Tag Archive for: jackson hole real estate listings

2019: February New Listings in Jackson Hole

What happened in February?

New Listings

After a very strong start to the year, where 55 new properties hit the market in January, new listing activity slowed significantly in February with only 22 new properties coming to market. This represents the lowest new inventory level since Nov 2017. The price point of February’s new listings were also lower than usual, with 8 condos hitting the market priced under $500,000. As a result, the average list price dropped to $1.4 million and the median list price dipped below $1 million for only the third time in the past year. Many of the new entry level condo listings are located in the Virginian Village development, located next to the library in Town. Newly remodeled, 1 bedrooms start at $309,000 and two bedrooms start at $410,000. Of the 8 new condos that hit the market in February, 7 of them are already under contract, illustrating the high demand for this entry level price point. Only 4 new listings came on in the $500,000 – $1 million range, including two 2-bedroom condos in the Aspens and Teton Village. Five lots hit the market in February including a rare single family lot in The Aspens, priced at $945,000.

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$31,824,999

New Listing Volume

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18

Residential Listings

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$1,446,591

Average List Price

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$997,500

MEDIAN LIST PRICE

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36%

Under $500,000 Price Point

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10

Listings above $1M

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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.

2019: New Listings in Jackson Hole

What happened in January?

New Listings

The New Year was off to a very strong start from an inventory perspective too, as 55 new listings hit the market in January. Unusually high for this time of year (Jan 2018 saw only 39 new listings), January saw the most new listings since Aug 2018. Dollar volume of the new inventory topped $100 million for the second month in a row.  After peaking at nearly $2 million in Dec 2018, the median list price dropped back down to $1.12 million in January, closer to typical levels seen in 2018. The average listing price also dipped after a high of nearly $3.3 million in December (thanks to several high end listings entering the market in late 2018). While a similar number of new high-end listings ($3+ million) entered the market in January (11 vs 12 in Dec 2018), the “local’s market” saw the largest surge in inventory as 22 new properties came onto the market. This is the highest level of new inventory seen in this price point since Aug 2018 – great news for local buyers, who struggled with limited available inventory for much of 2018.

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$119,681,000

New Listing Volume

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49

Residential Listings

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$2,176,018

Average List Price

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$1,122,500

MEDIAN LIST PRICE

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50%

Under $1M Price Point

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11

Listings above $3M

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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 Townhome in Town

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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2018 Jackson Hole Real Estate Summary & 2019 Forecast

Summary: Jackson Hole Real Estate & 2019 Forecast

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Market Analysis

Real Estate Sales in Jackson Hole – Past 5 years

The Jackson Hole real estate market’s 5 year history goes something like this….

The market spiked significantly from 2014 to 2015 with sales increasing slightly (4%) and dollar volume jumping by 23.5%. Then in 2016 sales slowed and overall dollar volume dropped 15%. Many argued we had reached the “peak” in 2015. In 2017, sales dropped again, but this time dollar volume actually increased, meaning while fewer properties were selling, they were selling for higher prices. I’m not sure anyone anticipated what we saw in 2018. Transactions increased by 13%, but dollar volume increased by a staggering 38% over 2017. As we saw above, many of the additional sales and much of the dollar volume occurred at the higher end of the market, pulling the overall average sales price up 22% in one year.

Inventory Trends – Past 5 years

Inventory levels spiked in 2015, when 739 new listings hit the Jackson Hole market. While 2018 saw a slight increase from the low levels of 2016-2017, homebuyers still had 100 fewer choices in 2018 than in 2015. Inventory levels can influence sale numbers and the ratio between the two can indicate the level of competitiveness in the market. In 2015, there was 1.58 new listings for every property sold. In 2018, there were only 1.27 new listings for every property sold. If the trend of increasing sales (as we saw in 2018) continues, and inventory levels remain low, expect values and prices to continue to increase into 2019.

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2019 Forecast

What will happen next? Is this growth sustainable? Can we expect to see values increase another 20% next year?

