jackson hole real estate sales Archives - Page 4 of 5

2019: July Sales in Jackson Hole

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

Real Estate Sales jumped in July with nearly 50 transactions occurring, the highest monthly total since October 2018. While more properties sold in July, they were also selling for higher prices, as total dollar volume jumped up to $84 million – the highest monthly dollar volume seen in all of 2019. As a result, the average sales price increased to over $1.7 million in July, after two months hovering right around $1.4 million. After spending the last three months below the $900,000 mark, the median sales price crept up to just over $1 million in July, indicating that prices were up across the board not just in the high-end. The average days on market drop significantly to 129 (after 2 months right below 180 days). Not only were homes selling more quickly in July, they were also selling closer to listing price. The sale to list price ratio reached 97% (the first time this year) as a whopping 18 properties sold at or above their list price! Townhome and condo sales were hot in the hottest month of the year, representing nearly 50% of all sales and including 3 Ponderosa Village condos and several townhomes in West Jackson. As a result the $500,000 to $1 million price point saw a bump, accounting for 37% of all sales. However, the luxury market was still well represented with 8 sales over $3 million including 2 newly built Caddis homes in the Snake River Sporting Club.

2019: June Sales in Jackson Hole

July 17, 2019/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

Real estate sales in Jackson Hole actually dipped in June, down to 36 transactions (after 41 sales occurred in May). Sales volume also dropped, totaling roughly $50 million in June (down from $59 million in May). Otherwise, the start of the busy summer selling season (May and June) were quite similar, with an average sales price hovering right around $1.4 million and a median sales price just under $900,000. The average days on market and sale price ratio were also identical between May and June, with properties selling, on average, at 96% of their listing price in just under 180 days. However, what made June unique was that nearly 1/3 of the closed sales occurred at or ABOVE their listing price, illustrating the continued competitiveness of the Jackson market. While the majority of sales in June occurred in the $1-3 million range, there were 10 sales under $500,000, including five condos in the Virginian Village and Ponderosa Village developments, seemingly a hot segment right now with many of these condos selling at or above the listing prices. Two-thirds of all sales in June were for single family homes, an increase from a trend seen over the last few months.

2019: May Sales in Jackson Hole

June 9, 2019/in Market Reports, Uncategorized/by Molly Stewart

Sale transactions increased in May, recording 41 transactions, the highest monthly level so far in 2019. Dollar volume increased from April but was in line with previous months this year, suggesting that while more sales occurred in May, they were at lower price points. In fact, two thirds of May sales were under $1 million, with nearly 20 sales in the $500,000-$1,000,000 price point (commonly referred to as the “local’s market”). While a few high sales pulled the average sales price up towards $1.5 million, the median sales price remained under $1 million for the second month in a row. The majority of May sales were for condos/townhomes, including several in the newly remodeled Virginian Village complex in town. The average days on market increased in May, in part thanks to 4 vacant lots that finally sold after 1-2 years on the market. The sale price to list price ratio held strong at 96% as many properties sold close to their listing prices. There were 9 sales that occurred at or above full listing price, illustrating high demand and tough competition for desirable properties that are priced in line with the market.

2019: April Sales in Jackson Hole

May 9, 2019/in Market Reports, Uncategorized/by Molly Stewart

Real estate transactions increased slightly from last month (30 sales) and are tracking slightly higher than this same time last year (29 sales in Apr 2018). However, overall sales volume in Jackson Hole dropped significantly, down $20 million from last month, recording the lowest monthly volume since March 2018. As a result, the average monthly sales price ($1,143,000) also reached its lowest level in the last year. Likewise, the median monthly sales price was the lowest seen since June 2017 and only the 3^rd time in the past year it has dipped below $1 million. The average days on market dropped 120 days, as half of all properties sold in April were on the market less than 3 months before closing. Properties sold, on average, at 96% of list price in April, despite the fact that only 5 of the 33 properties sold at or above listing price, illustrating the strong buyer demand across the market. As suggested by the low sales volume and low average sales price, a large majority (69%) of the property sales occurred under $1 million in April, including 6 sales of remodeled Virginian Village condos in Town, selling between $303,000 – $417,000. After a yearlong stretch with at least 5 high-end ($3M+) property sales per month, only one sale occurred in this segment in April (a 4,500 sq ft home in 3 Creek Ranch, listed for $3.7 million.) While usually representing over half of all monthly sales, single family home sales slowed in April, with only 7 transactions (21% of all sales). On the other hand, 10 land sales occurred in April, the highest monthly tally since Nov 2017. These lot sales represented every corner of the Valley including Bar B Bar, Solitude and JH Golf & Tennis up north, lots in Town, the Westbank and 3 Creek Ranch and 3 contiguous lot sales in Riverview Ranch, a newly platted subdivision south of Wilson.

