2018: April Market Report

The big headline of the April market report is that nearly 40% of all April sales occurred in the high end of the market. After a first quarter of 2018 that saw 60% of sales happen in the “locals” market (sub $1 million), there were 11 sales over $3 million last month, including 6 sales over $5 million and one sale close to $15 million (a newly completed 10,000+ sq ft estate in Dairy Ranches). As a result, the average sales price skyrocketed to over $4 million (the median sales price also increased significantly to $1.7 million). April sales volume topped $85 million, quite the strong number considering that the total sales volume for the first 3 months of the year was a combined $103 million.

The good news for local buyers is that new listings increased in April, with 36 new properties hitting the market – the most monthly listings since Sept 2017. The average listing price of these new listings was $1.8 million, however the median listing price was just under $1 million. The average days on market dropped to 159 days and the sale price to list price ratio increased to 96%. This ratio has been at or above 96% since the beginning of the year, illustrating that many properties are selling close to list price as demand remains strong.

2018: Q1 Review

April 18, 2018/in High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The number of new listings hitting the market in first quarter of 2018 is up slightly when compared to last year, thanks to an usually busy January 2018, where nearly 40 new listings hit the market (vs. 21 in Jan 2017). However, the overall dollar volume of these new listings is down slightly in Q1 2018. As a result, the average listing price for the first quarter is down 15%, from $2.092 million to $1.78 million. The decrease was helped by the strong Jan 2017 (which saw an average listing price of $3.3m) and a somewhat weaker March 2018 (which saw an average listing price of $1.2m).

We are officially entering the “busy listing season” of April/May/June, so it will be interesting to see how much new inventory hits the market (and at what price points). Stay tuned….

New Listing :: Rafter J Single Family Home

April 15, 2018/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

This is the Rafter J home you have been waiting for with nearly 2,600 sq ft of living space on a spacious 0.22 acre lot, located at the end of a quiet cul-de-sac, backing up to open space. Entertain in the open living/dining/kitchen area with tall windows and vaulted ceilings. Spread out in the large upstairs bonus room – perfect as a family/play room. Enjoy lazy Saturday mornings with coffee in hand, while watching the sun rise on the mountains from the master bedroom. Take in the outdoors from multiple decks, including one off the downstairs bedroom with direct Teton views. Additional features include a large mudroom for all your Jackson gear and fresh exterior paint. Take advantage of this home’s connection to Rafter J open space with easy access to the great walking trails and Flat Creek.

New Listing :: Remodeled Duplex in Downtown Jackson

March 23, 2018/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

Remodeled Duplex in downtown Jackson

Live the Jackson Hole lifestyle – be in the center of the action! Newly remodeled in 2018, this duplex is located in the heart of downtown Jackson within a block of the Center of the Arts and the famous Snake River Brew Pub and walking distance to all the restaurants, shops and bars around Town Square.

So many possibilities: Live or stay in one part of the duplex while generating rental income in the other. Use the additional unit for visiting family and friends. Rent out both units as an investment.

New Listing :: End Unit Townhome overlooking Town

March 6, 2018/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

Centrally Located Townhome

Tucked in under the hillside, this 2 bed, 1.5 bath end unit townhome offers the perfect combination of privacy and convenience. Enjoy morning coffee and views of Crystal Butte and Snow King Mountain from the front deck overlooking Town. Unwind on the west facing back deck by watching the deer roam the abutting public land that surrounds this small development. The attached 1 car garage includes a heated “bonus” room perfect for extra storage, a home gym, ski tuning room or art studio. Recent updates include: New appliances, new quartz counter tops, new flooring, cove heaters and a fresh coat of paint throughout. Additional features include a gas fireplace, closet organizers, and extra windows as the end unit. Take advantage of this ideal location in Town by walking to many of the restaurants and shops of downtown Jackson and the nearby START bus stop, which is the last stop in Town before heading to Jackson Hole Mountain Resort.

