Sales under $500,000 hit new low 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 Sold in Oct 2015? 

  • 61% :: Percentage of single family home sales (another increase)
  • 26% :: Percentage of condo/townhome sales (similar to last month)
  • 13% :: Percentage of Land Sales (another decrease)
  • 61% :: Percentage of residential properties selling for over $1 million (highest % in last 2 years)
  • 39% :: Percentage of residential properties selling for under $1 million (down again from last month)
  • 13% :: Percentage of residential properties selling for under $500,000 (lowest % in last 2 years)

What it means: Single family home sales increased again after a spike in September, representing just over 60% of all sales in October in Teton County. Last month, 21 of the 28 sales over $1 million were for single family homes, while only 7 single family homes sold under the $1 million mark. Condo/townhome sales remained consistent, representing a quarter of all sales last month. The most expensive condo sale was a 1,600 sq foot unit at the Pearl at Jackson building in Town, which sold for just under $1.5 million. Building lot sales took another dip after an increasing trend seen throughout the summer months. Many potential lot buyers are most likely waiting until closer to spring to allow them to break ground soon after the purchase. Properties selling for over $1 million continue to rise, reaching another high last month accounting for over 60% of all transactions –  the highest percentage recorded in the last 2 years! There were several notable high-end sales in October including a 6,600 sq ft estate in 3 Creek Ranch, which was listed for $14.9 million and sold for an undisclosed amount (pictured below). Conversely, sales under $500,000 continue to follow a downward trend. In October, there were 6 property sales under the half million mark, representing only 13% of all sales – the lowest percentage seen in the past 2 years! The least expensive condo sale in October was a 2 bedroom unit in the Hillside Business Complex south of Town, which sold for $230,000 cash, as no bank would provide a loan for the condo given its location in an industrial park. In October, we saw a rare occurrence – the sale of a single family home in Teton County for UNDER $500,000. The 1,600 sq ft home was located at Hoback Junction (backing up to the highway) and needed quite a bit of work.

Over1m

Under500

PropType

3Creek

3 Creek Ranch Estate – listed for $14.9 million – sold for an undisclosed price

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

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Entry level options disappear as upper-end home sales increase – Quarterly Update from The Jackson Hole Report

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Entry level home options (under $500,000) have all but disappeared in the Jackson Hole real estate market, while upper-end home sales (over $1 million) see impressive increases amid the recovery. 

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 3rd quarter. Click HERE to read the full 2015 Q3 Report.

After the first 9 months of 2015, the trend in the Jackson Hole real estate market seems to be this: the more expensive the price point of the home, the greater the increase in sale transactions and sales volume. Home sales over $1 million are up 27%; home sales over $3 million are up 36%; and homes selling for over $5 million are up a whopping 200% compared to this time last year.

Conversely, homes for sale under $500,000 are a thing of the past. For only the second time in Jackson Hole’s history, there are ZERO single family homes for sale under $500,000. The least expensive single family home for sale in Teton County is a 584 sq ft log cabin with a loft bedroom on 2.24 acres in Red Top Meadows, priced at $545,000. These prices push many first time homebuyers into the condo/townhome market, where less than half of the 24 condo/townhomes listed for sale under $500,000 have a garage. Even with low interest rates, Buyers still need to come up with a $75,000 – $100,000 down payment to avoid costly private mortgage insurance.

OVERALL MARKET

Compared to last year, the first 9 months of 2015 continued to show signs of a bullish market recovery with increases across the entire real estate market.

  • Number of Sale Transactions are up 11%
  • Overall dollar volume rose 40%
  • Average Sale Price increased by 27%
  • Nearly half (47%) of real estate transactions in Jackson Hole through Q3 2015 were cash sales (i.e. no financing)
  • 51% of available listings are priced under $1 million, with only 11% of all inventory priced under $500,000
  • Overall available inventory rose slightly (2%), with an average listing price of $2.7 million, however available inventory under $1 million continues to decline
  • High end sales are experiencing tremendous growth with a 66% increase in sales. Notably, 26 sales have occurred over $5 million, up 200% from last year.
ShootingStar

Shooting Star Cabin at the base of Jackson Hole Mountain Resort – listed for $5.5 million and sold for an undisclosed price

SINGLE FAMILY HOMES

  • Single family home sales continue to gain steam, with transactions up 7% and dollar volume up 41%
  • Average Sale Price increased 32%
  • The $500,000 – $1 million segment saw the most sales (77) through the 3rd quarter, while the $1 -2 million range fared well too, with 62 sales so far this year
  • Most (28%) single family home sales occurred in the Town of Jackson, while 15 homes have sold in Rafter J in 2015
  • Available single family home listings are up 9%, with homes over $1 million up 11%, however the average listing price actually dipped 3% compared to this time last year
RafterJKingEider

