jackson hole real estate listings Archives - Page 2 of 5

2020: May New Listings in Jackson Hole

June 8, 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

While the COVID-19 pandemic no doubt kept new listings quiet in April, it appeared many sellers were feeling more confident in May, collectively putting 76 new properties on the market in Jackson Hole. These new listings represent 75% of the new listings seen in May of 2019, a strong number considering our current economic environment. Overall listing volume was $175 million in May, the highest monthly volume since August 2019. The average listing price of $2.3 million was down from April’s high of $3.3 million, but in line with the average listing price seen last year in May ($2.22 million). The median listing price dropped significantly, down $800,000 from April to $1.56 million in May, which is slightly below the average median list price seen throughout the last year. Why did the average and median price listing price drop in May? While the majority (39) of new listings were priced between $1-3 million, 26 new listings came on line under $1 million (2 of those under $500,000), the highest monthly inventory seen in this price range since Aug 2019.

Twenty condo / townhomes were listed in May, with 15 of those priced under $1 million, a great selection for local buyers and second homeowners looking for a Jackson Hole getaway. Surprisingly, 20 vacant lots were listed in May, the highest number of monthly lot listings in the past year. Thirteen of the 20 new lots were listed over $1 million, including a large 21 acre redevelopment parcel on the Westbank, currently home to the Bar J Chuckwagon, listed for $14 million. The least expensive new lot listing is a .32 acre lot on Snow King Ct with stunning Teton views over the Elk Refuge.

2020: April New Listings in Jackson Hole

May 7, 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

While April is typically a slow month for new real estate listings, this April was particularly slow with only 19 new properties entering the market. Compare that to April of last year, when more than double (41) the listings came online, suggesting that the Coronavirus may be affecting sellers’ plans to list this year. Whether people are taking a “wait-and-see approach” to the larger market or have legitimate concerns about other buyers and Realtors entering their home, we are starting to see the effects of COVID-19 on our inventory levels for Spring. Interestingly, despite recording only half of the new listings seen last April, the total dollar volume of April’s new listings this year is similar ($63 million this year vs. $65 million last April 2019).

The unusually high dollar volume can be explained by the fact that 16 of April’s 19 new listings were priced over $1 million, with 6 high-end listings entering the market over $3 million, including a 5-bedroom ski-in ski-out house in Teton Village, a 9,000 sq ft home on 18 acres in Bar-B-Bar and the historic Gill Huff Ranch, consisting of 160 acres at the base of Teton Pass, which is already under contract. Only 3 new listings entered the market under $1 million in April, including a 1,200 sq ft house in Hoback, a trailer in Evans Trailer Court, and a 4 bedroom remodeled Creekside townhome, the latter two of which are already under contract. As a result, the average listing price for April topped $3.3 million! The median list price was also up significantly, jumping to $2.3 million vs. the previous 12-month average of $1.5 million. Over 60% of April’s new listings were for single-family homes. Strangely, not one new vacant lot entered the market in April, an interesting stat considering 10 vacant lots were listed last month and 8 lots came online in April of last year.

May and June are traditionally the busiest months for new listings with over 100 properties entering the market in both May and June of 2019. It will be interesting to see the number of new listings over the next few months, which will help determine the true effects of COVID-19 on our inventory levels this spring (which will no doubt have an effect on pricing and values).

2020: March New Listings in Jackson Hole

April 9, 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

New real estate listings in March dipped slightly from February, with 40 new properties hitting the market. To put that in perspective, last March 2019, 36 new listings entered the market. We typically see a spike in new listings starting in May continuing through June each year (in 2019, 205 new listings hit the market in these two months alone). However, this year is like no other, with COVID-19 disrupting our economy and many people’s daily lives. It will be very interesting to see the number of new listings that enter the market during this spring’s listing season. Will sellers hold off to wait to see what happens to the market? Will panic drive more sellers to dump their properties?

New listing volume dropped significantly in March, down nearly $45 million from February 2020, and dipping below $100 million for the first time since November 2019. As a result, the average listing price dropped to $1.9 million from a high of $3.9 million just 3 months ago in December 2019. Again, it’s typical for the higher-end listings to wait until May / June to enter the market (i.e. last year we saw an average list price of $4.2 million in June). The median listing price was also down in March, dropping $640,000 to just over $1 million as a whopping 19 properties (47.5%!) entered the market between $500,000 – $1,000,000. Despite the snowy conditions, we saw another 8 properties come online over $3 million, including houses in John Dodge, Spring Creek Ranch, Solitude, and Teton Village. So, while new listings continued hitting the market through March despite the early effects of coronavirus, pending sales appear to be down with only 6 these 40 new March listings under contract (as of April 9). Again, I think new listing numbers and dollar volume in April, and more significantly May, will really illustrate the coronavirus’ impact our Jackson Hole real estate market in 2020. Stay tuned!

