Sales and Volume decline in 2016, while affordable inventory dwindles – Quarterly Update from The Jackson Hole Report

/in , , , , , , , , , , , , , , , , , , , /by

Sale transactions and dollar volume are down in the first quarter of 2016 while available inventory in the entry level market dwindles, resulting in increased demand for well priced properties. The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 1st quarter 2016. Click HERE to read the full 2016 Q1 Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 26%
  • Sales under $1 million are down 36%
  • Overall dollar volume is down 27%
  • Due to limited inventory, the Average Sale Price increased by 11% in Q1 2016
  • Hot Price Point: Properties priced between $1-3 million, where 40% of the sales occurred in the first quarter
  • Hot Location: The Westbank (including Teton Village) which accounted for 45% of all sales in the first quarter
CrystalSprings

Crystal Springs condo sold in Teton Village (listed by JH Sotheby’s)

HIGH END MARKET

  • While high-end property sales ($2+ million) were down 68% in the first quarter, there are 39 high-end properties under contract (an increase of 34%), with an average list price of more than $4.5 million
  • Available inventory of high end properties is up 20% compared to this time last year
  • There are 47 properties for sale over $5 million, an increase of 18%
  • The most expensive property for sale in Teton County is a 580 acre ranch (with 6 building sites), listed for $45 million (pictured below)
580Acres

580 acres available for sale off Spring Gulch Rd – $45 million (listed by Live Water Properties)

SINGLE FAMILY HOMES

  • Single family home sales in the first quarter were consistent with sales last year at this time
  • However, the average sale price increased 18% to $2.3 million
  • Single family home sales over $1 million are up 13%
  • Single family home sales over $3 million are up 100% compared to this time last year!
  • While over all single family inventory is up 8%, available homes under $1 million are at a 25 year low
  • Only 15% of available single family homes are priced under $1 million
  • Considering that 47 homes sold in this segment in 2015, there is less than 1 month of available inventory for home under $1 million.
  • Click HERE to view the 20 single family home listings priced under $1 million
HiddenRanch

Single family home available in Hidden Ranch – $925,000 (listed by JHREA)

CONDO/TOWNHOME

  • Overall condo sales are down 29%, with only 39 sales in the first 3 months of 2016
  • The average sales price dropped 11%, however the price of available inventory is up 38% – which represents the highest average condo list price since the start of the recession in 2008
  • Condo sales under $500,000 decreased by 39% in Q1 2016 due to low inventory levels
  • Condo listings under $500,000 sell in 86 days, on average, many times receiving multiple offers
  • Only 28% of available condos are priced under $500,000

VACANT LAND

  • Lot sales are down significantly (58%) with only 14 sales in the first quarter of 2016
  • Average sales price is up 16%
  • Overall available inventory dropped 5% from last year, however list prices remained consistent.
  • Available vacant land for sale under $500,000 is only 1/4 of what was available in 2013 & 2014.
  • Majority (71%) of vacant land buyers are second homeowners and/or retiring baby boomers.

marketreport

As we approach the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015, representing only 2 months of inventory. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. 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 reach new low; account for only 8% of all sales in March

/in , , , , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for April 2016

Jackson Hole, WY

What Sold in Mar 2016? 

  • 50% :: Percentage of single family home sales (another increase)
  • 37.5% :: Percentage of condo/townhome sales (similar to last month)
  • 12.5% :: Percentage of Land Sales (down from last February)
  • 58% :: Percentage of residential properties selling for over $1 million (huge jump from last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 8% :: Percentage of residential properties selling for under $500,000 (lowest % in 3+ years!)

