March sales continue trend of increasing sales prices in Jackson Hole

/in , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for April 2015

Jackson Hole, WY

Summary – Mar 2015:

  • 33 :: Total residential sale transactions (down slightly from Feb’s 35)
  • $52,000,000 :: Total residential sales volume reported to MLS (up slightly from last month)
  • $1,570,000::  Average sales price of reported sales (identical to last month)
  • 95% ::  Ratio of sales price to list price (up slightly from last month)
  • 239 ::  Average days on market prior to selling (up slightly from last month’s 243)
  • 48 :: Number of new listings in March
  • $1,240,000 :: Average list price of new listings
  • 15 :: Number of those new listings currently under contract or already sold

What it means:  The month of March echoed the trends/statistics we saw in February. Sales Volume remained close to $50 million (the highest levels we’ve seen in 2015) and sale transactions hovered near 30. We continue to see a lower amount of sale transactions as a result of extremely low inventory levels. Despite limited sale transactions however, the average sales price remained near $1.5 million, due to several high end sales in March (see What Sold below). The average sales price has been increasing, month over month, since November 2014 (see chart below). Sale price to list price and average days on market in March remained close to February numbers.

NEW THIS MONTH: Every month going forward, I will be monitoring new residential listings, the average list prices of those listings and tracking how many of them go under contract (or sell) within the month. These benchmarks should help keep an eye on inventory levels and can help us understand the relationship between new inventory (new supply) and sales prices. See the Market Focus section below for an in-depth analysis of past patterns of new listings/inventory levels in Teton County.

transactions

sales vol

sales price

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

 

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? 

Email

Sign up for automatic email market updates from The Colbert Real Estate Report.

Low inventory levels increase vacant land sales in Teton County, while under $500,000 sales continue to decline

/in , , , , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for March 2015

Jackson Hole, WY

What Sold in Feb 2015? 

  • 29% :: Percentage of single family home sales (nearly half of last month’s 55%)
  • 37% :: Percentage of condo/townhome sales (similar to last month’s 36%)
  • 34% :: Percentage of Land Sales (up significantly from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 54% :: Percentage of residential properties selling for over $1 million (vs. 23% last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from a high of 77% last month)
  • 23% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types was very atypical last month. Single family homes sales only represented 29% of all sales (they usually represent around 50%). Land sales dominated in February, with 12 sales representing a whopping 34% of land sales (lot sales usually account for around 20% of all sales). This is the 2nd time in the last 5 months that land sales have exceeded 1/3 of monthly sales (see chart below). Low levels in single family home and condo/townhome inventory have no doubt pushed people to land – if they can’t find it, then they will buy land and build it! Buyers were purchasing many lots that had sat on the market for quite some time. In particular, of the 12 lots last sold in February, the average days on market was 526 days! There were no bank or short sales again last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million jumped up in February (to the highest % in the past year), thanks to several high end sales including two Four Seasons condos (selling for $3.25m and $3.95m), a beautiful home in Dairy Ranches (pictured below), which sold for north of $7 million, a 4.24 acre lot in Indian Springs (selling for $3.5 million), and a home in Granite Ridge selling for just under $4 million.  Properties selling for under $500,000 continue to decline (see chart below), as overall prices continue to go up.  The least expensive single family home sale in February was for an older home on Aspen Drive (4 bed / 1 bath) which sold for the list price (with multiple offers) of $650,000.

