Rate of new inventory continues to decline, now matches rate of inventory selling 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’s new in October 2015? (New Listing Analysis)

  • 46 :: Total number of new listings in Oct
    • Average List Price: $1,118,000
  • 36 new residential properties (single family, condo, townhome)
    • Average List Price: $1,300,000
    • New listings already under contract or sold: 4
  • 10 new building sites
    • Average List Price: $935,000
    • New listings already under contract or sold: 1

What it means: New listings hitting the market each month continue to drop since the height of the listing season in June, however compared to October 2014, we did see more new listings this year (36 v 46). The average listing price of new inventory dropped in October and was the lowest average in the past 8 months (see chart below). As of November 10th, only 11% of these new listings are under contract or sold. Compare that to last month where nearly 30% of the September new listings were under contract by mid October. The rate of new inventory coming onto the market in October was identical to inventory leaving the market (i.e. sales). This is the first time since November 2014 that new listings have NOT exceeded sales in any given month (see chart below). Fewer and fewer sellers choose to list their property in the winter months, believing that their property will show much better during the spring/summer when everything is green. That being said, now may be a great time to sell a property as there is not much new inventory (i.e. competition) coming onto the market. (Please contact me for a free in-depth analysis on the current market value of your property.) 

Notable new listings in October include:

  • A 2 bed / 2 bath single family home with 1 car garage and fenced backyard in Town: $607,500
  • Two building sites in Kelly with direct Teton views: $479,000 each
  • A 6,500 sq ft modern designed house atop Spring Creek Ranch: $15,000,000 (pictured below)

Click HERE to view all new October residential listings.

Click HERE to view all new October land listings.

NewListings

NewVSoldListings

SoldvNew

SpringCreek

Modern Home in Spring Creek – Listing in October for $15,000,000

 

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

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Average New Listing Prices are 2.5x greater than Average Sales Price in July

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

What’s new in July 2015? (New Listing Analysis)

  • 94 :: Total number of new listings in June (a drop after several increasing months)
  • 76 new residential properties (single family, condo, townhome)
    • Average List Price: $1,890,000
    • New listings already under contract or sold: 13
  • 18 new building sites
    • Average List Price: $2,590,000
    • New listings already under contract or sold: 0

What it means: New listings took a dip in July after several months of steady increases, however we are still ahead of new listings from this time last year (July 2014 = 82 new listings). New inventory continues to outpace sales at a rate of nearly 3x, meaning for every sale, there are almost 3 new listings that hit the market. (Compare that to last fall when for several months there were more sales than new listings – see chart below.) The average listing price of all new listings in July (land and residential combined) remained high at nearly $2.25 million, which is almost 2.5x the average sales price in July (see Summary Section). For the past several months, between 22% – 32% of a month’s new listings are already under contract or sold by the time this report is published (usually around the 10th of the next month). Currently only 17% of the new July listings are under contract, a sharp drop from last month’s 29%. This further illustrates the recent lull in the market, which is also marked by lower transactions and sales volume (see Summary Section).

Notable new listings in July include: two new Elk Run townhomes listed just under $550,000 (one pictured below), a rarely listed Hillside condo overlooking Karns Meadow (already under contract), and 3 properties priced north of $5 million in Shooting Star, John Dodge and Teton Pines.

Click HERE to view all new July residential listings.

Click HERE to view all new July land listings.

New

new v sales

ElkRun

Recently listed Elk Run for $545,000

Still thinking of listing this summer? 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 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.

 

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.

Inventory is up, but so are listing prices in Teton County real estate market

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What’s new in June 2015? (New Listing Analysis)

  • 109 :: Total number of new listings in June (another jump from last month)
  • 83 new residential properties (single family, condo, townhome)
    • Average List Price: $2,130,000
    • New listings already under contract or sold: 24
  • 26 new building sites
    • Average List Price: $2,430,000
    • New listings already under contract or sold: 0

