Low inventory levels push prices up in Teton County real estate market

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The Jackson Hole Report Quarterly Update

Extremely low inventory levels are driving the number of sales down, but pushing prices up in Teton County, especially in the lower end of the market (under $1 million).  

marketfocus

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. Below are some interesting statistics from his 3rd Quarter Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the 3rd quarter 2014 and are compared to the first 3 quarters of 2013.

THE OVERALL MARKET

  • The total number of sales decreased by 11%, while sales under $1 million dropped 14%
  • The average sales price increased by 7% (Note: Exactly 1/2 of all transactions through Sept 2014 were conducted in CASH)
  • Available inventory (active listings) decreased by 15%, while available inventory under $1 million dropped 24%
  • The median listing price rose 39%, as a result of low inventory levels

SINGLE FAMILY HOMES

  • Total Single Family Home sales are down 24% (when compared to this time last year)
  • The average sale price is up 6%
  • Available inventory has dropped 16% and is down 29% in the under $1 million segment
  • 75 sales have occurred in the $500,000-$1,000,000 range (Hot Spot)
  • As of Oct 1, there were 37 homes on the market, with only 1 priced under $500,000 (located in Moran)

CONDO/TOWNHOME

  • Total condo/townhome sales are similar to this time last year
  • The average sales price is up 8%
  • Available inventory has fallen 32%
  • 88 sales have occurred in the sub $500,000 market, representing 54% of all condo/townhome sales (Hot Spot)
  • 24 sales occurred in the sub $300,000 market, however only 3 condos are currently listed in this price range

VACANT LAND

  • Total sales are down 11% compared to this time last year
  • The median sales price is up 11%
  • 36 land sales were under $500,000, representing 42% of all sales
  • However, pending land sales under $500,000 represent only 13% of all pending sales, compared to 50% in 2013
  • Available inventory for land is down 8%

Buyers Flock to East Jackson

The Jackson Hole Report’s 3rd Quarter Report also focuses on the recent surge of real estate activity seen in East Jackson. Since 2012, East Jackson has seen the largest concentration of new homes in Teton County with 44 completed and 10 currently under construction. However, of the 44 new homes, only 9 have been available on the open market. The majority (24) were custom built for home owners, while 11 were purchased directly from the developer. Of the 9 homes publicly listed (including the newly constructed home in the Gill Addition below), the average sales price was $1,247,000, or an average price per square foot of $400. These homes sold quickly, spending an average of only 47 days on the market before closing.

NewHome

 

Several high end land sales in October in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for November 2014

Jackson Hole, WY

What Sold in Oct 2014? 

  • 34% :: Percentage of single family home sales (back down from last month’s high of 62%)
  • 30% :: Percentage of condo/townhome sales (identical to last month)
  • 36% :: Percentage of Land Sales (up significantly, much higher than usual)
  • 3.5% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Oct)
  • 39% :: Percentage of residential properties selling for over $1 million (back down from last month’s high of 52%)
  • 61% :: Percentage of residential properties selling for under $1 million (back up from last month’s 48%)
  • 21% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 26%)

What it means: After a summer filled with higher than usual single family home sales (52%-62% of all sales) the month of October saw fewer single family homes sales. The percentage of condo and townhome sales stayed the same, while building sites experienced higher than usual activity in October. In fact, in the month of October, there were the same amount of land sales (20) as the previous 4 months combined (June-Sept). In all, land sales accounted for over $32 million in sales volume last month helped by several very high end sales including a 13 acre parcel in Indian Springs (selling for over $6.5 million), a 35 acre tract in Crescent H Ranch (selling for north of $4.5 million) and a 18 acre lot up north in Solitude, which sold for over $4.5 million. The percentage of properties selling for over $1 million dropped down after a very strong month in September, however still remained higher than usual (see chart below). The percentage of properties that sold for under $500,000 declined for a 3rd month in a row, as inventory in the entry level market continues to dwindle (see chart below).

breakdownNov

over$1m

under$500

 

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

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

         

 

Single Family Home Sales Continue Upward Trend in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for October 2014

Jackson Hole, WY

What Sold in Sept 2014? 