In looking into my crystal ball, I do not foresee a crash or significant downturn in 2019 in our market, given Jackson Hole’s unique relationship between supply and demand. On the supply side limited developable land remains (only 3% of all land is privately owned and many of those lands are permanently in conservation) resulting in slim potential for future new inventory. Additionally, “shadow inventory” remains hidden as would be home sellers have nothing to buy. On the other side, demand continues to remain strong. In an age when people can work remotely and live where ever they like, more and more people want to call Jackson Hole home (why wouldn’t they?). A volatile stock market may also increase demand as investors look to put their money in safer investments (i.e. Jackson Hole real estate). That being said, I have to anticipate that the explosive increases of 2018 will need to slow. I have a hard time believing we will see a similar scale of appreciation in 2019. We may see a tempering of the recent fast-paced increases as we did after the previous spike in 2015.  Stay tuned….

Advice for Sellers in 2019:

Price your property in-line with market comps. Depending on your property type/price point, the time for “testing” the market may be coming to an end.

You may need to focus on a procuring solid sale, rather than necessarily getting top dollar.

Prepare your home for sale: de-clutter, clean up, work on deferred maintenance items, etc.

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Advice for Buyers in 2019:

Know the market – What are the recent comps? How are current inventory levels?

Realize some sellers may be feeling bold after 2018 and pricing their properties aggressively.

Recognize a good/fair deal and be ready to act quickly.

Be prepared to make a strong offer as well priced properties will continue to draw a lot of attention.

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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.

2018: December New Listings in Jackson Hole

What happened in December?

New Listings

Identical to November, 31 new listings hit the Jackson Hole market in December, the lowest levels seen since the early months of 2018. However, the overall dollar volume of the new December listing topped $100 million for the first time in the 4th quarter. Helped by several high-end listings in Ely Springs ($17.8m)Bar-B-Bar ($8.75m) and Ellen Creek in Teton Village ($8.5m), the average listing price was nearly $3.3 million in December. The median listing price was just under $2 million, the highest value seen in all of 2018. Only one new lot listing came onto the market in December (not unusual for this snowy time of year) – a 0.39 acre lot on Karns Hillside, listed for $950,000. Of the 31 new listings, 77% were listed above $1 million, with 12 new listings priced over $3 million.

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$3,268,435

Average List Price

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30

Residential Listings

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$101,321,500

New Listing Volume

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$1,970,000

MEDIAN LIST PRICE

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77%

Over $1M Price Point

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2

Listings below $500,000

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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.

2018: November New Listings

What happened in November?

New Listings

Both new listings and new listing dollar volume were down in November, a month typically slower for new listing activity. Only 31 new properties came onto the market last month, roughly one third of new listings seen in the high month of May. Total new listing dollar volume still topped $60 million in November as 4 new homes priced over $3 million hit the market, including two homes in excess of $10 million – a 4,000 square foot house and adjoining lot in Wilderness Ranches and a 6 bedroom home now under construction in Shooting Star. Helped by these higher end homes, the average listing price reached over $2 million in November, however the median listing price dropped under $1 million for the first time in the past 7 months. Only two new lots came onto the market in November, not surprising given the time of year – a 3.3 acre lot north of town listed for $825,000 and a unique half acre lot with Fish Creek frontage in Wilson, listed for $1.65 million. The majority (35%) of new November listings were in the $1-3 million price point, including a newly built home in downtown Wilson, listed for $1,785,000 and an oversized home in Melody Ranch, totaling nearly 4,700 square feet, listed at $2,350,000.

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$2,059,839

Average List Price

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29

Residential Listings

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$63,855,000

New Listing Volume

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$982,500

MEDIAN LIST PRICE

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35%

$1M-$3M Price Point

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8

Listings below $500,000

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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 :: 4 bedroom home in Wilson

New Listing :: Cozy 4 bedroom home in downtown Wilson

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Property Details

  • 1,967 sq feet
  • 4 bedrooms / 2 full baths
  • South facing Sunroom
  • Large loft above 2 story master bedroom
  • Hardwood floors & wood stove
  • Private backyard backing up to Wilson Schoolhouse
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Cozy yet inviting 4-bedroom home in an ideal location on the quiet end of West St in downtown Wilson. This home exudes “old Wilson charm” with hardwood floors, a wood burning stove, and a private fenced backyard with mature Aspens trees backing up to the open space of the Old Wilson Schoolhouse.

Large master bedroom has high vaulted ceilings with skylights, a large walk in closet and second story office loft. The bright sunroom with large south facing windows collects warm sunlight throughout the fall/winter months.

Just a short walk to downtown Wilson amenities including Pearl St Bagels, Wilson Backcountry Sports and the famous Stagecoach bar. No HOA or CC&Rs.

