Year End Review – Summary & Stats for 2016

2016 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

Over the course of 2016, I have tracked many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the take-aways from the Jackson real estate market in 2016, how they compare to the past few years, and a look forward to 2017:

Quick Stats – 2016:

  • Real Estate Transactions: 448 sales
    • 2015 = 466 sales
    • 2014 = 447 sales
  • Sales Volume: $634,247,000
    • 2015 = $743,000,000 
    • 2014 = $568,000,000
  • Average Sales Price: $1,415,730
    • 2015 = $1,590,000
    • 2014 = $1,270,000
  • Average Days on Market: 193 days (6+ months)
    • 2015 = 197 days 
    • 2014 = 267 days

What it means: After an explosive 2015 in the Jackson Hole real estate market, 2016 fell short as both real estate transactions and dollar volume decreased this year. While sale transactions in 2016 were only down 4% compared to 2015, overall sales volume was down 15% compared to last year. Looking back a year further, 2016 transactions levels were actually in line with 2014, however dollar volume has increased almost 12% from 2014 (perhaps a 6% increase after inflation). Many people (most notably sellers) anticipated the gains of 2015 would carry over into 2016. This was not necessarily the case as low inventory levels in 2016 limited sales (albeit putting upward pressure on prices in the meantime). The average sales price in 2016 followed a similar trend, falling short of 2015 levels by 11%, but coming in higher than 2014. In the chart below, you can see how the average selling price fluctuates based on the season each year, with 2015 having particularly high months in August, September and October. Days on market in 2016 was consistent with 2015 as properties took, on average, 6 months to sell. 




Breakdown of Sales by Price Point – Residential: 

When comparing 2016 to the past few years, it is very helpful to break down the sales by price point to determine what pricing trends are present. In 2016, the majority of residential sales (42%) occurred in the $500,000 – $1,000,000 range. This included many entry level single family homes in Rafter J, Cottonwood Park and the Town of Jackson. It also included 2+ bedroom condos in The Aspens and smaller, older condos in Teton Village. (It’s becoming clear that the days of buying a single family home for less than $500,000 are over, as only 3 single family homes sold for under $500,000 in 2016 – two in Moran and a small cabin down in Hoback.) The percentage of properties selling for under $300,000, which are mostly 1 bedroom condos in Town, is also shrinking – dropping from 9% in 2014, to 4% in 2015, to just 3% of all property sales in 2016. On the other end of the spectrum, properties selling for over $3 million were down slightly in 2016, after doubling from 2014 to 2015. Properties selling in the $1,000,000 – $3,000,000 million range remained consistent from 2015 to 2016 and represented homes in Wilson and the Town of Jackson, and higher end condos in Teton Village.



Breakdown of Sales by Price Point – Land Sales:

The price point breakdown of vacant land sales shifted upwards from 2015 to 2016, as the majority (45%) of land sales occurred in the $1-3 million price range in 2016. Many of these lot sales occurred in high end neighborhoods like John Dodge, Solitude, Stilson Ranch, etc. Vacant land sales under $500,000 dropped 10% from 2015, as fewer entry level opportunities existed in the market. The least expensive lots sales occurred in Hoback, Squaw Creek and south of Wilson on Fall Creek Road. (Note: Currently there are only 11 lots are available for sale in Teton County under $500,000 and zero lots available under $300,000.) Very high end vacant lot sales ($3+ million), including several lots in Granite Ridge and Shooting Star at the base of Jackson Hole Mountain Resort, dipped in 2016, representing only 9% of all sales (vs. 15% in 2015). 



Property Search is Here!

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.

placeit

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.