2019 Q1: Sales in Jackson Hole

April 13, 2019/in Market Reports, Uncategorized/by Molly Stewart

Overall real estate sales were down slightly in Q1 2019, recording 6 fewer sales than Q1 2018. While January and March 2019 saw a high level of sale activity, an unusually slow February, when only 26 properties sold, pulled down the total transactions for the quarter. Despite slightly fewer sales this year, overall dollar volume actually increased 50% from Q1 2018, jumping from $132 million last year to nearly $200 million this quarter.

You’ll recall that 2018 was an explosive year in the Jackson Hole Real Estate market. Well, it seems that the trend has continued into the start of 2019. The average sales price in Q1 2019 was up a staggering 60% compared to this time last year, strongly outpacing average sale prices in each month of the first quarter. Sometimes high-end sales can skew average sales prices, however the median sales price for Q1 2019 was also up significantly each month so far this year, in some cases double the average median sales prices seen in the first several months of 2018.

In analyzing transactions by price point, the “hot spot” of the first quarter was homes in the $1-3M price range, accounting for 40% of all sales. While sales in the $500,000 – $1,000,000 range started out the year strong with 10 sales in January, activity slowed after that, with only 11 sales occurring in the next two months combined.

2019: March Sales in Jackson Hole

April 12, 2019/in Market Reports, Uncategorized/by Molly Stewart

There was an uptick in sales last month with 30 transactions occurring in March, however sales volume dropped slightly, down to just under $58 million. As a result, both the average and median sales prices were down in March, as nearly 50% of property sales occurred under $1 million. Properties that sold in March had only been on the market for an average of 147 days, the shortest monthly marketing time seen since Oct 2018. Demand remains high as half of March sales were on the market for less than 90 days before closing. Sellers appeared to be motivated this winter, as properties sold at 95% of their listing prices in March, only the second time this monthly ratio has dipped below 96% in the past 17 months. Single family homes represented over half of all sales in March, while only 2 building sites sold – a 31 acre lot on Saddle Butte and a rarely available vacant lot in Cottonwood Park.

2019: February Sales in Jackson Hole

March 8, 2019/in Market Reports, Uncategorized/by Molly Stewart

After a solid January (with 38 sales and $82 million in dollar volume), sales dipped in February, with just 26 transactions, the lowest monthly sales since March 2018. Despite the lower sales, the price point of those sales actually increased, resulting in nearly $60 million in volume. The average sales price ticked up $170,000 to just under $2.3 million, while the median sales price jumped up $300,000 from January, the second large monthly increase in a row. Seven properties sold above $3 million, now the 11^thconsecutive month where we’ve seen at least 5 sales in this high-end segment. Conversely, there were only 9 sales in February under the $1 million mark. The majority (38%) of sales occurred between $1-3 million. Interestingly, at least 1/3 or more of all sales have occurred in this price range for the last 10 months, suggesting this is the new mid-point of the market. The sales price to list price ratio bounced back to 96% in February after dipping to 95% in January for the first time in over a year. The average time to sell a house in Jackson Hole was just under 6 months, a stat that has been consistent for the past 3 months. However, 42% of the sales in February closed in under 3 months of listing, as demand remains strong for well-priced properties. Townhome and condo sales represented half of all sales in February, the highest monthly percentage seen since June 2017. Several condos sold in Teton Village in February, not a surprise as many visitors flocked to the area for the record setting snow fall.

2019: January Sales in Jackson Hole

February 6, 2019/in Market Reports, Uncategorized/by Molly Stewart

After an explosive 2018 (read the 2018 Annual Report), 2019 was off to a solid start with 39 sales totaling over $82 million in dollar volume. Both stats exceeded numbers from Dec 2018 by 22% and 24%, respectively. While the average sales price ticked up slightly to just over $2.1 million, the median sales price increased significantly in January, up $300,000 to $1.335 million, representing the third highest median sales price in the past 12 months. Properties that closed in January did so at an average of 95% of their list price, a drop from the 96-98% levels seen throughout all of 2018. Only 5 properties sold at or above list price in January, a number that could reach as high as 20-25 in some months in 2018. January saw an unusually high number of single family homes sales, representing nearly 60% of all sales. Land sales were predictably low, recording just 3 vacant land sales in January. There were 5 sales over $3 million in January, including an 8,300 sq ft house in Indian Springs that was listed for $15.5 million. It’s interesting to note that there have been at least 5 sales/month in this high-end price range ($3MM and above) for the past 10 months.

