The summer selling season is here; as new listings (and asking prices) increase

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The Colbert Real Estate Report

Monthly Market Update for July 2017

Jackson Hole, WY

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

  • 104 :: Total New Listings in June
    • New Listing Volume: $252,992,000
    • Average List Price: $2,433,000
  • 79 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,439,000
    • Median List Price: $1,250,000
    • New listings priced under $1 million :: 35  (44%)
    • New listings already under contract or sold: 19  (24%)
  • 25 :: New Building Sites
    • Average List Price: $2,413,000
    • Median List Price: $1,150,000
    • New listings priced under $1 million :: 11 (44%)
    • New listings already under contract or sold: 1 (4%)

What it means: The summer selling season is here! Over 100 new listings hit the market in June, the highest monthly tally since May 2016. Listing prices of this new inventory also spiked, resulting in over $250 million in listing volume, a high level not even seen during last year’s busy summer months (see chart below). As a result, the average listing price for June inventory stayed strong, hovering just below $2.5 million. Several high end listings came onto the market in June, including four large parcels of land (158 acres in total) in the famed Crescent H Ranch south of Wilson – listed for $24 million, and two larger estate homes north of Town at Split C Ranch ($12.5M) and in the Dairy Ranches west of Jackson ($11.5M). The median listing price (of homes/condos/townhomes) in June was $1.25M, an increase over last month ($1.17M), but still well below the average (which can be disproportionately pulled up by several high end sales). In June, 44% of new residential listings were priced under $1 million (similar to last month).  Nineteen properties were already under contract (by July 10), with 11 of those pending sales occurring in this very active sub $1 million price range. Another 25 new building sites hit the market in June (similar to May), however with much higher prices. The average price tag for a newly listed vacant lot in June was just over $2.4 million, again pushed up by several high end lot listings in Crescent H Ranch and Trails End Ranch. Similar to residential listings, the median price for building sites ($1.15 million) was much lower than the average listing price, with 44% of new listings priced under $1 million. The least expensive lot listing was a parcel in the Pacific Creek neighborhood in Moran for $315,000, while a rare lot in Rafter J was listed at $419,000. 

Notable new listings in June include:

  • Three bedroom townhome with garage in Jackson – $550,000
  • Two bedroom house on 3 acres south of Wilson – $877,000
  • Two single family homes on Cache Creek Dr in East Jackson – starting at $1,620,000
  • Building site at end of cul-de-sac next to open space in Rafter J – $419,000

Click HERE to view all available June residential listings.

Click HERE to view all available June land listings.

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




 

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Lack of inventory results in high demand on entry/mid level real estate

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The Colbert Real Estate Report

Monthly Market Update for July 2017

Jackson Hole, WY

Summary – June 2017:

  • 44 :: Total residential sale transactions
  • $44,442,000 :: Total residential sales volume 
  • $965,000::  Average sales price 
  • $733,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 170 ::  Average days on market prior to selling 

What it means:  While sales transactions and dollar volume both increased from May to June this year, they still lagged 2016 numbers (see charts below). Overall dollar volume in June 2017 was nearly 50% less than June last year, where we saw close to $80 million in sales. Much of this can be explained by low levels of available inventory – there just ins’t that much to sell! The hot segment of the market continues to be the mid-level market (see “What Sold?” below) as the median sales price in June was $733,000 and the average sales price stayed below $1 million for the second month in a row (see chart below). While the overall sales price to list price ratio dropped to 95% in June, the entry-level market remained very competitive. Of the 17 property sales under $600,000 in June, 12 sales (a whopping 70%) sold at, very near or ABOVE the listing price, many times fetching multiple offers in a very short marketing time.  The overall average days on market dropped significantly in June, illustrating a market where high-demand, well-priced properties continue to sell quickly. In fact, over 50% of property sales in June occurred within 90 days or less of listing. The majority of these quick sales occurred in the $500,000 – $800,000 price range, a market segment in high demand for both locals and investors.   (Note: If you are searching for property in Teton County in the sub $1 million market, please contact me so that I can be on the look out for these fast moving properties before they officially hit the market.)