Several new high end listings in Teton Village in December

The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

What’s new in Dec 2016? (New Listing Analysis)

  • 23 :: Total New Listings in Dec
    • New Listing Volume: $37,400,000
    • Average List Price: $1,626,000
  • 17 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,860,000
    • New listings priced under $1 million :: 7  (41%)
    • New listings already under contract or sold: 5  (29%)
  • 6 :: New Building Sites
    • Average List Price: $970,000
    • New listings priced under $1 million :: 5  (71%)
    • New listings already under contract or sold: 1  (6%)

What it means: The pace of new inventory entering the market continues to drag as just 23 new listings hit the market in December, a fraction of new inventory levels seen during the spring and summer months (see chart below). The low levels of new inventory this December are lower than levels seen in Dec 2014 & Dec 2015, a problem for a real estate market already extremely low on inventory. While new listings did increase slightly from November to December, dollar volume of new listings increased $12.5 million, as several high end listings hit the market. In December, there were 7 new listings in Teton Village (home to Jackson Hole Mountain Resort), totaling over $22 million, and including 3 properties priced over $3 million each. As a result of these high priced listings, the average asking price increased in December, reaching over $1.625 million. Well priced and/or high demand properties continue to go under contract quickly. Six properties, including a 2 bedroom condo in Town, a townhome in Rafter J and a 3 bedroom townhome adjacent to open space in The Aspens, already have sales pending.  

Notable new listings in Dec include:

  • Two condo hotels in Hotel Terra – starting at $575,000
  • Newer 3 bedroom home in the Daisy Bush neighborhood in E Jackson – $1,300,000
  • Four AR zoned building sites on Glenwood in Town – starting at $610,000

Click HERE to view all available December residential listings.

Click HERE to view all available December land listings.

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

new-listings-jackson-wy-dec-2016

new-inventory-dollar-volume-jackson-wy-dec-2016

average-asking-price-jackson-wy-real-estate-dec-2016

new-inventory-year-by-year-jackson-hole-wy-dec-2016


May I ask for your vote this year? 

Please visit www.BestofJH.com to cast your vote. Be sure you vote for all your other Jackson Hole favorites. 

Thanks for your support! 

Property Search is Here!

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.

placeit

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.

Average selling price highest in past year, as high end sales soar

The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

Summary – Dec 2016:

  • 35 :: Total residential sale transactions (similar to last month)
  • $27,280,000 :: Total residential sales volume (significant spike)
  • $1,922,000::  Average sales price of reported and unreported sales (highest in past year )
  • 95% ::  Ratio of sales price to list price (up slightly after low last month)
  • 211 ::  Average days on market prior to selling (down after a high last month)

What it means: Sale transactions in December were similar to November, representing a little more than half of the transactions seen during the busy summer selling months in Teton County. However, monthly sales volume in December skyrocketed, representing the 4th highest volume in the past 12 months. There were several high end sales, including 3 sales over $5 million (see “What Sold”? below). Interestingly there was just over $33 million in sales reported to the MLS. There was an unusually high number of sales where the final selling price was not disclosed to the MLS. (Side Note: Many times buyers and/or sellers of especially high end properties choose not the have the sale price published in the MLS. Since Wyoming is a non-disclosure state, sale prices are otherwise not made public. For purposes of this report, I estimate the sales prices using the average sale to list price ratio for the month.) In December there were 7 transactions with unreported sales prices, representing nearly $34 million in additional sales volume. Given the prevelence of high end sales in December, it’s no surprise that the average sales price also increased significantly. In fact, at nearly $1.93 million, December recorded the highest average sales price in the past 12 months (last December also saw a spike in high end sales at the end of the year, reporting an average sales price of $1.935 million). The sale price to list price ratio increased slightly in December after a low last month. There are still deals to be had in the Jackson Hole real estate market, however many properties in high demand locations and/or price points continue to sell very close to asking price. For example, there were five sales in December occurring at, near or above the listing price, with all 5 properties located in the high-demand location of Town and priced under $700,000. Average days on market dropped down after a spike in November (which cleared several long time listings off the market). Again in December, we saw several high demand and/or well priced properties sell very quickly. Ten properties sold within 3 months of listing, with all but one of them occurring in the sub $800,000 price point. The market trend is clear = the demand remains high for properties in the lower end of the market (sub $800,000), as they are selling quickly and very close to asking price. (If you are searching in this price point, please contact me to be alerted of soon-to-be-listed opportunities.)




What Sold in Dec 2016?

  • 43% :: Percentage of residential properties selling for over $1 million (consistent for several months)
  • 57% :: Percentage of residential properties selling for under $1 million 
  • 23% :: Percentage of residential properties selling for under $500,000 (highest in 7 months)
  • 48% :: Percentage of single family home sales (down from last month)
  • 46% :: Percentage of condo/townhome sales (jump from last several months)
  • 6% :: Percentage of Land Sales (lowest % in 3+ years!)

