Sales Transactions and Volume remain high 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

Summary – Oct 2014:

  • 56 :: Total residential sale transactions (up slightly from last month’s 50)
  • $73,700,000 :: Total residential sales volume reported to MLS (down from last month’s high of $90m)
  • $1,390,000::  Average sales price of reported sales (down from last month’s high of $2m)
  • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
  • 206* ::  Average days on market prior to selling (up slightly from last month’s 193)

What it means: After September’s unusually high sales volume ($90 million) and transaction level (50), October remained strong with 56 residential sale transactions accounting for over $73 million in reported sales volume. There were also 3 unreported sales in October, accounting for an estimated $17 million in additional sales volume, bringing the total sales volume to $90 million, which is in line with last month’s unusually high volume (see charts below). After an average sales price of more than double the typical average in September, last month’s average remained higher than usual at $1.39 million (typical average is right around $ 1 million). There were again several high end real estate sales that helped keep the average sales price and sales volume higher than usual (see the “What Sold” section below). In October, the sale price to list price ratio increased to 95% after an usually low percentage (94%) in September. *After removing 2 outlier properties that were on the market for more than 1,000 days, the average days on market were similar to last month and again low on average, as inventory levels remain very low.

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Sales Volume and Average Sales Price Double in September in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for October 2014

Jackson Hole, WY

Summary – Sept 2014:

  • 50 :: Total residential sale transactions (similar to last month’s 53)
  • $90,600,000 :: Total residential sales volume reported to MLS (DOUBLE last month’s $45 million)
  • $2,014,000::  Average sales price of all* sales (DOUBLE last month’s $957,000)
  • 96% ::  Ratio of sales price to list price (down from last month’s 96%)
  • 193** ::  Average days on market prior to selling (similar to last month’s 180)

What it means: September continued the strong selling trends of the summer with 50 transactions and a staggering $90,600,000 in reported sales volume (more than double the typical volume). In fact, this month’s sales volume was at the highest level since I began keeping statistics. The closest comparable month was Aug 2013, which saw $70,000,000 in reported sales volume. Additionally, there were 5 unreported sale prices in September, accounting for an estimated $10 million in additional sales volume. Understandably, the average sales price also nearly doubled from last month ($957,000). *Note that the Average sales price calculation factors in unreported sales by making an estimate on these sales prices. The increases in sales volume and average sales price can be explained by several high end sales (over $4 million) and 2 very high end sales (over $10 million). See the “What Sold” section below. The sale price to list price ratio dropped after several months at or above 95%. This could be explained by many sellers’ extra motivation and eagerness to sell as we head into the Fall/Winter season. **After removing 3 outlier properties that were on the market for more than 1,000 days, the average days on market were similar to last month and again low on average (see chart below).

Trans.Oct2014

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

 

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Market Focus: Jackson Hole Real Estate – Summer 2014 in Review

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2014 Summer in Review:

What sold? What did it sell for? Where did properties sell this summer?

marketfocus

Based on transaction numbers and sales volume, it appears the Jackson Hole real estate market went up month over month this summer. After a slow start in June (28 transactions for $20 million in sales volume), July saw 40 transactions and nearly $39 million in reported sales. The summer ended on a high note with 53 transactions for $45 million in reported sales in August. (See Charts in Sales Summary above.) The below analysis focuses on what sold, where property sold and for how much it sold, as well as a few highlighted sales of the summer.

Market Summary – Summer 2014 (June/July/August):

  • 124 :: Total residential sale transactions
  • $106,000,000 :: Total residential sales volume reported to MLS
  • $33,000,000 :: Additional estimated sales volume from undisclosed sales prices
  • $940,000::  Average sales price of reported sales
  • 96% ::  Average ratio of sales price to list price
  • 267 ::  Average days on market prior to selling

This summer there were 124 residential transactions (excluding fractional sales), or roughly 1.35 properties sold each day. Compare that to Jan-May of 2014, which saw 1.03 properties sold each day (156 total sales). Average days on market this summer (267 days) was significantly lower than the earlier part of the year, which saw an average of 353 days on market before a property sold.

