New Property Listings slow in Sept 2016

/in , /by

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

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

  • 43 :: Total New Listings in Sept
    • New Listing Volume: $68,564,000
    • Average List Price: $1,595,000
  • 37 :: New Residential Properties (single family, condo, townhome)
    • Average List Price: $1,470,000
    • New listings priced under $1 million :: 20 (54%)
    • New listings already under contract or sold: 8
  • 6 :: New Building Sites
    • Average List Price: $2,363,000
    • New listings priced under $1 million :: 1 (17%)
    • New listings already under contract or sold: 2

What it means: After slowly declining over the past few months since the peak in May (110 new listings), new inventory dropped off significantly in September, with only 43 new properties hitting the market last month. While September is not historically a popular month for sellers to list their properties, this September’s new listings still fell far short of 2015 (see chart below). Dollar volume of new listings plummeted in September, recording roughly 1/4 of the dollar volume seen in August ($68MM vs. $244MM). The price points of these new listings were also down, as evidenced by a sharp drop in the average listing price. (Keep in mind that August’s high average listing price was helped by several high-end land parcels in the Bar BC, Spring Gulch Ranch and the Snake River Sporting Club.) Twenty-one of the new residential listings in September were priced under $1 million (nearly 50%), with 6 of them priced under $500,000. Compare that to August, when only 39% of new listings were under the $1 million mark. The well priced properties continue to move quickly as 8 of these sub $1 million listings are already under contract or sold (by Oct 10), including a 4 bedroom townhome at the base of Snow King Mountain, which went under contract within hours of hitting the MLS. The trend of high-end land listings continued in September, with 4 of the 6 new lot listings priced over $1.5 million, including 2 lots in Shooting Star and one in Granite Ridge, both located at the base of Jackson Hole Mountain Resort.   

Notable new listings in Sept include:

  • Deed Restricted Employee Housing condo at base of Snow King Mountain – $299,000
  • Live/Work Units (downstairs office, upstairs living) across from Whole Grocer – starting at $660,000
  • Nicely updated home close to parks, hiking and amenities in West Jackson – $765,000
  • Four bedroom home nestled in the trees over looking Fish Creek area in Wilson – $3,195,000

Click HERE to view all available September residential listings.

Click HERE to view all available September land listings.

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.

 

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.

Entry Level sales down, land sales up in Sept 2016

/in , /by

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

What Sold in Sept 2016?

  • 38% :: Percentage of single family home sales (lowest % in past year)
  • 34% :: Percentage of condo/townhome sales (identical to last month)
  • 28% :: Percentage of Land Sales (double last month)
  • 44% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 56% :: Percentage of residential properties selling for under $1 million 
  • 15% :: Percentage of residential properties selling for under $500,000 (back down after increase)

What it means:  After many months of consistency, the breakdown of sales by property type changed significantly in Septebmer. Single family home sales represented only 38% of all sales last month, dipping below 40% for the first time since Aug 2015. This drop can be attributed to dwindling available inventory, especially in the Town of Jackson, where there are currently only 19 homes available under $1.5 million.  Condo and townhome sales remained consistent, representing 1 out of every 3 sales in Teton County last month. Three of the condo sales in September were over $1 million including two “downtown” high-end condos on Pearl Ave and a 5 bedroom condo in Teton Village, which sold quickly after hitting the market.  Land sales spiked in September, representing nearly 30% of all sales, double the 12-month average of 15%. Lots sales in September occurred all over the Valley: from 3 lots in JH Golf & Tennis, to a building site on Karns Hillside in Town, to a unique 5 acre parcel in “downtown” Wilson with Fish Creek frontage. The majority of lot sales in September occurred over $1 million, with 6 lots selling for over $2 million, including large parcels in Bar BC, Wilderness Ranches, Shooting Star and Spring Creek Ranch.  Entry level sales took a dip as 15% of property sales were under $500,000 in September. While this segment of the market has seen volatile ups and downs over the past year, the general trend is downward as fewer and fewer properties are available at this price point. Compare this past month (15%) to early in 2014, when 40-45% of property sales occurred under $500,000 (see chart below). Currently there are only 27 properties in ALL of Teton County priced under $500,000.  

propertiesover1million-sept2016

propertiesunder500000-sept2016

singlefamilyhomes-condos-land-jacksonwy-sept2016

 

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.