2020: February New Listings in Jackson Hole

March 11, 2020/in Market Reports, Uncategorized/by Molly Stewart

New listings spiked in February with 42 properties hitting the market, the highest monthly level of new inventory since last September 2019. List volume was also up, reaching nearly $120 million. However, the average list price dropped to $2.85 million from the highs seen in December and January ($3.9M & 3.45M respectively). The median listing price was also down, dropping significantly to $1,650,000, as 14 new properties entered the market under $1 million including two condos and town under $400,000 that went under contract immediately. The majority (21) of February’s new listings were condos and townhomes, including short term rental condos in Teton Village, The Aspens and Jackson Hole Golf & Tennis. Only 4 building sites came onto the market including a two lot re-development opportunity in East Jackson, listed at $2.85 million.

2020: January New Listings in Jackson Hole

February 11, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

The first month of the New Year saw 32 new listings enter the market, a slight increase over December 2019, however still roughly one-third of new inventory seen during the summer months. Listing volume topped $110 million for the second month in a row. The average listing price dropped slightly from December but remained strong at $3.4 million, continuing to outpace the average sale price by more than a $1 million for the last 2 months. The median list price spiked in January, topping $2 million for the first time since I began tracking this stat in April 2017. Not a surprise, considering that over 80% of January new listings were over $1 million with a whopping 40% of new listings over $3 million last month. Several high end homes came on the market at 3 Creek ($11.75 million), Solitude ($7.5 million) and a beautiful custom home north of town, listed for $16.9 million (and already under contract!). Only 5 new listings entered the “locals market” ($500,000 – $1 million) and only one property hit the market under $500,000 – a one bedroom condo in East Jackson, listed for $365,000 that received 3 immediate offers. New listings were split almost equally between single family homes (14) and townhomes (13) with 5 vacant lots coming onto the market in January, including a unique parcel on Huffsmith Hill with stunning Teton views, listed for $5.1 million.

2019 Jackson Hole Real Estate Summary & 2020 Forecast

January 20, 2020/in Asking Prices, Average Sales Price, Building Site, Buyers, Condos, Condos under $500, Days on Market, East Jackson, Grand Teton National Park, High End Real Estate, Housing, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Report, Monthly Market Update, Over $1 million, Past Sales, Properties under $500, Real Estate Sales, Supply/Demand, The Jackson Hole Report, Town of Jackson, Townhome, WY, Year in Review/by Molly Stewart

Real Estate Sales in Jackson Hole – Past 5 years

We all remember 2018 in the Jackson Hole real estate market, right? An explosive year where everything was up, way up! Transactions increased 13%, while overall sales volume jumped a staggering 38%, and the average sale price was up 22%. What a year! Could it continue? Surely this level of appreciation wasn’t sustainable? Many predicted a recession, or a the very least a stabilization after such a wild year. Well, the 2019 market in Jackson Hole did slow down, but just a bit. While not a significant correction like many were hoping / predicting, the numbers show that 2018 was most likely a “peak” year. With a similar level of sales in 2019, dollar volume decreased 6% and the average sale price dropped 4.5%. The median sale price increased, recording its highest mark in the last 5 years but that is more likely an indication of the “Virginian Village effect” (see sales section above) then a result of increasing sale prices. New this year, I analyzed properties that sold at or above their listing prices, which can help us understand overall demand, as these sales are usually a result of multiple and/or quick offers. In each year since 2016, more and more properties have sold at or above the asking price, peaking in 2018 at 114 property sales (nearly 1 in every 4 sales!). In 2019, with a similar level of overall sales, 87 properties sold at or above their listing price (or roughly 1 in every 6 properties). While not a drastic change, this is another indicator of demand slowing down from the highs of 2018.

