Unreported sales push August sales volume above $100 million

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The Colbert Real Estate Report

Monthly Market Update for Sept 2015

Jackson Hole, WY

Summary – Aug 2015:

  • 51:: Total residential sale transactions (up after 2 low months)
  • $40,500,000 :: Total residential sales volume reported to MLS (back up after a slow July)
  • $103,700,000 :: Total residential sales volume including unreported sale prices
  • $1,070,000::  Average sales price of reported sales (back up after a down month)
  • $2,034,000::  Average sales price including unreported sale prices
  • 96% ::  Ratio of sales price to list price (same as last few months)
  • 201 ::  Average days on market prior to selling (up after 5 months of decline)

What it means:  After a slow June and July, August picked up the pace logging over 50 transactions last month, falling in line with May 2015, and marking the 3rd highest monthly transaction level in the past year. Reported sales volume increased slightly compared to July, however reported sales do not tell the whole story for August. Last month there were 13 property sales that did not disclose the sales price to the MLS. Many times, buyers and/or sellers do not want the real estate community to be privy to the agreed upon sales price of a particular property. This usually occurs with higher-end luxury properties (in this case 8 of the 13 unreported sales in August were for over $2 million).  When factoring in these unreported sales, August’s sales volume spikes to over $100 million (!) – the highest monthly sales volume not only in the past year but since October 2013.  The average sales price increased slightly in August but continues to hover near the $1 million mark. However, when adding in the 13 unreported sales, the average sales price increases to more than $2 million, or 2x the typical average.  A property’s average days on market jumped up after a 5 month declining trend. This can be explained by several of the higher-end sales in August, as these properties tend to sit on the market longer because the buyer pool is much smaller (as compared to say, a $400,000 townhome in Town). That being said, we continue to see well priced and high demand properties go under contract very quickly. Twenty-two of the 51 sales in August (or nearly one half) sold within 3 months of being listed (with many selling very close to the listing prices).

Transactions

volume.unreported

DOM

 

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

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Sales under $500,000 recover, but is it only temporary?

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

What Sold in July 2015? 

  • 46% :: Percentage of single family home sales (down after several high months)
  • 39% :: Percentage of condo/townhome sales (up after several declining months)
  • 15% :: Percentage of Land Sales (up after several low months)
  • 30% :: Percentage of residential properties selling for over $1 million (dropped after a spike last month)
  • 70% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
  • 27% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)

What it means: After several months of dominating sales in Teton County, single family home sales took a hit in July as more condos, townhomes and land sales occurred. Less than 1/2 of all sales in July were for single family homes, which is actually close to the 12 month average of 47% of all sales. Condo/townhome and land sales also reached close to their 12 month averages as well (35% and 18% of all sales respectively). After spiking to a 4 month high in June , the percentage of properties selling for over $1 million dropped by a third in July and represents the lowest percentage in the past 6 months. Properties selling in the sub-$500,000 market saw a bit of recovery after a long downward trend that began last November. It will be interesting to see how this segment fairs in the next few months, to determine if July’s stats represent a change of a recent market trend (fewer and fewer properties selling for under $500,000) or just a temporary blip in July.  Interestingly, the July sales under $500,000 were comprised of 4 condos and 4 lot sales, including two adjacent lots in downtown Wilson, which each sold for under $500,000.

breakdown

Under500

WilsonLot

2 Lots in “downtown” Wilson sold in July

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

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A Full Recovery? Close, but not quite. Quarterly Update from The Jackson Hole Report

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Are we back to the real estate peak of 2007? Has the Jackson Hole market made a full recovery?

Not quite, but we are getting close according to The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate. Click HERE to read the full 2015 Q2 Report.

Compared to this time last year, transactions have spiked (up 21%) and the average sales price has increased 32%. However, if we look at several paired sales (sales of identical properties (with little to no remodeling) that sold in 2006-2007 and again in 2014-2015), we get a better understanding of which types of properties and locations have recovered faster than others. The Jackson Hole Report looked at 108 of these paired sales and found the following:

  • Only 7 sales (6.4%) have actually increased in value from the peak and all time high of late 2007
  • Single family home values increased more than condos, townhomes or vacant land
  • Teton Village is the only area to report widespread increases in value

OVERALL MARKET

Compared to last year, the first 6 months of 2015 showed increases across the entire real estate market as a result of relatively low inventory levels and increasing demand.

