2021: Q1 Sales & New Listings

Transactions/Sales Volume – What Sold?

$2,970,116

Average Sales Price

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$389M

Total Sales Volume

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Market Analysis

Reviewing first quarter stats is very helpful in evaluating the pre-pandemic real estate market to the post-pandemic real estate boom seen here in Jackson Hole as well as many other places in the country. We all know the market increased, but by how much? There were 40 more real estate sales in Q1 2021 than the same time in 2020, an increase of 44%. Despite seeing fewer sales in January 2021, sales in February and March were roughly double the pre-pandemic levels seen in early 2020. Sales volume has skyrocketed, with $175 million MORE in volume in Q1 2021, a staggering increase of 82% over the start of 2020. Similar to transactions, sales volume was inline with January 2020, but in February and March sales volume was double that of 2020, for a grand total of $389 million in the first quarter of 2021. It’s interesting to note that the 4-year average for sales volume in the first quarter is only $172 million – we’ve seen quite the increase over the last 5 years!

The average sale price was up each month and up $600,000 over the quarter, representing a 26% increase from early 2020. The median sale price was also up every month, ranging from $1.65 million to $2.14 million. Sales increased in nearly every price point with the largest increase in the $3 million and up segment, where there were 18 more sales in the first quarter of 2021. Sales in the $1-3 million range also saw a significant increase with 17 more sales this year. The biggest shift in property type was for vacant lots where nearly 2 times as many building sites sold in the first quarter of 2021, representing 24% of all sales (up from 16% in Q1 2020).

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New Listings – What’s New?

$3,483,409

AvERAGE LIST PRICE

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$433,241,500

LIST PRICE Volume

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Market Analysis

New listings in the first quarter of 2021 are actually up when compared to the start last year. The number of new listings this year outpaced 2020 in both January and March for a total of 10 more listings in the first quarter, an increase of 8.7%. This doesn’t necessarily mean there are more things to buy as nearly all of the available inventory was cleared out in Q3 & Q4 2020 during the pandemic inflicted real estate boom here in Jackson Hole. With only 10 more listings, the total listing volume was up $127 million, a staggering increase of 41.5%. After outpacing listing volume in January, and seeing similar levels in February, listing volume was $100 million higher in March 2021, with only 5 more listings. As to be expected, the average listing price jumped from $2.733 million before the pandemic, to $3.483 million in the start of 2021, an increase of $750,000 or 27%. This significant increase was no doubt helped by the month of March 2021 where the average listing price nearly reached $4 million. The average median listing price also increased significantly, going from $1.67 million to just over $2.2 million, an increase of over $500,000, equating to a 32% jump.

More building sites entered the market in Q1 2021, representing 23% of all new listings (vs. 17% in Q1 2020). Nearly all of the available lot inventory was sold out in Q3 and Q4 2020, no doubt encouraging other lot owners to take advantage of low supply levels and put their (snow covered) property on the market in early 2021. Currently there are only 19 lots for sale in all of Teton County! The first quarter saw a spike in new listings over $3 million with 20 more properties hitting the market in this price point. On the other end of the spectrum, there were 11 fewer listings under the  $1 million mark. Currently there are only 8 properties in all of Teton County available under $1,000,000.

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2020: Q4 Sales & New Listings

Transactions/Sales Volume – What Sold?