What it means:  With some good news for the entry level real estate market, sales under $500,000 spiked in December, representing nearly 1 in 4 sales in Teton County. Five of these sales were condos in Town and included a 3 bedroom townhome on Simpson that was under-valued and sold quickly for full list price. This good news might be short lived though, as there are currently only 15 active listings in this price point.  The split between properties selling for over and under $1 million remained consistent, with nearly 45% of properties in Teton County selling for over the $1 million mark. What was unique about the property sales over $1 million was the large number of very high priced sales in December. There were 12 sales over $2 million last month (nearly 35%!) with 5 of those sales oucrring over $3 million. Three sales occurred over $5 million, including the Lazy Moose Ranch on Fish Creek Road, which sold after 2+ years on the market (listed for $9.5 million and pictured below) and a large 125 acre land parcel along the Snake River south of Wilson, which sold after nearly 3.5 years on the market (listed for $14 million). Single family home sales dipped below 50% for the first time in several months. The least expensive single family home sale was a fixer upper home in Town, which was listed for $649,000 and sold quickly at full price. The price tag for an entry-level single family home has settled in the $750,000 – $900,000 range (gone are the days of half million dollar homes) – as we saw sales of a fixer-upper/tear down on the Village Road, a modest home in Indian Trails and a updated older home in West Jackson sell in this price range in December. Condo and townhome sales spiked in December after hovering around 30-35% over the last few months. Condo sales in December included 2 short term rental condos at the base of Snow King Mountain and two condo sales at the base of Jackson Hole Mountain Resort, as owners look to take advantage of the busy ski vacation season. After slowing in November, land sales plumented in December, recording only 2 sales all month. We shouldn’t expect to see an increase in lot sales (or new inventory) until the Spring months.

property-sales-over-1million-jackson-wy-dec-2016

entry-level-real-estate-jackson-hole-wy-dec-2016

single-family-homes-condos-land-sales-jackson-wy-dec-2016

 

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. 

 placeit (3)

Featured Listings

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

After very strong Fall season, real estate sales fall off in Novmeber

The Colbert Real Estate Report

Monthly Market Update for Dec 2016

Jackson Hole, WY

Summary – Nov 2016:

  • 34 :: Total residential sale transactions (down after several strong months)
  • $46,528,000 :: Total residential sales volume (down after a strong Fall)
  • $1,386,000::  Average sales price of reported and unreported sales (down after 3 months of increase)
  • 94% ::  Ratio of sales price to list price (2nd lowest in past year)
  • 256 ::  Average days on market prior to selling (highest in over 2 years)

What it means: After a strong Fall, both sale transactions and dollar volume dropped in November in the Jackson Hole real estate market. While August, September and October all put up robust numbers, November statistics illustrated a familiar trend, as this time of year is usually one of the slower times for real estate activity. After outpacing 2015 in the last few months, sales and dollar volume posted in November trailed metrics this time last year (see chart below), probably a result of dwindling inventory levels across the market.  After 3 months of increases, the average sales price dipped in November, dropping just below $1,400,000. After many consistent months (and a slight increase last month) the sale price to list price ratio decreased to 94%, as Buyers were receiving a 6% discount to list price (on average). It is only the 3rd time in the last 13 months that this ratio was this low. Only 4 properties (or 12% of all sales) sold at, near or above list price in November, including a 3 bedroom condo in East Jackson, which was priced well under market and quickly sold for $5,500 over the asking price. (Note that over the busy summer months, some times as many as 30-40% of properties sold within 1% of listing price.) Simultaneously we saw an increase in the days on market in November as properties sat on the market an average of 8 months before selling, the highest average since July 2014! This trend, paired with the lower sale price to list price ratio, suggests that many sellers, after waiting sometimes close to a year for their homes to sell, had increased motivation to sell prior to entering the slow winter selling months. Only 5 properties (or 15% of sales) sold within 3 months of hitting the market, including a mixed use warehouse/apartment property south of Town, which sold quickly and at full list price. As new inventory continues to decline, many buyers are now forced to consider properties that have been on the market for some time.   

