Tag Archive for: Jackson Hole real estate

High demand for “entry-level” properties, with 25 sales under $1 million

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The Colbert Real Estate Report

Monthly Market Update for June 2017

Jackson Hole, WY

Summary – May 2017:

  • 38 :: Total residential sale transactions (up after 4 slow months)
  • $32,560,000 :: Total residential sales volume (lower than usual)
  • $924,000::  Average sales price
  • $637,500 :: Median sales price
  • 97% ::  Ratio of sales price to list price (spike from last month)
  • 216 ::  Average days on market prior to selling (down again from last month)

What it means:  Real estate market activity picked up in May, with a 50% increase in sales transactions as we head into what should be a busy summer selling season. Despite the additional real estate sales however, overall dollar volume was down significantly as May saw an unusually high number of sales in the sub $1 million price range. As such, the average sales price was the lowest in almost two years (dropping below $1 million for only the second time in the past year). Median sales price is also an interesting statistic to analyze as many high end sales can easily influence the average sales price. In May, the median sales price was $637,500, again a result of the 25 sales recorded under the $1 million mark in May.  For the second month in a row, properties continued to sell close to the listing price (on average), with nearly 30% of all sales occurring at, near or above the listing price, suggesting a trend of strong sales prices as we head into summer.  Average marketing time continued to shorten, falling for a 4th month in a row (see chart below), with nearly 40% of all properties selling within 3 months of hitting the market. Both of these trends were most prevalent in the “entry level” market, where many high demand properties received multiple offers within days of hitting the market.  (Note: If you are searching for property in Teton County priced under $1 million, please contact me so that I can be on the look out for these types of high demand properties before they officially hit the market.)




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New inventory still slow to the market in February

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The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

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

  • 26 :: Total New Listings in Feb
    • New Listing Volume: $34,484,000
    • Average List Price: $1,326,000
  • 24 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,269,000
    • New listings priced under $1 million :: 14  (58%)
    • New listings already under contract or sold: 8  (33%)
  • 2 :: New Building Sites
    • Average List Price: $2,020,000
    • New listings priced under $1 million :: 1 (50%)
    • New listings already under contract or sold: 0 (0%)

What it means: New listings increased slightly in February but continue a 5 month trend of less than 30 new listings per month (less than 1 per day of the month). Compare that to the busy spring/summer listing season, where new listings can sometimes top 100 per month. The price point (and therefore sales volume) of February’s listings was significantly less than January, which saw many high end listings hit the market.  Over half (58%) of the new inventory hitting the market in February was priced under $1 million. Given the high demand for this price point, it’s no surprise that 1/3 of February’s new listings have already been placed under contract. A 2 bedroom Town condo priced below $300,000, a single family home in Rafter J and a nicely remodeled 2 bedroom top floor condo in The Aspens did not last long on the market, each going under contract within days of hitting the market (at prices close to or above the listing prices). Only two new building sites hit the market in February. Understandably this time of year is not a popular time to list vacant lots with all the snow. New lot inventory last month included a half acre lot in Indian Trails and a 6 acre parcel atop Spring Creek Ranch, listed for $3.5 million. 

Notable new listings in Feb include:

Click HERE to view all available February residential listings (excluding 8 pending sales).

Click HERE to view all available February land listings.

(Contact me to view any pending or sold properties from February.)




 

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Vacant land sales double as existing inventory dwindles

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The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

What Sold in Feb 2017?

  • 40% :: Percentage of residential properties selling for over $1 million (lowest in 7 months)
  • 60% :: Percentage of residential properties selling for under $1 million 
  • 12% :: Percentage of residential properties selling for under $500,000 (up from low last month)
  • 40% :: Percentage of single family home sales (lowest in 5 months)
  • 32% :: Percentage of condo/townhome sales (up from low last month)
  • 28% :: Percentage of Land Sales (double last month)

