entry level market Archives - Katie Brady Real Estate

New Listing :: Two bedroom condo in E Jackson

May 17, 2019/in Featured Listing, Uncategorized/by Molly Stewart

New Listing :: Remodeled Top Floor Condo in Teton Village

March 15, 2019/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

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.

New Listing :: Two Bedroom Townhome in Town

January 27, 2019/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

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.

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.)

Half of October new listings priced under $1,000,000 and selling quickly

November 9, 2017/in Market Reports, Uncategorized/by Molly Stewart

What’s new in Oct 2017? (New Listing Analysis)

31 :: Total New Listings
- New Listing Volume: $38,176,000
- Average List Price: $1,231,000
29 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,207,000
- Median List Price: $965,000
- New listings priced under $1 million :: 15 (52%)
- New listings priced under $500,000 :: 4 (14%)
- New listings already under contract or sold: 12 (41%)
2 :: New Building Sites
- Average List Price: $1,575,000
- Median List Price: $1,575,000
- New listings priced under $1 million :: 1 (50%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 2 (100%)

What it means: New Listings entering the Jackson Hole real estate market continue to decline, dropping significantly in October. Only 31 new properties hit the market last month (compare that to 100+/- new listings per month in the summer). Overall dollar volume of these new listings also decreased significantly, matching volume levels seen last year at this time. After several steady months hovering between $2.2m – $2.3m, the average listing price dropped nearly $1 million down to $1.2m in October, as over 50% of the new listings in October were priced under $1,000,000, including several condos in The Aspens, a remodeled house in Town and a 2,100 sq foot house in the Rafter J neighborhood. Of the 29 new residential listings, over 40% of them are already under contract or sold. Looking at the under $1 million segment, 8 of the 15 new listings (over half) have already been snatched up, illustrating the continued high demand and competition in this price point. There were only 2 new vacant lots listed for sale, however both were marked as pending when entered into MLS, meaning they most likely went under contract before hitting the market.

NOTE: During times of low inventory and high demand (i.e. the current state of our market), many properties aren’t even hitting the open MLS market before selling. If you have a specific property type/location/price in mind, please contact me so that I can be on the look out for off-market or soon-to-be-listed properties for you.)

Notable new listings in October include:

Large (900+ sq ft) remodeled 1 bedroom condo in The Aspens – $599,000
4 bedroom Creekside townhome with complete remodel – $799,000
Two larger single family homes in East Jackson – $1,175,000 & $1,355,000

Click HERE to view all Oct residential listings.

Click HERE to view all Oct land listings.

(Note: Links above are good for one month after report is published.)

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).

Vacant land sales double as existing inventory dwindles

March 11, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

What Sold in Feb 2017?

40% :: Percentage of residential properties selling for over $1 million (lowest in 7 months)
60% :: Percentage of residential properties selling for under $1 million
12% :: Percentage of residential properties selling for under $500,000 (up from low last month)

40% :: Percentage of single family home sales (lowest in 5 months)
32% :: Percentage of condo/townhome sales (up from low last month)
28% :: Percentage of Land Sales (double last month)

What it means: After recording a low for entry level sales in January (only 1 sale under $500,000), February saw a slight uptick as 3 properties sold in this price range (or 12% of all sales). There were several sales in the $500,000 – $1,000,000 segment, including 5 condominiums located throughout the Valley (Aspens, Teton Village, Town of Jackson, Rafter J, and Spring Creek Ranch). The least expensive single family home sale was a 2 bed / 2 bath home near the top of the Indian Paintbrush subdivision which sold for just over $750,000 after 7 months on the market. Also in this price range was a bank sale north of town, a rarity in our post recovery market. It was an 2,300 sq foot home with a good amount of deferred maintenance, but with Teton views on a 3.23 acre lot. It sold for just over $800,000. Given the activity in the sub $1 million market, sales over the million marked dropped to 40% in February, after hovering around 45-48% for the last several months. That being said there were still several sales above $3 million including homes in Teton Pines, Shooting Star, Skyline Ranch and John Dodge. The breakdown of sales among property type saw quite the mix-up in February, with a large drop in single family home sales (down 30% from January) and large increases in both condo sales (up 15%) and surprisingly, building sites (nearly double from January). With low inventory levels for existing homes, many buyers are shifting their focus to land as they try to build what is lacking in the market. In February, we saw land sales in the Gill Addition in Town, Indian Trails, Gros Ventre North and Shooting Star.