Inventory Trends – Past 5 years

After peaking in 2015 (739 new listings), the amount of new inventory entering the market constricted in 2016, down 16% percent. New listing levels have been increasing year-over-year since 2017, recently up 10% from 2018 to 2019 (696 new listings) – marking the most significant increase in over 5 years. After seeing what the market did in 2018, sellers may have wanted to take advantage and cash out, listing their property for sale in 2019. When more inventory (supply) enters the market, this can put downward pressure on pricing, perhaps explaining the slight decline in both sales volume and average sales prices in 2019. Obviously this isn’t true for the entire market, as certain pockets (Town under $1.3 million for example) continue to see high demand (and increasing prices). However, even though there were more listings in 2019, we saw the same amount of sales as 2018 (with fewer new listings), perhaps as some potential buyers sat on the sidelines waiting for a larger market correction.

After a exceptionally strong 2018, I predicted that the unprecedented rate of market acceleration could not continue (see my 2019 forecast). After seeing things slow a bit in 2019, what will 2020 bring? Will things continue to slow or plateau like 2019 or will high demand for Jackson Hole properties once again push pricing upward?

Talks of a pending recession still abound, but will it happen in Jackson? It seems unlikely. Jackson Hole remains a highly desirable place to live for year round families and second homeowners alike. As more and more people can work remotely, many want to make living the dream in Jackson Hole a reality. That will probably never change. As people continue to move here, they will continue to compete for properties with the local buyers. Unfortunately, this can lead to the local working people getting squeezed – beaten out by cash offers and buyers willing to pay over market value to get their spot in Jackson Hole. I predict it getting continually harder and harder for local buyers to enter the market, and increasingly difficult to move up in the market (without taking on a higher mortgage in the process).

There is always uncertainty with an election year. Add to that global trade talks and impeachment hearings and many people are holding their breath and watching the market closely. That being said, many investors are cash heavy, waiting for any recession induced opportunities, suggesting that any slight down turn will be immediately buoyed by an increase in demand.

In a unique market like Jackson Hole, where the supply of land is permanently limited due to publicly held land and conservation easements, it’s hard to imagine we will see enough new supply (or a decrease in demand) to result in any significant downtown. Happy 2020!

Know how your property’s “micro-market”. Certain segments of the market are seeing different levels of demand. Be familiar with recent comps, but even more importantly, current inventory / competition in your segment.

Be prepared for multiple or quick offers in certain segments. Think about what terms are most important to you. Focus on buyer’s enthusiasm and ability to preform.

Prepare your home for sale: de-clutter, clean up, work on deferred maintenance items, etc. Move in ready and remodeled properties are receiving the most attention. Discuss which (if any) updates will produce a higher return.

Know and follow the market. What are the recent comps? How are current inventory levels? What types of properties are selling quickly?

Recognize a good/fair deal and be ready to act quickly as inventory in certain segments remains low. Know that there are many buyers for the same property. How will you position yourself to be the best candidate in a multiple offer situation?

If you need to sell to buy, prepare your home now so that you will be ready to list as soon as you find the right property. Be prepared for things to move quickly when that happens.

2019: November New Listings in Jackson Hole

December 10, 2019/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

New listings continued to decline as we enter the winter season in Jackson Hole. Only 26 properties came to market in November, roughly one-quarter of new monthly inventory levels seen in the busy spring / summer listing season. Overall dollar volume of November’s listings was $45 million, also a far cry from monthly levels of $200-400 million seen in the spring and summer of this year. While November is historically a slow month for new listings, this November appears to be even slower than last year, when 31 properties came on totaling $64 million. After peaking at $3.4 million in October, the average listing price was cut in half, dropping to $1.7 million in November. The median listing price also declined, dipping to $1.125 million. Interestingly, November was one of the few months where the median LIST price was in line with the median SALES price, as inventory that sold in the month was being replaced with inventory of a similar price point (on average). The majority of November new listings were split between the $500,000- $1,000,000 and the $1-3 million price segments, together accounting for 80% of all new November listings. Five high end listings hit the market in November including two homes in Teton Village for $3.5 and $5.4 million, and the iconic Miller House, a historic yellow building on the corner of Broadway and Willow downtown, listed for $4.5 million dollars. Two of the 5 new listings in this high-end segment are already under contract. For the first time since I began tracking new listings in January 2014, there were 0 new listings priced under $500,000 this past month.

