April sees spike in Property Sales under $1 million in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

What Sold in Apr 2016? 

  • 58% :: Percentage of single family home sales (3rd monthly increase)
  • 25% :: Percentage of condo/townhome sales (drop from last several month)
  • 17% :: Percentage of Land Sales (uptick from March)
  • 25% :: Percentage of residential properties selling for over $1 million (lowest since Jan 2015)
  • 75% :: Percentage of residential properties selling for under $1 million (highest since Jan 2015)
  • 20% :: Percentage of residential properties selling for under $500,000 (rebound from low last month)

What it means: Single family home sales continued to increase for the 3rd month in a row, representing over 1/2 of all sales in Teton County. Condo and townhome sales took a dip after several strong months in 2016. Land Sales increased in April as we get closer to the construction season.  The month of April saw many sales in the lower price ranges, with 75% of all sales occurring under $1 million, a level we haven’t seen in 15 months. In particular, there were 6 single family homes sales under $700,000 in April, quite the surge considering there are only 5 single family homes currently for sale in this price range (3 of which are in Moran, WY).  Conversely, property sales over $1 million only accounted for 1/4 of all sales last month. There were only 2 sales over $3 million in April (and 0 sales over $4 million) – compare that to the last several months where we have seen 4-5 sales between $3-$10 million.  After a 3 year low last month, property sales under $500,000 recovered in April representing 20% of all sales and included condos in Town and Teton Village, a lot in Teton Pines and a bank owned property in Moran that had been on the market for over a year.

Over1m

Under500

Breakdown

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

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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Dollar Volume down in 2016 as April records lowest level in 15 months

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

Summary – Apr 2016:

  • 24 :: Total residential sale transactions (similar to last month)
  • $24,700,000 :: Total residential sales volume (lowest in 2+ years)
  • $1,030,000::  Average sales price of reported and unreported sales (lowest in 9 months)
  • 96% ::  Ratio of sales price to list price (back up to typical level)
  • 210 ::  Average days on market prior to selling (similar to last month)

What it means:  Sale transactions in April were in line with March sales, which continued to lag 2015 transaction numbers. Total dollar volume dropped significantly last month, marking the lowest level since Jan 2014. Compared to last year, April’s dollar volume was less than half of what was sold in April 2015, a prevailing trend so far in 2016 (see chart below).  Given the low dollar volume, the average sales price in April also dropped as many properties sold in the lower price ranges (see What Sold below). The last time the average sales price was down near $1 million was back in July 2015.  The sale price to list price ratio rebounded from last month to more typical levels. In particular, 6 properties (or 25% of all sales) sold at or near the listing price in April, including a 3 bedroom updated Aspens condo, which sold quickly for the listing price of $990,000. The average days on market remained consistent as most properties, on average, sold in a little over 200 days of listing. In April, more than 40% of the sales occurred within 3 months of hitting the market, including a 3 bedroom townhome in E Jackson and a vacant lot in Teton Pines. This illustrates that well-priced properties in high demand market segments are selling quickly in the Jackson real estate market.

Transactions

Volume

2016v2015

AVSP

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

 

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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Sales and Volume decline in 2016, while affordable inventory dwindles – Quarterly Update from The Jackson Hole Report

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Sale transactions and dollar volume are down in the first quarter of 2016 while available inventory in the entry level market dwindles, resulting in increased demand for well priced properties. 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 1st quarter 2016. Click HERE to read the full 2016 Q1 Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 26%
  • Sales under $1 million are down 36%
  • Overall dollar volume is down 27%
  • Due to limited inventory, the Average Sale Price increased by 11% in Q1 2016
  • Hot Price Point: Properties priced between $1-3 million, where 40% of the sales occurred in the first quarter
  • Hot Location: The Westbank (including Teton Village) which accounted for 45% of all sales in the first quarter
CrystalSprings

Crystal Springs condo sold in Teton Village (listed by JH Sotheby’s)

HIGH END MARKET

  • While high-end property sales ($2+ million) were down 68% in the first quarter, there are 39 high-end properties under contract (an increase of 34%), with an average list price of more than $4.5 million
  • Available inventory of high end properties is up 20% compared to this time last year
  • There are 47 properties for sale over $5 million, an increase of 18%
  • The most expensive property for sale in Teton County is a 580 acre ranch (with 6 building sites), listed for $45 million (pictured below)
580Acres