Breakdown

Under500

DairyRanches

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

Low Inventory contributes to low sales, volume for 2015

/in , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

Summary – Jan 2015:

  • 22 :: Total residential sale transactions (down significantly from Dec’s 34)
  • $23,600,000 :: Total residential sales volume reported to MLS (down from last month’s $29.3m)
  • $1,124,000::  Average sales price of reported sales (up from last month’s $946,000)
  • 95% ::  Ratio of sales price to list price (same for the 4th month in a row)
  • 148 ::  Average days on market prior to selling (down significantly from last month’s 215)

What it means:  The beginning of 2015 was off to a slow start in terms of both transactions and sales volume, but the average sales price was up. There was only 22 sales in January; the lowest amount in over 2 years! Sales Volume remained low (under $30 million) for the third month in a row. (See charts below). Despite low transactions and volume, the average sales price increased after two months below the $1,000,000 mark. These trends are a result of a very limited inventory in the Jackson Hole real estate market – the lowest we’ve seen in 25 years!  (see Market Focus below). There was only 1 unreported sales price in the MLS in January (estimated at $850,000), however it is likely that there were several sales handled completely outside of the MLS, which is a typical occurance as inventory shrinks. The average days on market decreased signficantly (after removing two outliers) suggesting that properties are moving much more quickly (again a result of low inventory levels). As we move into 2015, we should see the trend of increasing prices continue until more inventory comes onto the market.

transactions

sales volume

avsprice

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

Condo sales rebound in 2015 slow December

/in , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

What Sold in Jan 2015? 

  • 55% :: Percentage of single family home sales (down from last month’s 62%)
  • 36% :: Percentage of condo/townhome sales (up from the lowest % of 2014)
  • 9% :: Percentage of Land Sales (down from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 23% :: Percentage of residential properties selling for over $1 million (back down after a peak last month)
  • 77% :: Percentage of residential properties selling for under $1 million (back to a high)
  • 27% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types returned to more typical distributions last month, with about 55% of all sales representing single family homes. Condo and townhome sales rebounded in January after reporting the lowest percentage of sales in over 2 years in December 2014. There were 2 land sales in January, representing 9% of all sales. There were no bank or short sales last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million dropped back down after a peak in December. In January , 27% of the property sales were for $500,000 or under, lower than the 2014 average of 34%. Of the 6 sales under $500,000, all were for 1-2 bedroom condos. The least expensive single family home sale in January was a 1,665 sq foot house in Cottonwood Park, which sold for just under $650,000.

breakdownjan

over

under

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

The Jackson Hole Report: Year End Update

/in , , , , , , , , , , , /by

Extremely low inventory levels continue to contribute to fewer sales, while pushing prices up in Teton County

My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. David’s report not only includes all the MLS sales, but he is also able to track sales happening outside of MLS. Below are some interesting statistics from his Year End Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the year end 2014 and are compared to 2013.

THE OVERALL MARKET

  • All types of properties (single family homes, condos, land) saw fewer sales in 2014 (compared to 2013) as the total number of sales in Teton County decreased by 12%
  • Overall sales volume was also down across the board, dropping 8% in 2014
  • Overall available inventory is down 15% from last year, and is now at the second lowest level in 25 years – which obviously contributes to the low sales transactions and sales volume
  • The shortage in supply has pushed prices up – the average sales price jumped 18% from 2013

SINGLE FAMILY HOMES

  • Total Single Family Home sales volume is down 16% compared to 2013
  • The average sale price rose by 5%
  • Current available inventory is the lowest in 25 years
  • In 2014, there were 123 sales under $1 million (representing 51% of all single family home sales) however only 19 homes are currently on the market in this price point (representing only 17% of all single family home listings)
  • Of the 113 homes currently listed, the average listing price is $4.25 million
  • Least expensive single family home listing: a 2 bedroom older home in Buffalo Valley for $465,000
  • Most expensive single family home listing: a 7,583 sq ft private 72 acre estate on the Snake River for $24.75 million (pictured below)

SnakeRiverHome

CONDO/TOWNHOME

  • Total condo/townhome sales were down 10% compared to 2013, while sales volume fell by 9%
  • Average sales price was UP by 9%
  • Currently only 4 condos are available in Teton County for under $300,000
  • 56% of all condos sales were under $500,000, however currently there are only 11 condos for sale in this segment
  • Available inventory is down 23% compared to this time in 2013, marking the 3rd lowest condo inventory in the past 25 years
  • Least expensive condo listing: a 558 sq ft, 1 bed/1 bath condo at Snake River Lodge & Spa in Teton Village for $270,000 (pictured below)
  • Most expensive condo listing: a 2,240 sq ft, 3 bed/3 bath condo for $3.1 million at the Four Seasons Resort

