2017 Real Estate Market: High sales volume/values, despite lower sales/inventory

January 15, 2018/in Market Reports, Uncategorized/by Molly Stewart

Quick Stats – 2017:

Real Estate Transactions: 436 sales
- 2016 = 448 sales
- 2015 = 466 sales
- 2014 = 447 sales
Sales Volume: $676,000,000
- 2016 = $634,000,000
- 2015 = $743,000,000
- 2014 = $568,000,000
Average Sales Price: $1,551,000
- 2016 = $1,416,000
- 2015 = $1,594,000
- 2014 = $1,270,000
Average Days on Market: 194 days
- 2016 = 193 days
- 2015 = 197 days
- 2014 = 267 days

What it means: How did the market preform in 2017? The short answer is: Prices/values are up despite lower inventory and sales transactions. Real estate transactions have been declining since a high of 466 sales in 2015. After declining 4% from 2015 to 2016, transactions dipped another 3% in 2017. The reverse is true for total sales volume, which jumped up 6.6% from 2016. As a result, the average sales price increased 8.5% from 2016 to 2017, illustrating that while fewer properties sold, they sold for higher prices. Strong high end sales in January, April and December contributed to higher than usual average sales prices in 2017. For context, stats from the previous 3 years are also listed above. There is no doubt that 2015 was the “peak” with nearly $750 million in sales volume from 466 sale transactions. However, the average sales price in 2017 was close to the high seen in 2015, despite fewer sales and lower volume in 2017. The average days a property is on market before selling has remained consistent (in aggregate) over the past several years, however, anecdotally properties in high demand areas (i.e. condos in Town, homes in Rafter J, investment property in Teton Village, etc.) have been selling very quickly (assuming they are priced in line with market comps).

Breakdown of Sales by Price Point – Residential:

The majority of residential sales (40%) in 2017 occurred in the $500,000 – $1,000,000 price range, representing many investment or vacation condos for second home buyers as well as townhomes and some smaller/older single family homes for local buyers. The $1-3 million segment was also very active, representing 35% of all residential property sales in 2017. This price point included larger single family homes (purchased by both local buyers and second home buyers) and higher-end condos in Teton Village. Sales under $500,000 represented just 15% of all sales in 2017 and mostly included smaller 1 and 2 bedroom condominiums in the Town of Jackson. When comparing 2017 to 2016, the price point breakdown is similar, with a few minor shifts. Property sales under $300,000 (the lowest end of our market), dropped from 3% to 1% of all sales, illustrating that this bottom price point is close to disappearing. The overall market shifted upward as property sales under $1 million shrank from 59% in 2016 to 55% of all sales in 2017, while the percentage of high-end sales (over $3 million) increased slightly.

Breakdown of Sales by Price Point – Land Sales:

Compared to 2016, total lot sales were up 33% as nearly 90 vacant lots sold in 2017. The majority of vacant land sales occurred in the $500,000 – $1,000,000 price range, which included smaller lots in the Town of Jackson, 2-4 acre lots north of town, and larger tracts of land south of Jackson. The percentage of lot sales under $1 million, increased significantly in 2017, as 60% of all sales occurred in this price range (vs. 46% of all sales in 2016). On the other end of the spectrum, the percentage of sales in the $1-3 million price range decreased from nearly 50% of all sales in 2016, to only 1/3 of all sales in Teton County in 2017.

Half of new December listings already under contract in early January

January 12, 2018/in Market Reports, Uncategorized/by Molly Stewart

What’s new in Dec 2017? (New Listing Analysis)

33 :: Total New Listings
- New Listing Volume: $76,462,000
- Average List Price: $2,317,000
28 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,055,000
- Median List Price: $1,225,000
- New listings priced under $1 million :: 11 (39%)
- New listings priced under $500,000 :: 2 (7%)
- New listings already under contract or sold: 12 (43%)
5 :: New Building Sites
- Average List Price: $3,780,000
- Median List Price: $2,500,000
- New listings priced under $1 million :: 1 (20%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 3 (60%)

What it means: After a predictably slow November, new listings ticked up in December as 33 properties hit the market last month. Along with an increase to sales volume, the average listing price also increased for the second month in a row and reached over $2.3 million for the first time since June 2017. Six new listings hit the market priced in excess of $3 million, including two homes in Teton Village and two homes on the Westbank. Five new lot listings hit the market, including one of the last true ski-in, ski-out vacant lots at the base of Jackson Hole Mountain Resort. The most telling statistic this month, is that nearly 50% of the new December listings are already under contract or sold (by Jan 10th). With inventory being so tight, buyers are ready to move quickly on well priced and/or high demand properties. Some of the listings that have gone under contract quickly include: several condos and condo hotels in Teton Village, a higher end penthouse condo in downtown, and a single family home in Wilson priced under $750,000.