580 acres available for sale off Spring Gulch Rd – $45 million (listed by Live Water Properties)

SINGLE FAMILY HOMES

  • Single family home sales in the first quarter were consistent with sales last year at this time
  • However, the average sale price increased 18% to $2.3 million
  • Single family home sales over $1 million are up 13%
  • Single family home sales over $3 million are up 100% compared to this time last year!
  • While over all single family inventory is up 8%, available homes under $1 million are at a 25 year low
  • Only 15% of available single family homes are priced under $1 million
  • Considering that 47 homes sold in this segment in 2015, there is less than 1 month of available inventory for home under $1 million.
  • Click HERE to view the 20 single family home listings priced under $1 million
HiddenRanch

Single family home available in Hidden Ranch – $925,000 (listed by JHREA)

CONDO/TOWNHOME

  • Overall condo sales are down 29%, with only 39 sales in the first 3 months of 2016
  • The average sales price dropped 11%, however the price of available inventory is up 38% – which represents the highest average condo list price since the start of the recession in 2008
  • Condo sales under $500,000 decreased by 39% in Q1 2016 due to low inventory levels
  • Condo listings under $500,000 sell in 86 days, on average, many times receiving multiple offers
  • Only 28% of available condos are priced under $500,000

VACANT LAND

  • Lot sales are down significantly (58%) with only 14 sales in the first quarter of 2016
  • Average sales price is up 16%
  • Overall available inventory dropped 5% from last year, however list prices remained consistent.
  • Available vacant land for sale under $500,000 is only 1/4 of what was available in 2013 & 2014.
  • Majority (71%) of vacant land buyers are second homeowners and/or retiring baby boomers.

marketreport

As we approach the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015, representing only 2 months of inventory. Whether you are a first time or seasoned home buyer, 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, as buyers continue to be motivated by finding a good value. 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 under $500,000 reach new low; account for only 8% of all sales in March

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The Colbert Real Estate Report

Monthly Market Update for April 2016

Jackson Hole, WY

What Sold in Mar 2016? 

  • 50% :: Percentage of single family home sales (another increase)
  • 37.5% :: Percentage of condo/townhome sales (similar to last month)
  • 12.5% :: Percentage of Land Sales (down from last February)
  • 58% :: Percentage of residential properties selling for over $1 million (huge jump from last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 8% :: Percentage of residential properties selling for under $500,000 (lowest % in 3+ years!)

What it means: Single family home sales increased again in March, representing 1/2 of all sales in Teton County. Condo and townhome sales remained consistent after a surge in February. Land Sales dropped slightly in March, probably a result of low winter inventory levels. After starting the year out strong, property sales under $500,000 hit another new low, representing only 8% of all sales in March. This is the first time sales in this segment have dipped below 10% in the past 3 years (since the start of compiling statistics for this report in 2013). We should expect to continue to see a low number of sales in this price point until more entry level inventory hits the market. (Currently there are only 22 full ownership options available in Teton County priced under $500,000.) Conversely, sales above $1 million increased significantly in March, representing nearly 60% of all sales. There were several high end sales in March including a 6,300 sq foot home in Spring Creek Ranch, a Granite Ridge home site in Teton Village and the sale of a 105 acre portion of the large Vandewater Ranch located on the Village Road, which included 3 separately deeded parcels and had both Fish Creek and Flat Creek frontage (pictured below).

Over1m

Under500

PropertyBreakdown

VandewaterRanch

Parcel 2 of Vandewater Ranch sold in March (listed for $14.2 million by JHREA)

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Real Estate sales and dollar volume recover in March

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Mar 2016:

  • 25 :: Total residential sale transactions (up again from last month)
  • $41,750,000 :: Total residential sales volume (up again from last month)
  • $1,670,000::  Average sales price of reported and unreported sales (down slightly from last month)
  • 90% ::  Ratio of sales price to list price (lowest in past several years!)
  • 209 ::  Average days on market prior to selling (up slightly from last month)

