jackson hole real estate stats Archives - Page 5 of 5

2018: December – What Sold in Jackson Hole?

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

2018 ended somewhat quietly in the Jackson Hole real estate world. Down from 45 sales in November, December recorded only 32 sales, the lowest monthly total since April 2018. Sales volume was also down, reaching just over $66 million, the lowest volume seen since March 2018. While the average sales price was just above $2 million, the median sales price (a more accurate indication of “middle of the road” values) came in just above $1 million in December, a steady trend seen throughout the 4^thquarter. After spiking to 98% in November, the sales price to list price ratio dropped back down to 96% in December, below the average of 97% seen through much of 2018. Only 4 properties sold at or above the listing price, as more sellers appeared willing to negotiate with the year-end approaching. The average days on market increased slightly to 177 days in December, just above the annual average of 153 days. In December, 3 of the new Town Square Condos (atop the new Marriott hotel) closed. After first coming onto the market in October of 2016, 4 of the 9 units are now sold.

2018: November – What Sold?

December 10, 2018/in Market Reports, Uncategorized/by Molly Stewart

November recorded 45 real estate sales, down from last month (53 sales) and also down from November 2017 (50 sales). However, despite having 8 fewer transactions than October, the sales volume in November was $10 million higher. In fact, November was only the third month all year where total sales volume exceeded $100 million. This spike in total volume was helped by 3 large sales: 2 houses in the exclusive Indian Springs neighborhood (both listed slightly over $10 million), and a 170 acre ranch parcel at the end of Boyles Hill Road, which was listed for $23 million. As a result, the average sales price jumped up to $2.2 million in November, however the median sales price dropped to $965,000 as 53% of all sales last month occurred under $1 million. The sales to list price ratio reached 98% for the first time since I began tracking these stats in 2013! Nearly 30% of all November sales occurred at or ABOVE their listing price, with several other sales occurring very close to the listing price, an indication that our market remains very competitive with limited inventory. The average days on market increased to 157 days in November as a few older listings finally sold, including a unique inholding on Mormon Row in Grand Teton National Park, that was ultimately sold to the National Park Foundation. That being said, over 40% of property sales in November were on the market less than 90 days.

2018: May Market Report

June 6, 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 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.

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).

Lowest Inventory in 30+ Years: Q1 Update from The Jackson Hole Report

May 28, 2017/in Market Reports, Uncategorized/by Molly Stewart

While the number of sales and dollar volume in the first quarter of 2017 were up compared to this time last year, Spring 2017 marks the lowest level of available inventory in the past 30+ years with only 312 total residential listings available for sale in Teton County. Three main factors contribute to this drastic decrease in supply: 1) Lack of affordable inventory in the entry level – the median condo sales price is now $689,000 (vs. $427,000 in 2007); 2) Limited “trading up” by local homeowners as many people are afraid of overextending themselves and/or can’t find a suitable property to purchase; 3) A strong rental market that provides profitable cash flow to existing investor owners thereby making it less appealing to sell. The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market. Click HERE to read the full Q1 2017 Market Report. A summary of statistics/trends follows:

OVERALL MARKET

Total number of Sale Transactions in Q1 2017 was leveling off, up 6% vs. Q1 2016.
Overall dollar volume was up 21% vs last year (*thanks to the $50+ million sale of Four Springs Ranch in January 2017).
In the first quarter of 2017, 16 properties sold for over $3 million, however 29 properties in this price range were under contract and should sell in the second quarter.
Property sales under $1 million represented 52% of all sales in Q1 2017, however there were only 11 single family homes available for sale at the end of the first quarter. Compare this to 2016, where 113 homes sold in this price range.
There are currently 61 properties on the market in the $5 million+ range, which is up 30% from this time last year.
Current available inventory was down 9% in Q1, marking the lowest level of available overall inventory in more than 30 years! While single family home inventory was hit the hardest, single family homes priced over $5 million was up 59% in Q1 2017.

