July this segment accounted for over 50% of all sales! Sales in this segment included several townhomes and single family homes in Rafter J and Cottonwood Park, which remain popular with local buyers. As a result, property sales over $1 million took a dip after increasing for two straight months, accounting for only 35% of all sales (vs. 45% in June). Further, there were zero high end property sales (defined as sales over $3 million) in July, the first such time this has occurred in the past 12 months.
Walden Pond Twinhome in Rafter J – one of many sales in the mid market price range in July (listed by JH Sotheby’s)
Click HERE to read the full Monthly Market Update for Aug 2016.
Property Search is Here!
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- Quick Search or Advanced Search capabilities
- Customizable Map Search
- Search by MLS #, if you have a specific property in mind
- Create your own saved searches
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Sales and dollar volume down again, available inventory lowest since 2007: Mid Year update from The Jackson Hole Report
Sale transactions and dollar volume are down again in the second quarter of 2016, mostly due to dwindling well-priced inventory under $1 million. The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 2nd quarter 2016. Click HERE to read the full 2016 Mid Year Report. A summary of statistics/trends follows:
OVERALL MARKET
- Total number of Sale Transactions are down 16%
- Sales under $1 million are down 21%
- Overall dollar volume is down 14%
- Despite dwindling sales, the Average Sale Price increased by 3% in Q2 2016
- Hot Price Point: Properties priced under $1 million, where 53% of the sales occurred in the second quarter
- Hot Location: The Town of Jackson, which accounted for 35% of all sales in the second quarter
- Overall inventory is down by 7% (compared to Q2 2015), representing the LOWEST inventory levels since the market peak in 2007
HIGH END MARKET
- High-end property sales ($2+ million) were down 23% from Q2 2015
- However, despite declining sales, high-end properties under contract have increased by 42%
- There are 68 properties for sale over $5 million, an increase of 11%
- The most expensive property for sale in Teton County is a 264 acre property just south of Wilson with 7,715 sq ft main house, guest house, and expansive frontage on both the Snake River and Fish Creek, listed for $53 million (pictured below)
264 acre property on Snake River & Fish Creek – $53 million (listed by JH Sotheby’s)
SINGLE FAMILY HOMES
- Single family (SF) home sales in the second quarter were up only slightly (2%) from last year at this time
- SF home sales over $1 million are up 18%, SF home sales over $3 million are up 43%
- Overall SF home inventory is down 12%, with only 20% of listings priced under $1 million
- Only 13 homes are available under $750,000, down 71% from this time last year
- The average asking price of new listings is up 11% to $3.65 million – the second highest average ever!
Click HERE to view the 39 single family home listings priced under $1 million
3 bed / 2 bath in Cottonwood Park – $650,000 (Listed by JH Sotheby’s)
CONDO/TOWNHOME
- Overall condo sales have slowed, down 6% from this time last year
- Condo sales under $500,000 fell dramatically (down 32%)
- Overall available inventory is up 10%, however inventory under $300,000 is down 71%
- The average listing price for condo/townhomes is up 29%
- 72% of available condos are priced under $1 million, with only 31% priced under $500,000
Click HERE to see the 26 condos/townhomes available under $500,000
4 bedroom townhome in East Jackson – $499,000 (listed by RE/MAX Obsidian)
VACANT LAND
- Lot sales are down significantly (55%) with only 28 sales in the first 6 months of 2016
- However, the average sales price continues to climb, up 10% in Q2 2016
- 64% of lot sales are purchased with cash (i.e. no financing)
- Overall available inventory dipped 5% from Q2 2015, however the supply of lots remains high
- NOTE: Supply exceeds demand in this segment, with 34 months of inventory currently on the market.
- The majority of available lots (49) are in the $500,000 – $1 million price range.
WHAT TO DO NEXT?
BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.
SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.