  • 62% :: Percentage of single family home sales (the highest % seen in years)
  • 30% :: Percentage of condo/townhome sales (down from last month’ s 38%)
  • 8% :: Percentage of Land Sales (similar to last month, but lower than average)
  • 4% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Sept)
  • 52% :: Percentage of residential properties selling for over $1 million (considerably higher than average)
  • 48% :: Percentage of residential properties selling for under $1 million (down significantly from last month’s 68%)
  • 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month’s 28%)

What it means: The month of September was the 4th month in a row that saw month-over-month increases in single family home sales and represented the highest percentage (62%) of single family home sales since I began keeping statistics (see chart below). Condo and townhome sales fell to 30% of all sales after a spike in activity last month, where this segment represented 38% of all sales. Land sales remained low this past month and only represented 8% of all residential sales in Teton County. September saw 2 distressed sales – a bank owned condo in Teton Village and a short sale condo in The Aspens. Currently there are two distressed properties under contract and NO other bank or short sales on the market. Sales under $500,000 continued to decline in September, accounting for only 26% of all sales, the lowest representation in over a year. On the other hand, sales over $1 million continued to increase, representing a staggering 52% of all sales in September. See Charts below. Several VERY high end single family home and ranch sales occurred in September which contributed to the higher than average numbers. Five high end homes in Bar B Bar, Pine Meadows and Shooting Star sold between $3-5 million in September. Additionally, 3 large ranches sold last month including the 164 acre Fall Creek Ranch (located south of Red Top Meadows) and 140 acres of the VandeWater Ranch along Fish Creek, which sold for close to $20 million.

BreakdownOct2014

under$500

over$1m

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

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

         

Market Focus: Jackson Hole Real Estate – Summer 2014 in Review

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2014 Summer in Review:

What sold? What did it sell for? Where did properties sell this summer?

marketfocus

Based on transaction numbers and sales volume, it appears the Jackson Hole real estate market went up month over month this summer. After a slow start in June (28 transactions for $20 million in sales volume), July saw 40 transactions and nearly $39 million in reported sales. The summer ended on a high note with 53 transactions for $45 million in reported sales in August. (See Charts in Sales Summary above.) The below analysis focuses on what sold, where property sold and for how much it sold, as well as a few highlighted sales of the summer.

Market Summary – Summer 2014 (June/July/August):

  • 124 :: Total residential sale transactions
  • $106,000,000 :: Total residential sales volume reported to MLS
  • $33,000,000 :: Additional estimated sales volume from undisclosed sales prices
  • $940,000::  Average sales price of reported sales
  • 96% ::  Average ratio of sales price to list price
  • 267 ::  Average days on market prior to selling

This summer there were 124 residential transactions (excluding fractional sales), or roughly 1.35 properties sold each day. Compare that to Jan-May of 2014, which saw 1.03 properties sold each day (156 total sales). Average days on market this summer (267 days) was significantly lower than the earlier part of the year, which saw an average of 353 days on market before a property sold.

 What Sold this Summer?

  • Single Family Homes:
    • There were 55 single family home sales this summer, which represented 44% of all sales this summer.
    • The average sales price was $1.2 million or $445/sq ft on average.
    • The least expensive single family home sale was a summer cabin up in Turpin Meadows in Moran, which sold for $99,000 (pictured below). The least expensive single family home sale outside of Moran was a 2 bed / 1 bath little house in Cottonwood Park, which sold for $498,000.
    • The most expensive single family home sale was a 7,700 sq foot house in Teton Pines, which sold for $4 million.

Moran

  • Condo / Townhome Sales:
    • There were 45 condo or townhome sales this summer, representing 36% of all sales this summer.
    • The average sales price was $507,000, or $416/sq ft on average.
    • The least expensive condo sale was a bank owned Ponderosa Village condo in Town which sold for $187,500.
    • The most expensive condo sale was Moose Creek townhome in Teton Village that sold for just over $1.6 million (pictured below).

MooseCreek

  • Land Sales:
    • There were 20 lot sales this summer, representing 16% of all sales this summer.
    • The average sales price was $1,300,000.
    • The least expensive lot sale was a 3 acre parcel near Red Top Meadows, south of Wilson, which sold for $210,000.
    • The most expensive lot sale was a 35 acre tract in Crescent H Ranch, which sold for $4.7 million.
  • Distressed Sales: There were only 4 distressed property sales this summer (2 bank sales and 2 short sales), which represented 3.2% of all sales.

Where did properties sell this Summer?

  • Town of Jackson :: 44 sales :: 35% of all sales
  • South of Jackson (inc. Hoback) :: 24 sales :: 19% of all sales
  • Wilson/Westbank :: 18 sales :: 15% of all sales
  • Aspens / Teton Pines :: 14 sales :: 11% of all sales
  • North of Jackson :: 9 sales :: 7% of all sales
  • Teton Village :: 6 sales :: 5% of all sales

LocationSales

How much were properties selling for this Summer? 