SnakeRiverLodge

VACANT LAND

  • Total lots sales in 2014 dropped 14%
  • The average sales price was up 4% compared to 2013
  • The number of lots under contract has dropped by 40%, while the average listing price for lots under contract has jumped 180%
  • Available lot inventory is down 12% compared to this time in 2013
  • Average listing price for vacant lots in Teton County is $2.173 million
  • Currently there are 5 lots for sale in Teton County priced under $300,000
  • With home inventory at an all time low, we should see demand increase for vacant land

Best of Jackson Hole – JH Weekly’s Reader’s Poll – 2015

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? 

BestofJH2015

Visit www.jhweekly.com and click on the icon on the right hand side. After you enter your name/email you can start voting. Be sure to vote for all your other Jackson favorites. It’s fun!
I very much appreciate your support!

2014 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

/in , , , , , , , /by

Over the course of 2014, I have been tracking many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the take-aways from the Jackson Hole real estate market in 2014:

Quick Stats – 2014:

  • 447 total real estate transactions in 2014
    • 189 single family home sales
    • 163 condos and townhomes sales
    • 95 land sales
  • Reported sales volume of $440 million
  • Additional unreported sales volume of $127 million
  • Estimated TOTAL sales volume of $567 million
  • Average sales price (including unreported sales) = $1,268,000

Average Days on Market measures the amount of time an average property spends on the market from the time of listing to the closing date. There are always outliers and in my sales tracking, I try to exclude any listing that has been on the market for more than 1,000 days. Since the start of 2014, days on market have been declining, and have hovered around 200 days for the last few months. Consistently in 2014 we saw well priced properties and/or properties in low-inventory, high-demand sub markets sell very quickly, many times going under contract immediately after they were listed. That being said, many sellers also wanted to test the market and priced their properties above market value to see if they would get any bites. Sometimes this led to increased days on market. I think we will see this trend (low days on market) continue until inventory levels increase. Many times properties are not even officially hitting the market before being placed under contract, as realtors are able to find a buyer through their own contacts or through a colleague at their office. (Note: If you are a Buyer searching for a specific property, please contact me so that I may be on the lookout for future listings for you.)

DOM2014

 

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2014, including unreported sales in MLS, is estimated to be around $1,268,000. In every month in the past year, the monthly average sales price hovered just under $1,000,000 (see chart), with the exception of September & October when the monthly average sales price was over $2 million and just under $1.4 million, respectively. These months obviously drove the annual average sales price up. In 2014, the average sales price for single family homes was just under $1.5 million, while the average sales price for condos and townhomes in Teton County was $587,000. The average sales price for land sales was just under $1.1 million.

avgsales2014

 

In analyzing the Breakdown of Sales by Price Point in 2014, a few trends become clear. The majority of residential sales in Teton County last year were in the $500,000 – $1,000,000 range. These sales included single family homes in the Town of Jackson and south of Town, condos in Teton Village and higher-end/larger condos in The Aspens. Only 9% of all sales in 2014 sold for under $300,000 and were usually for smaller condos in the Town of Jackson. More than 1 out of every 4 sales in 2014 was for property valued over $1 million.

BreakdownPriceRes

The breakdown for land sales in 2014 shows a similar distribution, with the majority of land sales occuring in the $500,000 – $1,000,000 range. Nearly 1 out of every 5 land sales in 2014 was priced under $300,000 and represented several lots in the Town of Jackson and south of Town near Hoback. There were 7 land sales above $3 million in 2014 which included lots in 3 Creek Ranch, Crescent H and Shooting Star.

BreakdownPriceLand

 

Happy New Year! 

