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.

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

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

What Sold in June 2015? 

  • 60% :: Percentage of single family home sales (up for the 4th month in a row)
  • 32% :: Percentage of condo/townhome sales (down again from last month)
  • 8% :: Percentage of Land Sales (down for the 4th month in a row)
  • 45% :: Percentage of residential properties selling for over $1 million (up significantly from last month)
  • 55% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)

What it means: Single family home sales continued to dominate sales in Teton County, representing 60% of all sales in June. Since February 2015, every month has seen more and more single family homes sales (as it relates to other property types). As a result, land and condo/townhome sales have continued to make up less and less of the total sales over the past 4 months. (Note: There was one multi-family sale in June – a 3 unit property in E Jackson.) The percentage of properties selling for over $1 million spiked to a 4 month high after a few low months, representing nearly half of all sales in June. Properties selling in the sub-$500,000 market continued a downward trend that began last November, hitting a new low, as less than 1 in 5 sales occurred under $500,000 in Teton County. This may be the new reality of the market, as entry level condos (i.e. 1-2 bedrooms under 800 sq feet) are inching closer to $400,000 and anything  with 3 bedrooms and a garage (regardless of condition) is being priced well above $500,000.

Under500

Breakdown

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

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New Listing in Rafter J!

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Quick Stats:

  • 3 Bedroom
  • 2.5 Bathroom
  • 2,094 sq ft
  • 2 Car Garage
  • .25 Acres
  • Listing Price: $745,000

All the extras in Rafter J

Located on the quiet side of Rafter J, this recently remodeled home has nearly 2,100 square feet of living space and boasts 3 generous sized bedrooms, a bonus dining room or office, a separate mud room/laundry room, large pantry and 2 decks perfect for entertaining. A great room with vaulted ceilings and big windows lets in an abundance of natural light, while a wood burning fireplace and gas stove create an imitate and relaxed setting. This home has been tastefully updated with new hardwood and tile flooring, granite counter tops, new GE appliances, wooden blinds, and completely new bathrooms. Stretch out on a quarter acre lot, while enjoying a spacious yard, south facing and north facing decks, and a raised bed for your garden.

[easyrotator]erc_0_1436803646[/easyrotator]

 

Additional Information:

  • Located in Rafter J
  • MLS#: 15-1920 (Click HERE for the MLS link)
  • Taxes: $4,087.32/year
  • HOA: $626.88

PUBLIC OPEN HOUSE: Wednesday July 15 10:00am – 1:00pm

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.

 

New Listing in “Downtown” Wilson

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Quick Stats:

  • 3 Bedroom
  • 3 Bathroom
  • 2,656 sq ft
  • Single Family Home
  • .33 Acres
  • Listing Price: $1,150,000 Just Reduced!

Downtown Wilson Serenity

Experience privacy and Flat Creek views while still enjoying an unbeatable location in downtown Wilson directly across the street from Owen Bircher Park. Older home has many recent updates including solid hickory hardwood floors and a complete new kitchen with quartz counter tops, cherry cabinets, a porcelain farmhouse sink, and stainless steel Samsung appliances. Spread out in 2,600+ sq ft including a second living room/play room, office/bonus rooms located off 2 of the bedrooms, and a new deck off the master bedroom. Expansive property also includes an additional one car garage + storage area, a lean-to perfect for boat/gear storage, a newly constructed chicken coop and greenhouse for your summer vegetables. Unlimited possibilities with no CC&Rs and no subdivision rules. Zoning (NC-SF) allows a guest house.

[easyrotator]erc_75_1433884941[/easyrotator]

 

Lot-Split

Additional Information:

  • Located in downtown Wilson, across from Owen Bircher Park
  • MLS#: 15-1478 (Click HERE for the MLS link)
  • Taxes: $4,842.98/year

Click HERE to watch a property tour video.

Low inventory levels increase vacant land sales in Teton County, while under $500,000 sales continue to decline

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The Colbert Real Estate Report

Monthly Market Update for March 2015

Jackson Hole, WY

What Sold in Feb 2015? 