Sales and dollar volume top in 2016, still lags 2015

/in , /by

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

Summary – Sept 2016:

  • 61 :: Total residential sale transactions (highest since Aug 2013)
  • $87,928,000 :: Total residential sales volume (highest since Oct 2015)
  • $1,441,000::  Average sales price of reported and unreported sales (highest in past 6 months)
  • 95% ::  Ratio of sales price to list price (down from average)
  • 195 ::  Average days on market prior to selling (highest in past 5 months)

What it means: After a very active August, both transactions and sales volume increased again in September reaching a new recent high in the Jackson Hole real estate market. There were 61 property sales in Teton County in September, the highest amount recorded in over 3 years! After doubling from July to August, monthly dollar volume climbed even higher, recording close to $90 million in sales in September, a level not seen since Oct 2015. While the 2016 market has been strong, overall it has fallen short of activity levels and volume seen in 2015. For example, since January 2016, there have been 328 sales in the Jackson Hole area compared with 356 transactions by this time last year. Further, 2016 year-to-date sales volume of $433,000,000 pales in comparison to the $557,000,000 in volume reached through September in 2015. Nine months into 2016, the data suggests we may have hit a “peak” in the Fall of 2015. That being said, the recent increasing trend of sales transactions may contribute to different results at year end. It will be interesting to see the sale/volume numbers for the fourth quarter of 2016 in the Jackson real estate market – stay tuned! The average sales price increased again in September reaching it’s highest level in the past 6 months, however it is still roughly 25% lower than the average sales price seen last September and October. The sale price to list price ratio dipped down below the typical level (96%) in September as buyers received a 5% discount to list price, on average. That being said, roughly 20% of properties still sold at, near or ABOVE the listing price, especially in the sub $700,000 price range (8 of 21 sales). The average number of days a property sits on the market before selling increased in September but still remained below 200 days for the 5th month in a row. Interestingly, while 18 properties sold within 90 days of listing (29% of all sales) many properties that sold in September had been on the market for quite some time. Twenty one properties (34% of all sales) had been on the market for over 6 months while 11 properties had been marked for over a year before finally selling in September. This suggests that many sellers didn’t want to spend another winter trying to sell their property. It’s important to note that as a buyer, now may be a good time to capitalize on many Sellers’ increasing motivation to sell their home before the snow flies. (Please connect me if you are interested in discussing some of these opportunities.) 

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 and dollar volume down again, available inventory lowest since 2007: Mid Year update from The Jackson Hole Report

/in , , , , , , , , , , , , , , , , , , , , , , , /by

Sale transactions and dollar volume are down again in the second quarter of 2016, mostly due to dwindling well-priced inventory under $1 million.  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 through the end of the 2nd quarter 2016. Click HERE to read the full 2016 Mid Year Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 16%
  • Sales under $1 million are down 21%
  • Overall dollar volume is down 14%
  • Despite dwindling sales, the Average Sale Price increased by 3% in Q2 2016
  • Hot Price Point: Properties priced under $1 million, where 53% of the sales occurred in the second quarter
  • Hot Location: The Town of Jackson, which accounted for 35% of all sales in the second quarter
  • Overall inventory is down by 7% (compared to Q2 2015), representing the LOWEST inventory levels since the market peak in 2007

HIGH END MARKET

  • High-end property sales ($2+ million) were down 23% from Q2 2015
  • However, despite declining sales, high-end properties under contract have increased by 42%
  • There are 68 properties for sale over $5 million, an increase of 11%
  • The most expensive property for sale in Teton County is a 264 acre property just south of Wilson with 7,715 sq ft main house, guest house, and expansive frontage on both the Snake River and Fish Creek, listed for $53 million (pictured below)

264 acre property on Snake River & Fish Creek – $53 million (listed by JH Sotheby’s)

SINGLE FAMILY HOMES

  • Single family (SF) home sales in the second quarter were up only slightly (2%) from last year at this time
  • SF home sales over $1 million are up 18%, SF home sales over $3 million are up 43%
  • Overall SF home inventory is down 12%, with only 20% of listings priced under $1 million
  • Only 13 homes are available under $750,000, down 71% from this time last year
  • The average asking price of new listings is up 11% to $3.65 million – the second highest average ever!

