Tag Archive for: Condos

2019: May New Listings in Jackson Hole

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New Listings

Listing activity exploded in May with over 100 new listings hitting the market last month. New listings in May of this year exceeded all of the busy summer months of 2018. In fact, the last time we saw over 100 new listings in a single month was back in July 2017. May’s new listings totaled nearly $225 million, a  monthly dollar volume not seen since August 2018. Of the 101 new listings in May, 35 of them were for vacant land, an activity level not matched since May of 2014. These available building sites covered the entire Valley from Solitude down to the Snake River Sporting Club, Ranging in price from $345,000 – $16,000,000. The average listing price of May’s new inventory is $2.2 million, the highest monthly average we’ve seen so far this year. The median sales price also increased in May, up to just under $1.3 million. The majority (40%) of new listings in May were in the $1-3 million price range. Twenty-two new listings entered the market priced above $3 million, including homes in Granite Ridge and Shooting Star out at Teton Village and two lots in the newly-created Seven Springs subdivision along the Snake River on the Westbank. On the other end of the spectrum, only 10% of the new inventory was under the $500,000 mark and included 1-2 bedroom condos in Ponderosa Village and Virginia Village in the Town of Jackson. Nearly 1/4 of May’s new listings are already under contract or closed, signaling a strong start to what should be a very busy summer selling season.

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$224,672,000

New Listing Volume

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35

Vacant Lot Listings

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$2,224,475

Average List Price

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$1,295,000

MEDIAN LIST PRICE

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22%

over $3M Price Point

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11

Listings under $500k

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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.

New Listing :: Two bedroom condo in E Jackson

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2 bed / 2 bath / 921 sq feet

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Property Details

  • 2 bed / 2 bath
  • Vaulted Ceilings
  • Updated kitchen
  • Large private deck
  • Storage
  • Covered Parking
  • Adjacent to May Park
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Conveniently located in East Jackson, this spacious 2 bed/2 bath condo enjoys a large semi-private deck with western views. Great in-Town location adjacent to the new May Park and steps away from the hospital, Elk Refuge and Cache Creek trail system. Newly painted with vaulted ceilings, this property includes covered parking, has laundry hook-up in the unit and is dog-friendly.

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755 E Hansen Ave #215, Jackson, WY

2018 Taxes: $2,322/year

HOA Fees: $449/month

MLS: 19-1149

Co-Listed with Deb Keenan, JHREA

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New Listing :: Remodeled Top Floor Condo in Teton Village

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New Listing :: Two bedroom, 2 bathroom condo with 1 car garage

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Property Details

  • 2 bed / 2 bath / 1,210 sq feet
  • Top Floor with vaulted ceilings
  • Beautifully remodeled with high end finishes
  • Sold fully furnished & turn key
  • 1 garage stall in shared garage
  • Sundance membership included
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Never before listed, this top floor 2 bed, 2 bath Teton Village condo has been completely remodeled with no detail left untouched.

Tasteful and modern updates such as granite countertops, beautiful tile work, solid alder doors and trim, pendant lighting, new carpet and slate flooring are complimented by a Rais woodstove that swivels to accommodate a family meal at the 8-person dining table or to warm a relaxing evening in the spacious, yet cozy, living room. The attention to detail is apparent with many functional updates including a desk nook in the kitchen, wooden cubbies and bench in the entryway, in-floor radiant heating, a new oven/range, and custom built-in cabinets throughout the condo. Plenty of storage with several “owner” closets, a walk-in closet in the master bedroom and a ski locker near the front door.

Breathe in the fresh mountain air from both the large private deck with eastern Valley views off the living room and a smaller deck off the master suite with view of the ski resort.

While only a 10-minute walk from the legendary Jackson Hole Mountain Resort, the condo is also serviced by a complimentary ski shuttle during the winter season. Finally, the sale includes a membership in the nearby Sundance Tennis & Swim Club, where a post skiing hot tub soak is only a few steps away.