  • 29% :: Percentage of single family home sales (nearly half of last month’s 55%)
  • 37% :: Percentage of condo/townhome sales (similar to last month’s 36%)
  • 34% :: Percentage of Land Sales (up significantly from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 54% :: Percentage of residential properties selling for over $1 million (vs. 23% last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from a high of 77% last month)
  • 23% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types was very atypical last month. Single family homes sales only represented 29% of all sales (they usually represent around 50%). Land sales dominated in February, with 12 sales representing a whopping 34% of land sales (lot sales usually account for around 20% of all sales). This is the 2nd time in the last 5 months that land sales have exceeded 1/3 of monthly sales (see chart below). Low levels in single family home and condo/townhome inventory have no doubt pushed people to land – if they can’t find it, then they will buy land and build it! Buyers were purchasing many lots that had sat on the market for quite some time. In particular, of the 12 lots last sold in February, the average days on market was 526 days! There were no bank or short sales again last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million jumped up in February (to the highest % in the past year), thanks to several high end sales including two Four Seasons condos (selling for $3.25m and $3.95m), a beautiful home in Dairy Ranches (pictured below), which sold for north of $7 million, a 4.24 acre lot in Indian Springs (selling for $3.5 million), and a home in Granite Ridge selling for just under $4 million.  Properties selling for under $500,000 continue to decline (see chart below), as overall prices continue to go up.  The least expensive single family home sale in February was for an older home on Aspen Drive (4 bed / 1 bath) which sold for the list price (with multiple offers) of $650,000.

Breakdown

Under500

DairyRanches

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

Condo sales rebound in 2015 slow December

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The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

What Sold in Jan 2015? 

  • 55% :: Percentage of single family home sales (down from last month’s 62%)
  • 36% :: Percentage of condo/townhome sales (up from the lowest % of 2014)
  • 9% :: Percentage of Land Sales (down from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 23% :: Percentage of residential properties selling for over $1 million (back down after a peak last month)
  • 77% :: Percentage of residential properties selling for under $1 million (back to a high)
  • 27% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types returned to more typical distributions last month, with about 55% of all sales representing single family homes. Condo and townhome sales rebounded in January after reporting the lowest percentage of sales in over 2 years in December 2014. There were 2 land sales in January, representing 9% of all sales. There were no bank or short sales last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million dropped back down after a peak in December. In January , 27% of the property sales were for $500,000 or under, lower than the 2014 average of 34%. Of the 6 sales under $500,000, all were for 1-2 bedroom condos. The least expensive single family home sale in January was a 1,665 sq foot house in Cottonwood Park, which sold for just under $650,000.

breakdownjan

over

under

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

The Jackson Hole Report: Year End Update

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Extremely low inventory levels continue to contribute to fewer sales, while pushing prices up in Teton County

My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he 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 Year End Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the year end 2014 and are compared to 2013.

THE OVERALL MARKET

  • All types of properties (single family homes, condos, land) saw fewer sales in 2014 (compared to 2013) as the total number of sales in Teton County decreased by 12%
  • Overall sales volume was also down across the board, dropping 8% in 2014
  • Overall available inventory is down 15% from last year, and is now at the second lowest level in 25 years – which obviously contributes to the low sales transactions and sales volume
  • The shortage in supply has pushed prices up – the average sales price jumped 18% from 2013

SINGLE FAMILY HOMES

  • Total Single Family Home sales volume is down 16% compared to 2013
  • The average sale price rose by 5%
  • Current available inventory is the lowest in 25 years
  • In 2014, there were 123 sales under $1 million (representing 51% of all single family home sales) however only 19 homes are currently on the market in this price point (representing only 17% of all single family home listings)
  • Of the 113 homes currently listed, the average listing price is $4.25 million
  • Least expensive single family home listing: a 2 bedroom older home in Buffalo Valley for $465,000
  • Most expensive single family home listing: a 7,583 sq ft private 72 acre estate on the Snake River for $24.75 million (pictured below)