What it means: As we move into the heat of summer, new listings continue to hit the market at an accelerated rate. We are now reaching new listing levels seen last year (June 2014: 115 new listings). These new listings are adding inventory to the market at a rate not seen since this time last year, as there were 3x as many new listings as sales in the month of June (see chart). While inventory is obviously increasing, so too are listing prices. The average listing price of all new listings in June (land and residential) was a staggering $2.28 million, nearly twice the average listing price in March ($1.277 million). As evidenced by the stall in sales in June (see Summary above), it appears many buyers are not biting on these aggressively priced homes. It will be interesting to see if the lull continues into July or if Sellers are pressured to become more realistic in their listing prices. (Anecdotely, early this week there were price reductions for 3 different listings in Rafter J, an area that has seen aggressive pricing this summer.) Of the 24 new residential listings in June that are already under contract or have closed, 10 of them were priced over $1 million with ONLY 1 priced under $500,000.  As evidenced by the high average listing price, almost every segment of the market saw an increase in listing prices. Notably there were 4 new estate listings priced over $11 million, including the Split Creek Ranch, a beautiful 6,000 sq foot log home on 10 secluded acres north of Jackson (pictured below).

Click HERE to view all new June residential listings.

Click HERE to view all new June land listings.

NewListings

Listings.v.Sales

SplitCreek

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

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 pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

The summer selling season is here! Many new real estate listings hit the market in Jackson Hole.

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As we enter the spring/summer months, many new listings have come onto the market in Teton County. Since May 1, 2014, there have been 90 new residential listings and 40 new building lot listings. There have also been 7 new commercial listings.

RESIDENTIAL LISTINGS: Ninety new residential listings have hit the market since May 1st with an average listing price of $1,750,000. New listings range from a 2 bedroom condo in Town priced at $214,900 to 2 different $11 million estates – one in John Dodge on the Snake River and one in Crescent H south of Wilson (pictured below).

CrescentH

Of the 90 listings, the majority (38%) are priced between $1,000,000 – $3,000,000. The next largest price segment is the $500,000 – $1,000,000 range where there have been 26 new listings since May 1st. The price segments to see the smallest amount of new listings are Under $300,000 (3 listings) and Over $5,000,000 (4 listings). 

NewListings

So far 6 of these new listings have already gone under contract, which represents only 6.6% of all new listings, suggesting that many buyers have yet to make their move (perhaps because some of these new listing prices are a little too high).

The price point breakdown of the new residential listings is below. Click below to view the new listings in each category:

BUILDING LOT LISTINGS: Since May 1st, there have been 40 new lots to hit the market, with an average listing price of $1,725,000. Available building sites range from the last remaining lot for sale in the new King Eider development in Rafter J (listed for $312,500) to a 48 acre parcel for sale in Crescent H for $5,750,000. None of the newly listing lots have gone under contract, however there are currently 12 lot sales pending in the MLS (properties listed prior to May 1, 2014).  

The price point breakdown of the new lot listings is below. Click below to view the new listings in each category:

COMMERCIAL LISTINGS: Since May 1, 2014 there have been 7 new commercial listings in Teton County. Three lease opportunities – an 1,100 sq foot office space in The Aspens, and office & retail space for lease on the corner of Pearl & King in downtown Jackson. There is also an opportunity to purchase a live/work unit south of town for $895,000 (pictured below). Finally the Teton Gables/Cutty’s Bar & Grill property ($4,850,000) and the old Maverick site ($1,150,000) are also newly available for sale. Click HERE to see all new commercial listings.

LiveWork

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. It may be a great time to sell.  Please contact me for more info or to receive a free market analysis on your property. Properties listed by June 20, 2014 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure

How much has the market really come up since last summer? Are sellers of new listings being aggressive with their pricing or are they reflecting the reality of the current real estate market?

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Prices seem to be going up. Inventory is definitely down. It may be the lowest in decades. New listings hitting the market seem to be higher than we’ve seen in recent years. Is low inventory temporarily increasing demand and pushing prices up? For this month’s Market Focus, I analyzed 4 different market segments comparing sales from last summer (2013) to recent sales and new listing prices. Are current listing prices unreasonably inflated or are they a reflection of an increasing real estate market?