sales-transactions-jackson-wy-nov-2016

dollar-volume-jackson-hole-real-estate-nov-2016

real-estate-transactions-2015-vs-2016-jackson-wy

dollar-volume-2015-vs-2016-jackson-wy-nov-2016

average-sales-price-jackson-wy-nov-2016

average-days-before-selling-jackson-hole-real-estate-nov-2016

 

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. 

 placeit (3)

Featured Listings

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

November is slowest month for New Listings

The Colbert Real Estate Report

Monthly Market Update for Dec 2016

Jackson Hole, WY

What’s new in Nov 2016? (New Listing Analysis)

  • 19 :: Total New Listings in Nov
    • New Listing Volume: $24,788,000
    • Average List Price: $1,300,000
  • 15 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,407,000
    • New listings priced under $1 million :: 10 (66%)
    • New listings already under contract or sold: 4
  • 4 :: New Building Sites
    • Average List Price: $922,500
    • New listings priced under $1 million :: 2 (50%)
    • New listings already under contract or sold: 0

What it means: New inventory hitting the market continues to dwindle as we enter the slow part of the real estate season in Jackson Hole, with only 19 new properties listed in November. The dollar volume of new inventory also dropped, totaling less than $25 million last month. Overall, November tends to be the slowest month of the year for new residential listings. The low levels of new inventory seen this past Nov 2016 are similar to levels seen in Nov 2014 & Nov 2015 (see chart below). Interestingly, we did see several new listings hit the market in Teton Village in November, just in time for the opening of Jackson Hole Mountain Resort. The asking prices of new inventory increased only slightly in November and still remain well below the average listing prices of the busy summer months (i.e. over $3 million in Aug 2016). Nearly 3/4 of the new listings in November were priced under $1 million, good news for a market segment that has seen high demand and low supply over the last several months. The market responded quickly as 3 well priced properties in this price point went under contract quickly after listing, including a highly desirable short term rental condo at the base of Snow King Mountain in the Town of Jackson.   

Notable new listings in Nov include:

  • Rare vacant lot for sale in Rafter J neighborhood – $375,000
  • Three different townhome options in Rafter J starting at $525,000
  • Four different condo hotels in Teton Village starting at $795,000

Click HERE to view all available November residential listings.

Click HERE to view all available November land listings.

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

new-real-estate-listings-teton-county-nov-2016

new-listing-dollar-volume-teton-county-nov-2016

average-listing-price-jackson-wy-nov-2016

new-real-estate-listings-by-month-nov-2016

Property Search is Here!

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.

placeit

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.

Sales down as available inventory disappears: Q3 Update from The Jackson Hole Report

Overall sale transactions and dollar volume were down yet again in the third quarter of 2016, with property sales under $1,000,000 dwindling.  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 Third Quarter Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 9%.
  • Overall dollar volume is down 10%.
  • Sales under $1 million are down 32% (compared to this time last year) and have been decreasing steadily since late 2013 – the tail end of the recession. 
  • Average Sale Price & Median Sales Price also dropped (by 3% and 5% respectively).
  • 46% of all transactions were cash transactions (i.e. no loans).
  • Overall inventory is down 8%, HOWEVER inventory in the sub $1 million market is down 27%, marking the lowest level since the peak in 2007. 

 

SINGLE FAMILY HOMES

  • Single family (SF) home transactions continue to accelerate (up 9%), however, dollar volume of SF homes dropped 7% in Q3.
  • The average sales price for all SF homes was down 11% as SF sales under $1 million increased (up 9%).
  • HOT Price Points: $500,000-$1,000,000 where 78 sales have already occurred in 2016 and $1MM – $2MM, where 73 sales have occurred. Each segment represents over 1/3 of sales in 2016.
  • HOT Locations: Town of Jackson saw 29% of sales so far in 2016, followed by south of Town, where 20% of sales occurred. Fifteen homes have sold in Rafter J, the most of any subdivision. 
  • Overall SF home inventory is down 8%, with dollar volume up 12%, meaning less homes are being listed, but at higher prices. In fact, the average listing price for new inventory in 2016 has climbed 22% since 2015!
  • Currently there are only 17 single family homes available for sale under $1 million, the lowest level seen since the peak in 2007. 

