40% of March new inventory already under contract

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The Colbert Real Estate Report

Monthly Market Update for April 2017

Jackson Hole, WY

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

  • 46 :: Total New Listings in March
    • New Listing Volume: $75,261,000
    • Average List Price: $1,636,000
  • 38 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,769,000
    • New listings priced under $1 million :: 22  (58%)
    • New listings already under contract or sold: 14  (37%)
  • 8 :: New Building Sites
    • Average List Price: $1,003,000
    • New listings priced under $1 million :: 5 (63%)
    • New listings already under contract or sold: 0 (0%)

What it means: After a 5 month trend of less than 30 new listings per month (less than 1 per day of the month), new listings spiked in March as nearly 50 new properties came onto the market, totally over $75 million in listing volume. So far in 2017, new listings have followed a similar pattern to last year, which saw 48 new listings in March 2016. The average price of March’s new listings was just over $1.6 million as a half dozen high end homes hit the market including a $19 million estate in 3 Creek Ranch. That being said, over half (58%) of the new inventory hitting the market in March was priced under $1 million. We continue to see high demand for this price segment, as 9 of these new listings are already under contract (as of April 10th). Five more listings priced over $1 million are also pending, including a large home in the Gill Addition bordering the Elk Refuge (listed for $6.5 million) and a Love Ridge condo at Snow King, that received 3 offers in the first week on the market. With nearly 40% of March’s new inventory already snatched up, we may be seeing a preview of hot real estate market this coming summer. As the snow melts and spring arrives in Jackson, 8 new building sites hit the market in March, with an average listing price just over $1 million. Four of the eight new lot listings are located down in the Snake River Sporting Club, a golf and equestrian club south of Hoback Junction. 

Notable new listings in March include:

  • Two Eagle Village condos with underground parking – $550,000 & $595,000
  • An older cabin on a 0.17 acre lot in Kelly – $499,000 – UNDER CONTRACT
  • Four bedroom Snow King condo zoned for short term rentals in Town – $930,000

Click HERE to view all available March residential listings (excluding 14 pending sales).

Click HERE to view all available March land listings.

(Contact me to view any pending or sold properties from March.)




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Entry level sales remain low, only 7 so far in 2017!

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The Colbert Real Estate Report

Monthly Market Update for April 2017

Jackson Hole, WY

What Sold in Mar 2017?

  • 52% :: Percentage of residential properties selling for over $1 million (highest in past 12 months)
  • 48% :: Percentage of residential properties selling for under $1 million 
  • 12% :: Percentage of residential properties selling for under $500,000 (low, same as last month)
  • 56% :: Percentage of single family home sales (up after low last month)
  • 16% :: Percentage of condo/townhome sales (lowest in over a year)
  • 28% :: Percentage of Land Sales (high for second month)

What it means:  Property sales under $500,000 remained low, recording only 3 sales for the second month in a row. So far in 2017, only 7 properties have sold in this price range! Entry level sales in March included two small lots in Rafter J and south of town, and a 2 bedroom condo in the Town of Jackson. Sales in the $500,000 – $1,000,000 range (usually a hot spot for larger condos and small homes) were also down, with only 3 single family homes selling under $1 million in March – all located in the Cottonwood Park neighborhood. Property sales over $1 million increased 12% from February, accounting for over half of all sales in Teton County in March. This is the first time we’ve seen this statistic exceed the 50% mark since last March 2016.  Single family home sales increased in March, accounting for 56% of all sales (an uptick after a low last month). Several older homes located north of town (all with over 2 acres of land) sold in the low $1 million price point, while six homes sold between $1.5M – $4.5M, including 3 homes on the west bank of the Snake River. On the other hand, condo sales dropped significantly as only 4 condos sold in March, including a 3 bed / 3 bath unit in The Aspens (backing up to open space), which sold for an astonishing $1.35M! Given that general inventory remains low, it’s no surprise to see buyers continue to flock to vacant land. Land sales accounted for nearly 30% of all sales for the second month in a row and included sales in the Gill Addition, Teton Village, Moulton Ranches and Squaw Creek. 

