Uncategorized Archives - Page 3 of 9 - Katie Brady Real Estate

2019: January Sales in Jackson Hole

February 6, 2019/in Market Reports, Uncategorized/by Molly Stewart

After an explosive 2018 (read the 2018 Annual Report), 2019 was off to a solid start with 39 sales totaling over $82 million in dollar volume. Both stats exceeded numbers from Dec 2018 by 22% and 24%, respectively. While the average sales price ticked up slightly to just over $2.1 million, the median sales price increased significantly in January, up $300,000 to $1.335 million, representing the third highest median sales price in the past 12 months. Properties that closed in January did so at an average of 95% of their list price, a drop from the 96-98% levels seen throughout all of 2018. Only 5 properties sold at or above list price in January, a number that could reach as high as 20-25 in some months in 2018. January saw an unusually high number of single family homes sales, representing nearly 60% of all sales. Land sales were predictably low, recording just 3 vacant land sales in January. There were 5 sales over $3 million in January, including an 8,300 sq ft house in Indian Springs that was listed for $15.5 million. It’s interesting to note that there have been at least 5 sales/month in this high-end price range ($3MM and above) for the past 10 months.

New Listing :: Two Bedroom Townhome in Town

January 27, 2019/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

This two bedroom townhome boasts one of the best locations in the Clusters development, with a south facing deck taking in up-close views of Snow King Mountain.

Vaulted ceilings, extra windows and a skylight create a bright and open feel, while the gas stove makes for cozy winter nights. Feel at home with many upgrades including pine hardwood floors and new stainless steel appliances.

Enjoy access to a large grassy common area, perfect for yard games and dog exercise. There are two dedicated off-street parking spots in addition to the one car garage, which includes extra lofted storage.

Conveniently located in central Jackson adjacent to Powderhorn Park and within walking distance to the post office, grocery store, coffee shop and restaurants, and the START bus stop.

2018 Jackson Hole Real Estate Summary & 2019 Forecast

January 13, 2019/in Market Reports, Uncategorized/by Molly Stewart

Real Estate Sales in Jackson Hole – Past 5 years

The Jackson Hole real estate market’s 5 year history goes something like this….

The market spiked significantly from 2014 to 2015 with sales increasing slightly (4%) and dollar volume jumping by 23.5%. Then in 2016 sales slowed and overall dollar volume dropped 15%. Many argued we had reached the “peak” in 2015. In 2017, sales dropped again, but this time dollar volume actually increased, meaning while fewer properties were selling, they were selling for higher prices. I’m not sure anyone anticipated what we saw in 2018. Transactions increased by 13%, but dollar volume increased by a staggering 38% over 2017. As we saw above, many of the additional sales and much of the dollar volume occurred at the higher end of the market, pulling the overall average sales price up 22% in one year.

Inventory Trends – Past 5 years

Inventory levels spiked in 2015, when 739 new listings hit the Jackson Hole market. While 2018 saw a slight increase from the low levels of 2016-2017, homebuyers still had 100 fewer choices in 2018 than in 2015. Inventory levels can influence sale numbers and the ratio between the two can indicate the level of competitiveness in the market. In 2015, there was 1.58 new listings for every property sold. In 2018, there were only 1.27 new listings for every property sold. If the trend of increasing sales (as we saw in 2018) continues, and inventory levels remain low, expect values and prices to continue to increase into 2019.

What will happen next? Is this growth sustainable? Can we expect to see values increase another 20% next year?

