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.

New Listing :: Immaculate 3 bed / 2 bath townhome in Cottonwood Park

December 27, 2017/in Featured Listing, Featured Listings, Town of Jackson, Townhome, Uncategorized/by Molly Stewart

Corner Creek Townhome

Take in beautiful mountain views from an immaculate 3 bed, 2.5 bath townhome with oversized 2 car garage and private backyard. Enjoy the open living/dining room, spacious master bedroom and large windows. Get to know the great local neighbors in this small development of only 8 units in a quiet location tucked away at the back of Cottonwood Park. Experience the convenient location in West Jackson with easy access to the pathway system, bus stop and elementary, middle and high schools. Recent owner updates include: fresh paint, new cove heaters, and new wooden window blinds throughout. Owners have also re-built and expanded the back deck and porch, installed a new privacy fence and planted 7 new spruce trees for additional privacy. Benefit from the self-managed, small HOA with low dues ($75/month). Recent HOA improvements include: new roof in 2014, new exterior paint in 2015 and new asphalt in driveways/parking areas in 2016.

SOLD :: Penthouse Condo in Downtown Jackson

December 19, 2017/in Featured Listing, Featured Listings/by Molly Stewart

Urban inspired living in Town

Remodeled in 2014 with a flair all its own, this 3-bedroom penthouse at the Pearl at Jackson is a truly unique offering within walking distance of the Town Square. Elevated ceilings on the upper level welcome natural light from the expansive use of glass, which takes in views of the nearby East Gros Ventre Butte. A generous master suite enjoys access to a private north-facing deck that looks out over nearby shops and restaurants of vibrant downtown. Two additional guest bedrooms, a 2nd full bath and a small outdoor patio complete the 1,723 sq.ft. floor plan on two levels. With a second entrance and an additional parking space, an owner has the opportunity to lock off part (or all) of the unit for short term rental. Boasting the acclaim as the first downtown mixed-use building to be certified LEED Silver, this landmark location in the Town of Jackson features underground heated parking and storage, and secure elevator access to the upper floors. Entertain in the comfortable great room with its natural gas fireplace and enjoy family gatherings around the well-appointed kitchen with its custom cabinets, backsplash and counters.

Six high end homes ($3+ million) enter market in November

December 9, 2017/in Market Reports, Uncategorized/by Molly Stewart

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

20 :: Total New Listings
- New Listing Volume: $43,026,000
- Average List Price: $2,151,000
19 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,217,000
- Median List Price: $1,150,000
- New listings priced under $1 million :: 9 (47%)
- New listings priced under $500,000 :: 1 (5%)
- New listings already under contract or sold: 5 (26%)
1 :: New Building Sites
- Average List Price: $899,000
- Median List Price: $899,000
- New listings priced under $1 million :: 1 (100%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 0 (0%)

What it means: Continuing a decline started in August, only 20 new listings hit the Jackson Hole real estate market in November, the lowest monthly level since last November (2016). While the number of new listings was down in November, total dollar volume of these new listings was actually up from last month (which saw 29 new listings). Six high end listings (priced over $3 million) hit the market in November including 2 homes in Granite Ridge, offering ski-in, ski-out access to Jackson Hole Mountain Resort (starting at $4.2 million) and a 9,500 square foot home in the exclusive Indian Springs neighborhood, listed at $9.7 million. As such, the average listing price jumped back up above $2 million after a low of $1.2 million last month. Only one new listing in November was priced under $500,000 (a one bedroom Aspens condo for $469,000). Of the 8 properties listed between $500,000 – $1,000,000, 5 are already under contract, illustrating the continued high demand for this price point.** Historically, November is not a popular time to list vacant land, as only one new lot listing hit the market in November (a 5 acre lot on the bench of the Snake River in the Solitude neighborhood north of Town).

**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 November include:

Fixer Upper home on 6 acres in Red Top Meadows – $695,000
Newly built contemporary home with Snow King views – $1,150,000
Three bedroom ski-in, ski-out condo at Hotel Terra – $1,449,000

Click HERE to view all Nov residential listings.

Click HERE to view all Nov land listings.

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

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

December 4, 2017/in Market Reports, Uncategorized/by Molly Stewart

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.)