$2,950,273

Average Sales Price

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$705,115,180

Total Sales Volume

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Market Analysis

After a record setting Q3 2020 (with 100 more transactions and more than double the sales volume), it was hard to imagine the trend would continue past the busy summer selling season. Well, 4th quarter sales suggest things are not slowing down – recording 107 more transactions than Q4 in 2019. Even more impressive was the sold dollar volume this past quarter – up a staggering $450 million from the fourth quarter in 2019. Put another way, while the number of real estate sales increased 81% over Q4 2019, the sales volume increased 177% from this time last year. These unprecedented statistics illustrate an ongoing explosion of demand in Jackson Hole real estate as out of town buyers continue to flock to places like Jackson Hole amid the pandemic. This seemingly bottomless demand for the JH lifestyle helped push the average sales price up more than $1 million over the 4th quarter of 2019. Sale prices increased across the market, with the median sales price up every month, including a $1.2 million bump in November alone. Nearly every price point saw significant increases in sales, with the most notable shift occurring in the high end luxury market, where 60 more properties sold above $3 million in Q4 2020. The only segment not seeing a significant increase in sales was the entry level, where 2 fewer properties sold under $500,000 in Q4 2020. Vacant land sales experienced an unexpected surge in sales, representing 28% of all sales in Q4 2020 vs. 14% of sales in Q4 2019. As existing single family homes were snatched up this past summer, many buyers were forced to purchase building sites as an alternative way to get into the Jackson Hole market. Single family homes sales represented only 33% of sales in Q4 2020 (vs. 47% of sales in Q4 2019).

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New Listings – What’s New?

$3,771,141

AvERAGE LIST PRICE

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$427,442,500

LIST PRICE Volume

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Market Analysis

New inventory was up in the fourth quarter, with 24 more listings hitting the market than in Q4 2019. More sellers put their properties on the market in October and November this year, no doubt encouraged by the booming real estate market. The dollar volume of those new listings also increased, up nearly $150 million over Q4 2019, thanks to a strong November that saw $172 million in new inventory hit the market. Overall, the average listing price was up in Q4 2020, with the majority of that increase coming from the month of November, where the average listing price was just under $4 million, up from $1.7 million in November 2019. The median list price followed a similar trend, with November’s median listing price $1.5 million higher than Nov 2019. The breakdown of listing price points was nearly identical between Q4 2020 and Q4 2019 with one exception – the luxury market ($3 million+) saw listings increase two fold, with nearly 50 properties entering the market in the last 3 months of 2020. Interestingly, this past December’s listings and listing volume didn’t see the same increases as the previous months in 2020. Listings, dollar volume and average/median listing prices were instead all on par with December 2019. Are things slowing down? Has everyone that wanted to sell already sold their properties? What is in store for inventory levels in 2021?

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2020: Q3 Sales & New Listings

Transactions/Sales Volume – What Sold?

$2,940,989

Average Sales Price

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$735,247,347

Total Sales Volume

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Market Analysis

If you’ve been following the Jackson Hole real estate market at all this summer then it will come in no surprise to hear that we’ve had one of the most explosive third quarters in market history. All market statistics were up in Q3 2020, many significantly so. The 3rd quarter of 2020 (July-Aug-Sept) recorded nearly 100 more sales than Q3 last year, which was considered a strong quarter/year. Monthly sales exceeded 2019 in every month, nearly doubling last year’s numbers in August and September specifically. Even more dramatic, overall sales dollar volume in Q3 2020 dwarfed numbers seen last year, up a staggering $448 million. Monthly sales volume in Q3 2020 was over double that of 2019.
As expected, the average sales price of the third quarter this year increased significantly, up more than $1 million over Q3 2019. The median sales price also increased, up an average of $500,000 over the 3 months of the third quarter, and far outpacing median sales prices in each month. Similar to 2019, the majority of sales in Q3 2020 occurred in the $1-3 million price point, however in 2020 there were 36 more sales in this price point. The largest shift from last year was in the luxury high-end segment ($3+ million) where 48 more sales recorded this year vs Q3 2020, no doubt a contributor to the historic sales volume seen this summer in Jackson Hole. Over half of the sales in the third quarter were for single family homes, an increase from 2019. Interestingly, 2020 saw fewer condo / townhome sales and more land sales as many out-of-town buyers looked to purchase land as existing inventory continued to dwindle.
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New Listings – What’s New?