 



 

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March sales/volume consistently low, as inventory clears out

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The Colbert Real Estate Report

Monthly Market Update for April 2017

Jackson Hole, WY

Summary – March 2017:

  • 25 :: Total residential sale transactions (identical to Feb)
  • $33,370,000 :: Total residential sales volume (very similar to Feb)
  • $1,335,000::  Average sales price of reported and unreported sales 
  • 94% ::  Ratio of sales price to list price (back down, below average)
  • 244 ::  Average days on market prior to selling (down slightly from high last month)

What it means: March sale statistics offered much of the same as February, as transaction levels stayed at 25 sales and total volume dipped slightly, settling around $33 million. Both stats are low compared to the busy summer/fall seasons, but are inline with levels seen this time last year. In fact, if history repeats itself, we should not see sales pick up until May. The average sales price hovered right around $1.3 million, which represents the typical sales average for Teton County. (Remember that the large spike in January was due to one VERY large sale.) After an uptick in the sales price to list price ratio in February (96%), this ratio dropped down to 94% in March as sellers appeared more motivated to sell. Numerous properties sold at notable discounts, including a house in Cottonwood Park selling for $70,000 under list price, a smaller house in the Bar Y selling for $95,000 under list, and a house in Indian Trails selling for over $100,000 under the asking price. It appears that while some sellers are pricing their properties boldly and above market, many turn out to be more motivated to sell once an offer comes in. (If you are interested in property in a certain price range, it may be prudent to expand your search to account for price negotiations – contact me or set up and save your own property search.) The average days on market dropped slightly after a high in February, but still remained high compared to the 12 month average of 198 days. Many of the properties that sold last month were on the market since the summer/fall listing season in 2016. In fact, only 3 of the sales last month were for properties listed within the last 90 days. 




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New inventory still slow to the market in February

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The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

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

  • 26 :: Total New Listings in Feb
    • New Listing Volume: $34,484,000
    • Average List Price: $1,326,000
  • 24 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,269,000
    • New listings priced under $1 million :: 14  (58%)
    • New listings already under contract or sold: 8  (33%)
  • 2 :: New Building Sites
    • Average List Price: $2,020,000
    • New listings priced under $1 million :: 1 (50%)
    • New listings already under contract or sold: 0 (0%)

What it means: New listings increased slightly in February but continue a 5 month trend of less than 30 new listings per month (less than 1 per day of the month). Compare that to the busy spring/summer listing season, where new listings can sometimes top 100 per month. The price point (and therefore sales volume) of February’s listings was significantly less than January, which saw many high end listings hit the market.  Over half (58%) of the new inventory hitting the market in February was priced under $1 million. Given the high demand for this price point, it’s no surprise that 1/3 of February’s new listings have already been placed under contract. A 2 bedroom Town condo priced below $300,000, a single family home in Rafter J and a nicely remodeled 2 bedroom top floor condo in The Aspens did not last long on the market, each going under contract within days of hitting the market (at prices close to or above the listing prices). Only two new building sites hit the market in February. Understandably this time of year is not a popular time to list vacant lots with all the snow. New lot inventory last month included a half acre lot in Indian Trails and a 6 acre parcel atop Spring Creek Ranch, listed for $3.5 million. 

Notable new listings in Feb include:

Click HERE to view all available February residential listings (excluding 8 pending sales).

Click HERE to view all available February land listings.

(Contact me to view any pending or sold properties from February.)




 

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Vacant land sales double as existing inventory dwindles

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The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

What Sold in Feb 2017?

  • 40% :: Percentage of residential properties selling for over $1 million (lowest in 7 months)
  • 60% :: Percentage of residential properties selling for under $1 million 
  • 12% :: Percentage of residential properties selling for under $500,000 (up from low last month)
  • 40% :: Percentage of single family home sales (lowest in 5 months)
  • 32% :: Percentage of condo/townhome sales (up from low last month)
  • 28% :: Percentage of Land Sales (double last month)