Thank you to all my clients and colleagues for making 2014 a great year in real estate. I was able to help 19 different buyers and sellers purchase or sell property in Teton County this past year. I look forward to helping many more people in 2015!

287153.Obsidian.Colbert.4x7.1-2d

 

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

/in , , , , , , , , , /by

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.

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

End of 2014 in Jackson Hole Real Estate Market sees only slight increases in transactions, sales volume

/in , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

Summary – Dec 2014:

  • 34 :: Total residential sale transactions (up slightly from Nov’s 30 transactions)
  • $29,300,000 :: Total residential sales volume reported to MLS (up slightly from last month’s $23.8m)
  • $946,000::  Average sales price of reported sales (up slightly, still close to typical average)
  • 95% ::  Ratio of sales price to list price (same for the 3rd month in a row)
  • 215 ::  Average days on market prior to selling (up from last month’s 170)

What it means: The year 2014 did not end with much fanfare for real estate in Teton County . Transactions were only slightly up from November and were below average compared to the rest of 2014 (see chart below). The summer and fall months of August, September and October proved to be the high point for the year, accounting for over 35% of the year’s transactions (159 sales). Sales Volume in December was also up slightly from November, but significantly lower than the monthly average for 2014 ($36,700,000 per month). There were 3 unreported sales in December, accounting for an estimated $8 million in additional sales volume, bringing the total sales volume in December to around $37 million, which is one of the lower volumes seen in 2014 (see Sales Volume WITH Unreported Sales chart below). August, September and October accounted for over $200,000,000 in sales, a whopping 47.5% of sales volume for the entire year!  The average sales price in December remained close to average at $946,000. The sale price to list price ratio in December stayed at 95% for the third month in a row and reflected a month that saw a handful of sales at or above list price as well as several heavily discounted sales (10% or more). Properties that are priced competitively and/or those that are in low inventory segments, continue to sell very quickly, while sellers who are testing the market tend to have properties that stay on the market longer or sell at a discount.

Trans.2014

SalesVol.2014

unreportedsales.2014

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

Real Estate Transactions, Sales Volume down after busy selling season in Jackson Hole

/in , , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for December 2014

Jackson Hole, WY

Summary – Nov 2014:

  • 30 :: Total residential sale transactions (down significantly from last month’s 56)
  • $23,800,000 :: Total residential sales volume reported to MLS (only 1/3 of last month’s volume)
  • $915,000::  Average sales price of reported sales (down again closer to typical average)
  • 95% ::  Ratio of sales price to list price (same as last month)
  • 170 ::  Average days on market prior to selling (down from last month’s 206)

What it means: After a very active summer and fall, this off season saw the real estate market cool off a bit. There were only 30 residential sale transactions in the month of November, one of the slowest month’s in the past year (see chart below). Sales volume also dropped significantly, down from $73 million in October and $90 million in reported sales in September. There were 4 unreported sales in November, accounting for an estimated $18 million in additional sales volume, bringing the total sales volume in November to just under $41 million, which is this lowest total volume seen in the past 4 months. After high average sales prices of $2 million in September and $1.4 million in October, November saw the average sales price drop down to, well, average (see chart below). In November there were 10 condo sales under $500,000 (see “What Sold” below), which helped push the average sales price down this month. The sale price to list price ratio in November stayed at 95%, meaning that on average, buyers were getting a 5% discount to list price. However there were 3 properties that sold at quite a considerable discount including a house in Moran (sold at a 11% discount), a house south of Jackson (sold at a 15% discount) and a difficult building lot in Game Creek, which sold for 73% of the listing price. This suggests that, while we have seen listing prices increasing in the last several months (see Market Focus below), some Sellers are still very motivated to sell at market prices. Average days on market in November was the lowest seen in the past 2 years, probably a result of significantly lower inventory levels.

TransactionsDec2014

Volume.Dec2014

ASP.Dec2014

DOM.Dec

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

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

/in , , , , , , , , , , /by

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. 

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.