Tag Archive for: Jackson Hole Report

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

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

OVERALL MARKET

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

SINGLE FAMILY HOMES

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

IMG_0944Click HERE to view the 18 single family home listings priced under $1,000,000

CONDO/TOWNHOME

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

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

VACANT LAND

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

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

WHAT TO DO NEXT? 

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

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

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

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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.

Sales down as available inventory disappears: Q3 Update from The Jackson Hole Report

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Overall sale transactions and dollar volume were down yet again in the third quarter of 2016, with property sales under $1,000,000 dwindling.  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 Third Quarter Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 9%.
  • Overall dollar volume is down 10%.
  • Sales under $1 million are down 32% (compared to this time last year) and have been decreasing steadily since late 2013 – the tail end of the recession. 
  • Average Sale Price & Median Sales Price also dropped (by 3% and 5% respectively).
  • 46% of all transactions were cash transactions (i.e. no loans).
  • Overall inventory is down 8%, HOWEVER inventory in the sub $1 million market is down 27%, marking the lowest level since the peak in 2007. 

 

SINGLE FAMILY HOMES

  • Single family (SF) home transactions continue to accelerate (up 9%), however, dollar volume of SF homes dropped 7% in Q3.
  • The average sales price for all SF homes was down 11% as SF sales under $1 million increased (up 9%).
  • HOT Price Points: $500,000-$1,000,000 where 78 sales have already occurred in 2016 and $1MM – $2MM, where 73 sales have occurred. Each segment represents over 1/3 of sales in 2016.
  • HOT Locations: Town of Jackson saw 29% of sales so far in 2016, followed by south of Town, where 20% of sales occurred. Fifteen homes have sold in Rafter J, the most of any subdivision. 
  • Overall SF home inventory is down 8%, with dollar volume up 12%, meaning less homes are being listed, but at higher prices. In fact, the average listing price for new inventory in 2016 has climbed 22% since 2015!
  • Currently there are only 17 single family homes available for sale under $1 million, the lowest level seen since the peak in 2007. 

Click HERE to view the 17 single family home listings priced under $1 million

 

palmer-creek

House and guest house in Hoback Junction – $895,000

single-family-home-jackson-wy

Single Family Home in Town of Jackson – $730,000

 

condo-for-sale-under-300000-jackson-hole

Town Creek Condo in Jackson – $299,000

aspens-condo-for-sale

Aspens Condo – $415,000

CONDO/TOWNHOME

  • Overall condo sales continue to decline, down 5% from this time last year.
  • HOT Price Point: $500,000 – $1,000,000, where 43% of all condo sales have occurred.
  • Teton Village condos and Shooting Star townhomes account for more than half of all activity over $1 million.
  • Condo sales under $300,000 continue to decline with only 11 sales in all of 2016. Currently there are only 2 condos available for sale in this price range, and both have employment based deed restrictions. 
  • Overall, new condo listings are down 21% compared to 2015, marking the second lowest inventory level in the past 20 years. 
  • Available condos priced under $500,000, which sees the highest demand, is down 81% compared to 2009.

Click HERE to see the 14 condos/townhomes available under $500,000

Click HERE to see the 28 condos/townhomes available between $500,000 – $1,000,000

VACANT LAND

  • After several years of strong activity, residential vacant land sales have taken a nose dive – down 35% compared to this time last year.
  • Dollar volume is down 38% and the average sales price slipped 4% in Q3 2016.
  • More than half (55%) of lot sales occurred over $1 million this past quarter.
  • Lot sales under $500,000 were down 54% from 2015. 
  • Only 14 lots are currently available under $500,000. 
  • The majority of lots sales occurred on the Westbank (42% of sales) and South of Town (21% of sales).
  • While available inventory is on par with 2015, the average listing price is up 12% to $2.9 million.

 

2-5-acres-hoback-jackson-wy

2.5 acres available in Hoback Junction – $350,000

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.