jackson hole real estate sales Archives - Page 5 of 5

2018: Q4 Market Update & Review for Jackson Hole

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

Real estate transactions were up slightly in Q4 2018, recording 130 sales (vs. 123 in Q4 2017). In comparing month over month, even though 2018 saw a lower number of sales in both November and December, the 53 sales in October 2018 helped the 4^thquarter overall. Sales volume in Q4 2018 was up 20% compared to Q4 2017, recording $260 million in sales. Even though 2018 ended quietly, sales volume significantly exceeded volume in both October and November of 2017. The average sales price of Q4 2018 was just over $2 million, up 10% from Q4 2017, when the average sales price was $1.82 million. However, the median sales price was nearly identical between the fourth quarters of 2017 and 2018, suggesting that while the high end prices are getting higher, the remainder of the market values remained steady. The majority (37%) of sales in Q4 2018 occurred in the $1-3 million price point, helped by 25 new listings in this price segment in October alone. In Q4 2018, 46% of sales were for single family homes, with only 15% of sales representing vacant land (not surprising given the time of year).

New listing activity increased significantly from Q4 2017, with 108 new properties hitting the market in Oct/Nov/Dec 2018. New listings in 2018 outperformed 2017 in each month, resulting in an overall 37% increase in new listings in Q4 2018. Even more dramatic, the dollar volume of the new listings in Q4 2018 exceeded the volume in Q4 2017 by nearly $100 million, a staggering increase of 64%! New listing volume in 2018 significantly outperformed 2017 in every month including October, where sales volume was 2x that of 2017. As you can imagine, the average sales price in Q4 2018 increased significantly as well, up to $2.385 million from $1.97 million in Q4 2017. The median listing price fluctuated throughout the 4^th quarter of 2018, following a similar trend to Q4 2017, with the exception of Dec 2018, which saw a median list price of nearly $2 million, the highest monthly median since Sept 2017.

2018: May Market Report

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.

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 6^th 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.

2018: April Market Report

May 9, 2018/in Average Sales Price, High End Real Estate, 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, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

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….

2017 Real Estate Market: High sales volume/values, despite lower sales/inventory

January 15, 2018/in Market Reports, Uncategorized/by Molly Stewart

Quick Stats – 2017:

Real Estate Transactions: 436 sales
- 2016 = 448 sales
- 2015 = 466 sales
- 2014 = 447 sales
Sales Volume: $676,000,000
- 2016 = $634,000,000
- 2015 = $743,000,000
- 2014 = $568,000,000
Average Sales Price: $1,551,000
- 2016 = $1,416,000
- 2015 = $1,594,000
- 2014 = $1,270,000
Average Days on Market: 194 days
- 2016 = 193 days
- 2015 = 197 days
- 2014 = 267 days

What it means: How did the market preform in 2017? The short answer is: Prices/values are up despite lower inventory and sales transactions. Real estate transactions have been declining since a high of 466 sales in 2015. After declining 4% from 2015 to 2016, transactions dipped another 3% in 2017. The reverse is true for total sales volume, which jumped up 6.6% from 2016. As a result, the average sales price increased 8.5% from 2016 to 2017, illustrating that while fewer properties sold, they sold for higher prices. Strong high end sales in January, April and December contributed to higher than usual average sales prices in 2017. For context, stats from the previous 3 years are also listed above. There is no doubt that 2015 was the “peak” with nearly $750 million in sales volume from 466 sale transactions. However, the average sales price in 2017 was close to the high seen in 2015, despite fewer sales and lower volume in 2017. The average days a property is on market before selling has remained consistent (in aggregate) over the past several years, however, anecdotally properties in high demand areas (i.e. condos in Town, homes in Rafter J, investment property in Teton Village, etc.) have been selling very quickly (assuming they are priced in line with market comps).

