Sale to List Price Ratio Archives - Page 2 of 4

2019: Q4 Sales & New Listings

The 4th quarter of 2019 looked a lot like the 4th quarter of 2018. Total sales increased ever so slightly, up from 130 in 2018 to 132 sales in 2019. In looking at numbers month-by-month, while 2019 saw a few more sales in October and December, it was balanced out by a few less sales in November. Dollar volume was also similar quarter to quarter, and actually dropped 1.7% from Q4 2018, recording a total of $254,800,000 in Q4 2019. Monthly dollar volume in 2019 outpaced 2018 most significantly in October, recording over $108 million in volume vs $91 million in October 2018. November was a bit slower in 2019 while December was identical at $66 million for the month. As expected, the average sale price was also consistent between 2018 and 2019 slipping down to $1.93 million from $1.99 million in 2018. In analyzing price points, sales in the $1-3 million range were up 15% while sales in the $500,000-$1,000,000 range dropped by 17% compared to Q4 2018. This upward shift in price point is reflected in the median sales price, which was higher in each month of Q4 2019. Sales under $500,000 stayed consistent, recording 12 sales in all of the 4th quarter. Townhomes and condos represented slightly more of the sales in 2019, while lot sales remained steady, representing 16% of all sales in Q4 2019. What does all this mean? While things aren’t necessarily slowing down, the rate of acceleration has appeared to slow. Will we see more of the same in 2020 or is this an indication of the market leveling off as we enter the next decade? Stay tuned!

New inventory was down, but listing prices were up in the 4th quarter of 2019, where 18 fewer properties hit the market – a drop of 17% from the same time in 2018. New listings were down every month in the 4th quarter with the biggest drop coming in October, when only 34 properties hit the market (vs. 46 in October 2018). Despite having 17% fewer options in 2019, buyers saw those options increase in price with total dollar volume jumping 12% from Q4 2018. October & December were big dollar months, recording $116 million and $117 million in new listings respectively. As a result, the average listing price jumped up dramatically in the 4th quarter, going from $2.3 million in Q4 2018 to above $3 million in Q4 2019. The median list price saw a more modest, yet still significant, increase from $1.26 million to $1.37 million – a jump of 9%. The spike in dollar volume and average listing price is supported by the price point of several high end listings in Q4 2019. While a similar number of these $3+ million listings hit the market in Q4 2019 and Q4 2018, this past year saw several ultra-high-end listings including: a contemporary home with stunning views atop Spring Creek Ranch for $15 million, a 3 lot estate on 20+ acres south of Wilson for $25 million, and a recently listed 18,000 sq foot home, guest home and barn on 215 acres in the heart of Jackson Hole for $35 million. For much of 2019, we saw higher priced inventory replace the lower price sales, a pattern that can’t be sustainable for long in our market. How will Q1 2020 compare? Will more high end listings continue to flood the market, while the “local’s market” sees fewer and fewer options? How will that affect demand in each of those segments? Stay tuned…

2018: September Market Report

October 8, 2018/in Buyers, Market Report, Market Reports, Monthly Market Report, Monthly Market Update, New Listings, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Supply/Demand/by Molly Stewart

After a busy summer listing season that saw over 330 new listings hit the market, activity cooled in September with only 40 new property listings, reflecting less than half the summer average of 83 new listings/month. The average listing price in September was close to $4 million (significantly higher than the summer average of $2.8 million), as 8 new listings hit the market priced over $5 million, including 2 estates advertised for $19 million each. While high priced listings can inflate the average, a more telling statistic is the median list price, which actually dropped down to $1.1 million in September – the lowest since before summer. Four properties were listed under $600,000, with two of them already under contract, including a 2 bed / 1 bath townhome backing up to Cottonwood Park. Eight new lot listings came onto the market in September, with a median list price of $1 million. Two of those listings (both priced under $1 million) are already under contract.

After a busy summer (and especially busy August), real estate sales dropped off in September, with 43 sales. Overall dollar volume also dropped, dipping below $75 million for the first time since May 2018. While the transaction levels are similar to this time last year (40 sales in Sept 2017), sales volume is $13 million higher. As a result, the average sales price remained consistently strong, marking the 4^th month in a row at or above $1.7 million. The median sales price, however, increased significantly in September, up a whopping 55% from August, as 60% of sales occurred over $1 million (including 7 over $3 million). Of the 40% of sales occurring in the sub $1 million market, only 3 of them were under $500,000, including a 1 bedroom East Jackson condo that sold at full list price of $346,000. The market remains competitive as 60% of all Sept sales closed within 90 days of listing. While only 7 properties sold at or above the listing price (this stat has reached 33% in the past), many sold very close to listing price.

