2018: Q1 Review

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New Listings – What’s New?

The number of new listings hitting the market in first quarter of 2018 is up slightly when compared to last year, thanks to an usually busy January 2018, where nearly 40 new listings hit the market (vs. 21 in Jan 2017). However, the overall dollar volume of these new listings is down slightly in Q1 2018. As a result, the average listing price for the first quarter is down 15%, from $2.092 million to $1.78 million. The decrease was helped by the strong Jan 2017 (which saw an average listing price of $3.3m) and a somewhat weaker March 2018 (which saw an average listing price of $1.2m).

We are officially entering the “busy listing season” of April/May/June, so it will be interesting to see how much new inventory hits the market (and at what price points). Stay tuned….

$1,781,873

AvERAGE LIST PRICE

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$174,002,500

LIST PRICE Volume

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Transactions/Sales Volume – What Sold?

Sales transactions are up nearly 40% in Q1 2018 (vs. this time last year). February 2018 in particular was a very busy month, with 45 sales (vs. only 25 sales in Feb 2017). Sales Volume, however is down 8% in the first quarter of this year. Much of this decline can be attributed to the usually high sales volume of January 2017, where nearly $90 million in property sales occurred (compare that to Jan 2018 where we saw only half that volume).

$132,681,658

Total Sales Volume

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$1,272,155

Average Sales PRICE

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

Property sales over $1 million increase in August 2016

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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. 

over1m

under500

propbreakdown

clusters

Clusters townhome with garage sold in August (listed by JH Sotheby’s)

pineglades

Pineglades townhome at the base of Snow King sold in August (listed by JHREA)

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Real Estate activity rebounds after slow July, but still lags 2015

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“Middle Market” Hot: Half of all sales in July occur in $500,000 – $1,000,000 price range

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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.

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Transactions and sales decline in July after explosive June in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

Summary – July 2016:

  • 31 :: Total residential sale transactions (vs. 58 in June)
  • $29,125,000 :: Total residential sales volume (vs. $78 million in June)
  • $940,000::  Average sales price of reported and unreported sales (lowest in past year)
  • 96% ::  Ratio of sales price to list price (typical level)
  • 133 ::  Average days on market prior to selling (lowest in past 3+ years!)

What it means:  The explosion of real estate activity we experienced in June proved to be more of an anomaly than signaling the start of a record breaking summer trend. After recording the highest transaction level in 3 years (58) and the highest sales volume in 2016 ($75 million) in June, the Jackson Hole real estate market eased off a bit in July with 31 sales totally less than $30 million in sales volume. Interestingly, last July was also lackluster with only 34 sales and $30 million in sales volume. It will be interesting to see if these next few months will mirror the sustained increase in activity seen in Aug/Sept/Oct of 2015 (see chart below). After increasing two months in a row, the average sales price dropped significantly in July, dipping below the $1 million mark for the first time since July 2015 ($902,000). The lower average sales price was driven by several sales in the $500,000 – $700,000 range (see “What Sold?” below). While the sale price to list price ratio held steady at 96%, over 1/4 of buyers paid at, near or ABOVE the listing price for properties in July, including a twinhome in Rafter J, which had multiple offers and sold for $20,000 OVER the listing price. This illustrates that there is still strong demand for well priced properties, especially in the sub $650,000 price range. After hitting a high of 225 days in January 2016, the average number of days a property sits on the market before selling took another dip, reaching a low not seen in the past 3+ years (since I began tracking this statistic). In fact, 50% of all sales in July sold within 90 days of hitting the market (!) – most likely a result of 10 year low inventory levels (see Mid Year Summary). Many buyers know the market well and are prepared to act quickly when they find a property that suits their needs.  (Note: If you are searching for a particular property type/price range, please connect me so that I can alert you about well priced properties entering our market. You can also sign up for email updates for new listings in your price range.) 

DOM

 

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Sales and dollar volume down again, available inventory lowest since 2007: Mid Year update from The Jackson Hole Report

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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

Nelson

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.

Condos and Homes in the $500,000-$1,000,000 price range see increased activity in June

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The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

What Sold in June 2016?

  • 55% :: Percentage of single family home sales (back up after low last month)
  • 38% :: Percentage of condo/townhome sales (down after high last month)
  • 7% :: Percentage of Land Sales (down for second month in a row)
  • 45% :: Percentage of residential properties selling for over $1 million (up again from last month)
  • 55% :: Percentage of residential properties selling for under $1 million (down again from last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (half of last month)

What it means:  Single family homes sales are back up after a slow May, representing over half of all property sales in June.  Condos and townhome sales dipped after a strong showing in May.  Land sales declined again last month (only 4 sales in June), as many buyers focus their attention on the influx of existing homes and townhomes that have come onto the market in the last few months.  Entry level sales took a dip after a strong May, with only 15% of all sales occurring under $500,000 in June. The “hot spot” in June was the $500,000 – $1,000,000 price range, representing 36% of all sales last month. Sales in this segment included several vacation condos in The Aspens and Teton Village and several single family homes in Rafter J and Cottonwood Park, which are popular with local buyers. Property sales over $1 million increased for a second month in a row, accounting for 45% of all sales. High end property sales (defined as sales over $3 million) slowed in June as only 4 sales occurred in this price range (7% of all sales). Three of these high end sales were in Granite Ridge – 2 cabins (pictured below) and the last remaining undeveloped slopeside lot in the development. 

Under500

Over1m

PropertyType

Granite Ridge

One of 2 Granite Ridge cabins that sold in June (listed by JH Sotheby’s)

Click HERE to read the full Monthly Market Update for July 2016.

