jackson wy real estate Archives - Page 7 of 9

2019: February Sales in Jackson Hole

March 8, 2019/in Market Reports, Uncategorized/by Molly Stewart

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 11^thconsecutive 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.

2019: New Listings in Jackson Hole

February 7, 2019/in Market Reports, Uncategorized/by Molly Stewart

The New Year was off to a very strong start from an inventory perspective too, as 55 new listings hit the market in January. Unusually high for this time of year (Jan 2018 saw only 39 new listings), January saw the most new listings since Aug 2018. Dollar volume of the new inventory topped $100 million for the second month in a row. After peaking at nearly $2 million in Dec 2018, the median list price dropped back down to $1.12 million in January, closer to typical levels seen in 2018. The average listing price also dipped after a high of nearly $3.3 million in December (thanks to several high end listings entering the market in late 2018). While a similar number of new high-end listings ($3+ million) entered the market in January (11 vs 12 in Dec 2018), the “local’s market” saw the largest surge in inventory as 22 new properties came onto the market. This is the highest level of new inventory seen in this price point since Aug 2018 – great news for local buyers, who struggled with limited available inventory for much of 2018.

2019: January Sales in Jackson Hole

February 6, 2019/in Market Reports, Uncategorized/by Molly Stewart

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.

2018: Year End Review – Jackson Hole

January 12, 2019/in Market Reports, Uncategorized/by Molly Stewart

Wow – what a year! The real estate market in 2018 saw nearly 500 transactions totaling $934 million in dollar volume*. To put that in perspective, compare it to last year, where 436 sales produced $676 million in sales volume. So, from 2017 to 2018, the number of real estate sales increased by 13% but the total dollar volume increased by 38%. So what does that tell us? Not only did more transactions occur, but they occurred a much higher prices. Another way to look at the trend is through the overall average sales price, which increased from $1,550,000 in 2017 to nearly $1,900,000 in 2018, an increase of 22%!

In comparing sale transactions quarter by quarter, 2018 outperformed 2017 in each quarter. Regarding sales volume, while 2018 started out slowly with slightly less volume than Q1 2017, the remainder of the year made up for it, especially in the second quarter when 2018 sales volume was double that of 2017.

So, in what price points did the additional sales occur in 2018? The majority (40%) of sales occurred in the $500,000 – $1 million range (the “local’s market”), a similar share seen in 2017. Sales in the $1-3 million range also grew at consistent levels, representing 35% of the all 2018 sales. The big shift in 2018, was a 47% decrease in sales under $500,000 (47 sales in 2018 vs. 69 in 2017) AND a significant increase in sales over $3 million. In 2018, there were 76 sales in excess of $3 million, representing 15% of all market sales. Compare that to 2017, when 41 sales occurred in this price range (and represented only 9% of all market sales).

*Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for 2018. It is estimated that sales outside of MLS account for an additional 20% of transactions/volume. Contact Katie for more details.

After two years of declining or stable inventory, total new listings were up slightly in 2018. Despite the increase in listings this past year, inventory levels are still low compared to levels seen in 2015-2016. The timing of new listings to market was similar between 2017 and 2018, with the majority of new listings coming hitting the market in the second quarter (April/May/June), typically popular months for new listings. However, there was a surge of new listings in the 4^th quarter in 2018, when 108 new properties came onto the market (vs. 79 in Q4 2017).

The 632 new properties that hit the market in 2018 totaled over $1.6 billion in dollar volume. The 3% increase in new listings spurred a 18.5% increase in overall listing volume. What does that tell us? Slightly more inventory was coming onto the market in 2018, but at much higher prices, as illustrated by a 15% increase in the average listing price in 2018. When comparing quarter by quarter, the average listing price was actually similar to 2017, with the exception of Q3 2018, when the average list price was $1 million higher than Q3 2017.

2018: November New Listings

December 10, 2018/in Market Reports, Uncategorized/by Molly Stewart

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.

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 :: Spruces in the Aspens

July 10, 2018/in Featured Listing, Uncategorized/by Molly Stewart

The Spruces development is one of the most convenient locations in The Aspens – just an easy 2-minute walk to The Aspen Market & wine shop, coffee shop, bank, sports club, restaurants and the bus stop out to Teton Village and world-renowned Jackson Hole Mountain Resort.

Currently the least expensive condo available in The Aspens, this Property is zoned for short term rentals with solid rental history and strong current reservations through 2018.

This first-floor unit has an open living room, cozy wood burning fireplace, adequate off-street parking, and is being sold furnished and rental ready for a new owner.

New Listing :: Thimbleberry in the Aspens

June 23, 2018/in New Listings, Uncategorized/by Molly Stewart

Now Available! A highly desirable Berry Patch condo located at the back of The Aspens development. Beautiful mountain views from the private back deck overlooking Fish Creek and backing up to large open ranch land. This one bedroom condo, with extra bunk beds, can be rented short term to generate rental income for a new owner. Convenient location close to the bus stop, market and wine shop, bank and restaurants and a short 5 minutes away from the world renowned Jackson Hole Mountain Resort. The condo has an updated kitchen and bath, includes a cozy fireplace and is being sold furnished.

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…

Tag Archive for: jackson wy real estate

What happened in February?

What Sold

$59,258,251

Total Sales Volume

96%

Average Sold:List Ratio

$1,660,000

MEDIAN SALES PRICE

50%

Townhome/Condo Sales

38%

of property sales between $1-3M

7

TRANSACTIONS 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.

What happened in January?

New Listings

$119,681,000

New Listing Volume

49

Residential Listings

$2,176,018

Average List Price

$1,122,500

MEDIAN LIST PRICE

50%

Under $1M Price Point

11

Listings above $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.

What happened in January?

What Sold

$82,106,071

Total Sales Volume

95%

Average Sold:List Ratio

$1,335,000

MEDIAN SALES PRICE

59%

Single Family Home Sales

15%

of property sales were under $500,000

23

TRANSACTIONS OVER $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.

2018: Transactions/Sales Volume – What Sold?

$1,892,471

Average Sales Price

$934,880,606

Total Sales Volume

Market Analysis

$1,090,510

Average Median Sales Price

12%

of Sales were Land Lots

2018: New Listing/Inventory Analysis

$2,456,015

AvERAGE LIST PRICE

$1,609,081,350

LIST PRICE Volume

Market Analysis

$1,299,560

AvERAGE MEDIAN LIST PRICE

$2,115,078

AVERAGE LIST PRICE For Land

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.

What happened in November?

New Listings

$2,059,839

Average List Price

29

Residential Listings

$63,855,000

New Listing Volume

$982,500

MEDIAN LIST PRICE

35%

$1M-$3M Price Point

8