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New Listing: Building Site in Rafter J

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Quick Stats:

  • One of only 4 remaining vacant lots in Rafter J

  • Located in newly built King Eider subdivision
  • Flat 0.13 acre building site with mountain views
  • Backs up to open space
  • Access to community water and Town sewer

Rarely available vacant lot in King Eider / Rafter J

With only 4 vacant lots in the entire Rafter J subdivision, you don’t want to miss the opportunity to build your new home in this highly desirable neighborhood. Located in the northwest corner of Rafter J, this lot is one of the last remaining vacant lots in the newly built King Eider subdivision. Situated at the end of a quiet cul-de-sac, this building site backs up to common area owned by the HOA, ensuring the space remains open in perpetuity. Take in the scenic mountain views in nearly every direction while enjoying a new (and nearly complete) King Eider neighborhood. This flat building site has easy access to Rafter J water, Town of Jackson sewer and is ready for you to construct your new home!





Additional Information:

  • 3260 W King Eider Rd., Jackson WY
  • MLS: 17-1866
  • 2016 Taxes: $1,762.50/year
  • HOA Dues: $970/year
  • List Price: $419,000

Click HERE for more information/photos. Video tour available upon request. 

Listed by Katie Colbert Brady, Owner/Associate Broker 

 

New Listing :: 2 bed / 2 bath townhome with over-sized 1 car garage

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Quick Stats:

  • 1,010 sq foot, 2 bed / 2 bath townhome with oversized one-car garage

  • Front deck overlooking Flat Creek; back patio adjacent to open space
  • Great location close to town and easy access to Grand Teton National Park
  • Immaculately maintained and move in ready

Convenient 2 bed / 2 bath townhome in Town of Jackson

Enjoy easy living in this clean and immaculately maintained 2 bed / 2 bath townhome located in the Town of Jackson. Sip morning coffee on the front porch overlooking Flat Creek and the National Elk Refuge, while spending summer evenings on the private back deck with peaceful views over the adjacent open space. Plenty of room for all your Jackson toys in the oversized attached one car garage. Experience the convenience of walking to the restaurants and shops of Town Square or hopping on the bike path for a scenic peddle along the Elk Refuge to Grand Teton National Park, which is located less than 5 miles from your front door.  








PUBLIC OPEN HOUSE

Wednesday June 14th 10:00am – 2:00pm

Additional Information:

  • 585 N Cache St. #8, Jackson WY
  • MLS: 17-1602
  • 2017 Taxes: $2,352/year
  • HOA Dues: $180/month
  • List Price: $539,000

Click HERE for more information/photos. Video tour available upon request. 

Listed by Katie Colbert Brady, Owner/Associate Broker 

 

May 2017 is busy for new listings, but still lags 2016

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The Colbert Real Estate Report

Monthly Market Update for June 2017

Jackson Hole, WY

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

  • 86 :: Total New Listings in May
    • New Listing Volume: $190,260,000
    • Average List Price: $2,212,000
  • 62 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,426,000
    • Median List Price: $1,172,000
    • New listings priced under $1 million :: 28  (45%)
    • New listings already under contract or sold: 17  (27%)
  • 24 :: New Building Sites
    • Average List Price: $1,660,000
    • Median List Price: $815,000
    • New listings priced under $1 million :: 15 (63%)
    • New listings already under contract or sold: 1 (4%)

What it means: Continuing the trend as the busiest month for new listings, May saw nearly 90 new properties hit the market in Teton County. By far the highest level of new listings in past year, it still falls a little short of May 2016 however, when 110 new listings hit the market (see charts below). The total dollar volume of new listings in May increased more than 50% from April, but again, still lagged listing dollar volume seen last year at this time. The average listing price remained above $2 million for the second month in a row, in part thanks to several new high-end listings over $10 million, including an 8,000 square foot home on 38 acres along the Snake River south of Wilson (listed for $16 million). It’s also helpful to look at the median listing price of the new inventory as it can be a more representative statistic given the amount of high-end properties. In May, the median listing price of residential properties was just under $1.2 million, as 28 new residential listings hit the market in the sub $1 million range, mostly 2-3 bedroom condos and townhomes. The least expensive single family home listing was a 1,700 sq foot cabin with garage on a small lot 15 minutes south of Wilson for $699,000 (currently the least expensive single family home in all of Teton County). Several high-end lot listings also hit the market in May, including 6 building sites priced over $2 million and an 105 acre parcel in the Snake River Sporting Club for $9 million. The median listing price for vacant land was $815,000 in May, a result of 15 new lot listings under $1 million (63% of the vacant land inventory). Well priced properties, especially condos/townhomes priced under $750,000, continue to go under contract quickly (sometimes the same day as hitting the market!) as local demand far exceeds available supply in this price point. 