What it means:  March real estate sales and dollar volume recovered after a very slow February, however both are still lagging numbers seen the same time last year. Transactions this March were roughly 30% below March 2015, while dollar volume was only 3/4 of what it was last year at this time. The average sales price in March remained high, thanks to several high end sales (see What Sold section). The sale price to list price ratio continued to fall in March, meaning properties were selling, on average, at more of discount, and reached a low not seen in the last 3+ years (since I’ve been compiling stats for this report). While this low percentage was in no doubt helped by a 105 acre ranch parcel which sold for half of its listing price in MLS, even without that transaction, the monthly average was still 92%. While this low percentage could indicate that Sellers are becoming more motivated in general, in reality many Sellers may have priced recent listings aggressively in anticipation that the market would continue to increase at the rate seen in 2015 (see 2015 Year End Report). Since the market value acceleration slowed a bit in 2016, many Sellers may now be willing to sell at a greater discount to their original list prices. The average days on market increased slightly as most properties, on average, sold within 200 days after listing. In March, only 4 properties sold in 3 months or less including two condo hotels in Teton Mountain Lodge and only 1 property sold at the listing price (compare that to various months in 2015, when as many as 1/3 of properties could sell within a few months of being listed and several properties would consistently sell at or above the list price).

Transactions

Volume

DOM

SaletoList%

 

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Property Sales under $500,000 drop, representing only 16% of all sales in Teton County

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Feb 2016? 

  • 47% :: Percentage of single family home sales (slight uptick from last month)
  • 37% :: Percentage of condo/townhome sales (back down after high last month)
  • 16% :: Percentage of Land Sales (up after slow January)
  • 42% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 58% :: Percentage of residential properties selling for under $1 million (similar to last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (big drop from last month)
  • 2 :: Commercial Land Sales (after 13 the last two months)

What it means: Single family home sales were back up to average levels in February, while condo and townhome sales dropped back down after a high last month.  Land Sales saw a slight increase after a slow January, as several buyers appear to be looking towards the spring construction season. Property sales under $500,000 represented only 16% of all sales after a strong January (33% of all sales). We may continue to see a low number of sales under $500,000 due to increased pricing and little to no inventory. There are only 14 condos currently for sale under $500,000 in Teton County (excluding several tenant in common interests available for sale at the Fireside Resort).  Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in February. There were 4 luxury property sales over $3 million last month, including a home in Teton Pines, Shooting Star, Granite Ridge and a 9,000 sq foot home in the exclusive Indian Springs neighborhood (pictured below), which sold for over $10 million.

Under500

Over1m

Breakdown

Indian Springs

9,000 sq ft home sold in Indian Springs (listed by JH Sotheby’s)

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Real Estate Transactions hit new low in February in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Feb 2016:

  • 19 :: Total residential sale transactions (lowest in past year)
  • $34,688,000 :: Total residential sales volume (up slightly from last month)
  • $1,825,000::  Average sales price of reported and unreported sales (up from last month)
  • 94% ::  Ratio of sales price to list price (down from last several months)
  • 194 ::  Average days on market prior to selling (down from last month)

What it means:  Even with the extra Leap Day, real estate sale transactions hit a new low in February with only 19 sales reported to the MLS.  Sales volume remained low, but was a slight improvement from January.   The average sales price rose in February thanks to a $10+ million sale in Indian Springs (see What Sold below). Interestingly, the ratio of sale price to listing price dropped down to 94% after several months of 95-96% illustrating that buyers purchased property at even more of a discount in February. In particular, only 1 of the 19 sales occurred at or very near to the listing prices (compare that to December, where 35% of all sales sold at, near, or above the listing price). While this could be evidence that Sellers are becoming more motivated, more likely I believe that many sellers are pricing their properties above market and then are willing to sell at a price closer to recent sale comps. For example, one home sale in Teton Pines was originally listed at $5.2 million, reduced to $4.3 million and finally sold last month for $3.85 million. Properties that sold in February were on the market for an average of 194 days and marked the first time this statistic has dipped below 200 days since Oct 2015. There were 5 properties (or 26% of all sales) that sold in under 3 months, while two different high end properties sold after 2 years on the market, including a Granite Ridge property that sold after 426 days on the market.

Transactions

SalesVolume

DOM

SaleVsListRatio

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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Real Estate Sales and Dollar Volume up again in 2015

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The Jackson Hole Report, a quarterly market report prepared by my colleagues David & Devon Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market. Below is a quick summary of their 2015 Year End Report. Click HERE to read the full 2015 Jackson Hole Report.

OVERALL MARKET

In 2015, the real estate market in Jackson Hole (including land, condos, single family and commercial) saw 12% more sales than in 2014. Dollar Volume of those sales was up 36% from 2014. The luxury market ($3+ million) saw even bigger increases over 2014, reporting a 39% jump in sales and a 37% jump in dollar volume. This trend of increasing sales over the past few years has left the market with very little inventory – current available listings at the end of 2015 were the 3rd lowest level in 25 years (2014 saw the 2nd lowest level).