Breakdown of Sales by Price Point – Residential:

The majority of residential sales (40%) in 2017 occurred in the $500,000 – $1,000,000 price range, representing many investment or vacation condos for second home buyers as well as townhomes and some smaller/older single family homes for local buyers. The $1-3 million segment was also very active, representing 35% of all residential property sales in 2017. This price point included larger single family homes (purchased by both local buyers and second home buyers) and higher-end condos in Teton Village. Sales under $500,000 represented just 15% of all sales in 2017 and mostly included smaller 1 and 2 bedroom condominiums in the Town of Jackson. When comparing 2017 to 2016, the price point breakdown is similar, with a few minor shifts. Property sales under $300,000 (the lowest end of our market), dropped from 3% to 1% of all sales, illustrating that this bottom price point is close to disappearing. The overall market shifted upward as property sales under $1 million shrank from 59% in 2016 to 55% of all sales in 2017, while the percentage of high-end sales (over $3 million) increased slightly.

Breakdown of Sales by Price Point – Land Sales:

Compared to 2016, total lot sales were up 33% as nearly 90 vacant lots sold in 2017. The majority of vacant land sales occurred in the $500,000 – $1,000,000 price range, which included smaller lots in the Town of Jackson, 2-4 acre lots north of town, and larger tracts of land south of Jackson. The percentage of lot sales under $1 million, increased significantly in 2017, as 60% of all sales occurred in this price range (vs. 46% of all sales in 2016). On the other end of the spectrum, the percentage of sales in the $1-3 million price range decreased from nearly 50% of all sales in 2016, to only 1/3 of all sales in Teton County in 2017.

2017 ends strong, with over $90 million in sales volume

January 7, 2018/in Market Reports, Uncategorized/by Molly Stewart

What it means: After an unusually busy November, real estate sales dipped down in December, matching transaction levels seen last year at this time. December monthly sales volume was another story however, recording the highest total monthly volume of the year. In fact, the last time monthly sales volume numbers reached above $90 million was back in September 2015! The year definitely ended with a bang with several very large sales, including a 7,300 sq foot home on 35 acres in Crescent H Ranch (listed at $17 million) and a 10,000 sq foot estate in the exclusive Indian Springs neighborhood, which was listed for $12.5 million (both sales prices were undisclosed to the MLS). Additionally, several other high end homes sold in The Gill Addition, 3 Creek Ranch, Solitude and the Snake River Sporting Club. As a result, the average sales price jumped up to $2.6 million, the highest monthly average in recent history (with the one exception of Jan 2017, where a $50 million sale in Wilson pulled the average sales price up to $3.35 million). While averages can be affected by high outlier sales, the median sales price also jumped up significantly to over $1.4 million, as 14 properties sold for more than $2 million in December (nearly 40% of all sales). The average sales price to list price ratio ticked up to 96% after several months hovering at 95%. However, only 4 properties sold at, near or above their listing price, suggesting that many sellers became more motivated to make a deal before the end of the year. Over the past 6 months, the average days a property is exposed to the market before selling has averaged around 150 days. In December, the marketing time spiked to 280 days as much of the old inventory was cleared off the market. In fact, 10 of the properties were on the market for over a year before finally selling in December.

Sale Prices remain strong despite low sales, volume

November 6, 2017/in Market Reports, Uncategorized/by Molly Stewart

What it means: Real estate sales continued to decline in October, with 37 total transactions, the lowest number of sales since April 2017. With the busy selling season over, we should expect to see this slowing trend continue into the winter. Compared to this time last year (Oct 2016 saw 57 sales for $87 million), sales and volume are down significantly, most likely a result of lower inventory levels. Despite sales volume declining, the average sales price actually increased slightly in October (to over $1.5 million) as the prices of homes remain very strong. Ten properties sold for over $2 million in October (which pulled up the average sales price), however the median sales price last month was slightly below average, as several “entry level” properties also sold (18 sales under $750,000, 8 sales under $500,000). The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, properties are selling even more quickly as available quality inventory declines. In October, 18 sales (nearly 50%) sold within 90 days of listing, with many fetching multiple offers in the first few days of hitting the market. Fast selling properties included condos in Town and The Aspens, townhomes in Town, a high-end home in Wilson and a $6+ million home in John Dodge. October also saw several sales down in the Snake River Sporting Club, including several of the new Fairway Lodges, which are zoned for short term rentals (only a few remain).