  • Number of Sale Transactions are up 21%
  • Overall dollar volume rose 58%!
  • Average Sale Price increased by 32%
  • Sales over $1 million are up a staggering 83% since this time last year, with 1/3 of all property sales occuring between $1-3 million
  • Teton Village accounted for 16% of all sales and 27% of all sales volume
  • Overall available inventory remains low, with only a 3% increase over Q2 2014, and still represents some of the lowest inventory levels we’ve seen since the peak of 2007
  • Currently there are only 14 single family homes available in Teton County priced under $750,000 – compare that to last year, which saw 158 home sales under $750,000
HaySled

Just listed in Rafter J for $629,000, this 2 bed/1 bath home is the least expensive single family home (outside of Moran and Hoback)

SINGLE FAMILY HOMES

  • Demand continues to increase in 2015 with 31% more sales compared to last year
  • Average Sale Price increased 21%
  • The $1 – $3 million segment has seen the greatest increase – up 66% compared to mid-year 2014
  • Many older homes (20+ years) have come onto the market recently and currently make up 39% of available single family home inventory
  • Available single family home listings are up only slightly (5%) when compared to last year at this time
  • These new listings have a median list price close to $2.2 million
GraniteRidge

Recently listed 7,500+ sq foot retreat in Granite Ridge at the base of Jackson Hole Mountain Resort – $12.75 million

CONDO/TOWNHOME

  • Sales are up 16% compared to mid year 2014
  • Average Sale Price is up 65% resulting from a jump in condo sales above $1 million
  • Hot Spot: Condos in Teton Village, which was up 106%
  • Available inventory declined 7% from Q2 2014
  • Only 29% of available condos are priced under $500,000
WhiteBuffaloClub

Newly listed condos in The White Buffalo Club in downtown Jackson -One bdrm unit for $320,000 and 3 bdrm unit for $975,000

VACANT LAND

  • Lot sales continue to increase, up 11% compared to mid year 2014
  • Average Sale Price is up 22%
  • Lot sales over $1 million are up 40%
  • 50% of lot sales this year went to locals, who are perhaps fed up with the low single family home inventory
  • Over 3/4 of all lot sales in 2015 were cash transactions

OUTLOOK: Low inventory levels and high demand suggest that the Jackson Hole market will continue to appreciate throughout the summer. We should expect to see high levels of activity in the under $1 million single family home segment, given the particularly low inventory in that price range. However, buyers appear to be motivated by value (and not their emotions) and are not making offers on overpriced listings. As evidence, we’ve seen many overpriced listings sit on the market for more than a year as Sellers try to ‘test’ the market.

marketreport

As a Seller, the best strategy is to price your property competitively (based on 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.

60% of properties selling in June were on market less than 90 days

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – June 2015:

  • 57 :: Total residential sale transactions (back down after a spike in May)
  • $54,000,000 :: Total residential sales volume reported to MLS (down slightly from last month)
  • $1,300,000::  Average sales price of reported sales (back up after 2 months of decline)
  • 96% ::  Ratio of sales price to list price (same as last month)
  • 168 ::  Average days on market prior to selling (down for the 4th month in a row)

What it means:  After a spike in May, transaction levels in June returned to more recent levels, suggesting that May was more of an anomaly than the start of a summer trend, as many may have suspected. It will be interesting to see if July is in line with June or if we see a spike back up to May levels. Sales Volume was down, but not down significantly given the drop in transactions. As illustrated by the average sales price in June, there were many high end sales that contributed to the sales volume. There were two sales with unreported sales prices, which would bring the total sales volume to $58.2 million, which is consistent with levels seen in the last 5 months.  The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property is on the market before closing declined for the 4th month in a row, representing the second lowest number of days in the past year. If priced well, properties are being snatched up very quickly. In fact in the month of June, nearly 60% of the properties that sold had been on the market for less than 90 days! As many sellers continue to list their properties at overly optimistic (read: above market) prices, Buyers are quick to jump on well priced new listings.

Transactions

Volume

AvgSalesPrice

Days on Market

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

 

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Many single family home sales occurring in the $500,000 – $1 million range

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

What Sold in May 2015? 

  • 50% :: Percentage of single family home sales (up again after several low months)
  • 39% :: Percentage of condo/townhome sales (down slightly from last month)
  • 11% :: Percentage of Land Sales (down again after two higher than average months)
  • 32% :: Percentage of residential properties selling for over $1 million (down significantly from last month)
  • 68% :: Percentage of residential properties selling for under $1 million (up significantly from last month)
  • 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales continued their upward trend last month, representing 1/2 of all sales in Teton County. Land sales dropped again to below average levels after two strong months in February and March 2015. (Note: There was one multi-family sale in May, a two 2-bdrm duplex in West Jackson, which was counted as a single family home sale for this analysis.) Properties selling for over $1 million continued a downward trend as less than 1/3 of properties sold in this price segment. On the other end, properties selling for under $500,000 also declined, albeit slightly. These two statistics can be explained by looking in the $500,000 – $1 million segment, which saw 23 sales in May (40% of all sales). We are seeing many of the entry level single family home sales in this price range. Gone are the days of buying a stand alone property (even a fixer upper) priced under $500,000. For example, in May, a 1,344 sq ft house in Cottonwood sold for $617,500, a 1,900 sq ft house in Red Top sold for $575,000 and a 2,155 sq ft house in Rafter J sold for $695,000. The month of May also saw several higher end condo sales including a nicely remodeled condo in E Jackson selling for $700,000, a Love Ridge condo selling for just under $1 million and a Teton Village condo selling for just over $1 million after 569 days on the market (pictured below).