  • Total real estate sales: 684
  • Total dollar volume: $1,095,000,000
  • 52% of all sales in 2015 occurred under $1 million

SINGLE FAMILY HOMES

  • Single family homes accounted for 36% of total sales in 2015
  • Dollar Volume ($501 million) was up 26%
  • Average Sales Price was up 23%
  • Hot Spot: The Town of Jackson had 67 single family home sales, selling on average for $832,615.

There were 99 homes sales under $1 million in 2015. However, currently inventory is thin, with only 24 homes available under $1 million (and only 2 under $600,000). Homes over $1 million were up too, reporting 125 sales in 2015 (up 25% from 2014).

Henley

Single family home in E Jackson sold in 2015 for more than the list price of $975,000 (listed by Re/max).

CONDO/TOWNHOMES

  • Condo and townhome sales were up 17% in 2015
  • Dollar Volume was up a staggering 79%!
  • Average Sales Price was up 53%
  • 59% of all condo sales were over $500,000
  • Hot Spot: Teton Village sales increased 88% in 2015, with an average sales price of $2.13 million

Why the increase? Condos and townhomes were the first to recover after the recession, especially in the entry level market (under $300,000). Many entry level condos have appreciated as much as 100% in the last 5 years. As an example, in 2012 there were 50 condo sales under $300,000. Currently, there are zero!

Teton Village

Wind River condo in Teton Village sold in 2015 for $1.05 million (listed by Re/max).

LAND SALES

  • Lot sales were up 16% in 2015
  • Dollar Volume was up 33%
  • Average Sales Price was up 15%
  • Hot Spot: Lots sales over $1 million increased 16%, with sales volume up 33%

Land sales have been on the rise as the construction industry strengthens and people’s desire to build a home in Jackson continues. Unlike the diminishing inventory in the single family home and condo market, the existing inventory for vacant land is healthy. There are 61 lots currently for sale in Teton County priced under $1 million. Given the low inventory for built homes, demand for vacant land should continue to grow in 2016.

Fall Creek

3 acre lot on Fall Creek Rd sold in 2015 for $820,000 (listed by Re/max).

LOOKING TO 2016: Prices should continue to rise as we enter 2016 due to the low inventory and steady demand. But how much well-priced inventory will be available for local buyers? Will there be a breaking point? Will the market stall out or plateau if/when prices get too high?  The next few months may be relatively quiet, given the low inventory levels. Much of the state of the Jackson real estate market going forward will depend on the amount and price point of new Spring inventory, which usually hits the market in May. Stay tuned…..

Sale Transactions & Dollar Volume down at start of New Year

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Jan 2016:

  • 21 :: Total residential sale transactions (lowest in past year)
  • $32,690,000 :: Total residential sales volume (down again from last month)
  • $1,560,000::  Average sales price of reported and unreported sales (down from last month)
  • 95% ::  Ratio of sales price to list price (same as last month)
  • 225 ::  Average days on market prior to selling (up slightly from last month)

What it means:  Real estate sale transactions continued to decline in January, reaching a low not seen in the past several years! Sales volume also decreased again, representing the 3rd lowest levels seen in the past year. While January is typically a slow month for sales (Jan 2015 had only 22 sales), some evidence suggests that these sluggish levels of activity may stick around.  The average sales price dipped to $1.5 million in January, after 3 of the last 4 months saw average prices up near $2 million mark. The ratio of sale price to listing price remained at 95% for the second month in a row suggesting that recently buyers are purchasing property at slightly more of a discount (on average). In January, only 2 properties sold within 1% of the listing price (compare that to December, where 35% of all sales sold at, near, or above the listing price). Properties that sold in January were on the market for an average of 225 days. In particular, there were 7 properties that sold after 6 months on the market and 4 that sold after being on the market for over a year. This could be a result of not much new inventory hitting the market, forcing buyers to focus on the existing, older inventory. There were several high-end sales in January, in which the sales prices were not disclosed to the MLS including a 10 acre estate perched above the Town of Kelly (listed for $7.5 million), a 6,000 sq foot house in Crescent H (listed for $7.9 million and pictured below) and a 6 bedroom home at the base of Jackson Hole Mountain Resort.

