2020: February New Listings in Jackson Hole

What happened in February?

New Listings

New listings spiked in February with 42 properties hitting the market, the highest monthly level of new inventory since last September 2019. List volume was also up, reaching nearly $120 million. However, the average list price dropped to $2.85 million from the highs seen in December and January ($3.9M & 3.45M respectively). The median listing price was also down, dropping significantly to $1,650,000, as 14 new properties entered the market under $1 million including two condos and town under $400,000 that went under contract immediately. The majority (21) of February’s new listings were condos and townhomes, including short term rental condos in Teton Village, The Aspens and Jackson Hole Golf & Tennis. Only 4 building sites came onto the market including a two lot re-development opportunity in East Jackson, listed at $2.85 million.

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$119,741,000

New Listing Volume

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4

Vacant Lot Listings

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$2,850,976

Average List Price

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$1,650,000

MEDIAN LIST PRICE

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3

listings under $500,000

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8

Listings over $3M

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2020: February Sales in Jackson Hole

What happened in February?

What Sold

Real estate sales were down in February, recording only 27 transactions – the lowest monthly total since last February 2019. Overall sales volume was also down $30 million after a strong January that saw nearly $90 million in sales volume. February volume was the lowest monthly volume since June 2019. Despite lower sales and volume, the average sale price remains strong, reaching close to $2,250,000 for only the first time in the past year. February saw several high end sales including 2 Granite Ridge homes in Teton Village, selling for a combined $15 million. The majority (56%) of sales in February were for single family homes. Not surprisingly given the snow levels, only 3 vacant lots sold in February. The $1-3 million price point was again the hot spot, with nearly half of last month’s sales occurring in this price range. There were 0 sales under $500,000 in February, the first month without a sale in the entry level market since I began tracking this stat in January 2018. The average days on market dropped down to 168 days after reaching 191 last month. Interestingly, the sale to list price ratio hit 97% for the first time since July 2019, illustrating that properties, on average, were selling closer to listing price in February, with nearly 1 in 4 properties selling at or above their listing price last month.

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$60,598,698

Total Sales Volume

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168

Average Days on Market

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$1,495,000

MEDIAN SALES PRICE

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56%

Single Family Home Sales

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67%

of property sales over $1M

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0

TRANSACTION UNDER $500,000

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2019: December Sales & New Listings

What happened in December?

What Sold

December was a slow month for real estate sales, recording only 34 transactions, the third slowest month in 2019. While not typically a busy selling month (December 2018 recorded 32 sales), the dollar value of December sales remained strong, with an average sale price just under $2 million. December saw 3 sales over $5 million including a 6,400 square foot contemporary home in the Snake River Sporting Club, and two 35 acre tracts in Bar BC Ranch. However it wasn’t just the high-end segment of the market that was busy at the end of the year, prices were up across the board as the median sale price jumped up to $1.4 million after holding steady at $1.1 million for the previous 3 months. The sale price to list price ratio remained at 95%, with only 4 properties selling at or above their listing price, perhaps an indication of sellers motivation at year-end. Fifty percent of December sales were for single-family homes and 50% of all monthly sales occurred in the $1-3 million range, highs for both those metrics.

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$66,348,239

Total Sales Volume

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167

Average Days on Market

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$1,400,000

MEDIAN SALES PRICE

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35%

Townhome/Condo Sales

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65%

of property sales over $1M

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2

TRANSACTION UNDER $500,000

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New Listings

December saw a slight uptick in new listings with 30 properties hitting the market last month.  Not deterred by the slow time of year, 9 new listings came on over $3 million, including a 100+ acre big view property north of town for $14,450,000 and a newly-built 18,000+ square foot home with guest home and barn on 215 acres in the heart of Jackson Hole. Listed at $35 million, it’s rumored to be the most expensive new listing in the country. Skewed by the influx of high-end listings in December, the average listing price jumped up to nearly $4 million. The median listing price also increased in December up to just under $2 million as 21 new listings entered the market priced over $1,000,000 vs just 8 under $1 million (and only two under $500,000). Of December’s 30 new listings, 8 are already under contract or closed.
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$117,512,000

New Listing Volume

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3

Vacant Lot Listings

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$3,917,067

Average List Price

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$1,972,500

MEDIAN LIST PRICE

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2

listings under $500,000 Price Point

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9

Listings over $3M

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2019: May Sales in Jackson Hole

What happened in May?