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Jackson Hole Real Estate activity explodes in June, reaching levels not seen in nearly 3 years

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The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

Summary – June 2016:

  • 58 :: Total residential sale transactions (highest in nearly 3 years!)
  • $77,934,000 :: Total residential sales volume (highest in 2016)
  • $1,345,000::  Average sales price of reported and unreported sales (another increase)
  • 96% ::  Ratio of sales price to list price (typical level)
  • 173 ::  Average days on market prior to selling (remains low)

What it means:  The Jackson Hole real estate market is on fire! There were nearly 60 sale transactions in June, the highest level of monthly transactions since August 2013. Sales Volume also spiked in June, marking the highest monthly volume seen since last October 2015. While May 2016 statistics lagged 2015 (see June’s Market Report), the activity level in June 2016 leaves no doubt that the busy summer selling season is in full swing!  The average sales price increased again in June, but still remains below the highs seen in the past year (see chart below).  The sale price to list price ratio has returned to stable levels at 96%, meaning, on average buyers are purchasing at a 4% discount to the listing price. That being said, 11 properties sold at, near or above the listing price in June, including an older cabin and guest house on 1.5 acres off the Village Road, which sold for $25,000 OVER the listing price.  The average number of days on market remained at 173, the lowest level seen since last September. Well priced properties continue to sell quickly, as 24 properties (41% of all sales!) sold within 90 days of listing. Again this month, there were also several properties that sold BEFORE even hitting the market or being entered into the Multiple List Service (MLS). (Note: If you are searching for a particular property type/price range, please contact me so that I can help identify additional properties for you that may not be officially listed in the MLS.)

Transactions

M-M.Transactions

SalesVolume

AVSP

 

Click HERE to read the full Monthly Market Update for July 2016.

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Property sales under $500,000 increase for 2nd month in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

What Sold in May 2016? 

  • 42% :: Percentage of single family home sales (significant drop from previous months)
  • 46% :: Percentage of condo/townhome sales (significant increase from previous months)
  • 12% :: Percentage of Land Sales (down slightly from April)
  • 36% :: Percentage of residential properties selling for over $1 million (up from low last month)
  • 64% :: Percentage of residential properties selling for under $1 million (down from high last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (2nd large monthly increase)
  • 7 :: Commercial Transactions – 5 sales and 2 leases

What it means: After increasing for 3 straight months, single family homes sales declined in May, representing only 42% of all sales and marking the lowest percentage since Aug 2015. Three of these sales were multi-family properties (2 duplexes and 1 four-plex), illustrating investors’ interest in our strong rental market in Jackson Hole. On the other end, the percentage of condo and townhome sales nearly doubled from April to May and accounted for more sales than single family homes for the first time in several months (see chart below). There were 4 land sales in May including two 1.17 acre vacant lots in Shooting Star near Teton Village at the base of Jackson Hole Mountain Resort which sold for $2.7 million each.  Entry level sales had another strong month, with 30% of all sales occurring under $500,000 in May, achieving a double digit increase for the second month in a row (see chart below). The majority of the 10 sales under $500,000 where condos in the Town of Jackson, including a 2 bed/2 bath townhome with a 1 car garage located in central Jackson, which sold in 79 days from listing. Property sales over $1 million rebounded slightly after accounting for only 25% of all sales last month. Property sales over $3 million also rebounded with 4 sales over $3 million including a newly built home on the Westbank, which had been on and off the market for nearly 3 years (pictured below).  The month of May also saw 4 larger commercial sales in Jackson, including the Wilson gas station, an in-town restaurant space and a re-development opportunity on Broadway (currently home to Ocean City).

Over$1m

Under$500

PropertyTypeBreakdown

Rivendell

New custom home on Westbank – SOLD in May 2016 – Listed by JH Real Estate Assoc

Click HERE to read the full Monthly Market Update for June 2016.

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Sale Transactions & Dollar Volume increase in May, but still lag 2015 summer sale statistics

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

Summary – May 2016:

  • 33 :: Total residential sale transactions (highest in past 6 months)
  • $38,200,000 :: Total residential sales volume (jump from last month)
  • $1,160,000::  Average sales price of reported and unreported sales (up after a low last month)
  • 96% ::  Ratio of sales price to list price (back up to typical level)
  • 173 ::  Average days on market prior to selling (lowest in 8 months)

What it means:  Both sale transactions and dollar volume jumped up in the month of May after a sluggish early spring. Dollar Volume increased 54% from April, while sale transactions in May were the highest in the past 6 months. This is great news as we enter the busy summer selling season, however these sale statistics are still lagging 2015 numbers. Compared to May 2015, both sales transactions AND dollar volume are down 42% (see chart below). It will be interesting to see if the entire summer selling season will lag 2015, or if we are simply off to a slower start this year.  The average sales price increased slightly in May, but still remains low, dipping below $1.2 million for only the 3rd time in the past 12 months.   The sale price to list price ratio stabilized at 96% after a low a few months ago. In May, 5 properties sold at or near the listing price, including two 3-bdrm condos in Hansen Meadows, selling at $410,000 and $440,000.  The average number of days a property sits on the market before selling dropped significantly in May, marking the lowest level seen since last September, as 11 properties (or 33% of all sales) sold within 90 days of listing. There were also several properties that sold BEFORE even hitting the market or being entered into the Multiple List Service (MLS). (Note: If you are searching for a particular property type/price range, please contact me so that I can help identify additional properties for you that may not be officially listed in the MLS.)

Transactions

SalesVolume

AvgSalesPrice

2015v2016.Transactions

Click HERE to read the full Monthly Market Update for June 2016.

 

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