Half of October new listings priced under $1,000,000 and selling quickly

November 9, 2017/in Market Reports, Uncategorized/by Molly Stewart

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

31 :: Total New Listings
- New Listing Volume: $38,176,000
- Average List Price: $1,231,000
29 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,207,000
- Median List Price: $965,000
- New listings priced under $1 million :: 15 (52%)
- New listings priced under $500,000 :: 4 (14%)
- New listings already under contract or sold: 12 (41%)
2 :: New Building Sites
- Average List Price: $1,575,000
- Median List Price: $1,575,000
- New listings priced under $1 million :: 1 (50%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 2 (100%)

What it means: New Listings entering the Jackson Hole real estate market continue to decline, dropping significantly in October. Only 31 new properties hit the market last month (compare that to 100+/- new listings per month in the summer). Overall dollar volume of these new listings also decreased significantly, matching volume levels seen last year at this time. After several steady months hovering between $2.2m – $2.3m, the average listing price dropped nearly $1 million down to $1.2m in October, as over 50% of the new listings in October were priced under $1,000,000, including several condos in The Aspens, a remodeled house in Town and a 2,100 sq foot house in the Rafter J neighborhood. Of the 29 new residential listings, over 40% of them are already under contract or sold. Looking at the under $1 million segment, 8 of the 15 new listings (over half) have already been snatched up, illustrating the continued high demand and competition in this price point. There were only 2 new vacant lots listed for sale, however both were marked as pending when entered into MLS, meaning they most likely went under contract before hitting the market.

NOTE: 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 October include:

Large (900+ sq ft) remodeled 1 bedroom condo in The Aspens – $599,000
4 bedroom Creekside townhome with complete remodel – $799,000
Two larger single family homes in East Jackson – $1,175,000 & $1,355,000

Click HERE to view all Oct residential listings.

Click HERE to view all Oct land listings.

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

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).

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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September sales fizzle as summer selling season ends

October 10, 2017/in Market Reports, Uncategorized/by Molly Stewart

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.

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The summer selling season is here; as new listings (and asking prices) increase

July 9, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for July 2017

Jackson Hole, WY

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

104 :: Total New Listings in June
- New Listing Volume: $252,992,000
- Average List Price: $2,433,000
79 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,439,000
- Median List Price: $1,250,000
- New listings priced under $1 million :: 35 (44%)
- New listings already under contract or sold: 19 (24%)
25 :: New Building Sites
- Average List Price: $2,413,000
- Median List Price: $1,150,000
- New listings priced under $1 million :: 11 (44%)
- New listings already under contract or sold: 1 (4%)

What it means: The summer selling season is here! Over 100 new listings hit the market in June, the highest monthly tally since May 2016. Listing prices of this new inventory also spiked, resulting in over $250 million in listing volume, a high level not even seen during last year’s busy summer months (see chart below). As a result, the average listing price for June inventory stayed strong, hovering just below $2.5 million. Several high end listings came onto the market in June, including four large parcels of land (158 acres in total) in the famed Crescent H Ranch south of Wilson – listed for $24 million, and two larger estate homes north of Town at Split C Ranch ($12.5M) and in the Dairy Ranches west of Jackson ($11.5M). The median listing price (of homes/condos/townhomes) in June was $1.25M, an increase over last month ($1.17M), but still well below the average (which can be disproportionately pulled up by several high end sales). In June, 44% of new residential listings were priced under $1 million (similar to last month). Nineteen properties were already under contract (by July 10), with 11 of those pending sales occurring in this very active sub $1 million price range. Another 25 new building sites hit the market in June (similar to May), however with much higher prices. The average price tag for a newly listed vacant lot in June was just over $2.4 million, again pushed up by several high end lot listings in Crescent H Ranch and Trails End Ranch. Similar to residential listings, the median price for building sites ($1.15 million) was much lower than the average listing price, with 44% of new listings priced under $1 million. The least expensive lot listing was a parcel in the Pacific Creek neighborhood in Moran for $315,000, while a rare lot in Rafter J was listed at $419,000.

Notable new listings in June include:

Three bedroom townhome with garage in Jackson – $550,000
Two bedroom house on 3 acres south of Wilson – $877,000
Two single family homes on Cache Creek Dr in East Jackson – starting at $1,620,000
Building site at end of cul-de-sac next to open space in Rafter J – $419,000

Click HERE to view all available June residential listings.

Click HERE to view all available June land listings.

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

Quick Search or Advanced Search capabilities
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Search by MLS #, if you have a specific property in mind
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Tag Archive for: Jackson Hole real estate

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

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Corner Creek Townhome

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Urban inspired living in Town

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