Neighborhood

 Summer Sales (2013)  $/sq ft Recent Sales (2014)  $/sq ft Current Listings  $/sq ft

Rafter J

 $309 $345 – $397 $335 – $416
Cottonwood Park $350 $357

$456 – $523

Aspens Condos

 $378 $333 – $416

$388 (avg)
Town of Jackson $302 $276 – $337

$268 – $321

RAFTER J: Last summer (June – Sept 2013) there were 12 single family homes sales in Rafter J with an average sale price of $560,000 or $309/sq ft. The most recent home sale in the neighborhood was $775,000 for a 2,244 sq foot house, which sold in March 2014. This home was about twice the size of the typical Rafter J home and it sold at the listing price of $345/sq ft. Note: Typically larger homes will have a slightly smaller $/sf number than the average. The second most recent sale in Rafter J was in Dec 2013 and sold for $572,000 or $397/sq ft. Currently there are 3 single family homes for sale in the neighborhood. One has been on the market for almost a year, priced at $415/sq ft. Two newer listings have hit the market at $416/sq ft and $335/sq ft. The latter is a much larger home (2,664 sq ft), which has a lower price per square foot but a larger sale price ($895,000).

COTTONWOOD PARK: There were 5 single family home sales last summer in Cottonwood Park ranging in price from $395,000 – $511,000 for an average sales price of $350/sq ft. The last sale was in Dec 2013 (there hasn’t been a sale yet in 2014) for a house on Mountain View Lane. This home, which is located in the western loop of Cottonwood Park which features larger homes and larger lots than the eastern loop, sold for $560,000 or $357/sq ft – pretty close to the summer sale numbers. Currently there are two houses for sale in Cottonwood Park, a a 3 bdrm/2 bath updated home on Lilac listed for $610,000 or $456/sq ft, and a 2 bdrm/1 bath smaller home (952 sq ft) listed for $498,000 or $523/sq ft (pictured below).

wildflower

CONDOS IN THE ASPENS: Last summer (June-Sept) there were 4 condo sales in The Aspens, the neighborhood located on the Village Rd about 5 minutes from Jackson Hole Mountain Resort and Grand Teton National Park. Three 2 bdrm condos sold between $402,000 – $428,000 and 1 one bdrm condo sold for $290,000. On average, these condos sold for $378/sq ft. The two most recent sales in the neighborhood were both one bedroom condos – one selling in May for $290,000 ($394/sq ft) and one selling in March 2014 for $313,000 ($416/sq ft). Also in March, there were two sales for condos with garages (a rarity in The Aspens). These sold for $333/sq ft and $395/sq ft. Both units were dated and in need of some updating. Currently there are 7 condos on the market listed for an average of $389/sq foot, which seems pretty realistic, perhaps maybe even slightly under market. However there are a few that appear to be overpriced given recent comps, such as a 3 bdrm condo (with a garage) priced at more than $500/sq foot in the Yampa building.

SINGLE FAMILY HOMES IN TOWN: Sixteen single family homes (listed under $ 1 million) sold last summer in the Town of Jackson (excluding Cottonwood Park – see above). On average, these homes sold for $665,000 or $302/sq foot. The most recent sale was a newly constructed building on W Karns Ave, which sold for $675,000 or $337/sq ft (pictured below). There was also a sale in February for $482,000. This equated to a very low $276/sq ft, which may be explained by the fact that this property was a short sale (distressed sale). Currently there are not many single family homes available for sale in Town – in fact there are only 3 options under $1 million. They are priced between $268 – $321 per square foot, which isn’t outrageous however it should be noted that all 3 houses are either very dated, on a busy road and/or are lacking a garage.

Karns

CONCLUSION: While it seems like sellers in certain market segments (like Cottonwood Park) may be pushing the market, other segments are in line with recent sales (even if they are higher than last summer). Of course there are always outliers and special cases and not all properties are the same, but looking at things on an aggregate level helps us understand the way the market in trending. Probably the single biggest factor in determining where prices will go this summer is the level of inventory or amount of homes available for sale. Simple supply and demand tells us that when inventory is low, demand for houses (and prices) will go up. As we enter the busy listing season (May & June) we will see if an influx of new listings will help stabilize the real estate market. Since the beginning of May, we have seen 15 new listings hit the market, which is a good sign. Time will tell what the rest of the spring will bring!