What Sold

Sale transactions increased in May, recording 41 transactions, the highest monthly level so far in 2019. Dollar volume increased from April but was in line with previous months this year, suggesting that while more sales occurred in May, they were at lower price points. In fact, two thirds of May sales were under $1 million, with nearly 20 sales in the $500,000-$1,000,000 price point (commonly referred to as the “local’s market”). While a few high sales pulled the average sales price up towards $1.5 million, the median sales price remained under $1 million for the second month in a row. The majority of May sales were for condos/townhomes, including several in the newly remodeled Virginian Village complex in town. The average days on market increased in May, in part thanks to 4 vacant lots that finally sold after 1-2 years on the market. The sale price to list price ratio held strong at 96% as many properties sold close to their listing prices. There were 9 sales that occurred at or above full listing price, illustrating high demand and tough competition for desirable properties that are priced in line with the market.

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$59,646,869

Total Sales Volume

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176

Average Days on Market

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$839,000

MEDIAN SALES PRICE

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61%

Townhome/Condo Sales

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66%

of property sales under $1,000,000

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6

TRANSACTION OVER $3M

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2019: May New Listings in Jackson Hole

New Listings

Listing activity exploded in May with over 100 new listings hitting the market last month. New listings in May of this year exceeded all of the busy summer months of 2018. In fact, the last time we saw over 100 new listings in a single month was back in July 2017. May’s new listings totaled nearly $225 million, a  monthly dollar volume not seen since August 2018. Of the 101 new listings in May, 35 of them were for vacant land, an activity level not matched since May of 2014. These available building sites covered the entire Valley from Solitude down to the Snake River Sporting Club, Ranging in price from $345,000 – $16,000,000. The average listing price of May’s new inventory is $2.2 million, the highest monthly average we’ve seen so far this year. The median sales price also increased in May, up to just under $1.3 million. The majority (40%) of new listings in May were in the $1-3 million price range. Twenty-two new listings entered the market priced above $3 million, including homes in Granite Ridge and Shooting Star out at Teton Village and two lots in the newly-created Seven Springs subdivision along the Snake River on the Westbank. On the other end of the spectrum, only 10% of the new inventory was under the $500,000 mark and included 1-2 bedroom condos in Ponderosa Village and Virginia Village in the Town of Jackson. Nearly 1/4 of May’s new listings are already under contract or closed, signaling a strong start to what should be a very busy summer selling season.

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$224,672,000

New Listing Volume

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35

Vacant Lot Listings

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$2,224,475

Average List Price

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$1,295,000

MEDIAN LIST PRICE

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22%

over $3M Price Point

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11

Listings under $500k

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

New Listing :: Two bedroom condo in E Jackson

2 bed / 2 bath / 921 sq feet

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Property Details

  • 2 bed / 2 bath
  • Vaulted Ceilings
  • Updated kitchen
  • Large private deck
  • Storage
  • Covered Parking
  • Adjacent to May Park
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Conveniently located in East Jackson, this spacious 2 bed/2 bath condo enjoys a large semi-private deck with western views. Great in-Town location adjacent to the new May Park and steps away from the hospital, Elk Refuge and Cache Creek trail system. Newly painted with vaulted ceilings, this property includes covered parking, has laundry hook-up in the unit and is dog-friendly.

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755 E Hansen Ave #215, Jackson, WY

2018 Taxes: $2,322/year

HOA Fees: $449/month

MLS: 19-1149

Co-Listed with Deb Keenan, JHREA

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2019: April Sales in Jackson Hole

What happened in April?

What Sold

Real estate transactions increased slightly from last month (30 sales) and are tracking slightly higher than this same time last year (29 sales in Apr 2018). However, overall sales volume in Jackson Hole dropped significantly, down $20 million from last month, recording the lowest monthly volume since March 2018. As a result, the average monthly sales price ($1,143,000) also reached its lowest level in the last year. Likewise, the median monthly sales price was the lowest seen since June 2017 and only the 3rd time in the past year it has dipped below $1 million. The average days on market dropped 120 days, as half of all properties sold in April were on the market less than 3 months before closing.  Properties sold, on average, at 96% of list price in April, despite the fact that only 5 of the 33 properties sold at or above listing price, illustrating the strong buyer demand across the market. As suggested by the low sales volume and low average sales price, a large majority (69%) of the property sales occurred under $1 million in April, including 6 sales of remodeled Virginian Village condos in Town, selling between $303,000 – $417,000. After a yearlong stretch with at least 5 high-end ($3M+) property sales per month, only one sale occurred in this segment in April (a 4,500 sq ft home in 3 Creek Ranch, listed for $3.7 million.) While usually representing over half of all monthly sales, single family home sales slowed in April, with only 7 transactions (21% of all sales). On the other hand, 10 land sales occurred in April, the highest monthly tally since Nov 2017. These lot sales represented every corner of the Valley including Bar B Bar, Solitude and JH Golf & Tennis up north, lots in Town, the Westbank and 3 Creek Ranch and 3 contiguous lot sales in Riverview Ranch, a newly platted subdivision south of Wilson.