2018 Jackson Hole Real Estate Summary & 2019 Forecast

January 13, 2019/in Market Reports, Uncategorized/by Molly Stewart

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.

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….

2018: Year End Review – Jackson Hole

January 12, 2019/in Market Reports, Uncategorized/by Molly Stewart

Wow – what a year! The real estate market in 2018 saw nearly 500 transactions totaling $934 million in dollar volume*. To put that in perspective, compare it to last year, where 436 sales produced $676 million in sales volume. So, from 2017 to 2018, the number of real estate sales increased by 13% but the total dollar volume increased by 38%. So what does that tell us? Not only did more transactions occur, but they occurred a much higher prices. Another way to look at the trend is through the overall average sales price, which increased from $1,550,000 in 2017 to nearly $1,900,000 in 2018, an increase of 22%!

In comparing sale transactions quarter by quarter, 2018 outperformed 2017 in each quarter. Regarding sales volume, while 2018 started out slowly with slightly less volume than Q1 2017, the remainder of the year made up for it, especially in the second quarter when 2018 sales volume was double that of 2017.

So, in what price points did the additional sales occur in 2018? The majority (40%) of sales occurred in the $500,000 – $1 million range (the “local’s market”), a similar share seen in 2017. Sales in the $1-3 million range also grew at consistent levels, representing 35% of the all 2018 sales. The big shift in 2018, was a 47% decrease in sales under $500,000 (47 sales in 2018 vs. 69 in 2017) AND a significant increase in sales over $3 million. In 2018, there were 76 sales in excess of $3 million, representing 15% of all market sales. Compare that to 2017, when 41 sales occurred in this price range (and represented only 9% of all market sales).

*Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for 2018. It is estimated that sales outside of MLS account for an additional 20% of transactions/volume. Contact Katie for more details.

After two years of declining or stable inventory, total new listings were up slightly in 2018. Despite the increase in listings this past year, inventory levels are still low compared to levels seen in 2015-2016. The timing of new listings to market was similar between 2017 and 2018, with the majority of new listings coming hitting the market in the second quarter (April/May/June), typically popular months for new listings. However, there was a surge of new listings in the 4^th quarter in 2018, when 108 new properties came onto the market (vs. 79 in Q4 2017).

The 632 new properties that hit the market in 2018 totaled over $1.6 billion in dollar volume. The 3% increase in new listings spurred a 18.5% increase in overall listing volume. What does that tell us? Slightly more inventory was coming onto the market in 2018, but at much higher prices, as illustrated by a 15% increase in the average listing price in 2018. When comparing quarter by quarter, the average listing price was actually similar to 2017, with the exception of Q3 2018, when the average list price was $1 million higher than Q3 2017.

Tag Archive for: jackson hole real estate sales

What happened in July?

What Sold

$84,472,775

Total Sales Volume

129

Average Days on Market

$1,022,500

MEDIAN SALES PRICE

49%

Townhome/Condo Sales

49%

of property sales under $1,000,000

8

TRANSACTION 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 June?

What Sold

$50,963,867

Total Sales Volume

179

Average Days on Market

$869,500

MEDIAN SALES PRICE

56%

Single Family Home Sales

53%

of property sales under $1,000,000

5

TRANSACTION 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 May?

What Sold

$59,646,869

Total Sales Volume

176

Average Days on Market

$839,000

MEDIAN SALES PRICE

61%

Townhome/Condo Sales

66%

of property sales under $1,000,000

6

TRANSACTION 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 April?

What Sold

$37,730,289

Total Sales Volume

120

Average Days on Market

$785,000

MEDIAN SALES PRICE

48%

Townhome/Condo Sales

30%

of property sales under $500,000

1

TRANSACTION 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.

Transactions/Sales Volume – What Sold?

$2,096,616

Average Sales Price

$199,178,515

Total Sales 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 happened in March?

What Sold

$57,814,192

Total Sales Volume

95%

Average Sold:List Ratio

$1,250,000

MEDIAN SALES PRICE

53%

Single Family Sales

33%

of property sales between $1-3M