SINGLE FAMILY HOMES

Single family (SF) home sales in Q1 2017 were up 24% from Q1 last year.
However average and median sales price was down (35% and 15% respectively), as many properties sold in the sub $1 million price point (many with multiple offers).
SF home sales over $1 million were up 8% in Q1 2017, while homes sales above $4 million spiked in the first quarter, up 27%.
While overall available SF home inventory is down 10% (to a 30 year low), the median list price for available SF homes is at a staggering $4,295,000 (up 75% and a new record!).
Well priced single family homes are becoming harder to come by, with ZERO homes available under $750,000 at the end of the first quarter. (Note: At the time of this summary, there are four homes available in this price range.)

Click HERE to view the 18 single family home listings priced under $1,000,000

CONDO/TOWNHOME

Overall condo sales are down 21%, with only 31 sales reported in the first quarter of 2017, however average and median sale prices are up 38% and 18% respectively.
Due to the lack of affordable condo listings, the average list price for a condo/townhome in Q1 2017 was $1.51 million (up 21% and a new record).
Condo sales under $500,000 decreased 50% compared to this time last year, as fewer and fewer properties are available in this price range. Currently there are only 9 condos available for sale under $500,000.
Overall available inventory is down 21%, marking the second lowest level of condo inventory in the last 10 years, much of which can be attributed to the lack of locals trading up to single family homes.

Click HERE to see the 9 condos/townhomes available under $500,000

VACANT LAND

Lot sales reversed course and were up 64%, with 23 sales in Q1 2017.
Meanwhile, average and median sale prices were down 37% and 15% respectively.
Lot sales under $1 million were up 157% in the first quarter. (Currently there are 53 lots available in this price range.)
HOT SPOT: The Westbank saw 48% of lot sales in the first part of 2017.
61% of lot sales were purchased with cash (i.e. no loan/financing) in the first quarter.
While available inventory for lots are down 6% from Q1 2016, average and median list prices are unchanged, indicating that listing prices for residential vacant land may have stabilized.

Click HERE to see the 11 lots available under $500,000

WHAT TO DO NEXT?

BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.

SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most recent comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.

Much of same, as February only produces 25 sales

March 7, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

Summary – Feb 2017:

25 :: Total residential sale transactions (up slightly from low last month)
$34,037,000 :: Total residential sales volume (down after strong year-end)
$1,361,000:: Average sales price of reported and unreported sales
96% :: Ratio of sales price to list price (back to levels seen last summer)
264 :: Average days on market prior to selling (highest in past several years)

What it means: Real estate transactions in the Jackson Hole market crept along in February, marking another month with less than one sale per day. This slow start to the New Year is similar to Jan & Feb of 2016, which suggests we may not see sales pick up until May or June this year. After January’s high sales volume (which was skewed by one VERY large sale), sales volume in February returned to levels typical of this time of year. Looking back to 2016, it wasn’t until June before we saw sales volume top $50 million (see chart below). Similarly, the average sales price dropped back down to typical levels after last month’s atypically high sale. In February we did see an uptick in the sales price to list price ratio, as properties sold for 96% of the listing price (on average). Considering there were only 2 properties that sold at, near or above the listing price (including an Aspen condo which sold for $40,000 OVER the listing price), many properties sold at a stronger price than in months past (see chart below). Looking back to the spring/summer of 2016, we saw similar sales to list price ratios, suggesting we may be reaching that trend a bit early this year. The average days on market spiked in February, recording the highest level in the past several years, as quite a bit of older inventory was cleared out in February. Six different properties sold after sitting on the market for over a year including a tri-plex in East Jackson, higher end houses in Teton Pines and John Dodge and a 79 acre ranch off of Spring Gulch Road, which sold after nearly 2 years on the market.

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Tag Archive for: jackson hole real estate stats

What happened in December?

What Sold

$66,018,286

Total Sales Volume

177

Average Days on Market

$1,005,000

MEDIAN SALES PRICE

$2,063,071

Average Sales Price

3%

of property sales were under $500,000

15

TRANSACTIONS UNDER $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 November?

What Sold

$101,494,388

Total Sales Volume

157

Average Days on Market

$965,000

MEDIAN SALES PRICE

$2,255,431

Average Sales Price

11%

of property sales were under $500,000

24

TRANSACTIONS UNDER $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 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.

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 March 2017

Jackson Hole, WY

Katie Brady