$3,410,444

AvERAGE LIST PRICE

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$836,169,000

LIST PRICE Volume

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Market Analysis

It’s no doubt that demand for Jackson Hole real estate was up significantly this past summer, but how did things look on the supply/listing side? Overall new listings in Q3 2020 were up only slightly from 2019, mirroring monthly levels seen last year. While reporting a similar number of new listings as last year, the overall dollar volume of these listings increased dramatically, recording $200+ million more in volume in Q3 2020. Much of this increase can be attributed to a very strong September where a similar number of new listings hit the market but accounted for nearly $185 million more in listing volume than in Q3 2019. As a result, the average listing price for the third quarter increased nearly $1 million from this time last year. The average median list price for the quarter was also up, topping $2 million from $1.45 million in Q3 2019. Again, both helped by a very strong September which saw a monthly average list price over $4 million and a median list price of more than $3 million.
In an interesting flip from Q3 2019, the majority of new listings this summer were in the high-end luxury market with nearly 100 listings coming online priced above $3 million (compared to 46 new listings in Q3 2019). We saw significantly fewer new listings in the $1-3 million range while maintaining similar levels for price points under $1 million. As a response to the increased sales of building sites in Q3 2020, we saw an influx of vacant land listings, as many landowners saw this summer as a great opportunity to capture the new demand of out of town buyers frustrated by a lack of existing inventory.
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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2020: Q2 Sales & New Listings

Transactions/Sales Volume – What Sold?

$2,303,461

Average Sales Price

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$145,118,024

Total Sales Volume

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Market Analysis

The Jackson Hole real estate market saw 63 sales in the second quarter of 2020, a far cry from the 110 sales in the second quarter of 2019. While 2019 was a strong year all around, this decline of 43% is significant. Every month of the second quarter showed notably fewer sales with the largest gap happening in May, when 2020 sales were less than half of sales in May 2019. This decline suggests that the pandemic played a role (at least initially) in buyer’s collective willingness to make real estate purchases in Jackson Hole. That being said, it appears the gap may be closing, with only 10 fewer sales in June vs 2019, perhaps an early indication of increasing interest/sales as we move through the summer with the influx of out of town visitors and buyers. Despite 42% fewer sales, dollar volume was nearly identical ($145 million in Q2 2020 vs $148 million in Q2 2019). As a result, the average sale price jumped nearly $1 million from the second quarter last year to Q2 this year, outpacing 2019 in every month (twice as high in the month of May!). The median sales price followed a similar trend, exceeding 2019 median sales prices by roughly 40% in every month of the second quarter.
In looking at the breakdown by price point, the $500,000 to $1 million segment saw 20 fewer sales in Q2 2020, while only 4 sales occurred under $500,000 (vs. 28 sales in Q2 2019). On the other end of the spectrum, the luxury end remained strong with an identical number of sales over $3 million (despite overall sales being down). More than 3 out of every 4 sales in the second quarter of 2020 was for a single family home vs. 35% in Q2 2019, no doubt a contributing factor to the higher prices/values.
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New Listings – What’s New?

$2,996,894

AvERAGE LIST PRICE

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$605,785,000

LIST PRICE Volume

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Market Analysis

The number of new listings was down roughly 17% in the second quarter of 2020 with just over 200 properties hitting the market in April/May/June. Compare that to the second quarter of last year when 246 new properties entered the market. New listings in 2020 lagged 2019 in April and May, no doubt a result of sellers’ hesitation in the first few months of the COVID pandemic. Only in June of 2020 did new listings exceed 2019 with 6 more properties entering the market.
The dollar volume of new listings in Q2 2020 also declined, down 17% from Q2 2019. After seeing a similar listing dollar volume in April, both May and June under performed levels seen in 2019. The monthly average listing price fluctuated in 2020, from $3.3 million in April dropping to $2.3 million in May and jumping back up in June. The median list price followed a similar trend, but exceeded 2019 median list prices in every month of the second quarter, illustrating an overall increase in listing prices. The majority (46%) of new listings in Q2 2020 were in the $1-3 million range. Despite fewer listings, the luxury segment saw a similar number of new listings priced over $3 million (53 vs 56), while the entry level (under $500,000) dropped 50% from 16 to 8 new listings.
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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2020: Q1 Sales & New Listings

Transactions/Sales Volume – What Sold?

