Then vs. Now: Is the window of opportunity closing for buyers? Has it already closed?

 Recently, we have all been closely watching a recovering real estate market in Jackson Hole.  Sales Volume and Transactions are both up (see last month’s Market Report), average days on market is going down meaning properties are selling more quickly, and distressed property sales make up less and less of total sales. To better illustrate the real estate market’s shift, it’s helpful to look at individual market segments.

Below is a quick ‘Then vs Now’ analysis of condos and town homes in the Town of Jackson.

Fact:  During the first 6 months of 2012, 31 condos/townhomes sold in the Town of Jackson.

Fact:  The average sales price for one of these condos/townhomes was $310,000 or $226/sq ft.

 

Fact:  During the first 6 months of 2013, 50 condos/townhomes sold in the Town of Jackson.

Fact:  The average sales price for one of these condos/townhomes was $440,000 or $328/sq ft.

 

Fact:  Currently there are 40 condos/townhomes available for sale in the Town of Jackson.

Fact:  The average listing price for one of these condos/townhomes is $538,000 or $428/sq ft. 

(Note: 21 of these listings are priced under $440,000; only 9 are listed for under the $310,000)

In addition to number crunching and analysis, I would also like to share several anecdotal stories that further paint a picture of a fast moving recovery that has many Sellers excited and has many Buyers worried they may have missed their opportunity.

Story #1 – Home in Rafter J: There was a home in Rafter J that was on the market for the first 6 months of 2012 listed at $460,000. It did not sell and the Sellers took it off the market in July last year. On May 31^st of 2013 (less than a year later), they put the property back on the market and listed it at $515,000. In the first 72 hours they received two strong offers and the property was quickly put under contract.

Story #2 – Elk Run: There have been 5 sales of Elk Run townhomes in the past 18 months. They have ranged from an interior bank owned unit that sold for $304,000 in April 2012 to an end unit on Flat Creek (arguably the best location in the complex) that sold for $390,000 in March 2013 after 222 days on the market. I listed a nicely remodeled Elk Run end unit (however not on the Creek) in June 2013 for $419,500. Within the first 24 hours, we had received 3 FULL price offers and we closed this past week at a price greater than the listing price. 

If you are a buyer, don’t be too discouraged. There are still many opportunities hitting the market, but they are moving quickly and interested buyers have to act fast!  If you are interested in receiving automatic email updates within your desired area/price range in order to learn about new opportunities as soon as they hit the market, please email me at katiecolbert123@gmail.com