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. It may be a great time to sell!  Please contact me for more info or to receive a free market analysis on your property.marketreport

Jackson Real Estate Market Analysis: Condos in The Aspens

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Condos in The Aspens have been a popular real estate purchase for many years for many different types of buyers. Second homeowners enjoy the ease of access to Jackson Hole Mountain Resort and Grand Teton National Park. Locals have been attracted to the convenient location of The Aspens with its proximity to restaurants, the bus line, a coffee shop and a grocery store. Investors continue to be drawn by the lucrative short term rental market. Whatever the reason, people have been buying Aspens condos! Since Jan 2013, there have been 24 condo sales in The Aspens. Twenty of those sales occurred in 2013 (which equates to about 2 sales a month).  In 2013, the average sales price for an Aspens condo was $408,650 or $356/sq ft. One bedroom units sold on average for $295,000. Two bedrooms went for an average of $427,000 and 3 bedroom units commanded an average price of $592,000. The highest condo sale in The Aspens in 2013 was a top floor 3 bedroom Wheatgrass condo, which sold for $625,000 in Oct 2013. In 2014, we’ve already seen 4 sales in The Aspens (again about 2 per month) including a Windflower 3 bedroom which sold for $630,000 in Jan 2014 (pictured below) and most recently a 2 bedroom end unit condo in the Hawthorne building which sold for $289,000 last week.

Windflower

Where has all the inventory gone?

If you read my Market Reports, you are aware that inventory is currently thin in the Jackson Hole Real Estate Market. The Aspens sub-market is no exception. Right now, there are 4 condos for sale in The Aspens including a one bedroom + loft in the Sagebrush building, a 3 bedroom Woodlands condo with over 1,800 sq feet, a remodeled 3 bedroom unit with a detached garage, and a 3 bedroom Cove unit with mountain views. Click HERE to view all 4 available listings. Based on past absorption rates (2 sales per month), we have about a 2 month supply of inventory – not much!

There are currently 2 condo sales pending in The Aspens. The last new listing to hit the market  was a nicely remodeled one bedroom unit in the Tamarack building (pictured below). It was on the market for less than 10 days before receiving multiple offers and going under contract close to list price.

Tamaracl

Spring time in the Jackson Hole Real Estate Market usually means an influx of new listings as sellers seek to take advantage of the warmer weather and green landscapes. Already we are starting to see some new listing activity. In the past 2 weeks, 14 new listings have hit the market in Teton County. It will be interesting to see what (and how many) new listings pop up in The Aspens this Spring.

marketreport

If you currently own a condo in The Aspens, I’d be happy to chat with you about the current real estate market. It may be a great time to sell! Please contact me for more info or to receive a free market analysis on your property.

Well priced properties sell quickly in Jackson Hole; Buyers aren’t biting on aggressively priced homes

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The Jackson Hole Real Estate Market remains strong as we head into the Fall. Inventory remains low in certain locations, property types and price ranges. Over the past few months many sellers (with well priced properties) have been successful at selling their properties quickly (See last month’s Market Focus) or putting them under contract within days of listing (see “Well Priced Property” examples below).  As a result, many Sellers have gained confidence and have priced their properties very aggressively in hopes of taking advantage of the hot market. However, it appears that as of yet Buyers have not been willing to support these higher prices, as many homes listed this summer remain on the market (see “Aggressively Priced Property” examples below).

Well Priced Properties in Low Inventory sub-markets:

1. Two bdrm Meadowbrook condo in Town – Listed on Sept 2nd for $259,000 ($355/sf) – UNDER CONTRACT in 3 days

2. Three bdrm Meadowlark condo in W Jackson – Listed on Aug 26th for $289,000 ($308/sf) – UNDER CONTRACT in 4 days

3. Three bdrm Creekside townhome in W Jackson – Listed on Aug 10th for $435,000 ($328/sf) – UNDER CONTRACT in 3 days

4. Single family home in The Aspens – Listed on Aug 26th for $935,000 ($365/sf) – UNDER CONTRACT in 3 days

Aggressively Priced Properties (based on recent sales):

1. One bdrm Hansen Meadows condo in E Jackson listed for $255,000 ($432/sf) vs. Last Sale – a 3 bdrm (bank owned) Hansen Meadow unit for $237,500 ($217/sf) in June 2013.