$2,357,062

Average Sales Price

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$214,492,681

Total Sales Volume

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Market Analysis

Real estate sales in Jackson Hole in the first quarter of 2020 were slightly lower than sales in the first quarter last year. After just barely outpacing 2019 in January and February, a slower than usual March (with 7 fewer sales) contributed to an overall drop in sales from Q1 2019 to this year. Despite having 4 fewer sales, overall dollar volume was up about $15 million in Q1 2020, with higher monthly sales volume in all 3 months of the first quarter this year (even in March which had the 7 fewer sales). After seeing consistent average prices in January and February, the average sale price in March 2020 was up 44% versus March 2019, thanks to several high-end sales last month. As a result, the overall average sale price of Q1 2020 was up 12.5% versus Q1 2019. In looking at the median sale price, we see a somewhat similar trend. After falling short in both January and February, the median sales price in March was significantly higher, recording the highest median sale price in over a year and pulling the overall average of Q1 median sale prices in line with Q1 2019 ($1.415 million vs $1.453 million).

Which price point saw the most sales in the first quarter? Property sales in the $1-3 million range represented the majority of sales in each of the first 3 months in 2020, accounting for 40 of the 91 sales in the first quarter (44%). This is slightly higher than 2019, where 40% of sales occurred in this price point. The first quarter of 2020 saw 3 more high-end sales (above $3 million) but 11 fewer sales in the under $500,000 segment, a decline of 61%. While single family homes made up a similar percentage of sales in Q1 2020 versus Q1 2019, the first quarter of 2020 saw 9 more lot sales and 9 fewer condo/townhome sales than the first quarter of 2019.

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New Listings – What’s New?

$2,733,819

AvERAGE LIST PRICE

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$306,201,000

LIST PRICE Volume

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Market Analysis

The number of new listings entering the market in the first quarter of 2020 was nearly identical to the first quarter of 2019, however the timing of these new listing entering the market was very different. January 2020’s 32 new listings paled in comparison to the 55 new listings in January 2019. This difference may be explained by the fact that after a dynamite 2018, many sellers were encouraged to put their properties on the market in early 2019. February 2020 saw an unusually high number of new listings with 20 more properties hitting the market compared to February 2019. Finishing out the first quarter, new listings in March 2020 were consistent with March 2019. Despite having a similar number of new listings as Q1 2019, the dollar volume of the new listings in Q1 2020 was significantly higher, recording $93 million more in listing volume, an increase of 44%! Even though January 2020 saw 23 fewer sales than Jan 2019, dollar volume was strong ($110 million). February 2020’s new listing volume surpassed January, recording $88 million more in listing volume than February 2019. Finally, March 2020 outpaced March 2019 by $14 million. The average listing price has been declining since a high in December of $3.9 million, dipping below $2 million for the first time since November 2019. Despite the declining trend, the average listing price for the entire quarter was still nearly $1 million higher than the average listing price in Q1 2019. The median list price followed a similar trend. After a high of $2.3 million in January, we’ve seen a significant drop in each of the last two months, down to just above $1 million in March, the lowest median list price in over a year. However, the average median list price of Q1 2020 was still approx. $600,000 higher than this time last year.

The majority (40%) of new listings entered the market between $1-3 million in the first quarter of 2020. February was the most popular month for this price point with 20 new listings hitting the market. Interestingly, March saw a surge of listings in the $500,000 – $1 million segment, when 19 new options entered the market. Comparing quarter to quarter, 2020 saw more new listings in all price points (including the high-end where 10 more listings hit the market) with the exception of the entry level. There were only 5 new listings under $500,000 in the first 3 months of 2020 vs. 24 new listings in Q1 2019. Note: 18 of the 24 new listings represented the newly remodeled Virginian Village Condos, new to the market during Q1 last year.

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2019: Q4 Sales & New Listings

Transactions/Sales Volume – What Sold?