Click HERE to view the 17 single family home listings priced under $1 million

 

palmer-creek

House and guest house in Hoback Junction – $895,000

single-family-home-jackson-wy

Single Family Home in Town of Jackson – $730,000

 

condo-for-sale-under-300000-jackson-hole

Town Creek Condo in Jackson – $299,000

aspens-condo-for-sale

Aspens Condo – $415,000

CONDO/TOWNHOME

  • Overall condo sales continue to decline, down 5% from this time last year.
  • HOT Price Point: $500,000 – $1,000,000, where 43% of all condo sales have occurred.
  • Teton Village condos and Shooting Star townhomes account for more than half of all activity over $1 million.
  • Condo sales under $300,000 continue to decline with only 11 sales in all of 2016. Currently there are only 2 condos available for sale in this price range, and both have employment based deed restrictions. 
  • Overall, new condo listings are down 21% compared to 2015, marking the second lowest inventory level in the past 20 years. 
  • Available condos priced under $500,000, which sees the highest demand, is down 81% compared to 2009.

Click HERE to see the 14 condos/townhomes available under $500,000

Click HERE to see the 28 condos/townhomes available between $500,000 – $1,000,000

VACANT LAND

  • After several years of strong activity, residential vacant land sales have taken a nose dive – down 35% compared to this time last year.
  • Dollar volume is down 38% and the average sales price slipped 4% in Q3 2016.
  • More than half (55%) of lot sales occurred over $1 million this past quarter.
  • Lot sales under $500,000 were down 54% from 2015. 
  • Only 14 lots are currently available under $500,000. 
  • The majority of lots sales occurred on the Westbank (42% of sales) and South of Town (21% of sales).
  • While available inventory is on par with 2015, the average listing price is up 12% to $2.9 million.

 

2-5-acres-hoback-jackson-wy

2.5 acres available in Hoback Junction – $350,000

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.

Only 1 out every 8 sales occurred under $500,000 in October

The Colbert Real Estate Report

Monthly Market Update for Nov 2016

Jackson Hole, WY

What Sold in Oct 2016?

  • 45% :: Percentage of residential properties selling for over $1 million (steady for past few months)
  • 55% :: Percentage of residential properties selling for under $1 million
  • 12% :: Percentage of residential properties selling for under $500,000 (second month in decline)
  • 53% :: Percentage of single family home sales (back up after low last month)
  • 33% :: Percentage of condo/townhome sales (similar to last month)
  • 14% :: Percentage of Land Sales (down from high last month)

What it means:  Entry level sales dropped again in October, as only 6 properties sold for under $500,000, including a vacant lot in Squaw Creek and a steep vacant lot in Hidden Ranch, that finally sold after more than 4.5 years on the market! Unfortunately, Jackson Hole opportunities for entry level buyers are shrinking as only 1 out of every 8 sales occurred in this price point last month. Currently there are 22 available properties (condos/townhomes/homes) and 14 available lots for buyers looking to stay under the half million mark. Condo and tonwhome sales remained steady in October, accounting for exactly one third of all property sales in Teton County. There were 9 condo/townhome sales under $750,000 in October, all located in the Town of Jackson, including a 2,000 townhome in E Jackson, which received multiple offers and sold for $675,000. On the other end of the spectrum, this month also saw a few high-end condo sales in Town (Pearl at Jackson & Love Ridge) and Teton Village, where a 3,400 sq foot residence at the Four Seasons sold for $5.5 million.  Single family homes sales were back up after a low last month, representing over half of all sales in October. Single family homes priced under $1 million continue to sell quickly, due to high demand and low inventory in this segment. Currently there are only 15 single family homes (with at least 3 bedrooms) for sale in Teton County under $1 million. After increasing since June, and reaching a high last month, land sales took a dive in October, accounting for only 14% of all sales. We should expect land sales in November to continue to be slow, as potential buyers purchasing now would not be able to break ground until next Spring.

property-sales-over-1million-jackson-hole-oct-2016

property-sales-under-500000-jackson-hole-oct-2016

breakdown-homes-condos-land-teton-county-oct-2016

Property Search is Here!

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.

placeit

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.