2. Single family 1,420 sq ft house on Crabtree Ln listed for $599,900 ($421/sf) vs. Last Sale – a 1,650 sq ft house on Crabtree Ln for $415,000 ($247/sf) in April 2013.

3. Two bdrm lower level condo on Smith Ln in W Jackson listed for $309,000 ($494/sf) vs. the Average Sales Price of 2 bdrm condos in Jackson over the past 5 months: $188,000 ($244/sf).

4. Four bdrm townhome w/ garage in E Jackson – Listed for $647,500 ($275/sf) vs. Last Sale – a similar unit next door (sold furnished) for $600,000 ($250/sf) in June 2013.

As the busy summer selling season comes to a close, inventory levels remain low in certain market segments (the sub $400,000 townhome market, the single family home market in the $500,000 – $700,000 range, etc.). It will be interesting to see if Buyers are willing to pay top dollar for some of these aggressively priced properties.  Remember a property is only worth what someone is willing to pay for it, not necessarily the advertised listing price.

Thinking of Selling? If you or someone you know is thinking about selling, especially in an location or price range that is currently low on inventory, this may be a great opportunity. I’m happy to provide a free market analysis and pricing opinion on any property in Teton County. It never hurts to know your property’s value in this fast moving real estate market. RE/MAX Obsidian Real Estate is one of the top real estate companies in the area and I’d be happy to share how we work for sellers to help them get the best price in the fastest amount of time. Please contact me.

Low inventory levels paired with well priced properties result in quick closings for Sellers in Jackson Hole.

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Statistics suggest that the Jackson Hole real estate market improvement began approximately 6-9 months ago as many home buyers and investors came off of the sidelines and began purchasing homes and investments in Jackson again. This influx of interested and anxious Buyers resulted in an overall lowering of inventory levels. High demand remains as many buyers/investors continue to be interested in the Jackson Hole real estate market. As a result, well priced new listings (in all price ranges) are receiving a high level of interest and in many cases are going under contract and closing quickly.

Fact:  Of the 45 sales in the month of July, 20 of them (44% of all sales) sold in under 3 months.

Fact: Of the 45 sales in the month of July, 16 of them (35% of all sales) sold in under 2 months.

Fact: Of the 20 properties that sold in under 3 months, 9 of them went under contract in less than a week.

Fact: Of the 20 properties that sold in under 3 months, 7 of them sold at or above the listing price.

Note: Properties that sold this quickly included all price ranges from $300,000 – $2,200,000.

Thinking of Selling? If you or someone you know is thinking about selling, this may be a great opportunity. I’m happy to provide a free market analysis and pricing opinion on any property in Teton County. It never hurts to know your property’s value in this increasing real estate market. RE/MAX Obsidian Real Estate is one of the top real estate companies in Teton County and I’d be happy to share how we work for sellers to help get the best price in the fastest amount of time. Please contact me.

As Jackson Hole Real Estate Inventory Increases, Buyers are Acting Quickly

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Spring and Summer are historically a busy time in the real estate market here in Jackson Hole, Wyoming, as Sellers take advantage of the beautiful weather, lush green landscapes and influx of tourists that flock to the greater Grand Teton & Yellowstone National Park area.  This year is no exception.  However, after a winter of unusually low real estate inventory levels paired with favorable lending environments, there are many anxious Buyers ready to make a move on the new inventory as soon as it hits the market.  As such, demand for this new inventory has increased significantly.  There are currently 42 properties under contract in Teton County. Twenty-eight of them (or 1/3) were on the market for 4 months or less.  Thirteen of the current pending sales were on the market less than a month before going under contract. Demand has increased especially for well priced homes and the majority of homes in the lower end of the market (sub $500,000). Sixty percent (60%) of current pending sales are listed under $1,000,o00; nearly 1/3 are priced under $500,000. Buyers are hoping more inventory continues to enter the market, while Sellers are taking advantage of the high demand and many times, multiple offer situations.