What it means:  After recording a low for entry level sales in January (only 1 sale under $500,000), February saw a slight uptick as 3 properties sold in this price range (or 12% of all sales). There were several sales in the $500,000 – $1,000,000 segment, including 5 condominiums located throughout the Valley (Aspens, Teton Village, Town of Jackson, Rafter J, and Spring Creek Ranch). The least expensive single family home sale was a 2 bed / 2 bath home near the top of the Indian Paintbrush subdivision which sold for just over $750,000 after 7 months on the market. Also in this price range was a bank sale north of town, a rarity in our post recovery market. It was an 2,300 sq foot home with a good amount of deferred maintenance, but with Teton views on a 3.23 acre lot. It sold for just over $800,000.  Given the activity in the sub $1 million market, sales over the million marked dropped to 40% in February, after hovering around 45-48% for the last several months. That being said there were still several sales above $3 million including homes in Teton Pines, Shooting Star, Skyline Ranch and John Dodge. The breakdown of sales among property type saw quite the mix-up in February, with a large drop in single family home sales (down 30% from January) and large increases in both condo sales (up 15%) and surprisingly, building sites (nearly double from January). With low inventory levels for existing homes, many buyers are shifting their focus to land as they try to build what is lacking in the market. In February, we saw land sales in the Gill Addition in Town, Indian Trails, Gros Ventre North and Shooting Star.  

 



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Much of same, as February only produces 25 sales

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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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January records largest sale in MLS history, despite otherwise slow month

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The Colbert Real Estate Report

Monthly Market Update for Feb 2017

Jackson Hole, WY

Summary – Jan 2017:

  • 23 :: Total residential sale transactions (lowest in 11 months)
  • $77,095,000 :: Total residential sales volume (*without $50M sale = $27 million)
  • $3,351,000::  Average sales price of reported and unreported sales (*without $50M sale = $1.24 million)
  • 94% ::  Ratio of sales price to list price (lower than average)
  • 177 ::  Average days on market prior to selling (3rd month of decline)

What it means: The New Year was not off to a very strong start in the Jackson Hole real estate market, with only 23 sales recorded in January. This is the lowest number of sale transactions since Jan & Feb of 2016, which suggests we may not see sales pick up until later this Spring. There was one VERY large sale in January that skews the monthly sales volume and average sales price numbers for this month. A unique 264 acre property with frontage and access to BOTH the Snake River and Fish Creek, was listed for $53 million in June 2016. While the final sales price was not disclosed in the MLS, an estimate is made using the average sales price to list price ratio for the month (94%), suggesting that this property may have sold somewhere just south of $50 million, easily the highest sale ever recorded in the Teton County MLS. Obviously a sale like that is not typical (even in our Jackson Hole market), where the last sale above $20 million occurred back in Aug 2015 (Home on 72 acres in the Bar BC listed for $25 million).  Without this outlier sale this month, sales volume would have been $27 million (see chart below) and the average sales price would have been $1.24 million. These stats, in my opinion, paint a more accurate picture of the current real estate market. Without the $50 million transaction, January sales volume is the second lowest in the past year and the average sales price dips below $1.3 million for the first time since August 2016.  Overall in January, properties were selling at a 6% discount to list price (lower than average), as many property owners sold at deep discounts in January (probably motivated by the additional months of winter ahead). Properties are selling more quickly than in past months, with the average property sitting on the market for just less than 6 months in January. Properties that are priced well and/or in high demand areas continue to sell quickly, with 6 properties (26% of all sales) selling in the first 3 months of listing. Five of these sales were for single family homes and/or townhomes in the Town of Jackson priced under $800,000. (Note: If you are searching in any of these submarkets (Town of Jackson, Properties priced under $1 million, etc.) please contact me so that I can be on the look out for these types of high demand properties before they officially hit the market.)








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Year End Review – Summary & Stats for 2016

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2016 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

Over the course of 2016, 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 take-aways from the Jackson real estate market in 2016, how they compare to the past few years, and a look forward to 2017:

Quick Stats – 2016:

  • Real Estate Transactions: 448 sales
    • 2015 = 466 sales
    • 2014 = 447 sales
  • Sales Volume: $634,247,000
    • 2015 = $743,000,000 
    • 2014 = $568,000,000
  • Average Sales Price: $1,415,730
    • 2015 = $1,590,000
    • 2014 = $1,270,000
  • Average Days on Market: 193 days (6+ months)
    • 2015 = 197 days 
    • 2014 = 267 days

What it means: After an explosive 2015 in the Jackson Hole real estate market, 2016 fell short as both real estate transactions and dollar volume decreased this year. While sale transactions in 2016 were only down 4% compared to 2015, overall sales volume was down 15% compared to last year. Looking back a year further, 2016 transactions levels were actually in line with 2014, however dollar volume has increased almost 12% from 2014 (perhaps a 6% increase after inflation). Many people (most notably sellers) anticipated the gains of 2015 would carry over into 2016. This was not necessarily the case as low inventory levels in 2016 limited sales (albeit putting upward pressure on prices in the meantime). The average sales price in 2016 followed a similar trend, falling short of 2015 levels by 11%, but coming in higher than 2014. In the chart below, you can see how the average selling price fluctuates based on the season each year, with 2015 having particularly high months in August, September and October. Days on market in 2016 was consistent with 2015 as properties took, on average, 6 months to sell. 