Monthly average sales price tops $2 million

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

The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

Summary – April 2017:

26 :: Total residential sale transactions (similar to last 4 months)
$53,080,000 :: Total residential sales volume (spike from last 2 months)
$2,041,000:: Average sales price of reported and unreported sales
97% :: Ratio of sales price to list price (spike from last month)
234 :: Average days on market prior to selling (down again from last month)

What it means: So far in 2017, monthly sales transactions have been consistent, hovering around 25 sales per month). This pattern is similar to, but slightly higher than, the first few months of 2016, where a total of 89 sales had occurred through April (vs. 99 in 2017). Total dollar volume of these sales tells a different story however: In the first 4 months of 2016, $133 million in property sales had occurred. Compare that to 2017, where just shy of $200 million of real estate has sold through April. While this spike in volume was helped by several larger transactions (including a 264 acre property selling for $50+ million in Jan 2017), it could also signal an overall trend of sale prices increasing in 2017. Thanks to several high end sales last month (see “What Sold” below), April’s average sales price topped $2 million for only the second time in the past 2 years. On average, properties in April were selling at 97% of the listing price, with 6 properties (or 23% of all sales) selling at, near, or above the listing price. The average days a property sits on the market before selling declined for a 3rd month in a row (see chart below), with 8 properties selling within 3 months of hitting the market. If these trends continue, it could further indicate an overall increase in values as we enter the busy summer selling season – stay tuned.

What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home.

Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

March sales/volume consistently low, as inventory clears out

April 6, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for April 2017

Jackson Hole, WY

Summary – March 2017:

25 :: Total residential sale transactions (identical to Feb)
$33,370,000 :: Total residential sales volume (very similar to Feb)
$1,335,000:: Average sales price of reported and unreported sales
94% :: Ratio of sales price to list price (back down, below average)
244 :: Average days on market prior to selling (down slightly from high last month)

What it means: March sale statistics offered much of the same as February, as transaction levels stayed at 25 sales and total volume dipped slightly, settling around $33 million. Both stats are low compared to the busy summer/fall seasons, but are inline with levels seen this time last year. In fact, if history repeats itself, we should not see sales pick up until May. The average sales price hovered right around $1.3 million, which represents the typical sales average for Teton County. (Remember that the large spike in January was due to one VERY large sale.) After an uptick in the sales price to list price ratio in February (96%), this ratio dropped down to 94% in March as sellers appeared more motivated to sell. Numerous properties sold at notable discounts, including a house in Cottonwood Park selling for $70,000 under list price, a smaller house in the Bar Y selling for $95,000 under list, and a house in Indian Trails selling for over $100,000 under the asking price. It appears that while some sellers are pricing their properties boldly and above market, many turn out to be more motivated to sell once an offer comes in. (If you are interested in property in a certain price range, it may be prudent to expand your search to account for price negotiations – contact me or set up and save your own property search.) The average days on market dropped slightly after a high in February, but still remained high compared to the 12 month average of 198 days. Many of the properties that sold last month were on the market since the summer/fall listing season in 2016. In fact, only 3 of the sales last month were for properties listed within the last 90 days.

Property Search is Here!

Search ALL Teton County Listings: Single Family Homes, Condos, Vacant Land, Multi-family, Farm/Ranch, Commercial and Leases

Quick Search or Advanced Search capabilities
Customizable Map Search
Search by MLS #, if you have a specific property in mind
Create your own saved searches

Search Jackson Hole Properties now.

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.

Tag Archive for: jackson hole real estate sales

Transactions/Sales Volume – What Sold?

$1,993,477

Average Sales Price

$259,152,032

Total Sales Volume

Market Analysis

New Listings – What’s New?

$2,308,273

AvERAGE LIST PRICE

$249,293,500

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 happened in May?

New Listings

$2,286,774

Average List Price

28

NEW LOTS FOR SALE

$157,255,950

New Listing Volume

What Sold

$66,826,600

Total Sales Volume

47%

of property sales were under $1M

$1,758,595

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.

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.

2017 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Nov 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 April 2017

Jackson Hole, WY

Katie Brady