Properties selling under $500,000 lowest in over 2 years

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The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

What Sold in Dec 2015? 

  • 48% :: Percentage of single family home sales (similar to last month)
  • 17% :: Percentage of condo/townhome sales (lowest in over 2 years)
  • 35% :: Percentage of Land Sales (one of highest % in past year)
  • 43% :: Percentage of residential properties selling for over $1 million (up from last month)
  • 57% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 13% :: Percentage of residential properties selling for under $500,000 (lowest in past 2 years)
  • 10 :: Commercial Land Sales

What it means: Single family home sales remained near average levels in December, representing nearly 1/2 of all sales in December (12 month average is 47%). On the other hand, there were only 4 condo/townhome sales in December, accounting for less than 20% of sales in Teton County last month. This represents the lowest percentage seen since compiling statistics for this Report in the summer of 2013. Low condo sales could be explained by the low condo inventory levels – currently only 25% of all listings in Teton County are condo or townhomes. Land sales spiked in December, representing 35% of all sales, one of the highest percentages recorded in the past year. Notable land sales in December include two lot sales in 3 Creek Ranch, a 36 acre parcel in Bar-B-Bar Ranch north of Jackson and three land sales south of town in Squaw Creek, Shootin’ Iron Ranch and the Snake River Sporting Club.  Property sales under $500,000 took a significant drop in December – there were only 3 sales in December under the half million mark, representing the lowest percentage of sales the past 2 years. This decline is significant as it illustrates the shrinking of the entry level market. Options for first time home buyers and local families are becoming fewer, creating higher demand and resulting in even higher prices for this segment. On the other hand, sales above $1 million increased after a low month in November and represented nearly 1/2 of all sales in Teton County. Separately, there were 10 commercial sales in the month of December in Teton County, as many investors aimed to complete a purchase or sale before the year end. (Although this Report does not track commercial sales, there are usually 1-2 per month.) Notable commercial sales included: two industrial condominiums on Elk Ave (south of town), two Pine Box live/work units in Town (pictured below), two high end office condos in downtown and the sale of the Elk Refuge Inn, which sold for $3.5 million.

Over$1m

Under500

PropBreakdown

PineBox

Two Pine Box units sold in December offering a live/work option in West Jackson

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

 

 Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

2015NewYear

How can I help you buy or sell a home in 2016? 

 

December sales lowest since Jan 2015 in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

Summary – Dec 2015:

  • 23 :: Total residential sale transactions (2nd lowest in past year)
  • $44,525,000 :: Total residential sales volume (another drop)
  • $1,935,000::  Average sales price of reported and unreported sales (back up after a dip last month)
  • 95% ::  Ratio of sales price to list price (slight drop after many consistent months)
  • 217 ::  Average days on market prior to selling (identical to last month)

What it means:  Real estate sale transactions dropped off significantly in December, marking the lowest number of monthly sales since Jan 2015, and perhaps signaling a new trend of slowing real estate activity. Sales volume also declined again, representing the 3rd lowest levels seen in the past year.  The average sales price was back up near $2 million, a typical average price over the last several months. The ratio of sale price to listing price dropped slightly to 95% after 7 months at 96%, suggesting that recently buyers are purchasing property at more of a discount (on average). That being said however, 35% of all sales in December sold at, near, or above the listing price, including all 3 sales that occurred under $500,000.  Properties selling in December were, on average, on the market slightly longer than sales in the summer months. The 10 acre Forest Service parcel on North Cache finally sold after 910 days on the market (and after falling out of contract with several previous buyers).  Conversely there were also several property sales that occurred very quickly in December including a cabin on 3 acres in Red Top Meadows (listed for $489,000) and an Aspens one bedroom condo with a unique floor plan (listed for $405,000). Both properties sold in under 70 days from hitting the market. Well priced and high demand properties continue to sell quickly, however many aggressively priced properties are sitting on the market. Heading into 2016, I anticipate this trend to continue as Buyers continue to be motivated by value and are not ready or willing to pay more than a property is worth (based on the most recent market comps).

Transactions

Volume

AvgSalePrice

DOM

AspensCondo

Aspens Condo with unique floor plan sold quickly in December

 

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

 

 Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

2015NewYear

How can I help you buy or sell a home in 2016? 