Click HERE to view the 39 single family home listings priced under $1 million

3 bed / 2 bath in Cottonwood Park – $650,000 (Listed by JH Sotheby’s)

CONDO/TOWNHOME

  • Overall condo sales have slowed, down 6% from this time last year
  • Condo sales under $500,000 fell dramatically (down 32%)
  • Overall available inventory is up 10%, however inventory under $300,000 is down 71%
  • The average listing price for condo/townhomes is up 29%
  • 72% of available condos are priced under $1 million, with only 31% priced under $500,000

Click HERE to see the 26 condos/townhomes available under $500,000

Nelson

4 bedroom townhome in East Jackson – $499,000 (listed by RE/MAX Obsidian)

VACANT LAND

  • Lot sales are down significantly (55%) with only 28 sales in the first 6 months of 2016
  • However, the average sales price continues to climb, up 10% in Q2 2016
  • 64% of lot sales are purchased with cash (i.e. no financing)
  • Overall available inventory dipped 5% from Q2 2015, however the supply of lots remains high
  • NOTE: Supply exceeds demand in this segment, with 34 months of inventory currently on the market.
  • The majority of available lots (49) are in the $500,000 – $1 million price range.

 

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 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.

Real estate values increase in 2015, as Sales Volume up 30% in Jackson Hole

/in , , , , , , , , , , , /by

Market Focus

marketfocus

2015 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

Over the course of 2015, 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 Hole real estate market in 2015, how they compare to 2014, and a look forward to 2016:

Quick Stats – 2015:

  • 466 total real estate transactions in 2015
    • 2014 = 447 sales
  • Sales volume of $743,000,000 (includes reported and unreported* sales)
    • 2014 = $568,000,000
  • Average sales price = $1,590,000
    • 2014 = $1,270,000

*Note: When a sales price is not disclosed in the MLS, an estimate is used based on the current listing price and the average monthly sale to list ratio.

Sales Transactions and Sales Volume: While the number of transactions didn’t increase much, Sales Volume in 2015 jumped up 30% from 2014!! Monthly sales volume in Teton County in 2015 matched or outpaced monthly volume in 2014 in all but one month (July 2015). Not only were the “big” months of Aug & Sept bigger in 2015, much of the rest of year, especially the Spring of 2015 saw roughly double the sales volume of 2014. These levels are impressive given that there were only 19 more sales in 2015 (v. 2014).

YearEndVolume

 

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2015, including unreported sales in MLS, was just under $1.6 million. With the exception of July 2015, the monthly average sales price never dipped below $1 million last year. During the peak selling months in the summer/fall 2015, the monthly average sales price hovered around $2 million. The obvious trend? Prices went up in 2015. Compared to 2014, which had an average sales price of $1.27 million, prices in 2015, on average, went up 27%!

YearEndAVSP

 

In analyzing the Breakdown of Sales by Price Point in 2015, and comparing it to 2014, a few trends become clear. Similar to 2014, the majority (36%) of residential sales in Teton County in 2015 were in the $500,000 – $1,000,000 range. These sales included fixer upper single family homes in the Town of Jackson, 3 bedroom townhomes in Town and south of Town, homes in Rafter J and condos in Teton Village. The $1-3 million segment was also strong, accounting for nearly 1/3 of all sales in Teton County in 2015. Compare that to 2014, when this segment made up only 23% of all sales.  Only 4% of all sales in 2015 were under $300,000 and only 1 in 5 sales occurred under $500,000. This is the biggest change from 2014, when nearly 40% of all sales occurred under the half million mark, illustrating a trend of higher prices and a shrinking “entry-level” market. Finally, the percentage of high-end sales ($3 million and up) more than doubled from 2014 to 2015, as many wealthy second homeowners invested in the Jackson Hole market.

PriceBreakdown2015Res

BreakdownPriceRes

The breakdown for land sales in 2015 shows a slightly different distribution, with 50% of all lot sales happening above $1 million – compare that to 2014, when only 29% of sales occurred in this segment. In particular, there were 14 land sales over $3 million in 2015, including parcels in Ely Springs, Shooting Star and Bar B C Ranch. Conversely, only 5% of lot sales in 2015 were under $300,000, compared to nearly 20% of all sales in 2014, illustrating a shrinking entry-level market for vacant land as well. The 4 sales that occurred under $300,000 were located south of Town in the Hoback and Sqauw Creek neighborhoods.

PriceBreakdown2015

BreakdownPriceLand

Summary and What’s Next? There is no question, 2015 was a big year! Sales Volume increased 30% with only a 4% increase in transactions. As expected we saw prices rise with the average sales price increasing roughly $360,000 from 2014 to 2015. Nearly 1/2 of all properties sales occurred over $1 million, with significant growth especially in the higher end of the market. Consequently, the entry level segment of the market shrunk as fewer residential properties and vacant land sold under $500,000 in 2015. It’s hard to imagine this explosive growth can continue. In November and December 2015, we began to witness a slow down in sales and volume (see Jan 2016 Market Report). While some of that can be attributed to the slower time of year, many real estate professionals sense a plateauing of real estate activity in 2016. Even though Jackson Hole is somewhat insulated from global and/or national trends, the recent activity in China, the Middle East and the stock market should have some effect on sales and values in our market.