Newly built home in Rafter J’s King Eider neighborhood was the most expensive sale in Rafter J in 2015, selling for more than $900,000

CONDO/TOWNHOME

  • Overall condo sales are up 7%, with condo sales over $1 million up 235%!
  • Condos and townhomes in Teton Village and Shooting Star accounted for 2/3 of the sales over $1 million
  • Average Sale Price is up 29%
  • Available inventory increased 25%, however inventory levels are still hovering at an eight year low
  • Active condo listings under $500,000 are down 61% compared to the high inventory levels seen in 2009
  • There are 24 available condos priced under $500,000, with only 3 condos are priced under $300,000
Pondo

2 bdrm condo in Town is one of only 3 available under $300,000

VACANT LAND

  • Lot sales continue to increase, with a 20% increase in transactions and a 54% increase in dollar volume compared to Q3 2014
  • Average Sale Price is up 29%
  • The majority (53%) of single family lot sales were over $1 million
  • Vacant land listings under $500,000 are disappearing, with only 13 currently on the market.

marketreport

As a first time home buyer in today’s market, it may seem that prices and values are becoming out of reach. Even as a seasoned home buyer, it is obvious that you can’t get as much as you once could in any given price range. That being said, 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. 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.

Sales over $1 million account for majority of real estate transactions in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What Sold in Sept 2015? 

  • 58% :: Percentage of single family home sales (up after two low months
  • 25% :: Percentage of condo/townhome sales (down from last two months)
  • 17% :: Percentage of Land Sales (down after a high trend this summer)
  • 57% :: Percentage of residential properties selling for over $1 million (highest % in last 2 years)
  • 43% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 23% :: Percentage of residential properties selling for under $500,000 (up after a low in Aug)

What it means: Single family home sales spiked in September, representing nearly 60% of all sales in Teton County. High sales in this category usually go hand in hand with high sales volume and higher than usual average sales prices, as many of the sales in this price range tend to be single family homes. For example, in September 22 of the 30 sales occurring over $1 million were for stand alone homes (5 were lot sales and 3 were high end condo sales). As a result of higher single family home sales, condo and townhome sales and vacant land sales declined in September. Building lot sales in particular took a downturn after an increasing trend seen throughout the summer months. Sales over $1 million accounted for nearly 60% of all transactions, the highest percentage recorded in the last 2 years! Additionally, in the month of September, nine properties sold in excess of $3 million in neighborhoods like Tucker Ranch, Crescent H, Indian Springs, and 3 Creek Ranch. Two very high end homes sold in Teal Trace (in Wilson and pictured below) and Shooting Star (at the base of Jackson Hole Mountain Resort), both with listing prices north of $11 million. On the other end of the spectrum, sales under $500,000 rebounded to 23% after representing only 14% of all sales (a new low) in August. The overwhelming majority of sales in this price range are for 1-2 bedroom condos in the Town of Jackson. The least expensive single family home in September was for an older, 1,700 sq foot split level home in West Jackson, which sold for $675,000.

Over$1m

breakdown

TealTrace

Sold in Teal Trace in Wilson – listed for $11,500,000

 

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

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Lot Sales dominate transactions in August in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

What Sold in Aug 2015? 

  • 35% :: Percentage of single family home sales (down again)
  • 35% :: Percentage of condo/townhome sales (similar to last month)
  • 30% :: Percentage of Land Sales (continuing an upward trend this summer)
  • 49% :: Percentage of residential properties selling for over $1 million (highest % in last 6 months)
  • 51% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
  • 14% :: Percentage of residential properties selling for under $500,000 (a new low in the past year)

What it means: The percentage of single family home sales declined again in August, representing only 35% of all transactions. On the other hand, land sales continued an upward trend accounting for a whopping 30% of all sales in August (compare that to the 12 month average of 20%). One possible explanation for the dip in land sales in the beginning of the summer months, and the subsequent increase as we enter fall, could be the added home inventory we typically see in the summer months. Conversely, lower home inventory levels can push buyers to lot sales after they can’t find an acceptable home to purchase. Nearly one half of all sales in August were for over $1 million, the highest percentage in the past 6 months. This was no doubt helped by several high end sales including a 72 acre estate in Bar B Bar (listed for $22 million) and a 3 parcel property in Ely Springs (listed for $19.4 million). Conversely, the percentage of sales occurring under $500,000 dropped last month to the lowest level seen in the entire past year. Only 7 property sales last month were under the half million mark and included several 1 & 2 bedroom condos in the Town of Jackson. The least expensive condo sales in August was a 644 square foot Ponderosa Village condo which sold for $265,000 after only 24 days on the market (pictured below).