**During times of low inventory and high demand (i.e. the current state of our market), many properties aren’t even hitting the open MLS market before selling. If you have a specific property type/location/price in mind, please contact me so that I can be on the look out for off-market or soon-to-be-listed properties for you.

Notable new listings in December include:

Newly updated log cabin home in Hoback – $575,000
Three bedroom townhome with private backyard in Cottonwood Park – $629,000
Newly built contemporary home in the Town of Jackson – $1,699,750

Click HERE to view all Dec residential listings.

Click HERE to view all Dec land listings.

(Note: Links above are good for one month after report is published.)

2017 ends strong, with over $90 million in sales volume

January 7, 2018/in Market Reports, Uncategorized/by Molly Stewart

What it means: After an unusually busy November, real estate sales dipped down in December, matching transaction levels seen last year at this time. December monthly sales volume was another story however, recording the highest total monthly volume of the year. In fact, the last time monthly sales volume numbers reached above $90 million was back in September 2015! The year definitely ended with a bang with several very large sales, including a 7,300 sq foot home on 35 acres in Crescent H Ranch (listed at $17 million) and a 10,000 sq foot estate in the exclusive Indian Springs neighborhood, which was listed for $12.5 million (both sales prices were undisclosed to the MLS). Additionally, several other high end homes sold in The Gill Addition, 3 Creek Ranch, Solitude and the Snake River Sporting Club. As a result, the average sales price jumped up to $2.6 million, the highest monthly average in recent history (with the one exception of Jan 2017, where a $50 million sale in Wilson pulled the average sales price up to $3.35 million). While averages can be affected by high outlier sales, the median sales price also jumped up significantly to over $1.4 million, as 14 properties sold for more than $2 million in December (nearly 40% of all sales). The average sales price to list price ratio ticked up to 96% after several months hovering at 95%. However, only 4 properties sold at, near or above their listing price, suggesting that many sellers became more motivated to make a deal before the end of the year. Over the past 6 months, the average days a property is exposed to the market before selling has averaged around 150 days. In December, the marketing time spiked to 280 days as much of the old inventory was cleared off the market. In fact, 10 of the properties were on the market for over a year before finally selling in December.

New Listing :: Immaculate 3 bed / 2 bath townhome in Cottonwood Park

December 27, 2017/in Featured Listing, Featured Listings, Town of Jackson, Townhome, Uncategorized/by Molly Stewart

Corner Creek Townhome

Take in beautiful mountain views from an immaculate 3 bed, 2.5 bath townhome with oversized 2 car garage and private backyard. Enjoy the open living/dining room, spacious master bedroom and large windows. Get to know the great local neighbors in this small development of only 8 units in a quiet location tucked away at the back of Cottonwood Park. Experience the convenient location in West Jackson with easy access to the pathway system, bus stop and elementary, middle and high schools. Recent owner updates include: fresh paint, new cove heaters, and new wooden window blinds throughout. Owners have also re-built and expanded the back deck and porch, installed a new privacy fence and planted 7 new spruce trees for additional privacy. Benefit from the self-managed, small HOA with low dues ($75/month). Recent HOA improvements include: new roof in 2014, new exterior paint in 2015 and new asphalt in driveways/parking areas in 2016.

Six high end homes ($3+ million) enter market in November

December 9, 2017/in Market Reports, Uncategorized/by Molly Stewart

What’s new in Nov 2017? (New Listing Analysis)

20 :: Total New Listings
- New Listing Volume: $43,026,000
- Average List Price: $2,151,000
19 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,217,000
- Median List Price: $1,150,000
- New listings priced under $1 million :: 9 (47%)
- New listings priced under $500,000 :: 1 (5%)
- New listings already under contract or sold: 5 (26%)
1 :: New Building Sites
- Average List Price: $899,000
- Median List Price: $899,000
- New listings priced under $1 million :: 1 (100%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 0 (0%)

What it means: Continuing a decline started in August, only 20 new listings hit the Jackson Hole real estate market in November, the lowest monthly level since last November (2016). While the number of new listings was down in November, total dollar volume of these new listings was actually up from last month (which saw 29 new listings). Six high end listings (priced over $3 million) hit the market in November including 2 homes in Granite Ridge, offering ski-in, ski-out access to Jackson Hole Mountain Resort (starting at $4.2 million) and a 9,500 square foot home in the exclusive Indian Springs neighborhood, listed at $9.7 million. As such, the average listing price jumped back up above $2 million after a low of $1.2 million last month. Only one new listing in November was priced under $500,000 (a one bedroom Aspens condo for $469,000). Of the 8 properties listed between $500,000 – $1,000,000, 5 are already under contract, illustrating the continued high demand for this price point.** Historically, November is not a popular time to list vacant land, as only one new lot listing hit the market in November (a 5 acre lot on the bench of the Snake River in the Solitude neighborhood north of Town).