What it means:  After recording a low for entry level sales in January (only 1 sale under $500,000), February saw a slight uptick as 3 properties sold in this price range (or 12% of all sales). There were several sales in the $500,000 – $1,000,000 segment, including 5 condominiums located throughout the Valley (Aspens, Teton Village, Town of Jackson, Rafter J, and Spring Creek Ranch). The least expensive single family home sale was a 2 bed / 2 bath home near the top of the Indian Paintbrush subdivision which sold for just over $750,000 after 7 months on the market. Also in this price range was a bank sale north of town, a rarity in our post recovery market. It was an 2,300 sq foot home with a good amount of deferred maintenance, but with Teton views on a 3.23 acre lot. It sold for just over $800,000.  Given the activity in the sub $1 million market, sales over the million marked dropped to 40% in February, after hovering around 45-48% for the last several months. That being said there were still several sales above $3 million including homes in Teton Pines, Shooting Star, Skyline Ranch and John Dodge. The breakdown of sales among property type saw quite the mix-up in February, with a large drop in single family home sales (down 30% from January) and large increases in both condo sales (up 15%) and surprisingly, building sites (nearly double from January). With low inventory levels for existing homes, many buyers are shifting their focus to land as they try to build what is lacking in the market. In February, we saw land sales in the Gill Addition in Town, Indian Trails, Gros Ventre North and Shooting Star.  

 



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Much of same, as February only produces 25 sales

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The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

Summary – Feb 2017:

  • 25 :: Total residential sale transactions (up slightly from low last month)
  • $34,037,000 :: Total residential sales volume (down after strong year-end)
  • $1,361,000::  Average sales price of reported and unreported sales 
  • 96% ::  Ratio of sales price to list price (back to levels seen last summer)
  • 264 ::  Average days on market prior to selling (highest in past several years)

What it means: Real estate transactions in the Jackson Hole market crept along in February, marking another month with less than one sale per day. This slow start to the New Year is similar to Jan & Feb of 2016, which suggests we may not see sales pick up until May or June this year. After January’s high sales volume (which was skewed by one VERY large sale), sales volume in February returned to levels typical of this time of year. Looking back to 2016, it wasn’t until June before we saw sales volume top $50 million (see chart below). Similarly, the average sales price dropped back down to typical levels after last month’s atypically high sale. In February we did see an uptick in the sales price to list price ratio, as properties sold for 96% of the listing price (on average). Considering there were only 2 properties that sold at, near or above the listing price (including an Aspen condo which sold for $40,000 OVER the listing price), many properties sold at a stronger price than in months past (see chart below). Looking back to the spring/summer of 2016, we saw similar sales to list price ratios, suggesting we may be reaching that trend a bit early this year.  The average days on market spiked in February, recording the highest level in the past several years, as quite a bit of older inventory was cleared out in February. Six different properties sold after sitting on the market for over a year including a tri-plex in East Jackson, higher end houses in Teton Pines and John Dodge and a 79 acre ranch off of Spring Gulch Road, which sold after nearly 2 years on the market. 





 

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The Year in Review: 2016 Sales & Trends from The Jackson Hole Report

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Overall sale transactions and dollar volume in 2016 were down 8-10% compared to 2015. The decrease in activity can be explained by two main contributing factors: 1) a sluggish vacant land market and; 2) overall available inventory, which was down to its second lowest level in 30 years. 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 2016 Year in Review. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions in 2016 was down 10% vs 2015.
  • Overall dollar volume was down 8% vs last year.
  • High-end sales over $3 million also dropped 8% compared to 2015.
  • Property sales under $1 million represented 54% of all sales in 2016, however there are only currently 11 single family homes are currently available in this price range (see below).  
  • Current available inventory dropped 5% from 2015, making 2016 year-end inventory the second lowest level in more than 30 years! 

 

SINGLE FAMILY HOMES

  • Single family (SF) home sales in 2016 were up 13% from last year.
  • However dollar volume was relatively unchanged while average sales prices dropped 9%, suggesting more homes were selling in 2016, but for lower prices (on average).  
  • There were 113 SF home sales under $1 million in 2016 (an increase of 14%), HOWEVER currently there are only 11 homes available for sale in this price range (i.e. less than 1.5 months of inventory).
  • SF home sales above $3 million increased 15% in 2016, while home sales over $5 million declined 10%.
  • HOT SPOT: Home sales in the Town of Jackson increased 15% from 2015, while home sales on the Westbank increased 17%, together making up 52% of all homes sold in 2016.
  • While overall available SF home inventory is down 5%, the average listing price of these homes is a staggering $4 million, an increase of 19% from 2015.
  • There is only ONE home available under $750,000 – compare that to 2011, when there were 40 available options in this price rage. 