Sales Volume drops significantly in November in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

Summary – Nov 2015:

  • 41 :: Total residential sale transactions (down for the second month)
  • $52,500,000 :: Total residential sales volume (a BIG drop from the last few months)
  • $1,280,000::  Average sales price of reported and unreported sales (down after many months near $2m)
  • 96% ::  Ratio of sales price to list price (consistent for past 7 months)
  • 216 ::  Average days on market prior to selling (up for second month in a row)

What it means:  Real estate sale transactions dipped again in November after a busy Fall season. Sales volume dropped off significantly in November, representing only half of sales volumes seen this summer.  The average sales price also decreased significantly, down nearly 35% from the averages of Aug-Sept-Oct. Properties are consistently selling, on average, at 96% of the current listing price. That being said there were several properties that sold this month for significantly less than their original listing price including a 2 bedroom home in Rafter J that sold for $50,000 less than the listing price, a Moosecreek townhome in Teton Village that sold at 90% of list price and a property at the base of Snow King, which sold for nearly $200,000 less than its original listing price. Properties that sold in November were, on average, on the market longer than sales in the previous 2 months. in particular, a unique distressed property (short sale) on Fish Creek Road finally sold after being on the market for over 2 years (pictured below).  That being said, there were 12 properties that sold in November (29% of all sales) after less than 3 months on the market, including a 3 bedroom condo at Snow King with short term rental zoning, which had multiple offers in the first few days and sold for $15,000 OVER the listing price. Bottom line: Well priced properties continue to sell quickly, while aggressively priced properties sit on the market and/or eventually sell at deep discounts. This demonstrates that Buyers are ready to buy but are motivated by value and are not willing to over pay for a property.

Transactions

Volume

AverageSalePrice

AvgDaysonMkt

FishCreek

Unique Property on Fish Creek Rd – a short sale that finally sold after 2+ years on market

 

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

 

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Single family home sales drop in November, as condo/townhomes sales surge

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The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

What Sold in Nov 2015? 

  • 46% :: Percentage of single family home sales (sharp drop)
  • 46% :: Percentage of condo/townhome sales (huge increase this month)
  • 8% :: Percentage of Land Sales (another decrease)
  • 37% :: Percentage of residential properties selling for over $1 million (large drop from last 3 months)
  • 63% :: Percentage of residential properties selling for under $1 million (up significantly from last few months)
  • 20% :: Percentage of residential properties selling for under $500,000 (up from last month)

What it means: After two strong months, single family home sales dropped significantly in November, representing less than 1/2 of all sales in Teton County. On the other hand, condo/townhome sales increased significantly last month, accounting for nearly 1/2 of all sales in November and marking the highest monthly percentage seen in the past year. The higher than usual condo/townhome sales helps explain the lower sales volume and lower average sales price (see Summary above), as most condo sales are in the lower price points.  In particular, there were 9 condo sales under $600,000 last month including two condos in the Aspens, selling for $55,000 and $70,000 under list price. There were also several high-end condo sales over $1 million including a townhome in Teton Pines, a Moose Creek townhome in Teton Village and a penthouse unit at Teton Mountain Lodge, which sold for just under $2.3 million (pictured below).   Building lot sales took yet another dip as many potential lot buyers are most likely waiting until after winter to make a purchase so that they can break ground after the spring thaw. Properties selling for over $1 million also took a sharp drop in November, representing less than 40% of all sales – the second lowest percentage seen in the last 6 months. Again, this is connected to the higher than usual condo/townhome sales. Last month there were only 3 sales over $3 million including homes in 3 Creek Ranch, Teton Village and Tucker Ranch. Conversely, there were 8 sales under $500,000, representing 20% of all sales, an increase after several months of up and down. Last month, we saw a rarity: two single family home sales under $500,000 – a 1 bedroom 626 sq ft home on Aspen Drive (technically zoned a townhome) and a log home up in Moran, which sold for $490,000.

Over1m

Under500

PropertyType

Penthouse

Penthouse in Teton Mountain Lodge in Teton Village – Sold in Nov 2015

 

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

 

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

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What Sold in Oct 2015? 