LandSales

Under500

pondo

2 bdrm condo in Town sold for $265,000 in 24 days

 

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

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Sales under $500,000 recover, but is it only temporary?

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

What Sold in July 2015? 

  • 46% :: Percentage of single family home sales (down after several high months)
  • 39% :: Percentage of condo/townhome sales (up after several declining months)
  • 15% :: Percentage of Land Sales (up after several low months)
  • 30% :: Percentage of residential properties selling for over $1 million (dropped after a spike last month)
  • 70% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
  • 27% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)

What it means: After several months of dominating sales in Teton County, single family home sales took a hit in July as more condos, townhomes and land sales occurred. Less than 1/2 of all sales in July were for single family homes, which is actually close to the 12 month average of 47% of all sales. Condo/townhome and land sales also reached close to their 12 month averages as well (35% and 18% of all sales respectively). After spiking to a 4 month high in June , the percentage of properties selling for over $1 million dropped by a third in July and represents the lowest percentage in the past 6 months. Properties selling in the sub-$500,000 market saw a bit of recovery after a long downward trend that began last November. It will be interesting to see how this segment fairs in the next few months, to determine if July’s stats represent a change of a recent market trend (fewer and fewer properties selling for under $500,000) or just a temporary blip in July.  Interestingly, the July sales under $500,000 were comprised of 4 condos and 4 lot sales, including two adjacent lots in downtown Wilson, which each sold for under $500,000.

breakdown

Under500

WilsonLot

2 Lots in “downtown” Wilson sold in July

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

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Sales under $500,000 hit new low in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

What Sold in June 2015? 

  • 60% :: Percentage of single family home sales (up for the 4th month in a row)
  • 32% :: Percentage of condo/townhome sales (down again from last month)
  • 8% :: Percentage of Land Sales (down for the 4th month in a row)
  • 45% :: Percentage of residential properties selling for over $1 million (up significantly from last month)
  • 55% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)

What it means: Single family home sales continued to dominate sales in Teton County, representing 60% of all sales in June. Since February 2015, every month has seen more and more single family homes sales (as it relates to other property types). As a result, land and condo/townhome sales have continued to make up less and less of the total sales over the past 4 months. (Note: There was one multi-family sale in June – a 3 unit property in E Jackson.) The percentage of properties selling for over $1 million spiked to a 4 month high after a few low months, representing nearly half of all sales in June. Properties selling in the sub-$500,000 market continued a downward trend that began last November, hitting a new low, as less than 1 in 5 sales occurred under $500,000 in Teton County. This may be the new reality of the market, as entry level condos (i.e. 1-2 bedrooms under 800 sq feet) are inching closer to $400,000 and anything  with 3 bedrooms and a garage (regardless of condition) is being priced well above $500,000.

Under500

Breakdown

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

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Land Sales account for a third of all sales in Feb, March in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for April 2015

Jackson Hole, WY

What Sold in Mar 2015? 

  • 30% :: Percentage of single family home sales (similar to last month’s 29%)
  • 37% :: Percentage of condo/townhome sales (identical to last month)
  • 33% :: Percentage of Land Sales (high again for a second straight month)
  • 40% :: Percentage of residential properties selling for over $1 million (down from 54% last month)
  • 60% :: Percentage of residential properties selling for under $1 million (up from 46% last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (up from 23% last month)

What it means: The breakdown of property types in March was also nearly identical the breakdown we saw in February. Land sales remained higher than average for the second straight month. While land sales usually represent about 20% of all sales on average, in February and March 2015 there were 12 and 11 sales accounting for 34% and 33% of all sales (see chart below). This trend could be explained by the lack of available built-out inventory (i.e. single family homes and townhomes). As buyers are unable to find what they are looking for (or what they like is overpriced), many are considering purchasing land and building their own home.  The percentage of properties selling for over $1 million dropped down to 40% after a high of 54% in February. The number of properties selling for under $500,000 increased after 4 months of decline (see chart below). That being said, the average sales price remained high ($1.57 million) due to several high end sales including a 6,000 square foot house in Teton Pines (selling close to $8 million) a 48 acre tract of land in Crescent H (selling around $5 million) and a 6 bedroom estate in Shooting Star, at the base of Jackson Hole Mountain Resort, which sold for north of $10 million (pictured below).

land sales

sales under 500k

Shooting Star

Click HERE to read the entire Monthly Market Update for April. 

 

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Single family home sales dominate in December in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

What Sold in Dec 2014? 