October sales strong after busy selling season, will in continue?

The Colbert Real Estate Report

Monthly Market Update for Nov 2016

Jackson Hole, WY

Summary – Oct 2016:

  • 51 :: Total residential sale transactions (down but still strong)
  • $87,505,000 :: Total residential sales volume (identical to Sept’s high)
  • $1,716,000::  Average sales price of reported and unreported sales (continuing upward trend)
  • 97% ::  Ratio of sales price to list price (highest since April 2015)
  • 169 ::  Average days on market prior to selling (down from last month)

What it means: The Jackson Hole real estate market remains robust after a strong October in both property transactions and dollar volume. The high dollar volume seen in September continued into October with nearly $90 million in property sales.  Transactions held strong after a busy summer selling season, charting over 50 sales in the month of October.  While transaction levels have been increasing in the summer of 2016 (when compared to 2015), monthly sales volume has generally lagged behind 2015 (i.e. things are not selling for as much this year). However, over the past two months, the gap seems to be closing, with Oct 2016 posting numbers very similar to Oct 2015 (see charts below). Is this a new trend? Is the 2016 real estate market finally catching up to 2015 numbers? It will be interesting to see if sales remain strong for the remainder of the year – Stay tuned!  The average sales price has been steadily increasing since July, reaching it’s highest level in the past 9 months in October. Note that we are still lagging October 2015, which saw an average sales price close to $2 million. After many consistent months (and a slight dip in September) the sale price to list price ratio increased to 97%, as Buyers were paying within 3% of list price for many properties last month. In fact, 11 properties (21.5% of sales) in October sold at, near or over the listing price, including a 4 bedroom home in need of many repairs down in Hoback River Ranches which sold for $50,000 OVER the listing price.  The average number of days a property sits on the market before selling dropped in October, marking the third lowest level seen in the past year. Well priced properties continued to sell quickly in October with 19 sales occurring within 90 days of listing. Many of these quick sales occurred in the sub $1 million market, in neighborhoods like Indian Trails, Cottonwood Park, Rafter J and East Jackson, where quality inventory remains low. It is therefore very important for Buyers to be prepared to act quickly when they see a property that fits their needs. For buyers looking to purchase with financing, it’s helpful to start a discussion with a banker ahead of time in order to understand the types of loans available and determine a comfortable price range. (Please connect with me for a list of my preferred local lenders.)   

monthlysaletransactions-jacksonrealestate-oct2016

monthlysalesvolume-jacksonrealestate-oct2016

monthlysaletransactions-2015vs2016-jacksonwy-oct2016

averagesalesprice-jacksonwyrealestate-oct2016

salepricevs-listprice-jacksonwyrealestate-oct2016

 

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. 

 placeit (3)

Featured Listings

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

New Listing: Remodeled home on half acre in downtown Wilson

Quick Stats:

  • 4 bedrooms, 3.5 baths
  • 2,858 square feet
  • Oversized 2 car garage
  • Large 1/2 acre lot
  • Recently remodeled
  • Add’l storage/garage
  • Located in the heart of Wilson
  • No CC&Rs or HOA
  • List Price: $1,325,000

4 bed/3.5 bath remodeled Wilson home

Experience privacy and Fish Creek views in an unbeatable location in ”downtown” Wilson directly across the street from Owen Bircher Park and within walking distance to the Wilson School. While still maintaining its old Wilson charm, this home has been extensively remodeled with solid hickory hardwood floors, a brand new kitchen with Samsung appliances, new exterior paint, and updated bathrooms including a newly designed master bathroom with walk-in shower. This expansive half acre property has plenty of outdoor space with large front and back yards, a brand new back deck and additional landscaping. Plenty of room for all your toys in the oversized 2 car attached garage and an additional detached one car garage with lean-to storage area. All this with no CC&Rs and no HOA. 

PUBLIC OPEN HOUSE

Wednesday November 2nd 10:00am – 1:00pm

Additional Information:

  • 5605 W Main Street, Wilson, WY 83014
  • MLS: 16-2872
  • 2016 Taxes: $4,389.15/year
  • No HOA and No CC&Rs

Click HERE for more information/photos

Listed by Katie Colbert Brady, Owner/Associate Broker