2018: April Market Report

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.

New Listing :: Rafter J Single Family Home

April 15, 2018/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

This is the Rafter J home you have been waiting for with nearly 2,600 sq ft of living space on a spacious 0.22 acre lot, located at the end of a quiet cul-de-sac, backing up to open space. Entertain in the open living/dining/kitchen area with tall windows and vaulted ceilings. Spread out in the large upstairs bonus room – perfect as a family/play room. Enjoy lazy Saturday mornings with coffee in hand, while watching the sun rise on the mountains from the master bedroom. Take in the outdoors from multiple decks, including one off the downstairs bedroom with direct Teton views. Additional features include a large mudroom for all your Jackson gear and fresh exterior paint. Take advantage of this home’s connection to Rafter J open space with easy access to the great walking trails and Flat Creek.

New Listing :: Remodeled Duplex in Downtown Jackson

March 23, 2018/in Featured Listing, Featured Listings, Uncategorized/by Molly Stewart

Remodeled Duplex in downtown Jackson

Live the Jackson Hole lifestyle – be in the center of the action! Newly remodeled in 2018, this duplex is located in the heart of downtown Jackson within a block of the Center of the Arts and the famous Snake River Brew Pub and walking distance to all the restaurants, shops and bars around Town Square.

So many possibilities: Live or stay in one part of the duplex while generating rental income in the other. Use the additional unit for visiting family and friends. Rent out both units as an investment.

2017 ends strong, with over $90 million in sales volume

January 7, 2018/in Market Reports, Uncategorized/by Molly Stewart

What it means: After an unusually busy November, real estate sales dipped down in December, matching transaction levels seen last year at this time. December monthly sales volume was another story however, recording the highest total monthly volume of the year. In fact, the last time monthly sales volume numbers reached above $90 million was back in September 2015! The year definitely ended with a bang with several very large sales, including a 7,300 sq foot home on 35 acres in Crescent H Ranch (listed at $17 million) and a 10,000 sq foot estate in the exclusive Indian Springs neighborhood, which was listed for $12.5 million (both sales prices were undisclosed to the MLS). Additionally, several other high end homes sold in The Gill Addition, 3 Creek Ranch, Solitude and the Snake River Sporting Club. As a result, the average sales price jumped up to $2.6 million, the highest monthly average in recent history (with the one exception of Jan 2017, where a $50 million sale in Wilson pulled the average sales price up to $3.35 million). While averages can be affected by high outlier sales, the median sales price also jumped up significantly to over $1.4 million, as 14 properties sold for more than $2 million in December (nearly 40% of all sales). The average sales price to list price ratio ticked up to 96% after several months hovering at 95%. However, only 4 properties sold at, near or above their listing price, suggesting that many sellers became more motivated to make a deal before the end of the year. Over the past 6 months, the average days a property is exposed to the market before selling has averaged around 150 days. In December, the marketing time spiked to 280 days as much of the old inventory was cleared off the market. In fact, 10 of the properties were on the market for over a year before finally selling in December.

Six high end homes ($3+ million) enter market in November

December 9, 2017/in Market Reports, Uncategorized/by Molly Stewart

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

20 :: Total New Listings
- New Listing Volume: $43,026,000
- Average List Price: $2,151,000
19 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,217,000
- Median List Price: $1,150,000
- New listings priced under $1 million :: 9 (47%)
- New listings priced under $500,000 :: 1 (5%)
- New listings already under contract or sold: 5 (26%)
1 :: New Building Sites
- Average List Price: $899,000
- Median List Price: $899,000
- New listings priced under $1 million :: 1 (100%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 0 (0%)

What it means: Continuing a decline started in August, only 20 new listings hit the Jackson Hole real estate market in November, the lowest monthly level since last November (2016). While the number of new listings was down in November, total dollar volume of these new listings was actually up from last month (which saw 29 new listings). Six high end listings (priced over $3 million) hit the market in November including 2 homes in Granite Ridge, offering ski-in, ski-out access to Jackson Hole Mountain Resort (starting at $4.2 million) and a 9,500 square foot home in the exclusive Indian Springs neighborhood, listed at $9.7 million. As such, the average listing price jumped back up above $2 million after a low of $1.2 million last month. Only one new listing in November was priced under $500,000 (a one bedroom Aspens condo for $469,000). Of the 8 properties listed between $500,000 – $1,000,000, 5 are already under contract, illustrating the continued high demand for this price point.** Historically, November is not a popular time to list vacant land, as only one new lot listing hit the market in November (a 5 acre lot on the bench of the Snake River in the Solitude neighborhood north of Town).