Breakdown of Sales by Price Point – Residential: 

When comparing 2016 to the past few years, it is very helpful to break down the sales by price point to determine what pricing trends are present. In 2016, the majority of residential sales (42%) occurred in the $500,000 – $1,000,000 range. This included many entry level single family homes in Rafter J, Cottonwood Park and the Town of Jackson. It also included 2+ bedroom condos in The Aspens and smaller, older condos in Teton Village. (It’s becoming clear that the days of buying a single family home for less than $500,000 are over, as only 3 single family homes sold for under $500,000 in 2016 – two in Moran and a small cabin down in Hoback.) The percentage of properties selling for under $300,000, which are mostly 1 bedroom condos in Town, is also shrinking – dropping from 9% in 2014, to 4% in 2015, to just 3% of all property sales in 2016. On the other end of the spectrum, properties selling for over $3 million were down slightly in 2016, after doubling from 2014 to 2015. Properties selling in the $1,000,000 – $3,000,000 million range remained consistent from 2015 to 2016 and represented homes in Wilson and the Town of Jackson, and higher end condos in Teton Village.



Breakdown of Sales by Price Point – Land Sales:

The price point breakdown of vacant land sales shifted upwards from 2015 to 2016, as the majority (45%) of land sales occurred in the $1-3 million price range in 2016. Many of these lot sales occurred in high end neighborhoods like John Dodge, Solitude, Stilson Ranch, etc. Vacant land sales under $500,000 dropped 10% from 2015, as fewer entry level opportunities existed in the market. The least expensive lots sales occurred in Hoback, Squaw Creek and south of Wilson on Fall Creek Road. (Note: Currently there are only 11 lots are available for sale in Teton County under $500,000 and zero lots available under $300,000.) Very high end vacant lot sales ($3+ million), including several lots in Granite Ridge and Shooting Star at the base of Jackson Hole Mountain Resort, dipped in 2016, representing only 9% of all sales (vs. 15% in 2015). 



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Several new high end listings in Teton Village in December

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The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

What’s new in Dec 2016? (New Listing Analysis)

  • 23 :: Total New Listings in Dec
    • New Listing Volume: $37,400,000
    • Average List Price: $1,626,000
  • 17 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,860,000
    • New listings priced under $1 million :: 7  (41%)
    • New listings already under contract or sold: 5  (29%)
  • 6 :: New Building Sites
    • Average List Price: $970,000
    • New listings priced under $1 million :: 5  (71%)
    • New listings already under contract or sold: 1  (6%)

What it means: The pace of new inventory entering the market continues to drag as just 23 new listings hit the market in December, a fraction of new inventory levels seen during the spring and summer months (see chart below). The low levels of new inventory this December are lower than levels seen in Dec 2014 & Dec 2015, a problem for a real estate market already extremely low on inventory. While new listings did increase slightly from November to December, dollar volume of new listings increased $12.5 million, as several high end listings hit the market. In December, there were 7 new listings in Teton Village (home to Jackson Hole Mountain Resort), totaling over $22 million, and including 3 properties priced over $3 million each. As a result of these high priced listings, the average asking price increased in December, reaching over $1.625 million. Well priced and/or high demand properties continue to go under contract quickly. Six properties, including a 2 bedroom condo in Town, a townhome in Rafter J and a 3 bedroom townhome adjacent to open space in The Aspens, already have sales pending.  

Notable new listings in Dec include:

  • Two condo hotels in Hotel Terra – starting at $575,000
  • Newer 3 bedroom home in the Daisy Bush neighborhood in E Jackson – $1,300,000
  • Four AR zoned building sites on Glenwood in Town – starting at $610,000

Click HERE to view all available December residential listings.

Click HERE to view all available December land listings.

(Contact me to view any pending or sold properties.)

new-listings-jackson-wy-dec-2016

new-inventory-dollar-volume-jackson-wy-dec-2016

average-asking-price-jackson-wy-real-estate-dec-2016

new-inventory-year-by-year-jackson-hole-wy-dec-2016


May I ask for your vote this year? 

Please visit www.BestofJH.com to cast your vote. Be sure you vote for all your other Jackson Hole favorites. 