Half of new December listings already under contract in early January

January 12, 2018/in Market Reports, Uncategorized/by Molly Stewart

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

33 :: Total New Listings
- New Listing Volume: $76,462,000
- Average List Price: $2,317,000
28 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,055,000
- Median List Price: $1,225,000
- New listings priced under $1 million :: 11 (39%)
- New listings priced under $500,000 :: 2 (7%)
- New listings already under contract or sold: 12 (43%)
5 :: New Building Sites
- Average List Price: $3,780,000
- Median List Price: $2,500,000
- New listings priced under $1 million :: 1 (20%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 3 (60%)

What it means: After a predictably slow November, new listings ticked up in December as 33 properties hit the market last month. Along with an increase to sales volume, the average listing price also increased for the second month in a row and reached over $2.3 million for the first time since June 2017. Six new listings hit the market priced in excess of $3 million, including two homes in Teton Village and two homes on the Westbank. Five new lot listings hit the market, including one of the last true ski-in, ski-out vacant lots at the base of Jackson Hole Mountain Resort. The most telling statistic this month, is that nearly 50% of the new December listings are already under contract or sold (by Jan 10th). With inventory being so tight, buyers are ready to move quickly on well priced and/or high demand properties. Some of the listings that have gone under contract quickly include: several condos and condo hotels in Teton Village, a higher end penthouse condo in downtown, and a single family home in Wilson priced under $750,000.

**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 December include:

Newly updated log cabin home in Hoback – $575,000
Three bedroom townhome with private backyard in Cottonwood Park – $629,000
Newly built contemporary home in the Town of Jackson – $1,699,750

Click HERE to view all Dec residential listings.

Click HERE to view all Dec land listings.

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

New Listings slow after busy summer in Jackson real estate

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

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

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

49 :: Total New Listings
- New Listing Volume: $110,900,000
- Average List Price: $2,263,000
44 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,064,000
- Median List Price: $1,140,000
- New listings priced under $1 million :: 21 (47%)
- New listings priced under $500,000 :: 7 (16%)
- New listings already under contract or sold: 12 (27%)
5 :: New Building Sites
- Average List Price: $4,020,000
- Median List Price: $2,850,000
- New listings priced under $1 million :: 1 (20%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 1 (20%)

What it means: After a busy summer listing season, where we saw nearly 225 new listings hit the market in May/June/July, listing activity has quieted down a bit. Forty-four new listings hit the market in both August and September, similar to monthly levels seen last Spring. Overall dollar volume of these new listings also dropped off, however several high end listings came onto the market in September, including a 15 acre, 10,000 square foot estate in Dairy Ranches (listed for $15 million) and a newly built 14,000 square foot home in 3 Creek Ranch (listed for $18 million). Of the 5 new vacant land listings, two are listed over $7 million including a 35 acre tract in Bar BC Ranch (listed for $7 million) and a unique piece of property along the Snake River with Fish Creek running through it (listed for $7.9 million). The average listing price for September listings continues to hover just under $2.3 million, much higher than the monthly average sales price, which has been just below $1.5 million the last few months. The median listing price (a more accurate representation of the “middle” price point) also increased in September to $1.14 million (for homes/condos/townhomes). Over a quarter of new listings are already under contract (as of Oct 10th), as demand remains high for well priced properties.

Notable new listings in September include:

Two 1-bedroom condos in The Aspens – $462,000 & $498,500
3 bedroom condo with short term rental zoning at the base Snow King – $665,000
2,000 sq foot home and guest house on 2 acres on Saddle Butte – $1,250,000
Two bedroom penthouse suite in downtown Jackson – $1,950,000

Click HERE to view all available Sept residential listings.

Click HERE to view all available Sept land listings.

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

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New Listings steadily increase, still lag previous years

May 13, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

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

50 :: Total New Listings
- New Listing Volume: $125,588,000
- Average List Price: $2,511,000
32 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,981,000
- New listings priced under $1 million :: 17 (53%)
- New listings already under contract or sold: 7 (22%)
18 :: New Building Sites
- Average List Price: $3,450,000
- New listings priced under $1 million :: 7 (38%)
- New listings already under contract or sold: 2 (11%)