**During times of low inventory and high demand (i.e. the current state of our market), many properties aren’t even hitting the open MLS market before selling. If you have a specific property type/location/price in mind, please contact me so that I can be on the look out for off-market or soon-to-be-listed properties for you.)

Notable new listings in November include:

Fixer Upper home on 6 acres in Red Top Meadows – $695,000
Newly built contemporary home with Snow King views – $1,150,000
Three bedroom ski-in, ski-out condo at Hotel Terra – $1,449,000

Click HERE to view all Nov residential listings.

Click HERE to view all Nov land listings.

(Note: Links above are good for one month after report is published.)

November a busy time for real estate? This year it was, as 50 properties sell.

December 4, 2017/in Market Reports, Uncategorized/by Molly Stewart

What it means: After several months of declining real estate sales, transaction levels spiked in November, reaching 50 monthly sales for the first time since Oct 2016. These sale levels are much higher than expected, especially considering that last November saw only 34 transactions. High sale levels were helped by 7 property closings down in the Snake River Sporting Club, including 4 sales/reservations for the soon-to-be-built Fairway Lodges – 3 and 4 bedroom cabins that are zoned for short term rentals. With the spike in sale transactions, sale volume also increased, reaching a level higher than anything seen this past summer. The median sales price in November ($900,000) was identical to last month, however the average sales price in November dropped nearly $200,000 as a significant number of sales occurred in the sub $1 million market. Six properties sold for under $500,000 (including several 2 bedroom condos in the Town of Jackson), and an additional 11 properties sold between $500,000 – $750,000, currently a hot market for local buyers. The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, well priced and/or high demand properties continue to sell quickly (many times fetching multiple offers) as available quality inventory remains low. The average marketing time dropped slightly to 145 days (on average), even with several properties selling after being on the market close to a year. In November, 21 sales occurred within 90 days of hitting the market, illustrating that buyers are well-educated and are ready to jump quickly when they see something they like that is well priced. (Note: As a seller, it is important to list your property competitively (based on recent comps) in order to capture these ready-to-move buyers. Contact me if you’d like to discuss the marketability and market value of your home or complete the Home Valuation Form.)

Half of October new listings priced under $1,000,000 and selling quickly

November 9, 2017/in Market Reports, Uncategorized/by Molly Stewart

What’s new in Oct 2017? (New Listing Analysis)

31 :: Total New Listings
- New Listing Volume: $38,176,000
- Average List Price: $1,231,000
29 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,207,000
- Median List Price: $965,000
- New listings priced under $1 million :: 15 (52%)
- New listings priced under $500,000 :: 4 (14%)
- New listings already under contract or sold: 12 (41%)
2 :: New Building Sites
- Average List Price: $1,575,000
- Median List Price: $1,575,000
- New listings priced under $1 million :: 1 (50%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 2 (100%)

What it means: New Listings entering the Jackson Hole real estate market continue to decline, dropping significantly in October. Only 31 new properties hit the market last month (compare that to 100+/- new listings per month in the summer). Overall dollar volume of these new listings also decreased significantly, matching volume levels seen last year at this time. After several steady months hovering between $2.2m – $2.3m, the average listing price dropped nearly $1 million down to $1.2m in October, as over 50% of the new listings in October were priced under $1,000,000, including several condos in The Aspens, a remodeled house in Town and a 2,100 sq foot house in the Rafter J neighborhood. Of the 29 new residential listings, over 40% of them are already under contract or sold. Looking at the under $1 million segment, 8 of the 15 new listings (over half) have already been snatched up, illustrating the continued high demand and competition in this price point. There were only 2 new vacant lots listed for sale, however both were marked as pending when entered into MLS, meaning they most likely went under contract before hitting the market.

NOTE: During times of low inventory and high demand (i.e. the current state of our market), many properties aren’t even hitting the open MLS market before selling. If you have a specific property type/location/price in mind, please contact me so that I can be on the look out for off-market or soon-to-be-listed properties for you.)

Notable new listings in October include:

Large (900+ sq ft) remodeled 1 bedroom condo in The Aspens – $599,000
4 bedroom Creekside townhome with complete remodel – $799,000
Two larger single family homes in East Jackson – $1,175,000 & $1,355,000

Click HERE to view all Oct residential listings.

Click HERE to view all Oct land listings.

(Note: Links above are good for one month after report is published.)