Thanks for your support! 

Property Search is Here!

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Average selling price highest in past year, as high end sales soar

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The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

Summary – Dec 2016:

  • 35 :: Total residential sale transactions (similar to last month)
  • $27,280,000 :: Total residential sales volume (significant spike)
  • $1,922,000::  Average sales price of reported and unreported sales (highest in past year )
  • 95% ::  Ratio of sales price to list price (up slightly after low last month)
  • 211 ::  Average days on market prior to selling (down after a high last month)

What it means: Sale transactions in December were similar to November, representing a little more than half of the transactions seen during the busy summer selling months in Teton County. However, monthly sales volume in December skyrocketed, representing the 4th highest volume in the past 12 months. There were several high end sales, including 3 sales over $5 million (see “What Sold”? below). Interestingly there was just over $33 million in sales reported to the MLS. There was an unusually high number of sales where the final selling price was not disclosed to the MLS. (Side Note: Many times buyers and/or sellers of especially high end properties choose not the have the sale price published in the MLS. Since Wyoming is a non-disclosure state, sale prices are otherwise not made public. For purposes of this report, I estimate the sales prices using the average sale to list price ratio for the month.) In December there were 7 transactions with unreported sales prices, representing nearly $34 million in additional sales volume. Given the prevelence of high end sales in December, it’s no surprise that the average sales price also increased significantly. In fact, at nearly $1.93 million, December recorded the highest average sales price in the past 12 months (last December also saw a spike in high end sales at the end of the year, reporting an average sales price of $1.935 million). The sale price to list price ratio increased slightly in December after a low last month. There are still deals to be had in the Jackson Hole real estate market, however many properties in high demand locations and/or price points continue to sell very close to asking price. For example, there were five sales in December occurring at, near or above the listing price, with all 5 properties located in the high-demand location of Town and priced under $700,000. Average days on market dropped down after a spike in November (which cleared several long time listings off the market). Again in December, we saw several high demand and/or well priced properties sell very quickly. Ten properties sold within 3 months of listing, with all but one of them occurring in the sub $800,000 price point. The market trend is clear = the demand remains high for properties in the lower end of the market (sub $800,000), as they are selling quickly and very close to asking price. (If you are searching in this price point, please contact me to be alerted of soon-to-be-listed opportunities.)




What Sold in Dec 2016?

  • 43% :: Percentage of residential properties selling for over $1 million (consistent for several months)
  • 57% :: Percentage of residential properties selling for under $1 million 
  • 23% :: Percentage of residential properties selling for under $500,000 (highest in 7 months)
  • 48% :: Percentage of single family home sales (down from last month)
  • 46% :: Percentage of condo/townhome sales (jump from last several months)
  • 6% :: Percentage of Land Sales (lowest % in 3+ years!)

What it means:  With some good news for the entry level real estate market, sales under $500,000 spiked in December, representing nearly 1 in 4 sales in Teton County. Five of these sales were condos in Town and included a 3 bedroom townhome on Simpson that was under-valued and sold quickly for full list price. This good news might be short lived though, as there are currently only 15 active listings in this price point.  The split between properties selling for over and under $1 million remained consistent, with nearly 45% of properties in Teton County selling for over the $1 million mark. What was unique about the property sales over $1 million was the large number of very high priced sales in December. There were 12 sales over $2 million last month (nearly 35%!) with 5 of those sales oucrring over $3 million. Three sales occurred over $5 million, including the Lazy Moose Ranch on Fish Creek Road, which sold after 2+ years on the market (listed for $9.5 million and pictured below) and a large 125 acre land parcel along the Snake River south of Wilson, which sold after nearly 3.5 years on the market (listed for $14 million). Single family home sales dipped below 50% for the first time in several months. The least expensive single family home sale was a fixer upper home in Town, which was listed for $649,000 and sold quickly at full price. The price tag for an entry-level single family home has settled in the $750,000 – $900,000 range (gone are the days of half million dollar homes) – as we saw sales of a fixer-upper/tear down on the Village Road, a modest home in Indian Trails and a updated older home in West Jackson sell in this price range in December. Condo and townhome sales spiked in December after hovering around 30-35% over the last few months. Condo sales in December included 2 short term rental condos at the base of Snow King Mountain and two condo sales at the base of Jackson Hole Mountain Resort, as owners look to take advantage of the busy ski vacation season. After slowing in November, land sales plumented in December, recording only 2 sales all month. We shouldn’t expect to see an increase in lot sales (or new inventory) until the Spring months.

property-sales-over-1million-jackson-wy-dec-2016

entry-level-real-estate-jackson-hole-wy-dec-2016

single-family-homes-condos-land-sales-jackson-wy-dec-2016

 

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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.