What it means: After a slow winter, new listings are steadily increasing as we approach the busy summer selling season. There were 50 new listings in April, marking the highest level of new monthly inventory seen since Aug 2016. Note that while new listings have increased in 2017, they still trail new inventory levels seen in the past several years (see multi-colored chart below). The total dollar volume of new listings spiked in April, hitting $125 million, nearly doubling the volume from the previous month. There were several high end building sites listed in April in the Bar BC Ranch (located north of town on the Snake River) including 3 different 35 acre parcels priced between $8-9 million each and a 105 acre parcel listed for $17 million. As a result, the average listing price jumped to $2.5 million overall ($3.45 million for new vacant lots). That being said, more than 50% of the new residential listings were priced under $1 million, with 7 new listings priced under $500,000, including 4 condos in the Town of Jackson. On the other hand, only 1 of the 18 new lot listings was priced under $500,000 – a building site down in the Snake River Sporting Club for $495,000. Nine high demand new listings went under contract quickly, including a nicely remodeled Rafter J condo (listed for $599,000), that received multiple offers in the first day on the market. While nearly 1 in 4 new April residential listings is already under contract (by May 10th), the trend of “entry level” properties being snatched up quickly has slowed a bit in April, suggesting sellers may be testing the market with bolder listing prices as we approach the busy summer.

Notable new listings in April include:

Two bedroom condo in Town of Jackson – $319,000
Four bedroom townhome with 1 car garage in Town – $470,000
Three bedroom, 1,800 sq foot house at Hoback Junction – $725,000
Three large ranch parcels at the Snake River Sporting Club – starting at $2.6 million

Click HERE to view all available April residential listings.

Click HERE to view all available April land listings.

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

Property Search

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Several new high end listings in Teton Village in December

January 12, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

What’s new in Dec 2016? (New Listing Analysis)

23 :: Total New Listings in Dec
- New Listing Volume: $37,400,000
- Average List Price: $1,626,000
17 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,860,000
- New listings priced under $1 million :: 7 (41%)
- New listings already under contract or sold: 5 (29%)
6 :: New Building Sites
- Average List Price: $970,000
- New listings priced under $1 million :: 5 (71%)
- New listings already under contract or sold: 1 (6%)

What it means: The pace of new inventory entering the market continues to drag as just 23 new listings hit the market in December, a fraction of new inventory levels seen during the spring and summer months (see chart below). The low levels of new inventory this December are lower than levels seen in Dec 2014 & Dec 2015, a problem for a real estate market already extremely low on inventory. While new listings did increase slightly from November to December, dollar volume of new listings increased $12.5 million, as several high end listings hit the market. In December, there were 7 new listings in Teton Village (home to Jackson Hole Mountain Resort), totaling over $22 million, and including 3 properties priced over $3 million each. As a result of these high priced listings, the average asking price increased in December, reaching over $1.625 million. Well priced and/or high demand properties continue to go under contract quickly. Six properties, including a 2 bedroom condo in Town, a townhome in Rafter J and a 3 bedroom townhome adjacent to open space in The Aspens, already have sales pending.

Notable new listings in Dec include:

Two condo hotels in Hotel Terra – starting at $575,000
Newer 3 bedroom home in the Daisy Bush neighborhood in E Jackson – $1,300,000
Four AR zoned building sites on Glenwood in Town – starting at $610,000

Click HERE to view all available December residential listings.

Click HERE to view all available December land listings.

(Contact me to view any pending or sold properties.)

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Quick Search or Advanced Search capabilities
Customizable Map Search
Search by MLS #, if you have a specific property in mind
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Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
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Tag Archive for: jackson hole real estate listings

What happened in April?

$2,134,609

Average List Price

$115,268,900

LIST PRICE Volume

$118,833,300

Total Sales Volume

$4,097,700

Average Sales PRICE

38%

of transactions sold 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.

New Listings – What’s New?

$1,781,873

AvERAGE LIST PRICE

$174,002,500

LIST PRICE Volume

Transactions/Sales Volume – What Sold?

$132,681,658

Total Sales Volume

$1,272,155

Average Sales PRICE

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 :: Rafter J Four Bedroom Home

Property Details

PUBLIC OPEN HOUSE

Wednesday April 18th

10:00am – 1:00pm

1745 Diamond Hitch Drive

Taxes: $5,496/year

HOA Fees: $624/year

List Price: $995,000

Click HERE for more information/photos.

Remodeled Duplex in downtown Jackson

Quick Stats:

In-Town 2 bed townhome abutting open space

Centrally Located Townhome

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

May I ask for your vote this year?

Katie Brady