average sales price Archives - Page 4 of 5

2019: March Sales in Jackson Hole

April 12, 2019/in Market Reports, Uncategorized/by Molly Stewart

There was an uptick in sales last month with 30 transactions occurring in March, however sales volume dropped slightly, down to just under $58 million. As a result, both the average and median sales prices were down in March, as nearly 50% of property sales occurred under $1 million. Properties that sold in March had only been on the market for an average of 147 days, the shortest monthly marketing time seen since Oct 2018. Demand remains high as half of March sales were on the market for less than 90 days before closing. Sellers appeared to be motivated this winter, as properties sold at 95% of their listing prices in March, only the second time this monthly ratio has dipped below 96% in the past 17 months. Single family homes represented over half of all sales in March, while only 2 building sites sold – a 31 acre lot on Saddle Butte and a rarely available vacant lot in Cottonwood Park.

2019: February Sales in Jackson Hole

March 8, 2019/in Market Reports, Uncategorized/by Molly Stewart

After a solid January (with 38 sales and $82 million in dollar volume), sales dipped in February, with just 26 transactions, the lowest monthly sales since March 2018. Despite the lower sales, the price point of those sales actually increased, resulting in nearly $60 million in volume. The average sales price ticked up $170,000 to just under $2.3 million, while the median sales price jumped up $300,000 from January, the second large monthly increase in a row. Seven properties sold above $3 million, now the 11^thconsecutive month where we’ve seen at least 5 sales in this high-end segment. Conversely, there were only 9 sales in February under the $1 million mark. The majority (38%) of sales occurred between $1-3 million. Interestingly, at least 1/3 or more of all sales have occurred in this price range for the last 10 months, suggesting this is the new mid-point of the market. The sales price to list price ratio bounced back to 96% in February after dipping to 95% in January for the first time in over a year. The average time to sell a house in Jackson Hole was just under 6 months, a stat that has been consistent for the past 3 months. However, 42% of the sales in February closed in under 3 months of listing, as demand remains strong for well-priced properties. Townhome and condo sales represented half of all sales in February, the highest monthly percentage seen since June 2017. Several condos sold in Teton Village in February, not a surprise as many visitors flocked to the area for the record setting snow fall.

2019: January Sales in Jackson Hole

February 6, 2019/in Market Reports, Uncategorized/by Molly Stewart

After an explosive 2018 (read the 2018 Annual Report), 2019 was off to a solid start with 39 sales totaling over $82 million in dollar volume. Both stats exceeded numbers from Dec 2018 by 22% and 24%, respectively. While the average sales price ticked up slightly to just over $2.1 million, the median sales price increased significantly in January, up $300,000 to $1.335 million, representing the third highest median sales price in the past 12 months. Properties that closed in January did so at an average of 95% of their list price, a drop from the 96-98% levels seen throughout all of 2018. Only 5 properties sold at or above list price in January, a number that could reach as high as 20-25 in some months in 2018. January saw an unusually high number of single family homes sales, representing nearly 60% of all sales. Land sales were predictably low, recording just 3 vacant land sales in January. There were 5 sales over $3 million in January, including an 8,300 sq ft house in Indian Springs that was listed for $15.5 million. It’s interesting to note that there have been at least 5 sales/month in this high-end price range ($3MM and above) for the past 10 months.

2018: Q4 Market Update & Review for Jackson Hole

January 9, 2019/in Market Reports, Uncategorized/by Molly Stewart

Real estate transactions were up slightly in Q4 2018, recording 130 sales (vs. 123 in Q4 2017). In comparing month over month, even though 2018 saw a lower number of sales in both November and December, the 53 sales in October 2018 helped the 4^thquarter overall. Sales volume in Q4 2018 was up 20% compared to Q4 2017, recording $260 million in sales. Even though 2018 ended quietly, sales volume significantly exceeded volume in both October and November of 2017. The average sales price of Q4 2018 was just over $2 million, up 10% from Q4 2017, when the average sales price was $1.82 million. However, the median sales price was nearly identical between the fourth quarters of 2017 and 2018, suggesting that while the high end prices are getting higher, the remainder of the market values remained steady. The majority (37%) of sales in Q4 2018 occurred in the $1-3 million price point, helped by 25 new listings in this price segment in October alone. In Q4 2018, 46% of sales were for single family homes, with only 15% of sales representing vacant land (not surprising given the time of year).