Stay tuned to The Colbert Real Estate Report for market statistics and trends in Jackson Hole Real Estate as we enter 2016.

Low Inventory contributes to low sales, volume for 2015

/in , , , , , , , , /by

The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

Summary – Jan 2015:

  • 22 :: Total residential sale transactions (down significantly from Dec’s 34)
  • $23,600,000 :: Total residential sales volume reported to MLS (down from last month’s $29.3m)
  • $1,124,000::  Average sales price of reported sales (up from last month’s $946,000)
  • 95% ::  Ratio of sales price to list price (same for the 4th month in a row)
  • 148 ::  Average days on market prior to selling (down significantly from last month’s 215)

What it means:  The beginning of 2015 was off to a slow start in terms of both transactions and sales volume, but the average sales price was up. There was only 22 sales in January; the lowest amount in over 2 years! Sales Volume remained low (under $30 million) for the third month in a row. (See charts below). Despite low transactions and volume, the average sales price increased after two months below the $1,000,000 mark. These trends are a result of a very limited inventory in the Jackson Hole real estate market – the lowest we’ve seen in 25 years!  (see Market Focus below). There was only 1 unreported sales price in the MLS in January (estimated at $850,000), however it is likely that there were several sales handled completely outside of the MLS, which is a typical occurance as inventory shrinks. The average days on market decreased signficantly (after removing two outliers) suggesting that properties are moving much more quickly (again a result of low inventory levels). As we move into 2015, we should see the trend of increasing prices continue until more inventory comes onto the market.

transactions

sales volume

avsprice

 

Click HERE to read the full Monthly Market Update for February 2015.

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

Jackson Hole Affordable Housing spotlighted in High Country News

/in , /by

hcnews

Breath-taking views of the Tetons grace this month’s cover of High Country News, a monthly publication focusing on news in the West. The reason for the cover story “Paradise at a Price”? Affordable Housing. Jackson Hole is a unique place, where conservation goals and a desire to maintain the town’s “Western small town character”, often collide with the need for affordable housing for the community’s workforce. With over 97% of the land in Teton County publicly owned (by federal, state or local government agencies), traditional solutions of sprawl and new development are not an option. This can be a good thing, many conservationists argue, as much of the land is permanently protected from development. The problem? Many of Jackson’s workers cannot afford to live here. In Jackson Hole, the average sales price of a home is around $1,000,000, which is 10x the average income of the County. During the housing boom, as many as 1/3 of Jackson’s work force lived in bedroom communities and commuted over Teton Pass or through the Snake River Canyon.

The article discusses the South Park neighborhood in particular. Over the past many years, advocates of affordable housing have proposed various affordable housing projects in this area, located about 5 minutes south of Jackson. Neighbors, conservationists and other opponents were able to kill all proposals, citing negative effects to large-scale development including car-dependent sprawl, and intrusion on wildlife habitat, a core value in Jackson Hole. Supporters point to the existing utilities, good access and existing development as reasons that make South Park the perfect location for new development.  The debate continued in over 40 public meetings associated with the re-write of the Town and County Comprehensive Plan. The new plan proposed South Park as an area for dense development, however after residents and conservationists rebelled against the plan, it was paired down calling for small pockets of affordable housing scattered throughout several different neighborhoods.

The article also outlines the three main players in Jackson Hole trying to address the growing need for affordable housing through deed restricted homes – the Teton Housing Authority, the Jackson Hole Community Housing Trust and Habitat for Humanity. These homes are much cheaper than market rate homes as they are subsidized by the County, developers and local non-profits. However they amount to only a fraction of the homes here and require a thorough application process and long waiting lists or many attempts through a lottery system.

twelve-pines

An example of affordable housing from the Jackson Community Housing Trust

As the Jackson Hole real estate market heats up as we enter the busy summer selling season (See June Market Report), affordable market rate homes are moving farther out of reach for many middle-class working families (There are currently only 3 single family homes in Jackson priced under $500,000). There is no doubt the debate with continue as the Jackson Hole community strives to balance the scenic beauty and wildlife habitat with the growing need for affordable and attainable housing.