Notable new listings in May include:

Click HERE to view all available May residential listings.

Click HERE to view all available May land listings.

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




 

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High demand for “entry-level” properties, with 25 sales under $1 million

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The Colbert Real Estate Report

Monthly Market Update for June 2017

Jackson Hole, WY

Summary – May 2017:

  • 38 :: Total residential sale transactions (up after 4 slow months)
  • $32,560,000 :: Total residential sales volume (lower than usual)
  • $924,000::  Average sales price
  • $637,500 :: Median sales price
  • 97% ::  Ratio of sales price to list price (spike from last month)
  • 216 ::  Average days on market prior to selling (down again from last month)

What it means:  Real estate market activity picked up in May, with a 50% increase in sales transactions as we head into what should be a busy summer selling season. Despite the additional real estate sales however, overall dollar volume was down significantly as May saw an unusually high number of sales in the sub $1 million price range. As such, the average sales price was the lowest in almost two years (dropping below $1 million for only the second time in the past year). Median sales price is also an interesting statistic to analyze as many high end sales can easily influence the average sales price. In May, the median sales price was $637,500, again a result of the 25 sales recorded under the $1 million mark in May.  For the second month in a row, properties continued to sell close to the listing price (on average), with nearly 30% of all sales occurring at, near or above the listing price, suggesting a trend of strong sales prices as we head into summer.  Average marketing time continued to shorten, falling for a 4th month in a row (see chart below), with nearly 40% of all properties selling within 3 months of hitting the market. Both of these trends were most prevalent in the “entry level” market, where many high demand properties received multiple offers within days of hitting the market.  (Note: If you are searching for property in Teton County priced under $1 million, please contact me so that I can be on the look out for these types of high demand properties before they officially hit the market.)




Property Search

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Lowest Inventory in 30+ Years: Q1 Update from The Jackson Hole Report

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While the number of sales and dollar volume in the first quarter of 2017 were up compared to this time last year, Spring 2017 marks the lowest level of available inventory in the past 30+ years with only 312 total residential listings available for sale in Teton County. Three main factors contribute to this drastic decrease in supply: 1) Lack of affordable inventory in the entry level – the median condo sales price is now $689,000 (vs. $427,000 in 2007); 2) Limited “trading up” by local homeowners as many people are afraid of overextending themselves and/or can’t find a suitable property to purchase; 3) A strong rental market that provides profitable cash flow to existing investor owners thereby making it less appealing to sell. 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. Click HERE to read the full Q1 2017 Market Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions in Q1 2017 was leveling off, up 6% vs. Q1 2016.
  • Overall dollar volume was up 21% vs last year (*thanks to the $50+ million sale of Four Springs Ranch in January 2017).
  • In the first quarter of 2017, 16 properties sold for over $3 million, however 29 properties in this price range were under contract and should sell in the second quarter.  
  • Property sales under $1 million represented 52% of all sales in Q1 2017, however there were only 11 single family homes available for sale at the end of the first quarter.  Compare this to 2016, where 113 homes sold in this price range. 
  • There are currently 61 properties on the market in the $5 million+ range, which is up 30% from this time last year. 
  • Current available inventory was down 9% in Q1, marking the lowest level of available overall inventory in more than 30 years! While single family home inventory was hit the hardest, single family homes priced over $5 million was up 59% in Q1 2017. 