In looking into my crystal ball, I do not foresee a crash or significant downturn in 2019 in our market, given Jackson Hole’s unique relationship between supply and demand. On the supply side limited developable land remains (only 3% of all land is privately owned and many of those lands are permanently in conservation) resulting in slim potential for future new inventory. Additionally, “shadow inventory” remains hidden as would be home sellers have nothing to buy. On the other side, demand continues to remain strong. In an age when people can work remotely and live where ever they like, more and more people want to call Jackson Hole home (why wouldn’t they?). A volatile stock market may also increase demand as investors look to put their money in safer investments (i.e. Jackson Hole real estate). That being said, I have to anticipate that the explosive increases of 2018 will need to slow. I have a hard time believing we will see a similar scale of appreciation in 2019. We may see a tempering of the recent fast-paced increases as we did after the previous spike in 2015. Stay tuned….

2018: Year End Review – Jackson Hole

January 12, 2019/in Market Reports, Uncategorized/by Molly Stewart

Wow – what a year! The real estate market in 2018 saw nearly 500 transactions totaling $934 million in dollar volume*. To put that in perspective, compare it to last year, where 436 sales produced $676 million in sales volume. So, from 2017 to 2018, the number of real estate sales increased by 13% but the total dollar volume increased by 38%. So what does that tell us? Not only did more transactions occur, but they occurred a much higher prices. Another way to look at the trend is through the overall average sales price, which increased from $1,550,000 in 2017 to nearly $1,900,000 in 2018, an increase of 22%!

In comparing sale transactions quarter by quarter, 2018 outperformed 2017 in each quarter. Regarding sales volume, while 2018 started out slowly with slightly less volume than Q1 2017, the remainder of the year made up for it, especially in the second quarter when 2018 sales volume was double that of 2017.

So, in what price points did the additional sales occur in 2018? The majority (40%) of sales occurred in the $500,000 – $1 million range (the “local’s market”), a similar share seen in 2017. Sales in the $1-3 million range also grew at consistent levels, representing 35% of the all 2018 sales. The big shift in 2018, was a 47% decrease in sales under $500,000 (47 sales in 2018 vs. 69 in 2017) AND a significant increase in sales over $3 million. In 2018, there were 76 sales in excess of $3 million, representing 15% of all market sales. Compare that to 2017, when 41 sales occurred in this price range (and represented only 9% of all market sales).

*Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for 2018. It is estimated that sales outside of MLS account for an additional 20% of transactions/volume. Contact Katie for more details.

After two years of declining or stable inventory, total new listings were up slightly in 2018. Despite the increase in listings this past year, inventory levels are still low compared to levels seen in 2015-2016. The timing of new listings to market was similar between 2017 and 2018, with the majority of new listings coming hitting the market in the second quarter (April/May/June), typically popular months for new listings. However, there was a surge of new listings in the 4^th quarter in 2018, when 108 new properties came onto the market (vs. 79 in Q4 2017).

The 632 new properties that hit the market in 2018 totaled over $1.6 billion in dollar volume. The 3% increase in new listings spurred a 18.5% increase in overall listing volume. What does that tell us? Slightly more inventory was coming onto the market in 2018, but at much higher prices, as illustrated by a 15% increase in the average listing price in 2018. When comparing quarter by quarter, the average listing price was actually similar to 2017, with the exception of Q3 2018, when the average list price was $1 million higher than Q3 2017.

2018: Q4 Market Update & Review for Jackson Hole

January 9, 2019/in Market Reports, Uncategorized/by Molly Stewart

Real estate transactions were up slightly in Q4 2018, recording 130 sales (vs. 123 in Q4 2017). In comparing month over month, even though 2018 saw a lower number of sales in both November and December, the 53 sales in October 2018 helped the 4^thquarter overall. Sales volume in Q4 2018 was up 20% compared to Q4 2017, recording $260 million in sales. Even though 2018 ended quietly, sales volume significantly exceeded volume in both October and November of 2017. The average sales price of Q4 2018 was just over $2 million, up 10% from Q4 2017, when the average sales price was $1.82 million. However, the median sales price was nearly identical between the fourth quarters of 2017 and 2018, suggesting that while the high end prices are getting higher, the remainder of the market values remained steady. The majority (37%) of sales in Q4 2018 occurred in the $1-3 million price point, helped by 25 new listings in this price segment in October alone. In Q4 2018, 46% of sales were for single family homes, with only 15% of sales representing vacant land (not surprising given the time of year).