2018: May Market Report

June 6, 2018/in Average Sales Price, High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Report, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The busy summer selling season is heating up with 93 new listings hitting the market in May, totaling $212 million in listing volume. Action is picking up fast, as May 2018 is well ahead of last May 2017 where we saw 86 new listings totaling $190 million in volume. Across the board, sellers are feeling confident as the average listing price reached $2.286 million in May, the highest average seen thus far in 2018. Buyers are watching and moving quickly. Of the 65 new residential listings in May (single family homes and townhomes/condos), 21 are already under contract or sold. While the majority of new listings are always residential, there were 28 new lot listings in May, by far the most seen in one month in the last several years.

After an April that saw nearly 40% of property sales over the $3 million mark, things calmed down a bit in May. While there were more sales (38 total transactions), they totaled less volume ($66.8 million in May vs. $119 million in April despite 9 fewer sales). As a result, the average sales price dropped back down to typical levels at $1.7 million. The median sale price fell to $1.125 million, however this is still high given that this metric has been under $1 million in 8 of the last 12 months. Nearly half of all sales occurred under the $1 million mark in May compared to only 31% in April, with nearly 40% occurring in the “locals” market between $500,000 – $1,000,000. These sales included several older single family homes in Town, townhomes in Town and condos in Teton Village. The sale to list price ratio remains strong at 97%, marking the 6^th consecutive month where properties have sold at 96-97% of the listing price. In fact, 9 properties in May sold at or ABOVE the listing price, including a 3 bedroom Teton Village condo that was listed at $795,000 and sold for nearly $100,000 more.

2018: April Market Report

May 9, 2018/in Average Sales Price, High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Report, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The big headline of the April market report is that nearly 40% of all April sales occurred in the high end of the market. After a first quarter of 2018 that saw 60% of sales happen in the “locals” market (sub $1 million), there were 11 sales over $3 million last month, including 6 sales over $5 million and one sale close to $15 million (a newly completed 10,000+ sq ft estate in Dairy Ranches). As a result, the average sales price skyrocketed to over $4 million (the median sales price also increased significantly to $1.7 million). April sales volume topped $85 million, quite the strong number considering that the total sales volume for the first 3 months of the year was a combined $103 million.

The good news for local buyers is that new listings increased in April, with 36 new properties hitting the market – the most monthly listings since Sept 2017. The average listing price of these new listings was $1.8 million, however the median listing price was just under $1 million. The average days on market dropped to 159 days and the sale price to list price ratio increased to 96%. This ratio has been at or above 96% since the beginning of the year, illustrating that many properties are selling close to list price as demand remains strong.

2018: Q1 Review

April 18, 2018/in High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

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….

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

September 9, 2016/in Asking Prices, Average Sales Price, Buyers, Condos, Days on Market, Housing, Jackson Hole Real Estate, Listing Prices, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume, The Aspens/by Molly Stewart

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

August 7, 2016/in Asking Prices, Average Sales Price, Days on Market, Inventory Levels, Jackson Hole Real Estate, Listing Prices, Market Report, Market Reports, Market Statistics, Monthly Market Update, Rafter J, Real Estate Sales, Sale to List Price Ratio, Sales Volume/by Molly Stewart

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.)

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

July 10, 2016/in Asking Prices, Average Sales Price, Days on Market, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume/by Molly Stewart

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.)

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

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

June 6, 2016/in Average Sales Price, Days on Market, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume/by Molly Stewart

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.)

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

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

May 4, 2016/in Average Sales Price, Days on Market, Entry level market, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume/by Molly Stewart

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.

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!

Transactions/Sales Volume – What Sold?

$1,930,301

Average Sales Price

$254,799,682

Total Sales Volume

Market Analysis

New Listings – What’s New?

$3,023,767

AvERAGE LIST PRICE

$278,891,000

LIST PRICE Volume

Market Analysis

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.

What happened in September?

New Listings

$3,708,200

Average List Price

$1,100,000

MEDIAN LIST PRICE

$148,328,000

New Listing Volume

What Sold

$73,466,400

Total Sales Volume

7%

of property sales were under $500,000

$1,455,000

MEDIAN SALES PRICE

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.

What happened in May?

New Listings

$2,286,774

Average List Price

28

NEW LOTS FOR SALE

$157,255,950

New Listing Volume

What Sold

$66,826,600

Total Sales Volume

47%

of property sales were under $1M

$1,758,595

Average Sales PRICE

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.

What happened in April?

$2,134,609

Average List Price

$115,268,900

LIST PRICE Volume

$118,833,300

Total Sales Volume

$4,097,700

Average Sales PRICE

38%

of transactions sold over $3M

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.

New Listings – What’s New?

$1,781,873

AvERAGE LIST PRICE

$174,002,500

LIST PRICE Volume

Transactions/Sales Volume – What Sold?

$132,681,658

Total Sales Volume

$1,272,155

Average Sales PRICE

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.

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

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

The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

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

The Colbert Real Estate Report