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.

New Listing :: 4 bedroom home in Wilson

October 27, 2018/in Featured Listing, Featured Listings/by Molly Stewart

Cozy yet inviting 4-bedroom home in an ideal location on the quiet end of West St in downtown Wilson. This home exudes “old Wilson charm” with hardwood floors, a wood burning stove, and a private fenced backyard with mature Aspens trees backing up to the open space of the Old Wilson Schoolhouse.

Large master bedroom has high vaulted ceilings with skylights, a large walk in closet and second story office loft. The bright sunroom with large south facing windows collects warm sunlight throughout the fall/winter months.

Just a short walk to downtown Wilson amenities including Pearl St Bagels, Wilson Backcountry Sports and the famous Stagecoach bar. No HOA or CC&Rs.

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.

Do you know how much equity you’ve built in your Jackson home?

May 9, 2018/in Market Report/by Molly Stewart

Did you buy your Jackson Hole property 3 or 4 years ago?

Are you curious to learn if you could move up in the Jackson market?

Have you ever said? “I would absolutely consider selling if only there was something I else I could buy”

Many Jackson homeowners have built a good amount of equity in their home over the past several years. For example, the market value of a Creekside 3 bedroom townhome has gone up… That’s great news for local owners. However, with available inventory at an all-time low, local homeowners are experiencing a particularly competitive real estate market as they look to move up in the local market.

I’ve assisted several local families sell their current townhome/house and simultaneously successfully purchase a new home. It can sometimes be a complicated and competitive process, but one that I take great pride in. I’d love to hear more about your situation. Let’s talk.

Faced with low inventory and a competitive market, Jackson Hole Real Estate Associates is thinking outside the box and created a local match-making map in order to pair buyers with other sellers that are also looking to upsize or downsize.

There are many other people out there just like you! These owners would sell their Cottonwood home, Rafter J home, etc. IF they could find something else to buy.

Our unique match-making board attempts to track some of this “shadow” inventory and allows us to get creative in a tight market. Perhaps we could find you a perfect match with a property that is not currently on the open market…

2018: April Market Report

May 9, 2018/in Average Sales Price, High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Report, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The big headline of the April market report is that nearly 40% of all April sales occurred in the high end of the market. After a first quarter of 2018 that saw 60% of sales happen in the “locals” market (sub $1 million), there were 11 sales over $3 million last month, including 6 sales over $5 million and one sale close to $15 million (a newly completed 10,000+ sq ft estate in Dairy Ranches). As a result, the average sales price skyrocketed to over $4 million (the median sales price also increased significantly to $1.7 million). April sales volume topped $85 million, quite the strong number considering that the total sales volume for the first 3 months of the year was a combined $103 million.

The good news for local buyers is that new listings increased in April, with 36 new properties hitting the market – the most monthly listings since Sept 2017. The average listing price of these new listings was $1.8 million, however the median listing price was just under $1 million. The average days on market dropped to 159 days and the sale price to list price ratio increased to 96%. This ratio has been at or above 96% since the beginning of the year, illustrating that many properties are selling close to list price as demand remains strong.

2018: Q1 Review

April 18, 2018/in High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The number of new listings hitting the market in first quarter of 2018 is up slightly when compared to last year, thanks to an usually busy January 2018, where nearly 40 new listings hit the market (vs. 21 in Jan 2017). However, the overall dollar volume of these new listings is down slightly in Q1 2018. As a result, the average listing price for the first quarter is down 15%, from $2.092 million to $1.78 million. The decrease was helped by the strong Jan 2017 (which saw an average listing price of $3.3m) and a somewhat weaker March 2018 (which saw an average listing price of $1.2m).

We are officially entering the “busy listing season” of April/May/June, so it will be interesting to see how much new inventory hits the market (and at what price points). Stay tuned….