**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.)

Notable new listings in November include:

Fixer Upper home on 6 acres in Red Top Meadows – $695,000
Newly built contemporary home with Snow King views – $1,150,000
Three bedroom ski-in, ski-out condo at Hotel Terra – $1,449,000

Click HERE to view all Nov residential listings.

Click HERE to view all Nov land listings.

(Note: Links above are good for one month after report is published.)

Half of October new listings priced under $1,000,000 and selling quickly

November 9, 2017/in Market Reports, Uncategorized/by Molly Stewart

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

31 :: Total New Listings
- New Listing Volume: $38,176,000
- Average List Price: $1,231,000
29 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,207,000
- Median List Price: $965,000
- New listings priced under $1 million :: 15 (52%)
- New listings priced under $500,000 :: 4 (14%)
- New listings already under contract or sold: 12 (41%)
2 :: New Building Sites
- Average List Price: $1,575,000
- Median List Price: $1,575,000
- New listings priced under $1 million :: 1 (50%)
- New listings priced under $500,000 :: 0 (0%)
- New listings already under contract or sold: 2 (100%)

What it means: New Listings entering the Jackson Hole real estate market continue to decline, dropping significantly in October. Only 31 new properties hit the market last month (compare that to 100+/- new listings per month in the summer). Overall dollar volume of these new listings also decreased significantly, matching volume levels seen last year at this time. After several steady months hovering between $2.2m – $2.3m, the average listing price dropped nearly $1 million down to $1.2m in October, as over 50% of the new listings in October were priced under $1,000,000, including several condos in The Aspens, a remodeled house in Town and a 2,100 sq foot house in the Rafter J neighborhood. Of the 29 new residential listings, over 40% of them are already under contract or sold. Looking at the under $1 million segment, 8 of the 15 new listings (over half) have already been snatched up, illustrating the continued high demand and competition in this price point. There were only 2 new vacant lots listed for sale, however both were marked as pending when entered into MLS, meaning they most likely went under contract before hitting the market.

NOTE: 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.)

Notable new listings in October include:

Large (900+ sq ft) remodeled 1 bedroom condo in The Aspens – $599,000
4 bedroom Creekside townhome with complete remodel – $799,000
Two larger single family homes in East Jackson – $1,175,000 & $1,355,000

Click HERE to view all Oct residential listings.

Click HERE to view all Oct land listings.

(Note: Links above are good for one month after report is published.)

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

May 28, 2017/in Market Reports, Uncategorized/by Molly Stewart

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.)

Click 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.

Click 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.

Monthly average sales price tops $2 million

May 12, 2017/in Market Reports, Uncategorized/by Molly Stewart

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.

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.

Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

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

February 6, 2017/in Market Reports, Uncategorized/by Molly Stewart

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.)

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!

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

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Several new high end listings in Teton Village in December

January 12, 2017/in Market Reports, Uncategorized/by Molly Stewart

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.)

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!

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

Quick Search or Advanced Search capabilities
Customizable Map Search
Search by MLS #, if you have a specific property in mind
Create your own saved searches

Search Jackson Hole Properties now.

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.

Tag Archive for: jackson wy real estate

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 Listing :: Rafter J Four Bedroom Home

Property Details

PUBLIC OPEN HOUSE

Wednesday April 18th

10:00am – 1:00pm

1745 Diamond Hitch Drive

Taxes: $5,496/year

HOA Fees: $624/year

List Price: $995,000

Click HERE for more information/photos.

Remodeled Duplex in downtown Jackson

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Dec 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Feb 2017

Jackson Hole, WY

May I ask for your vote this year?

The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

May I ask for your vote this year?

Katie Brady