New listing activity increased significantly from Q4 2017, with 108 new properties hitting the market in Oct/Nov/Dec 2018. New listings in 2018 outperformed 2017 in each month, resulting in an overall 37% increase in new listings in Q4 2018. Even more dramatic, the dollar volume of the new listings in Q4 2018 exceeded the volume in Q4 2017 by nearly $100 million, a staggering increase of 64%! New listing volume in 2018 significantly outperformed 2017 in every month including October, where sales volume was 2x that of 2017. As you can imagine, the average sales price in Q4 2018 increased significantly as well, up to $2.385 million from $1.97 million in Q4 2017. The median listing price fluctuated throughout the 4^th quarter of 2018, following a similar trend to Q4 2017, with the exception of Dec 2018, which saw a median list price of nearly $2 million, the highest monthly median since Sept 2017.

2018: December – What Sold in Jackson Hole?

January 8, 2019/in Market Reports, Uncategorized/by Molly Stewart

2018 ended somewhat quietly in the Jackson Hole real estate world. Down from 45 sales in November, December recorded only 32 sales, the lowest monthly total since April 2018. Sales volume was also down, reaching just over $66 million, the lowest volume seen since March 2018. While the average sales price was just above $2 million, the median sales price (a more accurate indication of “middle of the road” values) came in just above $1 million in December, a steady trend seen throughout the 4^thquarter. After spiking to 98% in November, the sales price to list price ratio dropped back down to 96% in December, below the average of 97% seen through much of 2018. Only 4 properties sold at or above the listing price, as more sellers appeared willing to negotiate with the year-end approaching. The average days on market increased slightly to 177 days in December, just above the annual average of 153 days. In December, 3 of the new Town Square Condos (atop the new Marriott hotel) closed. After first coming onto the market in October of 2016, 4 of the 9 units are now sold.

2018: November – What Sold?

December 10, 2018/in Market Reports, Uncategorized/by Molly Stewart

November recorded 45 real estate sales, down from last month (53 sales) and also down from November 2017 (50 sales). However, despite having 8 fewer transactions than October, the sales volume in November was $10 million higher. In fact, November was only the third month all year where total sales volume exceeded $100 million. This spike in total volume was helped by 3 large sales: 2 houses in the exclusive Indian Springs neighborhood (both listed slightly over $10 million), and a 170 acre ranch parcel at the end of Boyles Hill Road, which was listed for $23 million. As a result, the average sales price jumped up to $2.2 million in November, however the median sales price dropped to $965,000 as 53% of all sales last month occurred under $1 million. The sales to list price ratio reached 98% for the first time since I began tracking these stats in 2013! Nearly 30% of all November sales occurred at or ABOVE their listing price, with several other sales occurring very close to the listing price, an indication that our market remains very competitive with limited inventory. The average days on market increased to 157 days in November as a few older listings finally sold, including a unique inholding on Mormon Row in Grand Teton National Park, that was ultimately sold to the National Park Foundation. That being said, over 40% of property sales in November were on the market less than 90 days.

November a busy time for real estate? This year it was, as 50 properties sell.

December 4, 2017/in Market Reports, Uncategorized/by Molly Stewart

What it means: After several months of declining real estate sales, transaction levels spiked in November, reaching 50 monthly sales for the first time since Oct 2016. These sale levels are much higher than expected, especially considering that last November saw only 34 transactions. High sale levels were helped by 7 property closings down in the Snake River Sporting Club, including 4 sales/reservations for the soon-to-be-built Fairway Lodges – 3 and 4 bedroom cabins that are zoned for short term rentals. With the spike in sale transactions, sale volume also increased, reaching a level higher than anything seen this past summer. The median sales price in November ($900,000) was identical to last month, however the average sales price in November dropped nearly $200,000 as a significant number of sales occurred in the sub $1 million market. Six properties sold for under $500,000 (including several 2 bedroom condos in the Town of Jackson), and an additional 11 properties sold between $500,000 – $750,000, currently a hot market for local buyers. The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, well priced and/or high demand properties continue to sell quickly (many times fetching multiple offers) as available quality inventory remains low. The average marketing time dropped slightly to 145 days (on average), even with several properties selling after being on the market close to a year. In November, 21 sales occurred within 90 days of hitting the market, illustrating that buyers are well-educated and are ready to jump quickly when they see something they like that is well priced. (Note: As a seller, it is important to list your property competitively (based on recent comps) in order to capture these ready-to-move buyers. Contact me if you’d like to discuss the marketability and market value of your home or complete the Home Valuation Form.)