What it means: Single family home sales increased again in March, representing 1/2 of all sales in Teton County. Condo and townhome sales remained consistent after a surge in February. Land Sales dropped slightly in March, probably a result of low winter inventory levels. After starting the year out strong, property sales under $500,000 hit another new low, representing only 8% of all sales in March. This is the first time sales in this segment have dipped below 10% in the past 3 years (since the start of compiling statistics for this report in 2013). We should expect to continue to see a low number of sales in this price point until more entry level inventory hits the market. (Currently there are only 22 full ownership options available in Teton County priced under $500,000.) Conversely, sales above $1 million increased significantly in March, representing nearly 60% of all sales. There were several high end sales in March including a 6,300 sq foot home in Spring Creek Ranch, a Granite Ridge home site in Teton Village and the sale of a 105 acre portion of the large Vandewater Ranch located on the Village Road, which included 3 separately deeded parcels and had both Fish Creek and Flat Creek frontage (pictured below).

Over1m

Under500

PropertyBreakdown

VandewaterRanch

Parcel 2 of Vandewater Ranch sold in March (listed for $14.2 million by JHREA)

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

facebook

twitter_button

Nearly 50 new listings hit the Jackson Hole real estate market in March 2016

/in , , , , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for April 2016

Jackson Hole, WY

What’s new in Mar 2016? (New Listing Analysis)

  • 48 :: Total number of new listings in March
    • Total New Listing Volume: $66,500,000
    • Average List Price: $1,385,000
  • 40 new residential properties (single family, condo, townhome)
    • Average List Price: $1,415,000
    • New listings already under contract or sold: 14
  • 8 new building sites
    • Average List Price: $1,235,000
    • New listings already under contract or sold: 3

What it means: New listing activity picked up in March, with nearly 50 new properties hitting the Teton County real estate market. We should expect to see more inventory each month as we get closer to the busy summer selling season. New listings in March outpaced March sales at a rate of 2 to 1, marking the first time since last Aug 2015 that new listings have been at least 2x that of monthly sales. In March, there were 17 new condo/townhome listings under $750,000, adding some much needed inventory to the entry level market. By April 10th, 8 of these new listings were already under contract, illustrating the high demand for properties in this price point. At the other end of the spectrum, there were 7 single family homes that hit the market priced in excess of $2 million including a recently remodeled home in the Gill Addition ($2.25m and pictured below), an equestrian estate in the Flat Creek Fishing Club ($3.96m) and a 5,400 sq ft home in Owl Creek listed for just under $6 million. Eight new lot listings hit the market in March including, 4 of which are located north of Town with great Teton views.

As we approach the busy selling season, Sellers will be in a great position to sell this Spring/Summer. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis.

Notable new listings in March include:

  • 23 different options to own a tenant-in-common interest at the Fireside Resort – $350,000-$395,000 (Note: These properties are not available for conventional financing. In the new listing stats above, these options were only counted as 2 new listings for March)
  • Bright and sunny 3 bed / 3.5 bath townhome in East Jackson – $695,000
  • Four contiguous lots zoned for multi-family development in Town  -$3,000,000

Click HERE to view all new March residential listings.

Click HERE to view all new March land listings.

NewListings

NewVSold

GillAddition

Recently remodeled home in the Gill Addition – $2.25 million – listed by RE/MAX Obsidian

Click HERE to read the full Monthly Market Update for April 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 April 30, 2016 will be included in our RE/MAX Obsidian Real Estate Spring Brochure!

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

facebook

twitter_button

New listings up slightly in December, but still very low

/in , , , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

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

  • 26 :: Total number of new listings in December
    • Average List Price: $2,400,000
  • 23 new residential properties (single family, condo, townhome)
    • Average List Price: $1,833,000
    • New listings already under contract or sold: 4
  • 3 new building sites
    • Average List Price: $1,970,000
    • New listings already under contract or sold: 1

