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

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

Over the course of 2017, I have tracked many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the major trends from the Jackson real estate market in 2017 and how they compare to the past few years.

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).   

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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. 

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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. 

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

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

Summary – December 2017:

  • 36 :: Total residential sale transactions
  • $93,356,000 :: Total residential sales volume 
  • $2,593,000::  Average sales price 
  • $1,410,000 :: Median sales price
  • 96% ::  Ratio of sales price to list price 
  • 280 ::  Average days on market prior to selling 
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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. 

 

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November a busy time for real estate? This year it was, as 50 properties sell.

The Colbert Real Estate Report

Monthly Market Update for Dec 2017

Jackson Hole, WY

Summary – Nov 2017:

  • 50 :: Total residential sale transactions
  • $67,868,000 :: Total residential sales volume 
  • $1,357,000::  Average sales price 
  • $900,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 145 ::  Average days on market prior to selling 

What it means:  After several months of declining real estate sales, transaction levels spiked in November, reaching 50 monthly sales for the first time since Oct 2016. These sale levels are much higher than expected, especially considering that last November saw only 34 transactions. High sale levels were helped by 7 property closings down in the Snake River Sporting Club, including 4 sales/reservations for the soon-to-be-built Fairway Lodges – 3 and 4 bedroom cabins that are zoned for short term rentals. With the spike in sale transactions, sale volume also increased, reaching a level higher than anything seen this past summer. The median sales price in November ($900,000) was identical to last month, however the average sales price in November dropped nearly $200,000 as a significant number of sales occurred in the sub $1 million market. Six properties sold for under $500,000 (including several 2 bedroom condos in the Town of Jackson), and an additional 11 properties sold between $500,000 – $750,000, currently a hot market for local buyers. The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, well priced and/or high demand properties continue to sell quickly (many times fetching multiple offers) as available quality inventory remains low. The average marketing time dropped slightly to 145 days (on average), even with several properties selling after being on the market close to a year. In November, 21 sales occurred within 90 days of hitting the market, illustrating that buyers are well-educated and are ready to jump quickly when they see something they like that is well priced. (Note: As a seller, it is important to list your property competitively (based on recent comps) in order to capture these ready-to-move buyers. Contact me if you’d like to discuss the marketability and market value of your home or complete the Home Valuation Form.) 

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Sale Prices remain strong despite low sales, volume

The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

Summary – Oct 2017:

  • 37 :: Total residential sale transactions
  • $56,333,000 :: Total residential sales volume 
  • $1,523,000::  Average sales price 
  • $900,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 147 ::  Average days on market prior to selling 

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). 

 

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. 

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Featured Listings

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

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September sales fizzle as summer selling season ends

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

Summary – Sept 2017:

  • 40 :: Total residential sale transactions
  • $59,816,000 :: Total residential sales volume 
  • $1,495,000::  Average sales price 
  • $1,130,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 171 ::  Average days on market prior to selling 




What it means:  After plateauing in July and August, real estate sale transactions dipped in September, signaling the end of the busy summer selling season. September sales were significantly lower than in Sept 2016, which saw the highest monthly sales in all of 2016. Overall, summer sales in 2017 were lower than transactions recorded in the summer of 2016.  Similarly, dollar volume over the past several months was also lower than in 2016. Between June and Sept 2017 $226 million in sales occurred, $26 million LESS than the same time frame last year.  After hovering just under $1 million in May and June, the average sales price has increased over the last few months, reaching $1.5 million in September. The median sales price has also increased, jumping up to $1.33 million last month. While the overall sales price to list price ratio continues to hover around 95%, it appeared many sellers were willing to negotiate a bit in September with fewer properties selling at or above their respective listing prices.  We should see this trend continue as we enter the Fall, as many owners who hoped to sell this summer will become more and more motivated to sell.  After reaching a low in July and August, the average marketing time increased in September as listings that had been on the market for quite some time finally sold.  This trend was not market wide however: Of the 20 property sales under $1,000,000 in September, 14 sales (70%!) sold in under 3 months, suggesting that demand for this “entry level” local’s market remains very strong.  

 

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. 

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Featured Listings

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

Property Search

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Monthly average sales price tops $2 million

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. 

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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

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. 




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The Year in Review: 2016 Sales & Trends from The Jackson Hole Report

Overall sale transactions and dollar volume in 2016 were down 8-10% compared to 2015. The decrease in activity can be explained by two main contributing factors: 1) a sluggish vacant land market and; 2) overall available inventory, which was down to its second lowest level in 30 years. 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 2016 Year in Review. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions in 2016 was down 10% vs 2015.
  • Overall dollar volume was down 8% vs last year.
  • High-end sales over $3 million also dropped 8% compared to 2015.
  • Property sales under $1 million represented 54% of all sales in 2016, however there are only currently 11 single family homes are currently available in this price range (see below).  
  • Current available inventory dropped 5% from 2015, making 2016 year-end inventory the second lowest level in more than 30 years! 

 

SINGLE FAMILY HOMES

  • Single family (SF) home sales in 2016 were up 13% from last year.
  • However dollar volume was relatively unchanged while average sales prices dropped 9%, suggesting more homes were selling in 2016, but for lower prices (on average).  
  • There were 113 SF home sales under $1 million in 2016 (an increase of 14%), HOWEVER currently there are only 11 homes available for sale in this price range (i.e. less than 1.5 months of inventory).
  • SF home sales above $3 million increased 15% in 2016, while home sales over $5 million declined 10%.
  • HOT SPOT: Home sales in the Town of Jackson increased 15% from 2015, while home sales on the Westbank increased 17%, together making up 52% of all homes sold in 2016.
  • While overall available SF home inventory is down 5%, the average listing price of these homes is a staggering $4 million, an increase of 19% from 2015.
  • There is only ONE home available under $750,000 – compare that to 2011, when there were 40 available options in this price rage. 

Click HERE to view the 11 single family home listings priced under $1 million

Single family home for sale in the Town of Jackson – $989,000

CONDO/TOWNHOME

  • Overall condo sales are down 8%, while dollar volume is down 15% in 2016. 
  • However median sale price rose 11%, due to increased demand and low supply/inventory
  • Condo sales under $500,000 in 2016 = 77 sales :: compare that to 2013 when 137 condos sold in this price range. 
  • Currently there are only 8 condos available for sale under $500,000
  • HOT SPOT: Condo sales in The Aspens were up 36% in 2016, while median sale price increased 11%
  • Overall available inventory is down 23%, with 60 available units with an average listing price of $1.48 million

Click HERE to see the 8 condos/townhomes available under $500,000

3 bedroom condo in East Jackson – $499,000 (Listed by Prugh Real Estate)

VACANT LAND

  • Lot sales were down significantly (43%), while dollar volume also dropped 42%.
  • 82% of lot sales are purchased with cash (i.e. no loan/financing) in 2016.
  • Currently there are 136 single family lots for sale, an increase of 6% from 2015.
  • Based on current absorption rates, it will take 2 years for all available lots to sell (not taking into account any new inventory that hits the market). 
  • The average list price for available vacant lots is $2.65 million, up 15% from 2015. 
  • The majority of available lots (43) are in the $1-2 million price range.
  • Supply exceeds demand in this segment: Of the available lots, 71% have been on the market for over 12 months! 

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.