 What Sold this Summer?

  • Single Family Homes:
    • There were 55 single family home sales this summer, which represented 44% of all sales this summer.
    • The average sales price was $1.2 million or $445/sq ft on average.
    • The least expensive single family home sale was a summer cabin up in Turpin Meadows in Moran, which sold for $99,000 (pictured below). The least expensive single family home sale outside of Moran was a 2 bed / 1 bath little house in Cottonwood Park, which sold for $498,000.
    • The most expensive single family home sale was a 7,700 sq foot house in Teton Pines, which sold for $4 million.

Moran

  • Condo / Townhome Sales:
    • There were 45 condo or townhome sales this summer, representing 36% of all sales this summer.
    • The average sales price was $507,000, or $416/sq ft on average.
    • The least expensive condo sale was a bank owned Ponderosa Village condo in Town which sold for $187,500.
    • The most expensive condo sale was Moose Creek townhome in Teton Village that sold for just over $1.6 million (pictured below).

MooseCreek

  • Land Sales:
    • There were 20 lot sales this summer, representing 16% of all sales this summer.
    • The average sales price was $1,300,000.
    • The least expensive lot sale was a 3 acre parcel near Red Top Meadows, south of Wilson, which sold for $210,000.
    • The most expensive lot sale was a 35 acre tract in Crescent H Ranch, which sold for $4.7 million.
  • Distressed Sales: There were only 4 distressed property sales this summer (2 bank sales and 2 short sales), which represented 3.2% of all sales.

Where did properties sell this Summer?

  • Town of Jackson :: 44 sales :: 35% of all sales
  • South of Jackson (inc. Hoback) :: 24 sales :: 19% of all sales
  • Wilson/Westbank :: 18 sales :: 15% of all sales
  • Aspens / Teton Pines :: 14 sales :: 11% of all sales
  • North of Jackson :: 9 sales :: 7% of all sales
  • Teton Village :: 6 sales :: 5% of all sales

LocationSales

How much were properties selling for this Summer? 

The average sales price this summer was $940,000 which was slightly higher than the first part of 2014 ($906,000). Property sales were spread out pretty evenly between the following price points with the majority of sales occurring in the $500,000 – $1,000,000 price range.

  • Under $500,000 :: 38 sales :: 31% of all sales
  • $500,001 – $1,000,000 :: 47 sales :: 39% of all sales
  • Over $1 million :: 29 sales :: 30% of all sales

SummerBreakdown

Sale Statistics for the Jackson Hole Real Estate Market – August 2014

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Monthly Market Update for August 2014

Jackson Hole, WY

Summary – Aug 2014:

  • 53 :: Total residential sale transactions (up significantly from last month’s 40)
  • $45,400,000 :: Total residential sales volume reported to MLS (up again from last month’s $38 million)
  • $957,000::  Average sales price of reported sales (down slightly from last month’s high)
  • 96% ::  Ratio of sales price to list price (same as last month)
  • 180 ::  Average days on market prior to selling (down from 293 days)

What it means: This summer officially ended on a high note! Transactions were up 32.5% from last month and were the highest reported since almost a year ago (57 in Oct 2013). Reported sales volume was up $8 million compared to last month (with another $5 million in estimated sales volume from sales with undisclosed prices). Sales volume was at the highest level since Nov 2013 ($58 million in reported sales volume). See Charts below. The average sales price held strong at $957,000, down slightly from July’s 8-month high of $1,075,000. The sale price to list price ratio remains high at 96% illustrating that properties continue to sell very close to their listing price (on average).  Average days on market were down, suggesting that a good amount of summer inventory has sold. In fact, in the month of August, 23 properties sold within 3 months of hitting the market – representing 43% of all properties sold.

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“What” sold in the Jackson Hole Real Estate Market in July 2014?

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Monthly Market Update for July 2014

Jackson Hole, WY

What Sold in July 2014? 