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$37,730,289

Total Sales Volume

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120

Average Days on Market

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$785,000

MEDIAN SALES PRICE

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48%

Townhome/Condo Sales

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30%

of property sales under $500,000

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1

TRANSACTION OVER $3M

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2019: April New Listings in Jackson Hole

What happened in April?

New Listings

We are on the front end of the busy spring/summer listing season here in Jackson Hole, as we see more and more properties coming to market each month, including 41 new listings in April. The overall dollar volume of these new April listings totaled $65 million, equating to an average listing price of just under $1.6 million, a slight dip from last month, but a number much lower than monthly averages typically seen in the past year. The median list price also dropped in April, down more than $200,000 from March 2019. While new listings in April were equally split between over/under $1 million, 17 of those new listings occurred in the $500,000 – $1,000,000 segment — including townhomes in Town, The Aspens and Teton Village, and one single family home in Porcupine Creek, listed for $949,000. This comes as good news for local buyers, who have been frustrated with consistently low inventory levels in this segment. Demand remains strong and competition is high however, as over a third of April listings are already under contract.

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$64,900,500

New Listing Volume

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33

Residential Listings

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$1,582,939

Average List Price

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$1,100,000

MEDIAN LIST PRICE

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7%

under $500K Price Point

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4

Listings over $3M

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

New Listing :: Rafter J Perimeter Lot with Teton Views

Mountain Views over Open Ranch Land

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Property Details

  • Oversized 0.5 acre lot on end of cul-de-sac
  • Teton views over open ranch land
  • 3 bed / 2 bath / 2 car garage
  • Large fenced yard
  • Wood burning stove
  • Clean and move-in ready
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Arguably the BEST location in the entire Rafter J neighborhood, this oversized half acre lot is located at the end of a quiet cul-de-sac on the north end of the development. Abutting Rafter J Ranch open space on both the north and east property lines and overlooking pastoral ranch lands, this lot offers spectacular mountain views from Glory Bowl to the Grand Teton, which can be enjoyed from the large back deck, living room and master bedroom. The expansive fenced yard wraps around the house to the east offering great eastern mountain views as well. This clean home has been well cared for (new roof in 2018) with a functional floor plan, wood burning fireplace, open kitchen, children’s play structure, covered front porch, attached 2 car garage and bully barn for additional extra storage.

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3060 S Stirrup Dr, Jackson, WY

2018 Taxes: $5,167/year

HOA Fees: $650/year

MLS: 19-762

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2019 Q1: New Listings in Jackson Hole

New Listings – What’s New?

$1,891,549

AvERAGE LIST PRICE

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$213,744,999

LIST PRICE Volume

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Market Analysis

New Listings were up 15% in Q1 2019 compared to this time last year, as 113 new properties hit the market so far this year. Sellers, perhaps motivated by the hot market in 2018, were encouraged to list their homes at the start of 2019, with nearly half of the quarterly listings (55) coming onto the market in January, usually a slow month for new listings. The dollar volume of new listings was also up 23%, increasing from $174 million in Q1 2018 to $213 million in Q1 2019. January was again the busy month, accounting for 56% of the new dollar volume of the first quarter. The average listing price increased from $1.775 million in Q1 2018, to just under $1.9M this year, in part thanks to a strong January where the new listing average hit $2,176,000. The median list price fluctuated in the first quarter of 2019, reaching $1.12M in January, dropping to below $1 million in February and then spiking up to over $1.3M in most recently in March.

In breaking down the price point of these new listings, the “hot spot” of the first quarter was new listings in the $500,000 – $1M range, accounting for nearly 30% of all new listings in the first quarter. While this is welcomed news for local buyers faced with limited inventory, the market remains competitive in this price point, with more than half of the 32 new listings already sold or under contract. After starting out the year strong, with 11 new listings over $3 million in January, high-end listings slowed as only 8 hit the market in February and March.

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.