Tag Archive for: jackson wy real estate stats

2019: March Sales in Jackson Hole

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What happened in March?

What Sold

There was an uptick in sales last month with 30 transactions occurring in March, however sales volume dropped slightly, down to just under $58 million. As a result, both the average and median sales prices were down in March, as nearly 50% of property sales occurred under $1 million. Properties that sold in March had only been on the market for an average of 147 days, the shortest monthly marketing time seen since Oct 2018. Demand remains high as half of March sales were on the market for less than 90 days before closing. Sellers appeared to be motivated this winter, as properties sold at 95% of their listing prices in March, only the second time this monthly ratio has dipped below 96% in the past 17 months. Single family homes represented over half of all sales in March, while only 2 building sites sold – a 31 acre lot on Saddle Butte and a rarely available vacant lot in Cottonwood Park.

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$57,814,192

Total Sales Volume

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95%

Average Sold:List Ratio

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$1,250,000

MEDIAN SALES PRICE

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53%

Single Family Sales

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33%

of property sales between $1-3M

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6

TRANSACTIONS OVER $3M

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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.

2019: February Sales in Jackson Hole

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What happened in February?

What Sold

After a solid January (with 38 sales and $82 million in dollar volume), sales dipped in February, with just 26 transactions, the lowest monthly sales since March 2018. Despite the lower sales, the price point of those sales actually increased, resulting in nearly $60 million in volume. The average sales price ticked up $170,000 to just under $2.3 million, while the median sales price jumped up $300,000 from January, the second large monthly increase in a row. Seven properties sold above $3 million, now the 11thconsecutive month where we’ve seen at least 5 sales in this high-end segment. Conversely, there were only 9 sales in February under the $1 million mark. The majority (38%) of sales occurred between $1-3 million. Interestingly, at least 1/3 or more of all sales have occurred in this price range for the last 10 months, suggesting this is the new mid-point of the market. The sales price to list price ratio bounced back to 96% in February after dipping to 95% in January for the first time in over a year. The average time to sell a house in Jackson Hole was just under 6 months, a stat that has been consistent for the past 3 months. However, 42% of the sales in February closed in under 3 months of listing, as demand remains strong for well-priced properties. Townhome and condo sales represented half of all sales in February, the highest monthly percentage seen since June 2017. Several condos sold in Teton Village in February, not a surprise as many visitors flocked to the area for the record setting snow fall.

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$59,258,251

Total Sales Volume

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96%

Average Sold:List Ratio

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$1,660,000

MEDIAN SALES PRICE

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50%

Townhome/Condo Sales

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38%

of property sales between $1-3M

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7

TRANSACTIONS OVER $3M

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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.

2019: January Sales in Jackson Hole

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What happened in January?

What Sold

After an explosive 2018 (read the 2018 Annual Report), 2019 was off to a solid start with 39 sales totaling over $82 million in dollar volume. Both stats exceeded numbers from Dec 2018 by 22% and 24%, respectively. While the average sales price ticked up slightly to just over $2.1 million, the median sales price increased significantly in January, up $300,000 to $1.335 million, representing the third highest median sales price in the past 12 months. Properties that closed in January did so at an average of 95% of their list price, a drop from the 96-98% levels seen throughout all of 2018. Only 5 properties sold at or above list price in January, a number that could reach as high as 20-25 in some months in 2018. January saw an unusually high number of single family homes sales, representing nearly 60% of all sales. Land sales were predictably low, recording just 3 vacant land sales in January. There were 5 sales over $3 million in January, including an 8,300 sq ft house in Indian Springs that was listed for $15.5 million. It’s interesting to note that there have been at least 5 sales/month in this high-end price range ($3MM and above) for the past 10 months.

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$82,106,071

Total Sales Volume

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95%

Average Sold:List Ratio

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$1,335,000

MEDIAN SALES PRICE

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59%

Single Family Home Sales

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15%

of property sales were under $500,000

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23

TRANSACTIONS OVER $1M

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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.

2018: November New Listings

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What happened in November?

New Listings

Both new listings and new listing dollar volume were down in November, a month typically slower for new listing activity. Only 31 new properties came onto the market last month, roughly one third of new listings seen in the high month of May. Total new listing dollar volume still topped $60 million in November as 4 new homes priced over $3 million hit the market, including two homes in excess of $10 million – a 4,000 square foot house and adjoining lot in Wilderness Ranches and a 6 bedroom home now under construction in Shooting Star. Helped by these higher end homes, the average listing price reached over $2 million in November, however the median listing price dropped under $1 million for the first time in the past 7 months. Only two new lots came onto the market in November, not surprising given the time of year – a 3.3 acre lot north of town listed for $825,000 and a unique half acre lot with Fish Creek frontage in Wilson, listed for $1.65 million. The majority (35%) of new November listings were in the $1-3 million price point, including a newly built home in downtown Wilson, listed for $1,785,000 and an oversized home in Melody Ranch, totaling nearly 4,700 square feet, listed at $2,350,000.

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$2,059,839

Average List Price

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29

Residential Listings

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$63,855,000

New Listing Volume

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$982,500

MEDIAN LIST PRICE

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35%

$1M-$3M Price Point

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8

Listings below $500,000

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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.

2018: Q1 Review

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New Listings – What’s New?

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….

$1,781,873

AvERAGE LIST PRICE

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$174,002,500

LIST PRICE Volume

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Transactions/Sales Volume – What Sold?

Sales transactions are up nearly 40% in Q1 2018 (vs. this time last year). February 2018 in particular was a very busy month, with 45 sales (vs. only 25 sales in Feb 2017). Sales Volume, however is down 8% in the first quarter of this year. Much of this decline can be attributed to the usually high sales volume of January 2017, where nearly $90 million in property sales occurred (compare that to Jan 2018 where we saw only half that volume).

$132,681,658

Total Sales Volume

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$1,272,155

Average Sales PRICE

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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.

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

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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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Property Search is Here!

Search ALL Teton County Listings: Single Family Homes, Condos, Vacant Land, Multi-family, Farm/Ranch, Commercial and Leases

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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.)




Property Search

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Monthly average sales price tops $2 million

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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. 




 

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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

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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. 




Property Search is Here!

Search ALL Teton County Listings: Single Family Homes, Condos, Vacant Land, Multi-family, Farm/Ranch, Commercial and Leases

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  • Create your own saved searches

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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.