After very strong Fall season, real estate sales fall off in Novmeber

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The Colbert Real Estate Report

Monthly Market Update for Dec 2016

Jackson Hole, WY

Summary – Nov 2016:

  • 34 :: Total residential sale transactions (down after several strong months)
  • $46,528,000 :: Total residential sales volume (down after a strong Fall)
  • $1,386,000::  Average sales price of reported and unreported sales (down after 3 months of increase)
  • 94% ::  Ratio of sales price to list price (2nd lowest in past year)
  • 256 ::  Average days on market prior to selling (highest in over 2 years)

What it means: After a strong Fall, both sale transactions and dollar volume dropped in November in the Jackson Hole real estate market. While August, September and October all put up robust numbers, November statistics illustrated a familiar trend, as this time of year is usually one of the slower times for real estate activity. After outpacing 2015 in the last few months, sales and dollar volume posted in November trailed metrics this time last year (see chart below), probably a result of dwindling inventory levels across the market.  After 3 months of increases, the average sales price dipped in November, dropping just below $1,400,000. After many consistent months (and a slight increase last month) the sale price to list price ratio decreased to 94%, as Buyers were receiving a 6% discount to list price (on average). It is only the 3rd time in the last 13 months that this ratio was this low. Only 4 properties (or 12% of all sales) sold at, near or above list price in November, including a 3 bedroom condo in East Jackson, which was priced well under market and quickly sold for $5,500 over the asking price. (Note that over the busy summer months, some times as many as 30-40% of properties sold within 1% of listing price.) Simultaneously we saw an increase in the days on market in November as properties sat on the market an average of 8 months before selling, the highest average since July 2014! This trend, paired with the lower sale price to list price ratio, suggests that many sellers, after waiting sometimes close to a year for their homes to sell, had increased motivation to sell prior to entering the slow winter selling months. Only 5 properties (or 15% of sales) sold within 3 months of hitting the market, including a mixed use warehouse/apartment property south of Town, which sold quickly and at full list price. As new inventory continues to decline, many buyers are now forced to consider properties that have been on the market for some time.   

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dollar-volume-2015-vs-2016-jackson-wy-nov-2016

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average-days-before-selling-jackson-hole-real-estate-nov-2016

 

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.

November is slowest month for New Listings

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The Colbert Real Estate Report

Monthly Market Update for Dec 2016

Jackson Hole, WY

What’s new in Nov 2016? (New Listing Analysis)

  • 19 :: Total New Listings in Nov
    • New Listing Volume: $24,788,000
    • Average List Price: $1,300,000
  • 15 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,407,000
    • New listings priced under $1 million :: 10 (66%)
    • New listings already under contract or sold: 4
  • 4 :: New Building Sites
    • Average List Price: $922,500
    • New listings priced under $1 million :: 2 (50%)
    • New listings already under contract or sold: 0

What it means: New inventory hitting the market continues to dwindle as we enter the slow part of the real estate season in Jackson Hole, with only 19 new properties listed in November. The dollar volume of new inventory also dropped, totaling less than $25 million last month. Overall, November tends to be the slowest month of the year for new residential listings. The low levels of new inventory seen this past Nov 2016 are similar to levels seen in Nov 2014 & Nov 2015 (see chart below). Interestingly, we did see several new listings hit the market in Teton Village in November, just in time for the opening of Jackson Hole Mountain Resort. The asking prices of new inventory increased only slightly in November and still remain well below the average listing prices of the busy summer months (i.e. over $3 million in Aug 2016). Nearly 3/4 of the new listings in November were priced under $1 million, good news for a market segment that has seen high demand and low supply over the last several months. The market responded quickly as 3 well priced properties in this price point went under contract quickly after listing, including a highly desirable short term rental condo at the base of Snow King Mountain in the Town of Jackson.   

Notable new listings in Nov include:

  • Rare vacant lot for sale in Rafter J neighborhood – $375,000
  • Three different townhome options in Rafter J starting at $525,000
  • Four different condo hotels in Teton Village starting at $795,000

Click HERE to view all available November residential listings.

Click HERE to view all available November land listings.

(Contact me to view any pending or sold properties.)

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