  • 62% :: Percentage of single family home sales (up significantly from last month’s 40%)
  • 18% :: Percentage of condo/townhome sales (the lowest % of 2014)
  • 20% :: Percentage of Land Sales (right around average for the year)
  • 1 :: Number of distressed property sales (One bank sale in Dec)
  • 35% :: Percentage of residential properties selling for over $1 million (back up after several low months)
  • 65% :: Percentage of residential properties selling for under $1 million (down from last month’s high of 77%)
  • 32% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales dominated the month of December, representing 62% of all sales, tied for the highest monthly percentage this year. Conversely, condo and townhome sales were slim – there were only 6 sales in this segment, representing only 18% of all sales, by far the lowest percentage of the year (see chart below). Land sales in December were about average for the year, representing 20% of all sales (average for 2014 was 19%).  There was one bank sales in December, a 20 acre tract of land up Horse Creek that sold after 2,189 days on the market!  Currently there are zero distressed properties on the market. The percentage of properties selling for over $1 million picked up after several months of decline. In December, 32% of the property sales were for $500,000 or under, in line with the 2014 average of 34%.

Breakdown2014

Over1Jan

Under500Jan

 

Click HERE to read the full Monthly Market Update for January 2015 and Year End 2014.

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Several high end land sales in October in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for November 2014

Jackson Hole, WY

What Sold in Oct 2014? 

  • 34% :: Percentage of single family home sales (back down from last month’s high of 62%)
  • 30% :: Percentage of condo/townhome sales (identical to last month)
  • 36% :: Percentage of Land Sales (up significantly, much higher than usual)
  • 3.5% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Oct)
  • 39% :: Percentage of residential properties selling for over $1 million (back down from last month’s high of 52%)
  • 61% :: Percentage of residential properties selling for under $1 million (back up from last month’s 48%)
  • 21% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 26%)

What it means: After a summer filled with higher than usual single family home sales (52%-62% of all sales) the month of October saw fewer single family homes sales. The percentage of condo and townhome sales stayed the same, while building sites experienced higher than usual activity in October. In fact, in the month of October, there were the same amount of land sales (20) as the previous 4 months combined (June-Sept). In all, land sales accounted for over $32 million in sales volume last month helped by several very high end sales including a 13 acre parcel in Indian Springs (selling for over $6.5 million), a 35 acre tract in Crescent H Ranch (selling for north of $4.5 million) and a 18 acre lot up north in Solitude, which sold for over $4.5 million. The percentage of properties selling for over $1 million dropped down after a very strong month in September, however still remained higher than usual (see chart below). The percentage of properties that sold for under $500,000 declined for a 3rd month in a row, as inventory in the entry level market continues to dwindle (see chart below).

breakdownNov

over$1m

under$500

 

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

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Single Family Home Sales Continue Upward Trend in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for October 2014

Jackson Hole, WY

What Sold in Sept 2014? 

  • 62% :: Percentage of single family home sales (the highest % seen in years)
  • 30% :: Percentage of condo/townhome sales (down from last month’ s 38%)
  • 8% :: Percentage of Land Sales (similar to last month, but lower than average)
  • 4% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Sept)
  • 52% :: Percentage of residential properties selling for over $1 million (considerably higher than average)
  • 48% :: Percentage of residential properties selling for under $1 million (down significantly from last month’s 68%)
  • 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month’s 28%)

What it means: The month of September was the 4th month in a row that saw month-over-month increases in single family home sales and represented the highest percentage (62%) of single family home sales since I began keeping statistics (see chart below). Condo and townhome sales fell to 30% of all sales after a spike in activity last month, where this segment represented 38% of all sales. Land sales remained low this past month and only represented 8% of all residential sales in Teton County. September saw 2 distressed sales – a bank owned condo in Teton Village and a short sale condo in The Aspens. Currently there are two distressed properties under contract and NO other bank or short sales on the market. Sales under $500,000 continued to decline in September, accounting for only 26% of all sales, the lowest representation in over a year. On the other hand, sales over $1 million continued to increase, representing a staggering 52% of all sales in September. See Charts below. Several VERY high end single family home and ranch sales occurred in September which contributed to the higher than average numbers. Five high end homes in Bar B Bar, Pine Meadows and Shooting Star sold between $3-5 million in September. Additionally, 3 large ranches sold last month including the 164 acre Fall Creek Ranch (located south of Red Top Meadows) and 140 acres of the VandeWater Ranch along Fish Creek, which sold for close to $20 million.

BreakdownOct2014

under$500

over$1m

Click HERE to read the full Monthly Market Update for September. 

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