New Listing :: End Unit Townhome overlooking Town

March 6, 2018/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

Centrally Located Townhome

Tucked in under the hillside, this 2 bed, 1.5 bath end unit townhome offers the perfect combination of privacy and convenience. Enjoy morning coffee and views of Crystal Butte and Snow King Mountain from the front deck overlooking Town. Unwind on the west facing back deck by watching the deer roam the abutting public land that surrounds this small development. The attached 1 car garage includes a heated “bonus” room perfect for extra storage, a home gym, ski tuning room or art studio. Recent updates include: New appliances, new quartz counter tops, new flooring, cove heaters and a fresh coat of paint throughout. Additional features include a gas fireplace, closet organizers, and extra windows as the end unit. Take advantage of this ideal location in Town by walking to many of the restaurants and shops of downtown Jackson and the nearby START bus stop, which is the last stop in Town before heading to Jackson Hole Mountain Resort.

Katie partners with new real estate company

February 19, 2018/in Real Estate Industry News/by Molly Stewart

As some of you may know, RE/MAX Obsidian Real Estate, where I worked for most of my Jackson Hole real estate career, was recently acquired by another real estate company. That acquisition encouraged me to look into other real estate companies to determine which would be the right fit for me going forward.
After much research and many interviews, I have determined that Jackson Hole Real Estate Associates is the best combination of a solid national brand AND a great local reputation. I am excited to be working with a very collaborative and creative office.

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

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

Quick Stats – 2017:

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

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

Breakdown of Sales by Price Point – Residential:

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

Breakdown of Sales by Price Point – Land Sales:

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

Half of new December listings already under contract in early January

January 12, 2018/in Market Reports, Uncategorized/by Molly Stewart

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

33 :: Total New Listings
- New Listing Volume: $76,462,000
- Average List Price: $2,317,000
28 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,055,000
- Median List Price: $1,225,000
- New listings priced under $1 million :: 11 (39%)
- New listings priced under $500,000 :: 2 (7%)
- New listings already under contract or sold: 12 (43%)
5 :: New Building Sites
- Average List Price: $3,780,000
- Median List Price: $2,500,000
- New listings priced under $1 million :: 1 (20%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 3 (60%)

What it means: After a predictably slow November, new listings ticked up in December as 33 properties hit the market last month. Along with an increase to sales volume, the average listing price also increased for the second month in a row and reached over $2.3 million for the first time since June 2017. Six new listings hit the market priced in excess of $3 million, including two homes in Teton Village and two homes on the Westbank. Five new lot listings hit the market, including one of the last true ski-in, ski-out vacant lots at the base of Jackson Hole Mountain Resort. The most telling statistic this month, is that nearly 50% of the new December listings are already under contract or sold (by Jan 10th). With inventory being so tight, buyers are ready to move quickly on well priced and/or high demand properties. Some of the listings that have gone under contract quickly include: several condos and condo hotels in Teton Village, a higher end penthouse condo in downtown, and a single family home in Wilson priced under $750,000.

**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.

Tag Archive for: Jackson Hole real estate

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.

New Listing :: Cozy 4 bedroom home in downtown Wilson

Property Details

PUBLIC OPEN HOUSE

Wednesday Oct 31

10:00am – 1:00pm

1460 West Street, Wilson WY

Taxes: $5,662.36/year

No HOA or CC&Rs

List Price: $1,295,000

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.

Did you buy your Jackson Hole property 3 or 4 years ago?

Are you curious to learn if you could move up in the Jackson market?

Have you ever said? “I would absolutely consider selling if only there was something I else I could buy”

Here’s how I can help:

Set up a meeting to “crunch” numbers.

Help you prepare your home for sale.

Utilize our JHREA exclusive “Local’s Match-Making Board”

I recently helped Arnold and his family move from a townhome in Cottonwood Park to a house in Rafter J.

What happened in April?

$2,134,609

Average List Price

$115,268,900

LIST PRICE Volume

$118,833,300

Total Sales Volume

$4,097,700

Average Sales PRICE

38%

of transactions sold over $3M

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

New Listings – What’s New?

$1,781,873

AvERAGE LIST PRICE

$174,002,500

LIST PRICE Volume

Transactions/Sales Volume – What Sold?

$132,681,658

Total Sales Volume

$1,272,155

Average Sales PRICE

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

Quick Stats:

In-Town 2 bed townhome abutting open space

Centrally Located Townhome

I’m excited to announce my partnering with a new real estate company!

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

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY