jackson hole listings Archives - Katie Brady Real Estate

New Listing :: 10+ acres in Elk Ridge Ranches

April 13, 2021/in Buyers, Featured Listing, Featured Listings, Housing, Jackson Hole Real Estate, New Listings, Over $1 million, Property Search, Snow King, Town of Jackson, WY/by Molly Stewart

2021: Q1 Sales & New Listings

April 13, 2021/in Asking Prices, Average Sales Price, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Update, Multi-family, Over $1 million, Past Sales, Properties under $500, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, The Jackson Hole Report, Town of Jackson, Townhome, Under $500, WY/by Molly Stewart

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).

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.

2021: March Market Report in Jackson Hole

April 12, 2021/in Average Sales Price, Buyers, Days on Market, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Listing Prices, Market Report, Market Reports, Market Statistics, Monthly Market Report, Monthly Market Update, New Listings, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, Supply/Demand, The Jackson Hole Report/by Molly Stewart

Despite dwindling levels of inventory, real estate sales increased slightly in March with 48 transactions, more than double the number of sales last March 2020. While recording two more sales than February, total sales volume increased $18 million to $156 million. The average sale price topped $3 million for the third time in the last 5 months. The average number of days a property was on the market before closing dipped to 115, the lowest monthly average since September 2019, an illustration of the quick pace of homes going under contract soon after hitting the market. Demand remains high for Jackson Hole properties. Nearly half of all properties sold at or above their listing price in March – 13 sales at full listing price and 10 properties selling ABOVE the asking price, no doubt a result of multiple offers and bidding wars, a trend that is now becoming very common in our market. It’s interesting to note that 11 sales in March were undisclosed (marked a $0 in MLS), so applying the same rate, we could assume at least 5 more sales occurred at or above their listing prices, meaning that close to 60% of March sales were for full price or greater! As a result, after hitting a high of 99% in February, the average sale to list price ratio was 100% in March, a number never seen since I began tracking stats in 2013.

The majority (44%) of sales in March were for single family homes. With low available inventory, vacant lot sales remained strong, representing 23% of all transactions last month. Seventy (70%) percent of sales occurred above $1,000,000 in March, with half those sales occurring above $3 million, including a 7,400 sq ft 3 Creek house listed for $12.25 million, a ranch lot in Bar BC listed for $8.75 million and a 5 bedroom home in Teton Pines listed for $10.5 million.

New listings increased in March with 45 properties entering the market, the highest number of monthly listings in the last 6 months and slightly more than new listings in March of 2020. With an increase in listings came an increase in dollar volume with March’s new listings totaling more than $175 million. Not only is this the highest monthly listing volume since September 2020, it is also $114 million more than March 2020, which had only 5 fewer listings. Not surprising, the average listing price nearly reached $4 million in March 2021, up $2 million from March 2020! Thirteen new lot listings entered the market, the highest monthly total since September 2020, with an average listing price of $2.9 million.

Thirty-five of the 45 new listings were in excess of $1 million, while less than 1 in 4 properties entering the market in March was priced under the $1 million mark, including an 2 bedroom Elk Run townhome, a 1 bedroom condo in the Aspens and a 3 bedroom townhome in Cottonwood Flats, all of which received multiple offers pushing the contract price well over the listing price.

Currently there are just 46 total listings for residential property in Teton County. Available condos range from a Miller Park Loft unit for $549,000 to a 3 bedroom Four Seasons unit for $6,950,000. The least expensive single family home property is $3.1 million (a 1 bedroom ARU with room to build a main house). There are only 19 lots available for sale in Teton County, less than 2 months supply of inventory (based on last year’s 118 lot sales).

2021: February New Listings in Jackson Hole

March 9, 2021/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

Forty-one new listings entered the market in February, a slight, but welcomed uptick from December and January. Even though there were 3 more new listings than last month, dollar volume was down nearly $20 million from January. The average listing price dropped to $2.87 million, dipping below $3 million for the first time in the last 5 months. However, the median listing price was up, nearly reaching $3 million – the highest level since September 2020.

This can be explained by a surprising 10 new listings hitting the market in the $500,000 – $1,000,000 range – the first time we’ve seen double digits in this price point in the last 6 months. New listings in this range included several condo/townhomes in Town and smaller studio condo hotels in Teton Village. No new listings entered under $500,000 – a price point that has all but disappeared from the Jackson Hole market. On the other end of the spectrum, high-end listings continue to stream onto the market with 20 new listings in February over $3 million. Over the past 9 months, 214 luxury properties have entered the Jackson Hole market compared to 145 total for 2019.

The majority of new listings in February were actually condos / townhomes including several condo hotels in Teton Village and the first of a dozen “ultra luxury” townhomes in Town, known as The Glenwood and set to be completed in Feb 2022. Unusual for the middle of winter, 8 new lots hit the market in February including building sites in John Dodge, The Gill Addition and north of town. Despite the added inventory, there are only 22 lots available for sale in all of Teton County, with a median price of $3.5 million.

2021: January New Listings in Jackson Hole

February 11, 2021/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

After a very slow end to the year (with only 29 new listings in Dec 2020), 38 properties hit the market in January to kick off the New Year. January 2021 marks the first time since June 2020 that there were MORE listings than monthly sales (albeit only 1 more), ending a trend that saw at one point more than twice as many sales as monthly listings. As a result of the unprecedented sales levels in the second half of 2020, Jackson Hole inventory is the lowest I’ve ever seen it. There are currently only 69 residential properties for sale in all of Teton County, with only 12 under $1,000,000. Exacerbating this trend, 29 of January’s 38 new listings were above $1 million, with 12 new listings over $3 million. The average list price of the properties entering the market in January was $3.6 million, actually a decline from December when the average list price pushed above $4 million. The median list price dipped below $2 million for the first time in the past 3 months. The majority (23) of new listings in January for were single family homes, including two homes in Teton Village above $10 million. Despite the winter weather, 7 new lot listings hit the market, including two lots in Jackson Hole Golf & Tennis (listed for $995,000 and $1,450,000) and a lot in Game Creek for $789,000, all of which have already sold or are under contract. In fact, of the 38 new listings in January, 25 are already under contract, further illustrating the fast pace of the market thanks to limited inventory and continued high levels of demand for Jackson Hole properties.

New Listing :: Peaceful End Unit Condominium

February 9, 2021/in Buyers, Featured Listing, Featured Listings, Housing, Jackson Hole Real Estate, New Listings, Over $1 million, Property Search, Snow King, Town of Jackson, WY/by Molly Stewart

Located just steps away from Russ Garaman Park and Josie’s Ridge hiking and biking trails, this 3 bedroom condo is part of a small and private development right on Flat Creek. Enjoy commuting on the nearby bike path or relaxing next to the creek on HOA common area. This spacious end unit has a unique floor plan, a private entry way, and attached 2 car garage. The covered back deck allows year-round BBQing and is surrounded by mature willow trees affording a peaceful outdoor setting. The 9 foot high ceilings, hardwood floors and gas fireplace make this well cared for home a special find.

2020: Q4 Sales & New Listings

January 14, 2021/in Asking Prices, Average Sales Price, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Update, Multi-family, Over $1 million, Past Sales, Properties under $500, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, The Jackson Hole Report, Town of Jackson, Townhome, Under $500, WY/by Molly Stewart

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).

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?

2020: December New Listings in Jackson Hole

January 14, 2021/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

New listings slowed in December, with only 29 properties hitting the market. After a surge in new inventory throughout the third quarter and an unusually busy November (44 new listings), December marked the second lowest monthly listings of this busy year. December is not a typically popular time to list a home for sale, and December’s new listing level was in line with December 2019 (30 listings). While only 29 listings hit the market, the average list price last month was a staggering $4M (again!) The median list price fell slightly to $2.35M, down about $350,000 from November, but still higher than December 2019 ($1,972,500).