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3655 W MICHAEL DR B-4, Teton Village, WY 83014

2018 Taxes: $4,550/year

HOA Fees: $1,400/quarter

List Price: $995,000

MLS: 19-439

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New Listing :: Two Bedroom Townhome in Town

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New Listing :: Updated Townhome with Garage in Town

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Property Details

  • 2 bed / 1 bath / 1,008 sq feet
  • Brand new south facing deck overlooking large common yard
  • Vaulted ceilings, gas stove
  • Hardwood floors, new appliances
  • Up close views of Snow King Mountain
  • 1 car garage plus two dedicated parking spots
  • Great location in central Jackson, walking distance to post office, grocery store, restaurants, and bus line
  • Pets allowed
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This two bedroom townhome boasts one of the best locations in the Clusters development, with a south facing deck taking in up-close views of Snow King Mountain.

Vaulted ceilings, extra windows and a skylight create a bright and open feel, while the gas stove makes for cozy winter nights. Feel at home with many upgrades including pine hardwood floors and new stainless steel appliances.

Enjoy access to a large grassy common area, perfect for yard games and dog exercise. There are two dedicated off-street parking spots in addition to the one car garage, which includes extra lofted storage.

Conveniently located in central Jackson adjacent to Powderhorn Park and within walking distance to the post office, grocery store, coffee shop and restaurants, and the START bus stop.

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400 Powderhorn Lane #66, Jackson, WY 83001

2018 Taxes: $2,252.96/year

HOA Fees: $4,881,36/year

List Price: $555,000

MLS: 19-141

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Sale Prices remain strong despite low sales, volume

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The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

Summary – Oct 2017:

  • 37 :: Total residential sale transactions
  • $56,333,000 :: Total residential sales volume 
  • $1,523,000::  Average sales price 
  • $900,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 147 ::  Average days on market prior to selling 

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). 

 

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Featured Listings

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

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

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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.

Real Estate Market Analysis: Aspens Condos in Jackson Hole, WY

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In order to understand what is happening in the Jackson Hole real estate market, it’s helpful to analyze a particular market and see what the numbers tell us. Every month, I like to focus on a different neighborhood in the Teton County area. What are homes selling for in this neighborhood? How quickly are they selling? What were they selling for a year ago? How have values changed? What are the current opportunities in the neighborhood?

Neighborhood Details: The Aspens is a neighborhood located on the Westbank of the Snake River along Teton Village Road in Wilson, Wyoming. The development was planned and platted in the late 1970s and includes several 1, 2 and 3 bedroom condominiums. A small handful of these condos have garages, the majority do not. The entire Aspens development is zoned for short term rentals, meaning owners can rent out their property nightly. This zoning is valuable for second homeowners and investors as the proximity of Jackson Hole Mountain Resort (5 minutes away) and the south entrance to Grand Teton National Park (7 minutes away) make The Aspens an attractive location for vacationers, tourists and skiers alike. There are several property management companies that specialize in helping owners maximize their rental income potential. There are also many locals who call The Aspens home and enjoy the nearby skiing, hiking, biking, hunting, and camping year round.

Past Sales: Throughout the entire Jackson Hole real estate market, we have seen sales prices increasing over the past 6-9 months and The Aspens is no exception. In the past 6 months (April 2013 – Oct 2013), there have been 11 condo sales in The Aspens. These condos have sold on average for $380/square foot after an average of 179 days on the market. Similarly the previous 6 months (Oct 2012 – March 2013), saw 10 condos sell in The Aspens for an average price of $370/square foot after an average of 181 days on the market. Compare that to the previous year (Oct 2011 – Oct 2012), when the averages sales price was $343/square foot and properties were on the market an average of 253 days before selling, suggesting that over the past year condos in The Aspens have  been selling more quickly and for a higher price (on average).

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Current Opportunities: There are currently 8 condos for sale in The Aspens, only 1/3 of a year’s worth of inventory.  These condos are priced between $259,000 – $849,000. On average these listings are priced at $381/square foot, very much in line with the past 6 months of sales ($380/sf). There are currently 4 condos under contract for purchase. Interestingly, the average listing price per square foot of these 4 condos is $422/sq ft. We will have to watch the market and see if these condo sell closer to the $380/sq ft average of the past 6 months or if higher sales prices will signal a further increase of values in The Aspens. Stay tuned…..Click HERE to view the current 8 condos for sale.

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