SINGLE FAMILY HOMES

  • Single family (SF) home sales in Q1 2017 were up 24% from Q1 last year.
  • However average and median sales price was down (35% and 15% respectively), as many properties sold in the sub $1 million price point (many with multiple offers).  
  • SF home sales over $1 million were up 8% in Q1 2017, while homes sales above $4 million spiked in the first quarter, up 27%.  
  • While overall available SF home inventory is down 10% (to a 30 year low), the median list price for available SF homes is at a staggering $4,295,000 (up 75% and a new record!). 
  • Well priced single family homes are becoming harder to come by, with ZERO homes available under $750,000 at the end of the first quarter. (Note: At the time of this summary, there are four homes available in this price range.)

IMG_0944Click HERE to view the 18 single family home listings priced under $1,000,000

CONDO/TOWNHOME

  • Overall condo sales are down 21%, with only 31 sales reported in the first quarter of 2017, however average and median sale prices are up 38% and 18% respectively.
  • Due to the lack of affordable condo listings, the average list price for a condo/townhome in Q1 2017 was $1.51 million (up 21% and a new record). 
  • Condo sales under $500,000 decreased 50% compared to this time last year, as fewer and fewer properties are available in this price range. Currently there are only 9 condos available for sale under $500,000.
  • Overall available inventory is down 21%, marking the second lowest level of condo inventory in the last 10 years, much of which can be attributed to the lack of locals trading up to single family homes. 

HillsideCondoClick HERE to see the 9 condos/townhomes available under $500,000

VACANT LAND

  • Lot sales reversed course and were up 64%, with 23 sales in Q1 2017.
  • Meanwhile, average and median sale prices were down 37% and 15% respectively.
  • Lot sales under $1 million were up 157% in the first quarter. (Currently there are 53 lots available in this price range.)
  • HOT SPOT: The Westbank saw 48% of lot sales in the first part of 2017. 
  • 61% of lot sales were purchased with cash (i.e. no loan/financing) in the first quarter.
  • While available inventory for lots are down 6% from Q1 2016, average and median list prices are unchanged, indicating that listing prices for residential vacant land may have stabilized.  

Click HERE to see the 11 lots available under $500,000

WHAT TO DO NEXT? 

BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.

SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most recent comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.

Entry level sales still low, most townhome sales now over $500,000 mark

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The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

What Sold in April 2017?

  • 46% :: Percentage of residential properties selling for over $1 million (down after high last month)
  • 54% :: Percentage of residential properties selling for under $1 million 
  • 15% :: Percentage of residential properties selling for under $500,000 (slight increase from last month)
  • 46% :: Percentage of single family home sales (down 10% from last month)
  • 35% :: Percentage of condo/townhome sales (2x last month’s low)
  • 19% :: Percentage of Land Sales (down after 2 strong months)

What it means:  Property sales under $500,000 increased slightly in April, but still represent a small segment of the Jackson Hole real estate market. In 2015, these “entry level” sales, on average, represented 22% of all sales in Teton County. In 2016, this average monthly percentage dropped to 18%. So far in 2017, only 11 properties have sold in this price range (representing, on average, 11% of all sales). There were 4 sales in April under the mid million mark, including two condos in Town and lot sales in Melody Ranch and Pineglen. As the market continues to increase, we should expect to see fewer and fewer properties selling under $500,000 heading into summer. Sales in the $500,000 – $1,000,000 range increased in April with 10 sales (nearly 40% of all sales), however this segment only included 3 single family homes (usually a hot spot for small homes). Sales in this price point now include 2 bedroom Aspen condos, Rafter J townhomes and vacant land as well. Property sales over $1 million dropped after a high in March. So far in 2017, 47% of sales in Teton County have occurred over $1 million (compared to an average of 42% in 2016). Single family home sales also dropped last month, although 6 homes sold over $2 million in April including two 6,000+ sq foot homes in Teton Village for a combined $8 million. Condo sales increased in April, after a low in March, representing 35% of all sales. After two strong months, land sales dipped a bit in April as only 5 lot sales occurred. We should expect this segment to see increased growth heading into summer as spring conditions encourage more sellers to put their lots up for sale after a long and snowy winter. 