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PUBLIC OPEN HOUSE

Wednesday Oct 31

10:00am – 1:00pm

1460 West Street, Wilson WY

Taxes: $5,662.36/year

No HOA or CC&Rs

List Price: $1,295,000

MLS: 18-3045

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New Listing :: Spruces in the Aspens

New Listing :: Convenient and Affordable Aspens Condo

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Property Details

  • 2 minute walk to Aspen Market and wine shop, coffee shop and bus stop
  • Main floor with easy access
  • Cozy wood burning fireplace
  • Zoned for short term rentals
  • Solid rental history and strong reservations
  • Five minutes from Jackson Hole Mountain Resort
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The Spruces development is one of the most convenient locations in The Aspens – just an easy 2-minute walk to The Aspen Market & wine shop, coffee shop, bank, sports club, restaurants and the bus stop out to Teton Village and world-renowned Jackson Hole Mountain Resort.

Currently the least expensive condo available in The Aspens, this Property is zoned for short term rentals with solid rental history and strong current reservations through 2018.

This first-floor unit has an open living room, cozy wood burning fireplace, adequate off-street parking, and is being sold furnished and rental ready for a new owner.

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PUBLIC OPEN HOUSE

Wednesday July 11th

2:00pm – 5:00pm

3940 S LAKE CREEK DRIVE #3 Wilson WY (Spruces Building)

Taxes: $1,834.73/year

HOA Fees: $3,427.48/year

List Price: $399,000

MLS: 18-2022

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New Listing :: Thimbleberry in the Aspens

New Listing :: Desirable Berry Patch Condo in The Aspens

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Property Details

  • One bedroom condo with extra bunk beds
  • Updated kitchen and baths
  • Beautiful mountain views
  • Backs up to open ranch land
  • Short term rental ability
  • Five minutes from Jackson Hole Mountain Resort
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Now Available! A highly desirable Berry Patch condo located at the back of The Aspens development. Beautiful mountain views from the private back deck overlooking Fish Creek and backing up to large open ranch land. This one bedroom condo, with extra bunk beds, can be rented short term to generate rental income for a new owner. Convenient location close to the bus stop, market and wine shop, bank and restaurants and a short 5 minutes away from the world renowned Jackson Hole Mountain Resort. The condo has an updated kitchen and bath, includes a cozy fireplace and is being sold furnished.

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PUBLIC OPEN HOUSE

Wednesday June 27th

10:00am – 1:00pm

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4475 Berry Drive #32-1-2

Taxes: $2,557.75/year

HOA Fees: $3,483.04/year

List Price: $517,500

Click HERE for more information/photos. 

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2018: May Market Report

What happened in May?

New Listings

The busy summer selling season is heating up with 93 new listings hitting the market in May, totaling $212 million in listing volume. Action is picking up fast, as May 2018 is well ahead of last May 2017 where we saw 86 new listings totaling $190 million in volume. Across the board, sellers are feeling confident as the average listing price reached $2.286 million in May, the highest average seen thus far in 2018. Buyers are watching and moving quickly. Of the 65 new residential listings in May (single family homes and townhomes/condos), 21 are already under contract or sold. While the majority of new listings are always residential, there were 28 new lot listings in May, by far the most seen in one month in the last several years.

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$2,286,774

Average List Price

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28

NEW LOTS FOR SALE

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$157,255,950

New Listing Volume

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What Sold

After an April that saw nearly 40% of property sales over the $3 million mark, things calmed down a bit in May. While there were more sales (38 total transactions), they totaled less volume ($66.8 million in May vs. $119 million in April despite 9 fewer sales). As a result, the average sales price dropped back down to typical levels at $1.7 million. The median sale price fell to $1.125 million, however this is still high given that this metric has been under $1 million in 8 of the last 12 months. Nearly half of all sales occurred under the $1 million mark in May compared to only 31% in April, with nearly 40% occurring in the “locals” market between $500,000 – $1,000,000. These sales included several older single family homes in Town, townhomes in Town and condos in Teton Village. The sale to list price ratio remains strong at 97%, marking the 6th consecutive month where properties have sold at 96-97% of the listing price. In fact, 9 properties in May sold at or ABOVE the listing price, including a 3 bedroom Teton Village condo that was listed at $795,000 and sold for nearly $100,000 more.

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$66,826,600

Total Sales Volume

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47%

of property sales were under $1M

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$1,758,595

Average Sales PRICE

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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.