The average sales price this summer was $940,000 which was slightly higher than the first part of 2014 ($906,000). Property sales were spread out pretty evenly between the following price points with the majority of sales occurring in the $500,000 – $1,000,000 price range.

  • Under $500,000 :: 38 sales :: 31% of all sales
  • $500,001 – $1,000,000 :: 47 sales :: 39% of all sales
  • Over $1 million :: 29 sales :: 30% of all sales

SummerBreakdown

NEW LISTING: Convenience & Privacy in the Town of Jackson

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Just Listed: Convenience and Privacy on Pine Drive

ElevatedBackDeck.Closeup

  •  Over 3,400 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

MotherinLawLivingRoom  SunRoom

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.

LargeBackDeck   LowerDeck&Flowers

Property Address: 535 Pine Drive, Jackson, WY

Asking Price: $1,118,000

PUBLIC OPEN HOUSES:

  • Wednesday July 16: 10am – 1pm & 6pm – 8pm
  • Sunday July 20: 11am – 2pm

Click HERE to view more photos and information.

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

“What” sold in the Jackson Hole Real Estate Market in April 2014?

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Monthly Market Update for May 2014

Jackson Hole, WY

What Sold in April 2014? 

  • 34% :: Percentage of single family home sales (up from last month (28%) but still lower than usual)
  • 46% :: Percentage of condo/townhome sales (down from last month (52%) but still higher than usual)
  • 20% :: Percentage of Land Sales (typical)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in April)
  • 31% :: Percentage of residential properties selling for over $1 million (up from last month’s 26%)
  • 69% :: Percentage of residential properties selling for under $1 million (down from 74% in March)
  • 37% :: Percentage of residential properties selling for under $500,000 (down slightly from last month and closer to average)

What it means: The month of April saw the breakdown between property type (single family homes/condos & townhomes/land sales) move closer towards normal levels, however condo and townhome sales continue to account for a higher percentage of property sales than normal (and single family homes continue to make up less than normal). On average (over the past 12 months), single family home sales usually make up around 40-45% of all sales, while townhomes and condos tend to make up 35%-37% of all sales (see chart below). Land sales last month were on par with their 12 month average of 19% of all sales.  For the second month in a row, there were NO bank sales and NO short sales. Currently there is only one distressed property available for sale: The Game Creek Ranch, located south of town and listed for $1.395m (pictured below). With regards to the price point of closed sales last month, the breakdown between Over $1 million / Under $1 million / Under $500,000 returned closer to normal last month.

BreakdownPropertyType.May2014

gamecreekranch

Game Creek Ranch – only available short sale in Teton County

Please visit the Real Estate Market Report tab for the entire May Market Report.

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“What” sold in the Jackson Hole Real Estate Market in March 2014?

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Monthly Market Update for April 2014

Jackson Hole, WY

What Sold in March 2014? 

  • 28% :: Percentage of single family home sales (significantly lower than usual – down from 48% in Feb)
  • 52% :: Percentage of condo/townhome sales (significantly higher than usual – up from 30% in Feb)
  • 20% :: Percentage of Land Sales (close to normal)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in March)
  • 26% :: Percentage of residential properties selling for over $1 million (down from last month’s 37%)
  • 74% :: Percentage of residential properties selling for under $1 million (up from 63% in Feb)
  • 40% :: Percentage of residential properties selling for under $500,000 (up significantly from 29% in Feb)

What it means: Unlike February, the month of March saw a higher than average amount of condo/townhome sales, especially in the low and mid-level price points ($250,000 – $800,000). There were 3 condo sales in The Aspens, 2 sales in Teton Shadows (north of town) and 7 condo sales in the Town of Jackson. There were also several higher end condo sales in Teton Village including units at Teton Mountain Lodge, Hotel Terra and a unit in Crystal Springs, which sold for just under $1.5 million (pictured below).  Of the 10 single family home sales in March, NONE of them sold for under $750,000 and only 4 of them were under $1 million. The lowest priced single family home sale in March was a home in Rafter J, which sold for $775,000 and represented by far the most expensive sale in Rafter J in the past 6 months.  Last month there were no bank sales or short sales, continuing a downward trend and further illustrating that much of that distressed inventory has been absorbed. In fact, since the beginning of 2014, there has been only 1 bank sale and 1 short sale (see chart below).

Distressed.March

CrystalSpringsCrystal Spring condo sold in Teton Village in March

Please visit the Real Estate Market Report tab for the entire April Market Report.

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

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