 

What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home. 
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New Listings steadily increase, still lag previous years

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The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

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

  • 50 :: Total New Listings
    • New Listing Volume: $125,588,000
    • Average List Price: $2,511,000
  • 32 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,981,000
    • New listings priced under $1 million :: 17  (53%)
    • New listings already under contract or sold: 7  (22%)
  • 18 :: New Building Sites
    • Average List Price: $3,450,000
    • New listings priced under $1 million :: 7 (38%)
    • New listings already under contract or sold: 2 (11%)

What it means: After a slow winter, new listings are steadily increasing as we approach the busy summer selling season. There were 50 new listings in April, marking the highest level of new monthly inventory seen since Aug 2016. Note that while new listings have increased in 2017, they still trail new inventory levels seen in the past several years (see multi-colored chart below). The total dollar volume of new listings spiked in April, hitting $125 million, nearly doubling the volume from the previous month. There were several high end building sites listed in April in the Bar BC Ranch (located north of town on the Snake River) including 3 different 35 acre parcels priced between $8-9 million each and a 105 acre parcel listed for $17 million. As a result, the average listing price jumped to $2.5 million overall ($3.45 million for new vacant lots). That being said, more than 50% of the new residential listings were priced under $1 million, with 7 new listings priced under $500,000, including 4 condos in the Town of Jackson. On the other hand, only 1 of the 18 new lot listings was priced under $500,000 – a building site down in the Snake River Sporting Club for $495,000. Nine high demand new listings went under contract quickly, including a nicely remodeled Rafter J condo (listed for $599,000), that received multiple offers in the first day on the market. While nearly 1 in 4 new April residential listings is already under contract (by May 10th), the trend of “entry level” properties being snatched up quickly has slowed a bit in April, suggesting sellers may be testing the market with bolder listing prices as we approach the busy summer. 

Notable new listings in April include:

  • Two bedroom condo in Town of Jackson – $319,000
  • Four bedroom townhome with 1 car garage in Town – $470,000
  • Three bedroom, 1,800 sq foot house at Hoback Junction – $725,000
  • Three large ranch parcels at the Snake River Sporting Club – starting at $2.6 million

Click HERE to view all available April residential listings.

Click HERE to view all available April land listings.

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




Property Search

Search ALL Teton County Listings: Single Family Homes, Condos, Vacant Land, Multi-family, Farm/Ranch, Commercial and Leases

  • Quick Search or Advanced Search capabilities 
  • Customizable Map Search
  • Search by MLS #, if you have a specific property in mind
  • Create your own saved searches

Search Jackson Hole Properties now.

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Monthly average sales price tops $2 million

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The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

Summary – April 2017:

  • 26 :: Total residential sale transactions (similar to last 4 months)
  • $53,080,000 :: Total residential sales volume (spike from last 2 months)
  • $2,041,000::  Average sales price of reported and unreported sales 
  • 97% ::  Ratio of sales price to list price (spike from last month)
  • 234 ::  Average days on market prior to selling (down again from last month)

What it means:  So far in 2017, monthly sales transactions have been consistent, hovering around 25 sales per month). This pattern is similar to, but slightly higher than, the first few months of 2016, where a total of 89 sales had occurred through April (vs. 99 in 2017). Total dollar volume of these sales tells a different story however: In the first 4 months of 2016, $133 million in property sales had occurred. Compare that to 2017, where just shy of $200 million of real estate has sold through April. While this spike in volume was helped by several larger transactions (including a 264 acre property selling for $50+ million in Jan 2017), it could also signal an overall trend of sale prices increasing in 2017. Thanks to several high end sales last month (see “What Sold” below), April’s average sales price topped $2 million for only the second time in the past 2 years. On average, properties in April were selling at 97% of the listing price, with 6 properties (or 23% of all sales) selling at, near, or above the listing price. The average days a property sits on the market before selling declined for a 3rd month in a row (see chart below), with 8 properties selling within 3 months of hitting the market. If these trends continue, it could further indicate an overall increase in values as we enter the busy summer selling season – stay tuned. 




 

What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home. 
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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.