  • 52.5% :: Percentage of single family home sales (much higher than typical)
  • 25% :: Percentage of condo/townhome sales (down significantly from last month’ s 46%)
  • 22.5% :: Percentage of Land Sales (up from last month’s 14%)
  • 2.5% :: Percentage of distressed property sales (1 short sale in July)
  • 25% :: Percentage of residential properties selling for over $1 million (down again from last month’s 29%)
  • 75% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 71%)
  • 36% :: Percentage of residential properties selling for under $500,000 (down from last month’s 43%)

What it means: The month of July saw the highest amount of single family home sales in almost a year. Single family homes sales accounted for 52.5% of all sales last month and included several high end properties in Teton Pines, Stilson Ranch (pictured below) and Teton Village (which had been on the market for 564 days!).  There were also two high end lot sales in Crescent H and Shooting Star, listed at $5.5 million and $2.3 million, respectively. Neither sale price was disclosed. Conversely, condo and townhome sales were down significantly last month representing only 1/4 of all sales. This trend  mirrors the available inventory, where there are 213 single family homes for sale and only 91 condos available for sale. Land Sales were up again, representing 22.5% of all sales in July. Last month there was one short sale, only the third distressed sale in all of 2014. It was a small condo on Snow King Drive that went under contract back in March 2014.

stilson

breakdown.aug2014

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Sale Statistics for the Jackson Hole Real Estate Market – July 2014

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Summary – July 2014:

  • 40 :: Total residential sale transactions (up significantly from last month’s 28)
  • $38,600,000 :: Total residential sales volume reported to MLS (up significantly from last month’s $20 million)
  • $1,075,000::  Average sales price of reported sales (up from last’s month’s $800,000)
  • 96% ::  Ratio of sales price to list price (down slightly from last month’s high of 97%)
  • 293* ::  Average days on market prior to selling (up from last month’s 180 days)

What it means: The month of July saw an increase in both transactions (from 28 to 40) and reported sales volume, which was almost double that of last month. In July there were several high end sales not reported to the MLS which could add an estimated additional $15.85 million in sales volume. The average sales price reached an 8 month high last month as a result of several higher end sales (see “What” Sold section below).  The sale price to list price ratio remains high at 96% suggesting properties continue to sell very close to their listing price (on average). In fact, in the month of July 10 properties (25% of all sales) sold at or above their list price.   Average days on market were back up, as several of the high end property sales had been on the market for quite some time. (*Note: High outliers (in excess of 1,000 days on market) are taken out of these calculations.)

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Sale Statistics for the Jackson Hole Real Estate Market – June 2014

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Summary – June 2014:

  • 28 :: Total residential sale transactions (a drop from last month’s 35)
  • $20,000,000 :: Total residential sales volume reported to MLS (down from last month’s $25 million)
  • $800,000::  Average sales price of reported sales (down from last’s month’s $918,000)
  • 97% ::  Ratio of sales price to list price (up significantly from last month’s 95%)
  • 180 ::  Average days on market prior to selling (down significantly from last month’s (adjusted) 232 days)

What it means: The month of June saw a drop in both transactions (from 35 to 28) and reported sales volume, which dropped $5 million. In June there were 3 transactions that were not reported to the MLS which total an estimated additional $12.5 million in sales volume. The average sales price dropped significantly down to $800,000, the lowest monthly average in almost a year (See Chart below). This can be explained by several lower end sales (and not as many high end sales) in June (see “What” Sold section below).  The sale price to list price ratio reached 97% last month, the highest level seen since I started keeping stats at the beginning of 2013. This is evidence of a hot real estate market where properties are selling very close to their listing price (on average).  Taking out a King Eider lot sale  (which had been on the market for 1,704 days!) the average days on market has decreased from the last several months, also evidence of  an active real estate market where properties are selling fairly quickly (on average).

Breakdown.July

SalesVolumeJuly

AvgSales.July

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“What” sold in the Jackson Hole Real Estate Market in May 2014?

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Monthly Market Update for June 2014

Jackson Hole, WY

What Sold in May 2014? 