Over$1m

Under$500

TetonVillage

4 bdrm condo at the base of Jackson Hole Mountain Resort

Thinking of listing this summer? There is still time.ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

 

Real Estate Transactions sky rocket in May in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – May 2015:

  • 57 :: Total residential sale transactions (a huge jump from the last few months)
  • $54,000,000 :: Total residential sales volume reported to MLS (up significantly from last month)
  • $976,000::  Average sales price of reported sales (another dip)
  • 96% ::  Ratio of sales price to list price (down slightly from last month)
  • 204 ::  Average days on market prior to selling (down again from last month)

What it means:  Transaction levels sky rocketed in May, hitting a high mark not seen since the Fall of 2013, signaling what could be a very busy summer in the Jackson Hole real estate market. Sales Volume also saw a significant increase in May, with $54 million in reported sales, marking the highest volume since October 2014 (see chart below). Adding in 2 sales with unreported sales prices, puts the actual volume in the $66 million range. We should expect to see these numbers continue to increase as we enter the busy summer selling season. As a point of reference, last September we saw sales volumes in excess of $90 million. We should also expect to see new listings continue to hit the market (See “What’s New?” section). The average sales price in May dropped again thanks to several sales in the sub-$500,000 market including 9 condo sales under $400,000. The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property sits on the market before closing also continued to decrease, another illustration of the current “seller’s market” existing in the Jackson Hole Real Estate market.

Transactions

ReportedVolume

DaysonMarket

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Land Sales in Jackson dip after several strong months, high end sales dominate

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The Colbert Real Estate Report

Monthly Market Update for May 2015

Jackson Hole, WY

What Sold in April 2015? 

  • 41% :: Percentage of single family home sales (up after two low months)
  • 41% :: Percentage of condo/townhome sales (up slightly from last month)
  • 18% :: Percentage of Land Sales (down after two higher than average months)
  • 41% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 59% :: Percentage of residential properties selling for under $1 million (similar to last month)
  • 29% :: Percentage of residential properties selling for under $500,000 (similar to last month)

What it means: Land sales dropped back down to average levels after two months of above average activity. Single family home sales increased after two months below average.  The breakdown by print point was very similar to last month. In addition to seeing several entry level condo/townhome sales (7 sales under $500,000), April also saw several high end sales. Nine properties sold for over $2 million (with 6 of those sales over $3 million) including two lots in Shooting Star and two Granite Ridge cabins, both located at the base of Jackson Hole Mountain Resort, a 10,000 square foot estate in Indian Spring Ranch (listed for $7.5 million) and a 13 acre legacy parcel (with a 17,500 sq foot home) located in Owl Creek adjacent to the Grand Teton National Park, which sold for an undisclosed price (listed at $10.9 million and pictured below).

LandSales

BreakdownPropertyType

OwlCreek

13 acre, 17,000 sq foot estate in Owl Creek

Click HERE to view the entire Monthly Market Update for May. 

Thinking of listing this summer?

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property. Properties listed byMay 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure

 

Sales to List Price increases to 97% for April real estate sales in jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for May 2015

Jackson Hole, WY

Summary – Apr 2015:

  • 34 :: Total residential sale transactions (similar to the last 3 months)
  • $34,000,000 :: Total residential sales volume reported to MLS (down from last month)
  • $1,135,000::  Average sales price of reported sales (a drop after two high months)
  • 97% ::  Ratio of sales price to list price (up again from last month, highest in almost a year)
  • 215 ::  Average days on market prior to selling (down from last month)

What it means:  Transaction levels remained consistent in April, hovering around 35 sales. We should expect the increase in new listings (See “What’s New?“) to increase sale transactions in the coming months. Reported sales volume in April took a slight dip from previous months, however adding in the estimated sales volume from 4 high end, unreported sales resulted in a slight increase in overall sales volume in April (see chart below). The average sales price in April dropped after 5 straight months of increases. This can be explained by several entry level condo and townhome sales this past month (7 sales under $500,000). For the first time in almost a year, the sales price to list price ratio hit a high of 97%, as many properties are selling very close to list price.