New listing activity increased significantly from Q4 2017, with 108 new properties hitting the market in Oct/Nov/Dec 2018. New listings in 2018 outperformed 2017 in each month, resulting in an overall 37% increase in new listings in Q4 2018. Even more dramatic, the dollar volume of the new listings in Q4 2018 exceeded the volume in Q4 2017 by nearly $100 million, a staggering increase of 64%! New listing volume in 2018 significantly outperformed 2017 in every month including October, where sales volume was 2x that of 2017. As you can imagine, the average sales price in Q4 2018 increased significantly as well, up to $2.385 million from $1.97 million in Q4 2017. The median listing price fluctuated throughout the 4^th quarter of 2018, following a similar trend to Q4 2017, with the exception of Dec 2018, which saw a median list price of nearly $2 million, the highest monthly median since Sept 2017.

2018: December New Listings in Jackson Hole

January 8, 2019/in Market Reports, Uncategorized/by Molly Stewart

Identical to November, 31 new listings hit the Jackson Hole market in December, the lowest levels seen since the early months of 2018. However, the overall dollar volume of the new December listing topped $100 million for the first time in the 4^th quarter. Helped by several high-end listings in Ely Springs ($17.8m), Bar-B-Bar ($8.75m) and Ellen Creek in Teton Village ($8.5m), the average listing price was nearly $3.3 million in December. The median listing price was just under $2 million, the highest value seen in all of 2018. Only one new lot listing came onto the market in December (not unusual for this snowy time of year) – a 0.39 acre lot on Karns Hillside, listed for $950,000. Of the 31 new listings, 77% were listed above $1 million, with 12 new listings priced over $3 million.

2018: December – What Sold in Jackson Hole?

January 8, 2019/in Market Reports, Uncategorized/by Molly Stewart

2018 ended somewhat quietly in the Jackson Hole real estate world. Down from 45 sales in November, December recorded only 32 sales, the lowest monthly total since April 2018. Sales volume was also down, reaching just over $66 million, the lowest volume seen since March 2018. While the average sales price was just above $2 million, the median sales price (a more accurate indication of “middle of the road” values) came in just above $1 million in December, a steady trend seen throughout the 4^thquarter. After spiking to 98% in November, the sales price to list price ratio dropped back down to 96% in December, below the average of 97% seen through much of 2018. Only 4 properties sold at or above the listing price, as more sellers appeared willing to negotiate with the year-end approaching. The average days on market increased slightly to 177 days in December, just above the annual average of 153 days. In December, 3 of the new Town Square Condos (atop the new Marriott hotel) closed. After first coming onto the market in October of 2016, 4 of the 9 units are now sold.

2018: November New Listings

December 10, 2018/in Market Reports, Uncategorized/by Molly Stewart

Both new listings and new listing dollar volume were down in November, a month typically slower for new listing activity. Only 31 new properties came onto the market last month, roughly one third of new listings seen in the high month of May. Total new listing dollar volume still topped $60 million in November as 4 new homes priced over $3 million hit the market, including two homes in excess of $10 million – a 4,000 square foot house and adjoining lot in Wilderness Ranches and a 6 bedroom home now under construction in Shooting Star. Helped by these higher end homes, the average listing price reached over $2 million in November, however the median listing price dropped under $1 million for the first time in the past 7 months. Only two new lots came onto the market in November, not surprising given the time of year – a 3.3 acre lot north of town listed for $825,000 and a unique half acre lot with Fish Creek frontage in Wilson, listed for $1.65 million. The majority (35%) of new November listings were in the $1-3 million price point, including a newly built home in downtown Wilson, listed for $1,785,000 and an oversized home in Melody Ranch, totaling nearly 4,700 square feet, listed at $2,350,000.