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

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

Over1m

Under500

PropType

3Creek

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

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

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October real estate transactions and volume dipped slightly, but remain strong in Jackson Hole market

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

Summary – Oct 2015:

  • 46 :: Total residential sale transactions (down slightly after 2 high months)
  • $89,000,000 :: Total residential sales volume (including unreported sale prices)
  • $1,940,000::  Average sales price of reported and unreported sales (similar to last month)
  • 96% ::  Ratio of sales price to list price (consistent for past 6 months)
  • 196 ::  Average days on market prior to selling (back up after a low month in Sept)

What it means:  After a very strong performance in August and September, both real estate transactions and sales volume dipped slightly in October, but remained robust. Sales transactions in October were the fifth highest in the past 12 months, while sales volume (including unreported sale prices*) was the fourth highest in the previous year. The average sales price in Teton County remained consistent with the past 2 months, hovering just under $2 million. Properties continue to sell, on average, at a 4% discount to the current listing price.  The average days a property sits on the market before selling increased slightly after a low in September and is right near the 12-month average of 193 days. In particular, there were 3 properties that sold last month after more than 2 years on the market, including a Bed and Breakfast on Teton Village Road, that sold for 97% of its original listing price when it first came onto the market back in July 2013. We continue to see well priced and/or in high demand properties selling very quickly and close to asking price. In October, 16 of the 46 sales (35% of all sales) closed within 3 months of being listed. Additionally, 7 sales in October sold at or ABOVE the listing price, including a rare Grand Teton National Park in-holding, which sold for $1.795m after 150 days on the market.

*Note that in previous reports, I separately tracked sales that were reported to the MLS and transactions where the sales price was withheld from the MLS. Lately, there have been several significant sales each month that are not reported to the MLS. Given that these undisclosed sales are a valuable component in tracking the overall market trends, going forward, I will be reporting the COMBINED total sales volume and average sales prices, including those sales reported to the MLS and making an estimate for sale prices not reported to the MLS.

Transactions

Volume

AverageSalesPrice

DaysonMarket

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

 

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

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

The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 3rd quarter. Click HERE to read the full 2015 Q3 Report.

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

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

OVERALL MARKET

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

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

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

SINGLE FAMILY HOMES

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

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

CONDO/TOWNHOME

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

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

VACANT LAND

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

marketreport

As a first time home buyer in today’s market, it may seem that prices and values are becoming out of reach. Even as a seasoned home buyer, it is obvious that you can’t get as much as you once could in any given price range. That being said, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

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

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What Sold in Sept 2015? 

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

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

Over$1m

breakdown

TealTrace

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

 

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

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Another strong month for transactions and sales volume in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

Summary – Sept 2015:

  • 53:: Total residential sale transactions (similar to Aug’s high)
  • $100,500,000 :: Total residential sales volume including unreported sale prices
  • $1,900,000::  Average sales price of reported and unreported sales
  • 96% ::  Ratio of sales price to list price (consistent for past 5 months)
  • 155 ::  Average days on market prior to selling (back down after last month’s spike)

What it means:  September real estate sales followed in August’s footsteps, recording a second straight month of robust transaction levels. Additionally, sales volume in September had another strong performance topping $100 million for the second month in a row (including reported and non-reported sales prices – see note below).  As a point of reference, we haven’t seen total sales volume top $100 million since October 2013 and haven’t seen numbers even close to these since last fall (Sept & Oct 2014 had total sales volumes of just over $90 million each). It is typical for the fall months, mainly Sept and Oct, to put up strong numbers as they account for deals that came together during the busy summer selling season (i.e. if you put a property under contract in Aug, you will most likely close in Sept or Oct). I also think the high September sales transaction and volume are also an indication of increasing motivation of sellers as we approach the end of summer. As an illustration, we saw several price reductions last month as many Sellers hope to sell their properties before winter. In conjunction with the higher than usual sales volume, the average sales price (again including both reported and unreported sales) remained much higher than usual at just under $2 million.  The average days a property sits on the market before selling dropped down again after a small increase in August. Properties that are well priced and/or in high demand continue to sell very quickly and close to asking price. In particular, 22 of the sales in September closed within 3 months of being listed. Additionally, nearly 20% of all sales occurring in September closed at or above the listing price.

Note that in previous reports, I separately tracked sales that were reported to the MLS and transactions where the sales price was withheld from the MLS. Lately, there have been several significant sales each month that are not reported to the MLS. Given that these undisclosed sales are a valuable component in tracking the overall market trends, going forward, I will be reporting the COMBINED total sales volume and average sales prices, including those sales reported to the MLS and making an estimate for sale prices not reported to the MLS.

transactions

VolumewithUnreported

AVSP

ADOM

 

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

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Lot Sales dominate transactions in August in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

What Sold in Aug 2015? 

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

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

LandSales

Under500

pondo

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

 

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

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