$1,930,301

Average Sales Price

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$254,799,682

Total Sales Volume

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Market Analysis

The 4th quarter of 2019 looked a lot like the 4th quarter of 2018. Total sales increased ever so slightly, up from 130 in 2018 to 132 sales in 2019. In looking at numbers month-by-month, while 2019 saw a few more sales in October and December, it was balanced out by a few less sales in November. Dollar volume was also similar quarter to quarter, and actually dropped 1.7% from Q4 2018, recording a total of $254,800,000 in Q4 2019. Monthly dollar volume in 2019 outpaced 2018 most significantly in October, recording over $108 million in volume vs $91 million in October 2018. November was a bit slower in 2019 while December was identical at $66 million for the month. As expected, the average sale price was also consistent between 2018 and 2019 slipping down to $1.93 million from $1.99 million in 2018. In analyzing price points, sales in the $1-3 million range were up 15% while sales in the $500,000-$1,000,000 range dropped by 17% compared to Q4 2018. This upward shift in price point is reflected in the median sales price, which was higher in each month of Q4 2019. Sales under $500,000 stayed consistent, recording 12 sales in all of the 4th quarter. Townhomes and condos represented slightly more of the sales in 2019, while lot sales remained steady, representing 16% of all sales in Q4 2019.  What does all this mean? While things aren’t necessarily slowing down, the rate of acceleration has appeared to slow. Will we see more of the same in 2020 or is this an indication of the market leveling off as we enter the next decade? Stay tuned!

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New Listings – What’s New?

$3,023,767

AvERAGE LIST PRICE

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$278,891,000

LIST PRICE Volume

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Market Analysis

New inventory was down, but listing prices were up in the 4th quarter of 2019, where 18 fewer properties hit the market – a drop of 17% from the same time in 2018. New listings were down every month in the 4th quarter with the biggest drop coming in October, when only 34 properties hit the market (vs. 46 in October 2018). Despite having 17% fewer options in 2019, buyers saw those options increase in price with total dollar volume jumping 12% from Q4 2018. October & December were big dollar months, recording $116 million and $117 million in new listings respectively. As a result, the average listing price jumped up dramatically in the 4th quarter, going from $2.3 million in Q4 2018 to above $3 million in Q4 2019. The median list price saw a more modest, yet still significant, increase from $1.26 million to $1.37 million – a jump of 9%. The spike in dollar volume and average listing price is supported by the price point of several high end listings in Q4 2019. While a similar number of these $3+ million listings hit the market in Q4 2019 and Q4 2018, this past year saw several ultra-high-end listings including: a contemporary home with stunning views atop Spring Creek Ranch for $15 million, a 3 lot estate on 20+ acres south of Wilson for $25 million, and a recently listed 18,000 sq foot home, guest home and barn on 215 acres in the heart of Jackson Hole for $35 million. For much of 2019, we saw higher priced inventory replace the lower price sales, a pattern that can’t be sustainable for long in our market. How will Q1 2020 compare? Will more high end listings continue to flood the market, while the “local’s market” sees fewer and fewer options? How will that affect demand in each of those segments? Stay tuned…

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

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

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.

Property sales under $500,000 increase for 2nd month in Jackson Hole

The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

What Sold in May 2016? 

  • 42% :: Percentage of single family home sales (significant drop from previous months)
  • 46% :: Percentage of condo/townhome sales (significant increase from previous months)
  • 12% :: Percentage of Land Sales (down slightly from April)
  • 36% :: Percentage of residential properties selling for over $1 million (up from low last month)
  • 64% :: Percentage of residential properties selling for under $1 million (down from high last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (2nd large monthly increase)
  • 7 :: Commercial Transactions – 5 sales and 2 leases

What it means: After increasing for 3 straight months, single family homes sales declined in May, representing only 42% of all sales and marking the lowest percentage since Aug 2015. Three of these sales were multi-family properties (2 duplexes and 1 four-plex), illustrating investors’ interest in our strong rental market in Jackson Hole. On the other end, the percentage of condo and townhome sales nearly doubled from April to May and accounted for more sales than single family homes for the first time in several months (see chart below). There were 4 land sales in May including two 1.17 acre vacant lots in Shooting Star near Teton Village at the base of Jackson Hole Mountain Resort which sold for $2.7 million each.  Entry level sales had another strong month, with 30% of all sales occurring under $500,000 in May, achieving a double digit increase for the second month in a row (see chart below). The majority of the 10 sales under $500,000 where condos in the Town of Jackson, including a 2 bed/2 bath townhome with a 1 car garage located in central Jackson, which sold in 79 days from listing. Property sales over $1 million rebounded slightly after accounting for only 25% of all sales last month. Property sales over $3 million also rebounded with 4 sales over $3 million including a newly built home on the Westbank, which had been on and off the market for nearly 3 years (pictured below).  The month of May also saw 4 larger commercial sales in Jackson, including the Wilson gas station, an in-town restaurant space and a re-development opportunity on Broadway (currently home to Ocean City).