Click HERE to view the 11 single family home listings priced under $1 million

Single family home for sale in the Town of Jackson – $989,000

CONDO/TOWNHOME

  • Overall condo sales are down 8%, while dollar volume is down 15% in 2016. 
  • However median sale price rose 11%, due to increased demand and low supply/inventory
  • Condo sales under $500,000 in 2016 = 77 sales :: compare that to 2013 when 137 condos sold in this price range. 
  • Currently there are only 8 condos available for sale under $500,000
  • HOT SPOT: Condo sales in The Aspens were up 36% in 2016, while median sale price increased 11%
  • Overall available inventory is down 23%, with 60 available units with an average listing price of $1.48 million

Click HERE to see the 8 condos/townhomes available under $500,000

3 bedroom condo in East Jackson – $499,000 (Listed by Prugh Real Estate)

VACANT LAND

  • Lot sales were down significantly (43%), while dollar volume also dropped 42%.
  • 82% of lot sales are purchased with cash (i.e. no loan/financing) in 2016.
  • Currently there are 136 single family lots for sale, an increase of 6% from 2015.
  • Based on current absorption rates, it will take 2 years for all available lots to sell (not taking into account any new inventory that hits the market). 
  • The average list price for available vacant lots is $2.65 million, up 15% from 2015. 
  • The majority of available lots (43) are in the $1-2 million price range.
  • Supply exceeds demand in this segment: Of the available lots, 71% have been on the market for over 12 months! 

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.

Few new listings in January, many with high price tags

/in , /by

The Colbert Real Estate Report

Monthly Market Update for Feb 2017

Jackson Hole, WY

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

  • 21 :: Total New Listings in Jan
    • New Listing Volume: $69,620,000
    • Average List Price: $3,315,000
  • 15 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $3,050,000
    • New listings priced under $1 million :: 4  (19%)
    • New listings already under contract or sold: 3  (20%)
  • 6 :: New Building Sites
    • Average List Price: $3,975,000
    • New listings priced under $1 million :: 0  (0%)
    • New listings already under contract or sold: 0 (0%)

What it means: Even fewer new listings hit the market in January, marking the second slowest month for new listings in the past year. While January is usually a slow month for new inventory, this January was particularly slow when compared to the previous years (see chart below). Despite the low level of new inventory, many of the new listings in last month had some thing in common – a high price tag. Even with only 21 new properties for sale, the total listing volume was just shy of $70 million. That equates to an average new listing price of over $3.3 million for the month of January! Twelve of the 21 new listings last month were priced over $2 million, including nice homes in 3 Creek Ranch and The Aspens, and a rarely listed condo in the Crystal Springs building in Teton Village. Several larger estates in Tucker Ranch, Owl Creek and Crescent H Ranch also hit the market, listed between $5 – $14 million. Four large parcels in the new Sublette Ridge subdivision near the base of Jackson Hole Mountain Resort came onto the market in January, starting at $4.25 million each. The least expensive new listing was a 3 bedroom / 2 bath / 1 car garage condo in Cottonwood Park for $560,000. There were 0 new listings priced under $500,000, a stat that is not welcomed news for entry level buyers. 

Notable new listings in Jan include:

  • Three bedroom/2 bath condo in The Aspens with garage – $765,000
  • Top floor 2 bedroom Hotel Terra unit in Teton Village – $1,250,000
  • Four building sites in newly created subdivision at base of JHMR – $4.25MM – $5.5MM

Click HERE to view all available January residential listings.

Click HERE to view all available January land listings.

(Contact me to view any pending or sold properties.)




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Entry level sales reach new low, with only 1 sale under $500,000 in January

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The Colbert Real Estate Report

Monthly Market Update for Feb 2017

Jackson Hole, WY

What Sold in Jan 2017?