  • 31% :: Percentage of single family home sales (down from last month’s 34%, lower than usual)
  • 40% :: Percentage of condo/townhome sales (down from last month 46%)
  • 29% :: Percentage of Land Sales (higher than average this month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in May)
  • 29% :: Percentage of residential properties selling for over $1 million (down slightly from last month’s 31%)
  • 71% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 69%)
  • 43% :: Percentage of residential properties selling for under $500,000 (up significantly from last month’s 37%)

What it means: Last month there were higher than average land sales (29% of all sales) and more sales under $500,000 than is typical in Teton County. In May there were 15 sales under $500,000 (which represented 43% of all sales). There were five lots sales in the new King Eider development in Rafter J which were all listed under $300,000. Additionally 5 other lots sold throughout the Valley last month including Teton Pines, John Dodge, Saddle Butte, and 3 Creek Ranch (pictured below). This spike in land sales could be explained by the time of year, as lots become more visually appealing during the spring & summer months. The month of May also saw several low-end condo sales in the Town of Jackson which contributed to the higher than average sales in that segment (see chart below). There are also several significant commercial sales in May including the old Valley Feed & Pet building on Hwy 89 (listed for $1,700,000), a 28,000 square foot Class A office space in downtown Jackson (listed for $2,125,000) and the new Whole Grocer building, which sold to an investor close to the listing price of $16,500,000.

3creeklot

Breakdown.June

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Jackson Hole Real Estate Sales Statistics for May 2014

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Monthly Market Update for June 2014

Jackson Hole, WY

Summary – May 2014:

    • 35 :: Total residential sale transactions (identical to last month)
    • $25,000,000 :: Total residential sales volume reported to MLS (less than last month’s $29 million)
    • $918,000::  Average sales price of reported sales (up again from last month’s $892k)
    • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
    • 439* ::  Average days on market prior to selling (up again from last month’s 355 days)

    What it means: May’s transactions were identical to April, while reported sales volume took a slight dip (down $4 million). However, in May there were 7 transactions that were not reported to the MLS which total an estimated additional $6 million in sales volume. The average sales price was up again last month suggesting that sales prices overall are on the rise. However, average sales prices are still lower than last Fall (see chart below). The sale price to list price ratio slightly increased last month, meaning buyers are purchasing, on average, closer to the asking price. The average days on market appears to have increased substantially however a closer look at the numbers reveals that this statistic is skewed this month due to 5 lot sales in the King Eider development (which have been on the market since October 2009). Removing these outliers gives us a much more realistic average of 232 days on market.

Sales.June

Volume.June

ASP.June

Please visit the Real Estate Market Report tab for the entire June Market Report.

 

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“What” sold in the Jackson Hole Real Estate Market in April 2014?

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Monthly Market Update for May 2014

Jackson Hole, WY

What Sold in April 2014? 

  • 34% :: Percentage of single family home sales (up from last month (28%) but still lower than usual)
  • 46% :: Percentage of condo/townhome sales (down from last month (52%) but still higher than usual)
  • 20% :: Percentage of Land Sales (typical)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in April)
  • 31% :: Percentage of residential properties selling for over $1 million (up from last month’s 26%)
  • 69% :: Percentage of residential properties selling for under $1 million (down from 74% in March)
  • 37% :: Percentage of residential properties selling for under $500,000 (down slightly from last month and closer to average)

What it means: The month of April saw the breakdown between property type (single family homes/condos & townhomes/land sales) move closer towards normal levels, however condo and townhome sales continue to account for a higher percentage of property sales than normal (and single family homes continue to make up less than normal). On average (over the past 12 months), single family home sales usually make up around 40-45% of all sales, while townhomes and condos tend to make up 35%-37% of all sales (see chart below). Land sales last month were on par with their 12 month average of 19% of all sales.  For the second month in a row, there were NO bank sales and NO short sales. Currently there is only one distressed property available for sale: The Game Creek Ranch, located south of town and listed for $1.395m (pictured below). With regards to the price point of closed sales last month, the breakdown between Over $1 million / Under $1 million / Under $500,000 returned closer to normal last month.

BreakdownPropertyType.May2014

gamecreekranch

Game Creek Ranch – only available short sale in Teton County

Please visit the Real Estate Market Report tab for the entire May Market Report.

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