Trans

Volume

AVSP

CrescentH

6,000 sq foot home in Crescent H sold in January (listed by JHREA)

 

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

 

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!

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Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

I very much appreciate your support! 

Real estate values increase in 2015, as Sales Volume up 30% in Jackson Hole

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Market Focus

marketfocus

2015 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

Over the course of 2015, I have tracked 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 2015, how they compare to 2014, and a look forward to 2016:

Quick Stats – 2015:

  • 466 total real estate transactions in 2015
    • 2014 = 447 sales
  • Sales volume of $743,000,000 (includes reported and unreported* sales)
    • 2014 = $568,000,000
  • Average sales price = $1,590,000
    • 2014 = $1,270,000

*Note: When a sales price is not disclosed in the MLS, an estimate is used based on the current listing price and the average monthly sale to list ratio.

Sales Transactions and Sales Volume: While the number of transactions didn’t increase much, Sales Volume in 2015 jumped up 30% from 2014!! Monthly sales volume in Teton County in 2015 matched or outpaced monthly volume in 2014 in all but one month (July 2015). Not only were the “big” months of Aug & Sept bigger in 2015, much of the rest of year, especially the Spring of 2015 saw roughly double the sales volume of 2014. These levels are impressive given that there were only 19 more sales in 2015 (v. 2014).

YearEndVolume

 

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2015, including unreported sales in MLS, was just under $1.6 million. With the exception of July 2015, the monthly average sales price never dipped below $1 million last year. During the peak selling months in the summer/fall 2015, the monthly average sales price hovered around $2 million. The obvious trend? Prices went up in 2015. Compared to 2014, which had an average sales price of $1.27 million, prices in 2015, on average, went up 27%!

YearEndAVSP

 

In analyzing the Breakdown of Sales by Price Point in 2015, and comparing it to 2014, a few trends become clear. Similar to 2014, the majority (36%) of residential sales in Teton County in 2015 were in the $500,000 – $1,000,000 range. These sales included fixer upper single family homes in the Town of Jackson, 3 bedroom townhomes in Town and south of Town, homes in Rafter J and condos in Teton Village. The $1-3 million segment was also strong, accounting for nearly 1/3 of all sales in Teton County in 2015. Compare that to 2014, when this segment made up only 23% of all sales.  Only 4% of all sales in 2015 were under $300,000 and only 1 in 5 sales occurred under $500,000. This is the biggest change from 2014, when nearly 40% of all sales occurred under the half million mark, illustrating a trend of higher prices and a shrinking “entry-level” market. Finally, the percentage of high-end sales ($3 million and up) more than doubled from 2014 to 2015, as many wealthy second homeowners invested in the Jackson Hole market.

PriceBreakdown2015Res

BreakdownPriceRes

The breakdown for land sales in 2015 shows a slightly different distribution, with 50% of all lot sales happening above $1 million – compare that to 2014, when only 29% of sales occurred in this segment. In particular, there were 14 land sales over $3 million in 2015, including parcels in Ely Springs, Shooting Star and Bar B C Ranch. Conversely, only 5% of lot sales in 2015 were under $300,000, compared to nearly 20% of all sales in 2014, illustrating a shrinking entry-level market for vacant land as well. The 4 sales that occurred under $300,000 were located south of Town in the Hoback and Sqauw Creek neighborhoods.

PriceBreakdown2015

BreakdownPriceLand

Summary and What’s Next? There is no question, 2015 was a big year! Sales Volume increased 30% with only a 4% increase in transactions. As expected we saw prices rise with the average sales price increasing roughly $360,000 from 2014 to 2015. Nearly 1/2 of all properties sales occurred over $1 million, with significant growth especially in the higher end of the market. Consequently, the entry level segment of the market shrunk as fewer residential properties and vacant land sold under $500,000 in 2015. It’s hard to imagine this explosive growth can continue. In November and December 2015, we began to witness a slow down in sales and volume (see Jan 2016 Market Report). While some of that can be attributed to the slower time of year, many real estate professionals sense a plateauing of real estate activity in 2016. Even though Jackson Hole is somewhat insulated from global and/or national trends, the recent activity in China, the Middle East and the stock market should have some effect on sales and values in our market.

Stay tuned to The Colbert Real Estate Report for market statistics and trends in Jackson Hole Real Estate as we enter 2016.