  • 48% :: Percentage of residential properties selling for over $1 million (uptick from past months)
  • 52% :: Percentage of residential properties selling for under $1 million 
  • 4% :: Percentage of residential properties selling for under $500,000 (lowest in 3+ years)
  • 70% :: Percentage of single family home sales (spike from last month)
  • 17% :: Percentage of condo/townhome sales (large drop from last month)
  • 13% :: Percentage of Land Sales (uptick but still low)

What it means:  After a December where nearly 25% of property sales occurred in the entry level market, the month of January saw only 1 sale under $500,000. This represented only 4% of all property sales in January, by far the lowest percentage since I began keeping stats 3+ years ago, and only the second time this stat has dropped below 10% in that time frame. The lone sale in this price range was for a 1 bedroom condo hotel at Snake River Lodge & Spa, located in Teton Village at the base of Jackson Hole Mountain Resort. The next least expensive property was a 2 bed / 2 bath townhome in West Jackson, which sold for $520,000. In looking over the past 3 years the trend is clear (see chart below): sales in the “entry level” price point have been steadily declining over the past several years. After several months of consistency, property sales over $1 million increased in January, with nearly 1 out of every 2 sales occurring in this price range. Along with the $50 million sale (see Summary above), 4 properties sold for north of $2 million this month, including a large home in Indian Paintbrush, a house up at Spring Creek Ranch and a 4.75 acre parcel on the Snake River in Wilson, which sold for full list price after 6 months on the market. After a low point last month, single family home sales spiked in January, representing 70% of all sales! (While it’s important to note that a smaller sample size (i.e. only 23 sales) can affect the stats, it’s still a significant data point.) The least expensive single family home sale was for a 3 bed / 2 bath home in Cottonwood Park, which sold quickly at $670,000. Condo sales dropped off substantially, as there were only 4 condo/townhome sales in January. Three of these 4 condo sales occurred in the sub $600,000 price point, while the other sale represented a 3 bedroom condo in Love Ridge, located at the base of Snow King Mountain, which sold for $1.25 million. Land sales picked up slightly after a slow December, but still remained sluggish, recording only 3 sales in January and including a 25 acre parcel on Saddle Butte in the Town of Jackson. 


single-family-homes-condos-land-sales-jackson-wy-jan-2017

 

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January records largest sale in MLS history, despite otherwise slow month

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The Colbert Real Estate Report

Monthly Market Update for Feb 2017

Jackson Hole, WY

Summary – Jan 2017:

  • 23 :: Total residential sale transactions (lowest in 11 months)
  • $77,095,000 :: Total residential sales volume (*without $50M sale = $27 million)
  • $3,351,000::  Average sales price of reported and unreported sales (*without $50M sale = $1.24 million)
  • 94% ::  Ratio of sales price to list price (lower than average)
  • 177 ::  Average days on market prior to selling (3rd month of decline)

What it means: The New Year was not off to a very strong start in the Jackson Hole real estate market, with only 23 sales recorded in January. This is the lowest number of sale transactions since Jan & Feb of 2016, which suggests we may not see sales pick up until later this Spring. There was one VERY large sale in January that skews the monthly sales volume and average sales price numbers for this month. A unique 264 acre property with frontage and access to BOTH the Snake River and Fish Creek, was listed for $53 million in June 2016. While the final sales price was not disclosed in the MLS, an estimate is made using the average sales price to list price ratio for the month (94%), suggesting that this property may have sold somewhere just south of $50 million, easily the highest sale ever recorded in the Teton County MLS. Obviously a sale like that is not typical (even in our Jackson Hole market), where the last sale above $20 million occurred back in Aug 2015 (Home on 72 acres in the Bar BC listed for $25 million).  Without this outlier sale this month, sales volume would have been $27 million (see chart below) and the average sales price would have been $1.24 million. These stats, in my opinion, paint a more accurate picture of the current real estate market. Without the $50 million transaction, January sales volume is the second lowest in the past year and the average sales price dips below $1.3 million for the first time since August 2016.  Overall in January, properties were selling at a 6% discount to list price (lower than average), as many property owners sold at deep discounts in January (probably motivated by the additional months of winter ahead). Properties are selling more quickly than in past months, with the average property sitting on the market for just less than 6 months in January. Properties that are priced well and/or in high demand areas continue to sell quickly, with 6 properties (26% of all sales) selling in the first 3 months of listing. Five of these sales were for single family homes and/or townhomes in the Town of Jackson priced under $800,000. (Note: If you are searching in any of these submarkets (Town of Jackson, Properties priced under $1 million, etc.) 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.)








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