SnakeRiverHome

CONDO/TOWNHOME

  • Total condo/townhome sales were down 10% compared to 2013, while sales volume fell by 9%
  • Average sales price was UP by 9%
  • Currently only 4 condos are available in Teton County for under $300,000
  • 56% of all condos sales were under $500,000, however currently there are only 11 condos for sale in this segment
  • Available inventory is down 23% compared to this time in 2013, marking the 3rd lowest condo inventory in the past 25 years
  • Least expensive condo listing: a 558 sq ft, 1 bed/1 bath condo at Snake River Lodge & Spa in Teton Village for $270,000 (pictured below)
  • Most expensive condo listing: a 2,240 sq ft, 3 bed/3 bath condo for $3.1 million at the Four Seasons Resort

SnakeRiverLodge

VACANT LAND

  • Total lots sales in 2014 dropped 14%
  • The average sales price was up 4% compared to 2013
  • The number of lots under contract has dropped by 40%, while the average listing price for lots under contract has jumped 180%
  • Available lot inventory is down 12% compared to this time in 2013
  • Average listing price for vacant lots in Teton County is $2.173 million
  • Currently there are 5 lots for sale in Teton County priced under $300,000
  • With home inventory at an all time low, we should see demand increase for vacant land

Best of Jackson Hole – JH Weekly’s Reader’s Poll – 2015

With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!

May I ask for your vote? 

BestofJH2015

Visit www.jhweekly.com and click on the icon on the right hand side. After you enter your name/email you can start voting. Be sure to vote for all your other Jackson favorites. It’s fun!
I very much appreciate your support!

Single family home sales dominate in December in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

What Sold in Dec 2014? 

  • 62% :: Percentage of single family home sales (up significantly from last month’s 40%)
  • 18% :: Percentage of condo/townhome sales (the lowest % of 2014)
  • 20% :: Percentage of Land Sales (right around average for the year)
  • 1 :: Number of distressed property sales (One bank sale in Dec)
  • 35% :: Percentage of residential properties selling for over $1 million (back up after several low months)
  • 65% :: Percentage of residential properties selling for under $1 million (down from last month’s high of 77%)
  • 32% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales dominated the month of December, representing 62% of all sales, tied for the highest monthly percentage this year. Conversely, condo and townhome sales were slim – there were only 6 sales in this segment, representing only 18% of all sales, by far the lowest percentage of the year (see chart below). Land sales in December were about average for the year, representing 20% of all sales (average for 2014 was 19%).  There was one bank sales in December, a 20 acre tract of land up Horse Creek that sold after 2,189 days on the market!  Currently there are zero distressed properties on the market. The percentage of properties selling for over $1 million picked up after several months of decline. In December, 32% of the property sales were for $500,000 or under, in line with the 2014 average of 34%.

Breakdown2014

Over1Jan

Under500Jan

 

Click HERE to read the full Monthly Market Update for January 2015 and Year End 2014.

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

Price Reduced: Convenience and Privacy on Pine Drive in the Town of Jackson

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Convenience and Privacy on Pine Drive

ElevatedBackDeck.Closeup

  •  Nearly 4,000 sq ft of living space including 5 bedrooms and 3 baths
  •  Additional “mother-in-law-suite” with living space, full kitchen, bedroom, bath and separate entrance
  •  Half acre lot with mature trees that create a very private setting
  •  Elevated sunny views from 2 levels of newer decking
  •  Flat large fenced backyard perfect for yard games with views of Glory Bowl
  •  In-town location with convenient access to Snow King, hiking and skiing trails, and several restaurants
  •  2 car garage plus additional storage for all your toys

SunRoom        MotherinLawLivingRoom

The lower level was fully remodeled in 2008 with full kitchen and stainless appliances, cork and slate flooring, energy efficient fireplace, new windows and trim, cove heating and updated bathrooms. Recent updates to the home include: new sliding door/window to deck, additional insulation, new exterior paint, new carpet and interior paint, and cove heating throughout.

LowerDeck&Flowers        LargeBackDeck

Property Address: 535 Pine Drive, Jackson, WY

Asking Price: $1,118,000 – REDUCED TO $1,030,000!

Click HERE to view more photos and information.