Sale Prices remain strong despite low sales, volume

November 6, 2017/in Market Reports, Uncategorized/by Molly Stewart

What it means: Real estate sales continued to decline in October, with 37 total transactions, the lowest number of sales since April 2017. With the busy selling season over, we should expect to see this slowing trend continue into the winter. Compared to this time last year (Oct 2016 saw 57 sales for $87 million), sales and volume are down significantly, most likely a result of lower inventory levels. Despite sales volume declining, the average sales price actually increased slightly in October (to over $1.5 million) as the prices of homes remain very strong. Ten properties sold for over $2 million in October (which pulled up the average sales price), however the median sales price last month was slightly below average, as several “entry level” properties also sold (18 sales under $750,000, 8 sales under $500,000). The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, properties are selling even more quickly as available quality inventory declines. In October, 18 sales (nearly 50%) sold within 90 days of listing, with many fetching multiple offers in the first few days of hitting the market. Fast selling properties included condos in Town and The Aspens, townhomes in Town, a high-end home in Wilson and a $6+ million home in John Dodge. October also saw several sales down in the Snake River Sporting Club, including several of the new Fairway Lodges, which are zoned for short term rentals (only a few remain).

New Listings slow after busy summer in Jackson real estate

October 11, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

What’s new in Sept 2017? (New Listing Analysis)

49 :: Total New Listings
- New Listing Volume: $110,900,000
- Average List Price: $2,263,000
44 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,064,000
- Median List Price: $1,140,000
- New listings priced under $1 million :: 21 (47%)
- New listings priced under $500,000 :: 7 (16%)
- New listings already under contract or sold: 12 (27%)
5 :: New Building Sites
- Average List Price: $4,020,000
- Median List Price: $2,850,000
- New listings priced under $1 million :: 1 (20%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 1 (20%)

What it means: After a busy summer listing season, where we saw nearly 225 new listings hit the market in May/June/July, listing activity has quieted down a bit. Forty-four new listings hit the market in both August and September, similar to monthly levels seen last Spring. Overall dollar volume of these new listings also dropped off, however several high end listings came onto the market in September, including a 15 acre, 10,000 square foot estate in Dairy Ranches (listed for $15 million) and a newly built 14,000 square foot home in 3 Creek Ranch (listed for $18 million). Of the 5 new vacant land listings, two are listed over $7 million including a 35 acre tract in Bar BC Ranch (listed for $7 million) and a unique piece of property along the Snake River with Fish Creek running through it (listed for $7.9 million). The average listing price for September listings continues to hover just under $2.3 million, much higher than the monthly average sales price, which has been just below $1.5 million the last few months. The median listing price (a more accurate representation of the “middle” price point) also increased in September to $1.14 million (for homes/condos/townhomes). Over a quarter of new listings are already under contract (as of Oct 10th), as demand remains high for well priced properties.

Notable new listings in September include:

Two 1-bedroom condos in The Aspens – $462,000 & $498,500
3 bedroom condo with short term rental zoning at the base Snow King – $665,000
2,000 sq foot home and guest house on 2 acres on Saddle Butte – $1,250,000
Two bedroom penthouse suite in downtown Jackson – $1,950,000

Click HERE to view all available Sept residential listings.

Click HERE to view all available Sept land listings.

(Note: Links above are good for one month after report is published.)

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September sales fizzle as summer selling season ends

October 10, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

Summary – Sept 2017:

40 :: Total residential sale transactions
$59,816,000 :: Total residential sales volume
$1,495,000:: Average sales price
$1,130,000 :: Median sales price
95% :: Ratio of sales price to list price
171 :: Average days on market prior to selling

What it means: After plateauing in July and August, real estate sale transactions dipped in September, signaling the end of the busy summer selling season. September sales were significantly lower than in Sept 2016, which saw the highest monthly sales in all of 2016. Overall, summer sales in 2017 were lower than transactions recorded in the summer of 2016. Similarly, dollar volume over the past several months was also lower than in 2016. Between June and Sept 2017 $226 million in sales occurred, $26 million LESS than the same time frame last year. After hovering just under $1 million in May and June, the average sales price has increased over the last few months, reaching $1.5 million in September. The median sales price has also increased, jumping up to $1.33 million last month. While the overall sales price to list price ratio continues to hover around 95%, it appeared many sellers were willing to negotiate a bit in September with fewer properties selling at or above their respective listing prices. We should see this trend continue as we enter the Fall, as many owners who hoped to sell this summer will become more and more motivated to sell. After reaching a low in July and August, the average marketing time increased in September as listings that had been on the market for quite some time finally sold. This trend was not market wide however: Of the 20 property sales under $1,000,000 in September, 14 sales (70%!) sold in under 3 months, suggesting that demand for this “entry level” local’s market remains very strong.

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Search by MLS #, if you have a specific property in mind
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2017 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

Quick Stats:

Corner Creek Townhome

The Colbert Real Estate Report

Monthly Market Update for Dec 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Dec 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

Katie Brady