The luxury market (properties priced over $3M) continued to be the dominant price point, accounting for 12 new listings in December. On the other end of the market, the $500,000 price point saw only 1 new listing – a mobile home listed for $315,000. Single-family homes were again the most popular new listing type, with 18 new homes hitting the market in December. While we saw an average of 20 new monthly land listings through the summer and fall, only 3 new vacant lots hit the market December, which is not usually a busy month for new lot listings. Inventory levels are extremely low as we enter 2021. The inevitable questions remain – with so much inventory moved in 2020, what is left to move in 2021? Will we see a spring offseason in 2021? Or will the demand to relocate to Jackson Hole continue indefinitely?

2020: November New Listings in Jackson Hole

December 10, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

November is typically a very slow month for new real estate listings, however this month 44 new properties hit the market, a slight increase (4) over October’s new listings. While the number of new listings are still down significantly from the summer highs of 2020, November’s new inventory is about 40% higher than November of 2019. The dollar volume of new listings also increased from October, up $40M, totaling $172M. With only 4 more listings and $40M more in volume, we are clearly seeing a higher price point of inventory hit the market in November. The average list price increased yet again to just shy of $4M! The median list price also increased significantly to $2.7M, up from $1.95M in October. The over $3M price point accounted for just under 50% of the total listings that hit the market this month.

While we continue to see more sales than new inventory, the gap between property leaving the market and property entering the market did start to shrink in November, a welcomed sign for the currently low inventory market. November saw 4 new vacant lots hit the market, which represents a decrease in land inventory levels that sold this summer. Fifty percent of new listings in November were single family homes, a segment that continues to dominate in terms of new inventory and sales transactions. The question remains: With extremely low inventory levels, and continued high demand for Jackson Hole real estate, will the available inventory “run out”? Will this trend continue to push up pricing? Or will it deter demand? For how long?

2020: October New Listings in Jackson Hole

November 16, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

Despite the continued RED HOT SALES side of the market, new listings dropped off again this month, with just 41 new listings hitting the market. The gap continued to widen between the 98 sales transaction, and this month’s new listings being less than half of that number. The dollar volume also dropped off, with just under $140M in new inventory, which is just about half the dollar volume that hit the market in September. The average list price of this new inventory also corrected itself somewhat, but still boasted a staggering $3.34M in average price, down almost $1M from September’s $4.26M. The median list price significantly corrected itself, dropping to $1.95M after September’s incredible $3M price point.

While we saw 36 new listings over $1M enter the market this month, there were no new listings in the under-$500,000 market. There were only 9 new building sites that hit the market which is the least we’ve seen per month since February of this year. With the amount of land transactions that have been listed and sold this year, it begs the question, how much is actually left to sell? The 23 single family homes that came on the market in October continue to be the dominant property type in highest demand so if you’ve ever considered selling, this certainly seems to be the right time to list!

Tag Archive for: jackson hole listings

Property Details

LOT 4 WESTERN SKY DR, Etna, WY 83120

Transactions/Sales Volume – What Sold?

$2,970,116

Average Sales Price

$389M

Total Sales Volume

Market Analysis

New Listings – What’s New?

$3,483,409

AvERAGE LIST PRICE

$433,241,500

LIST PRICE Volume

Market Analysis

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 SOLD in March?

$156M

Total Sales Volume

100%

Sales:List Price Ratio

Market Analysis

23%

Land Sales

$3,248,487

AVERAGE SALES PRICE

71%

of property sales over $1M

17

TRANSACTIONS OVER $3M

NEW LISTINGS in March

$176,814,500

New Listing Volume

Market Analysis

$1.75M

MEDIAN LIST PRICE

$3.9M

Average List Price

13

Vacant Lot Listings

35

Listings 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.

NEW LISTINGS in February

$117,921,000

New Listing Volume

Market Analysis

$2.95M

MEDIAN LIST PRICE

$2.876M

Average List Price

8

Vacant Lot Listings

31

Listings 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.

What happened in January?

New Listings

$138,506,000

New Listing Volume

7

Vacant Lot Listings

$3.65M

Average List Price

$1.92M

MEDIAN LIST PRICE

2

listing under $500,000

29

Listings 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.

Property Details

900 POWDERHORN LANE UNIT A, JACKSON, WYOMING

Transactions/Sales Volume – What Sold?

$2,950,273

Average Sales Price

$705,115,180

Total Sales Volume

Market Analysis

New Listings – What’s New?