What it means: New listings picked up slightly in December, but still remained low. With only 26 new listings, December 2015 marked the second slowest month for new listings in the past year (November 2015 was the lowest with only 18 new listings). While winter is usually a slower time for new inventory, the small up tick in December could be explained by sellers’ motivation to list their properties in time for the holiday rush of visitors and skiers (potential real estate buyers).  In particular, 10 of the new listings in December were in Teton Village including a rarely listed 5 bedroom Snow Ridge condo for $1,600,000, which went under contract in early January. The average sales price of new listings increased for the second month in a row, jumping up to nearly $2 million, in part thanks to 2 high end land listings, both with Flat Creek frontage, but in different parts of the Valley. A 35 acre parcel in the Flat Creek Fishing Club Subdivision south of Jackson was listed for $5.65 million and a 1.17 acre lot in Shooting Star at the base of Jackson Hole Mountain Resort was listed for $2.85 million in December (pictured below).  As of Jan 10th, just under 20% of these new listings are pending or sold (down from nearly 30% in November), suggesting that many of the new listings prices may be a bit above market. Due to the low sales in December (see Summary section above), new inventory slightly outpaced inventory leaving the market (i.e. sales). While low inventory levels usually contribute to rising values, it’s becoming apparent that buyers are not willing to “buy just to buy” and are holding out for well-priced properties. It will be interesting to see the pricing trends of new inventory hitting the market in 2016, and to see if Sellers are still holding on to 2015 values (which were some of the highest seen since the peak in 2007) or if we will see sale and listing prices leveling off in the New Year.  That being said, now may be a great time to sell a property as there is little new inventory coming onto the market at competitive prices. (Please contact me for a free in-depth analysis on the current market value of your property.) 

Notable new listings in December include:

  • Two bedroom/one bath townhome with garage in Cottonwood Park – $499,000
  • Completely re-built 2 bedroom home on the Village Road – $950,000 (pictured below)
  • Four bedroom, true ski-in/ski-out home in Teton Village – $9.5 million

Click HERE to view all new December residential listings.

Click HERE to view all new December land listings.

NewListings

New.v.Sold

AVSP.NewV.Sale

ShootingStarLot

Lot for Sale in Shooting Star development – $2.85 million

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

2015NewYear

Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

How can I help you buy or sell a home in 2016? 

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

/in , , , , , , , , , , , /by

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.

 

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

/in , , , , , /by

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.

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

/in , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – June 2015:

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

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

Transactions

Volume

AvgSalesPrice

Days on Market

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

 

Would you like to be notified as soon as a new listing hits the market in a particular location or price range?

Email

Sign up for automatic email market updates from The Colbert Real Estate Report.

Inventory Levels in Jackson Hole: Then and Now

/in , , , , , , , , /by

Teton County sees historically low inventory levels as we enter the busy spring/summer listing season

marketfocus

As my colleague David Viehman noted in his year end Jackson Hole Report (and I summarized in a previous analysis),current inventory levels are at or near their lowest levels in 25 years. At the end of 2014…..

  • Overall available inventory in Teton County was down 15% from 2013, and is now at the second lowest level in 25 years
  • Single family home inventory was the lowest in 25 years
  • Condo/Townhome inventory was down 23% compared to year end 2013, marking the 3rd lowest condo inventory in the past 25 years
  • Available land inventory was down 12% compared to year end 2013

I went back over the past year and determined the number of new listings (residential property in Teton County) to hit the MLS each month. Typically spring and early summer see the most new listings, which was the case in 2014 when there were 228 new listings in the months of May and June last year. Since the start of the new year we’ve seen a total of only 141 new listings. After 6 months of limited new inventory, listing activity picked up in March with 59 new listings. It will be interesting to see if March’s increase continues into our spring/early summer listing season. How much new inventory will we see in May and June? Will it be at the same levels we saw in 2014?

NewListings

It’s also interesting to compare the number of new listings with the sale transactions that occur each month. Last spring/early summer there were almost 4 times as many new listings hitting the market as there were sales each month. Compare that to the Fall months of 2014 (Sept/Oct/Nov) where there was not even enough new inventory to replace the sales that occurred those months. In the past 3 months, we’ve seen slightly more new listings than sales, however historically low inventory levels in the past 6 months are likely contributing to the low transaction levels.

NewVsSold

 

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

Email

Sign up for automatic email market updates from The Colbert Real Estate Report.

The Jackson Hole Report: Year End Update

/in , , , , , , , , , , , /by

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!

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?

/in , , , , , , /by

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