Over$1m

Under$500

PropertyTypeBreakdown

Rivendell

New custom home on Westbank – SOLD in May 2016 – Listed by JH Real Estate Assoc

Click HERE to read the full Monthly Market Update for June 2016.

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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April sees spike in Property Sales under $1 million in Jackson Hole real estate market

The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

What Sold in Apr 2016? 

  • 58% :: Percentage of single family home sales (3rd monthly increase)
  • 25% :: Percentage of condo/townhome sales (drop from last several month)
  • 17% :: Percentage of Land Sales (uptick from March)
  • 25% :: Percentage of residential properties selling for over $1 million (lowest since Jan 2015)
  • 75% :: Percentage of residential properties selling for under $1 million (highest since Jan 2015)
  • 20% :: Percentage of residential properties selling for under $500,000 (rebound from low last month)

What it means: Single family home sales continued to increase for the 3rd month in a row, representing over 1/2 of all sales in Teton County. Condo and townhome sales took a dip after several strong months in 2016. Land Sales increased in April as we get closer to the construction season.  The month of April saw many sales in the lower price ranges, with 75% of all sales occurring under $1 million, a level we haven’t seen in 15 months. In particular, there were 6 single family homes sales under $700,000 in April, quite the surge considering there are only 5 single family homes currently for sale in this price range (3 of which are in Moran, WY).  Conversely, property sales over $1 million only accounted for 1/4 of all sales last month. There were only 2 sales over $3 million in April (and 0 sales over $4 million) – compare that to the last several months where we have seen 4-5 sales between $3-$10 million.  After a 3 year low last month, property sales under $500,000 recovered in April representing 20% of all sales and included condos in Town and Teton Village, a lot in Teton Pines and a bank owned property in Moran that had been on the market for over a year.

Over1m

Under500

Breakdown

Click HERE to read the full Monthly Market Update for May 2016.

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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Sales under $500,000 reach new low; account for only 8% of all sales in March

The Colbert Real Estate Report

Monthly Market Update for April 2016

Jackson Hole, WY

What Sold in Mar 2016? 

  • 50% :: Percentage of single family home sales (another increase)
  • 37.5% :: Percentage of condo/townhome sales (similar to last month)
  • 12.5% :: Percentage of Land Sales (down from last February)
  • 58% :: Percentage of residential properties selling for over $1 million (huge jump from last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 8% :: Percentage of residential properties selling for under $500,000 (lowest % in 3+ years!)

What it means: Single family home sales increased again in March, representing 1/2 of all sales in Teton County. Condo and townhome sales remained consistent after a surge in February. Land Sales dropped slightly in March, probably a result of low winter inventory levels. After starting the year out strong, property sales under $500,000 hit another new low, representing only 8% of all sales in March. This is the first time sales in this segment have dipped below 10% in the past 3 years (since the start of compiling statistics for this report in 2013). We should expect to continue to see a low number of sales in this price point until more entry level inventory hits the market. (Currently there are only 22 full ownership options available in Teton County priced under $500,000.) Conversely, sales above $1 million increased significantly in March, representing nearly 60% of all sales. There were several high end sales in March including a 6,300 sq foot home in Spring Creek Ranch, a Granite Ridge home site in Teton Village and the sale of a 105 acre portion of the large Vandewater Ranch located on the Village Road, which included 3 separately deeded parcels and had both Fish Creek and Flat Creek frontage (pictured below).

Over1m

Under500

PropertyBreakdown

VandewaterRanch

Parcel 2 of Vandewater Ranch sold in March (listed for $14.2 million by JHREA)

Click HERE to read the full Monthly Market Update for April 2016.

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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