Sale Prices remain strong despite low sales, volume

November 6, 2017/in Market Reports, Uncategorized/by Molly Stewart

What it means: Real estate sales continued to decline in October, with 37 total transactions, the lowest number of sales since April 2017. With the busy selling season over, we should expect to see this slowing trend continue into the winter. Compared to this time last year (Oct 2016 saw 57 sales for $87 million), sales and volume are down significantly, most likely a result of lower inventory levels. Despite sales volume declining, the average sales price actually increased slightly in October (to over $1.5 million) as the prices of homes remain very strong. Ten properties sold for over $2 million in October (which pulled up the average sales price), however the median sales price last month was slightly below average, as several “entry level” properties also sold (18 sales under $750,000, 8 sales under $500,000). The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, properties are selling even more quickly as available quality inventory declines. In October, 18 sales (nearly 50%) sold within 90 days of listing, with many fetching multiple offers in the first few days of hitting the market. Fast selling properties included condos in Town and The Aspens, townhomes in Town, a high-end home in Wilson and a $6+ million home in John Dodge. October also saw several sales down in the Snake River Sporting Club, including several of the new Fairway Lodges, which are zoned for short term rentals (only a few remain).

September sales fizzle as summer selling season ends

October 10, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

Summary – Sept 2017:

40 :: Total residential sale transactions
$59,816,000 :: Total residential sales volume
$1,495,000:: Average sales price
$1,130,000 :: Median sales price
95% :: Ratio of sales price to list price
171 :: Average days on market prior to selling

What it means: After plateauing in July and August, real estate sale transactions dipped in September, signaling the end of the busy summer selling season. September sales were significantly lower than in Sept 2016, which saw the highest monthly sales in all of 2016. Overall, summer sales in 2017 were lower than transactions recorded in the summer of 2016. Similarly, dollar volume over the past several months was also lower than in 2016. Between June and Sept 2017 $226 million in sales occurred, $26 million LESS than the same time frame last year. After hovering just under $1 million in May and June, the average sales price has increased over the last few months, reaching $1.5 million in September. The median sales price has also increased, jumping up to $1.33 million last month. While the overall sales price to list price ratio continues to hover around 95%, it appeared many sellers were willing to negotiate a bit in September with fewer properties selling at or above their respective listing prices. We should see this trend continue as we enter the Fall, as many owners who hoped to sell this summer will become more and more motivated to sell. After reaching a low in July and August, the average marketing time increased in September as listings that had been on the market for quite some time finally sold. This trend was not market wide however: Of the 20 property sales under $1,000,000 in September, 14 sales (70%!) sold in under 3 months, suggesting that demand for this “entry level” local’s market remains very strong.

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Year End Review – Summary & Stats for 2016

January 12, 2017/in Market Reports, Uncategorized/by Molly Stewart

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).

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Tag Archive for: average sales price

What happened in March?

What Sold

$57,814,192

Total Sales Volume

95%

Average Sold:List Ratio

$1,250,000

MEDIAN SALES PRICE

53%

Single Family Sales

33%

of property sales between $1-3M

6

TRANSACTIONS OVER $3M

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.

What happened in February?

What Sold

$59,258,251

Total Sales Volume

96%

Average Sold:List Ratio

$1,660,000

MEDIAN SALES PRICE

50%

Townhome/Condo Sales

38%

of property sales between $1-3M

7

TRANSACTIONS OVER $3M

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.

What happened in January?

What Sold

$82,106,071

Total Sales Volume

95%

Average Sold:List Ratio

$1,335,000

MEDIAN SALES PRICE

59%

Single Family Home Sales

15%

of property sales were under $500,000

23

TRANSACTIONS OVER $1M

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.

Transactions/Sales Volume – What Sold?

$1,993,477