2018: November – What Sold?

December 10, 2018/in Market Reports, Uncategorized/by Molly Stewart

November recorded 45 real estate sales, down from last month (53 sales) and also down from November 2017 (50 sales). However, despite having 8 fewer transactions than October, the sales volume in November was $10 million higher. In fact, November was only the third month all year where total sales volume exceeded $100 million. This spike in total volume was helped by 3 large sales: 2 houses in the exclusive Indian Springs neighborhood (both listed slightly over $10 million), and a 170 acre ranch parcel at the end of Boyles Hill Road, which was listed for $23 million. As a result, the average sales price jumped up to $2.2 million in November, however the median sales price dropped to $965,000 as 53% of all sales last month occurred under $1 million. The sales to list price ratio reached 98% for the first time since I began tracking these stats in 2013! Nearly 30% of all November sales occurred at or ABOVE their listing price, with several other sales occurring very close to the listing price, an indication that our market remains very competitive with limited inventory. The average days on market increased to 157 days in November as a few older listings finally sold, including a unique inholding on Mormon Row in Grand Teton National Park, that was ultimately sold to the National Park Foundation. That being said, over 40% of property sales in November were on the market less than 90 days.

2018: October New Listings

November 8, 2018/in Market Reports, Uncategorized/by Molly Stewart

While increasing slightly from September, the 46 new listings in October represent only half of the listing levels seen in the busy summer months. Despite the modest increase in the number of new listings, the overall dollar volume of those new listings ($84 million) dropped significantly from September ($148 million), representing only a quarter of the volume seen in the height of the summer. As a result, the average new listing price in October was also down significantly, dipping below $2 million for the first time since March 2018. These drops can be attributed to the fact that fewer high end listings (above $3 million) hit the market in October. After an average of 20 new high end listings hit the market each month this summer, there were 14 such listings in September and only 6 new listings priced over $3 million coming onto the market in October. Usually the homes with the highest price tags strategically put their homes on the market at opportune times to sell (i.e. the summer!). Despite a lower average, the median listing price actually increased in October, helped by a spike in listings in the $1-3 million range, where 25 new properties came onto the market.

What happened in January?

What Sold

$82,106,071

Total Sales Volume

95%

Average Sold:List Ratio

$1,335,000

MEDIAN SALES PRICE

59%

Single Family Home Sales

15%

of property sales were under $500,000

23

TRANSACTIONS OVER $1M

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 :: Updated Townhome with Garage in Town

Property Details

Summary: Jackson Hole Real Estate & 2019 Forecast

Market Analysis

2019 Forecast

Advice for Sellers in 2019:

Advice for Buyers in 2019:

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.

2018: Transactions/Sales Volume – What Sold?

$1,892,471

Average Sales Price

$934,880,606

Total Sales Volume

Market Analysis

$1,090,510

Average Median Sales Price

12%

of Sales were Land Lots

2018: New Listing/Inventory Analysis

$2,456,015

AvERAGE LIST PRICE

$1,609,081,350

LIST PRICE Volume

Market Analysis

$1,299,560

AvERAGE MEDIAN LIST PRICE

$2,115,078

AVERAGE LIST PRICE For Land

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.

Transactions/Sales Volume – What Sold?

$1,993,477

Average Sales Price

$259,152,032

Total Sales Volume

Market Analysis

New Listings – What’s New?

$2,308,273

AvERAGE LIST PRICE

$249,293,500

LIST PRICE Volume

Market Analysis

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.

What happened in December?

New Listings

$3,268,435

Average List Price

30

Residential Listings

$101,321,500

New Listing Volume

$1,970,000

MEDIAN LIST PRICE

77%

Over $1M Price Point

2

Listings below $500,000

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.

What happened in December?

What Sold

$66,018,286

Total Sales Volume

177

Average Days on Market

$1,005,000

MEDIAN SALES PRICE