Transactions

UnreportedVolume

AvgSalesPrice

ListPrice-SalesPrice

 

Click HERE to view the entire Monthly Market Update for May. 

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Quarterly Market Update from The Jackson Hole Report

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marketfocusAvailable inventory in the Jackson Hole real estate market has been declining since Spring 2011. Currently inventory is the lowest it’s been in more than 25 years! Compare that to just 5 years ago (Spring 2010), when the market offered the most inventory in 25 years. This time of year in 2010, Buyers had 640 available homes, lots, condos, multi-family and commercial properties to choose from; now that same Buyer has half as many choices (319 active listings).

Every quarter, David Viehman, my colleague at RE/MAX Obsidian Real Estate publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. David’s report not only includes all the MLS sales, but he is also able to track sales happening outside of MLS. Below are some interesting statistics from his Q1 2015 Report. Please contact me for a copy of his entire report. All statistics (unless otherwise noted) are Q1 2015 verses Q1 2014.

Highlights:

OVERALL MARKET

  • Despite low inventory, the number of sales are up 10% vs Q1 2014 with sales volume up a staggering 46%!
  • As expected, average sales prices were also up 32%, with help from the $1-3 million segment, which saw 32% of all sales in Q1 2015.
  • Upper-End Sales (over $2 million) have seen 105% higher sales in Q1 2015 vs Q1 2014, with a third of those sales being condos (think Four Seasons).
  • The amount of properties currently under contract in Q1 2015 is 51% higher than Q1 2014, with a median list price up 51% as well.
  • Conversely, overall available inventory is down 17% when compared to Q1 2014.

CONDOS/TOWNHOMES

  • Available inventory is down 39% from Q1 2014.
  • During the height of the recession (2009) there were 4 times as many available condos on the market (195) compared to only 49 condos available now.
  • Of the 49 condos/townhomes available, only 14 are priced under $500,000 and only 4 are priced under $300,000.
  • Despite low inventory, condo/townhome sales are up 15% compared to Q1 2014, a trend that is expected to continue as we enter the summer months.

SINGLE FAMILY HOMES

  • Home sales in this segment are lagging 2014 (down 5% vs Q1 2014) due to record low inventory levels, however the median sales price has increased 22%.
  • As of April 1, 2015, only 107 homes were listed in the MLS (in all price ranges).
  • In 2013, there were 96 sales of single family homes under $750,000. Currently there are only 10 homes for sale in this price range.

TETON VILLAGE

  • Buyer’s flocked to Teton Village this winter (Jan-March 2015) gobbling up 69% more sales than the first quarter 2014 for 72% more in sales volume.
  • Nineteen properties currently under contract in Teton Village suggest this trend will continue.
  • Available affordable inventory is very low as we enter the summer months – only 4 condos priced under $500,000

Please contact me for a copy of the entire First Quarter 2015 – Jackson Hole Report.

Land Sales account for a third of all sales in Feb, March in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for April 2015

Jackson Hole, WY

What Sold in Mar 2015? 

  • 30% :: Percentage of single family home sales (similar to last month’s 29%)
  • 37% :: Percentage of condo/townhome sales (identical to last month)
  • 33% :: Percentage of Land Sales (high again for a second straight month)
  • 40% :: Percentage of residential properties selling for over $1 million (down from 54% last month)
  • 60% :: Percentage of residential properties selling for under $1 million (up from 46% last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (up from 23% last month)

What it means: The breakdown of property types in March was also nearly identical the breakdown we saw in February. Land sales remained higher than average for the second straight month. While land sales usually represent about 20% of all sales on average, in February and March 2015 there were 12 and 11 sales accounting for 34% and 33% of all sales (see chart below). This trend could be explained by the lack of available built-out inventory (i.e. single family homes and townhomes). As buyers are unable to find what they are looking for (or what they like is overpriced), many are considering purchasing land and building their own home.  The percentage of properties selling for over $1 million dropped down to 40% after a high of 54% in February. The number of properties selling for under $500,000 increased after 4 months of decline (see chart below). That being said, the average sales price remained high ($1.57 million) due to several high end sales including a 6,000 square foot house in Teton Pines (selling close to $8 million) a 48 acre tract of land in Crescent H (selling around $5 million) and a 6 bedroom estate in Shooting Star, at the base of Jackson Hole Mountain Resort, which sold for north of $10 million (pictured below).

land sales

sales under 500k

Shooting Star

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

 

Interested in keeping an eye on new listings this spring/summer? Would you like to be alerted as soon as a new listing hits the market in a particular location or price range? 

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