2019: October New Listings in Jackson Hole

November 12, 2019/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

The rate of new inventory hitting the market has dropped significantly in each of the last 2 months. October new listings were only half of the new listings in September and a third of what they were in August 2019. While the busy listing season may be over, thanks to two very high end listings (see below), the overall list volume in October actually increased 26% from September (which saw 50% more listings). The majority of new inventory in October was in the $1-3 million price range where we’ve been seeing the majority of the sales take place for the past 3 months. Only two properties came on under $500,000 – a Hansen Meadows 1 bedroom condo in Town and a deed restricted two bedroom condo south of town – both of which received immediate interest and went under contract quickly. Meanwhile, 10 new listings in October exceeded $3 million, including two very high-end properties: a 6,500 square foot contemporary house up on Spring Creek Ranch for $15 million and a 3 lot, 20 acre estate south of Wilson, listed for just under $25 million. Of the 34 new listings in October, nearly one-third are already under contract or closed illustrating that high demand still exists in the market for well-priced properties.

2019: September New Listings in Jackson Hole

October 15, 2019/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

After averaging nearly 100 new listings for the previous four months, the busy listing season slowed a bit with only 63 new properties hitting the market in September. While it is lower than levels seen in May, June, July and August, September’s new listings still outpaced typical winter / spring levels. The volume of all new listings last month was $92 million dollars, less than one-third of the monthly average of $300 million during the busy summer listing season. The average listing price dropped significantly down to $1.4 million from highs of $4.2 million seen in June 2019. The median listing price also dropped, down $470,000 to $1.125 million in September. The biggest change in the price breakdown was in the high-end ($3+ million). After seeing an average of 24 new listings a month in this price range, only 7 of these high end listings came on the market in September, including two Pine Glades Townhomes on Snow King (listed for $3.25 million and $3.95 million). The entry-level (under $500,000) increased slightly in September with 6 new listings including the last available Virginian Village condo at $327,500 and a deed restricted Town Creek townhome for $350,000. While new listings in the local’s market ($500,000 – $1 million) remained consistent in September, the majority of new listings were in the $1-3 million range however still represented 20 fewer listings than seen in August.

2019: August New Listings in Jackson Hole

September 12, 2019/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

The busy summer listing season continued through August with 93 new listings hitting the market last month. Since May, 389 new properties have entered the market. Quite a high number considering there were 494 total sales recorded in MLS in all of 2018. While the number of new listings was similar to July, the dollar volume of August listings was down over $100 million from July and equated to only half of the listing volume seen in June (with 101 new listings). As such the average listing price dropped to $2.345 million from $3.5 million in July, and down from a staggering $4.2 million back in June 2019. The median list price also dropped; down slightly in August to just under $1.6 million from a high of $1.85 million in June. Over half of the new listings in August were between $1-3 million dollars, also the hot spot for sales this past month. Since May, 188 new listings have entered the market in this price range, by far eclipsing the 63 summer sales in the same price point. Luxury new listings are still very active with 15 new homes coming onto the market above $3 million. Since May, nearly 100 properties have come on to the market in this high-end segment – an increase of nearly 20% over luxury listings during the same time in 2018. Inventory under $500,000 continues to shrink as just 4 new listings entered the market in August, making a total of 21 for the entire summer and representing just 5% of all new listings.

Tag Archive for: jackson hole real estate listings

What happened in May?

New Listings

$175,284,000

New Listing Volume

20

Vacant Lot Listings

$2,306,368

Average List Price

$1,567,500

MEDIAN LIST PRICE

2

listings under $500,000

50

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 April?

New Listings

$63,634,000

New Listing Volume

0

Vacant Lot Listings

$3,349,158

Average List Price

$2,297,500

MEDIAN LIST PRICE

1

listings under $500,000

16

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 March?

New Listings

$76,223,000

New Listing Volume

10

Vacant Lot Listings

$1,905,575

Average List Price

$1,010,000

MEDIAN LIST PRICE

1

listings under $500,000

8

Listings 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?

New Listings

$119,741,000

New Listing Volume

4

Vacant Lot Listings

$2,850,976

Average List Price

$1,650,000

MEDIAN LIST PRICE

3

listings under $500,000

8

Listings 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?

New Listings

$110,237,000

New Listing Volume

5

Vacant Lot Listings

$3,444,906

Average List Price

$2,347,000

MEDIAN LIST PRICE

1

listings under $500,000

13

Listings 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.

Summary: Jackson Hole Real Estate & 2020 Forecast

Market Analysis

2020 Forecast

Advice for Sellers in 2020: