2018: December – What Sold in Jackson Hole?

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

2018 ended somewhat quietly in the Jackson Hole real estate world. Down from 45 sales in November, December recorded only 32 sales, the lowest monthly total since April 2018. Sales volume was also down, reaching just over $66 million, the lowest volume seen since March 2018. While the average sales price was just above $2 million, the median sales price (a more accurate indication of “middle of the road” values) came in just above $1 million in December, a steady trend seen throughout the 4^thquarter. After spiking to 98% in November, the sales price to list price ratio dropped back down to 96% in December, below the average of 97% seen through much of 2018. Only 4 properties sold at or above the listing price, as more sellers appeared willing to negotiate with the year-end approaching. The average days on market increased slightly to 177 days in December, just above the annual average of 153 days. In December, 3 of the new Town Square Condos (atop the new Marriott hotel) closed. After first coming onto the market in October of 2016, 4 of the 9 units are now sold.

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.

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.

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…

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.

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.

Notable new listings in December include:

Newly updated log cabin home in Hoback – $575,000
Three bedroom townhome with private backyard in Cottonwood Park – $629,000
Newly built contemporary home in the Town of Jackson – $1,699,750

Click HERE to view all Dec residential listings.

Click HERE to view all Dec land listings.

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

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.

Sale Prices remain strong despite low sales, volume

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

What it means: Real estate sales continued to decline in October, with 37 total transactions, the lowest number of sales since April 2017. With the busy selling season over, we should expect to see this slowing trend continue into the winter. Compared to this time last year (Oct 2016 saw 57 sales for $87 million), sales and volume are down significantly, most likely a result of lower inventory levels. Despite sales volume declining, the average sales price actually increased slightly in October (to over $1.5 million) as the prices of homes remain very strong. Ten properties sold for over $2 million in October (which pulled up the average sales price), however the median sales price last month was slightly below average, as several “entry level” properties also sold (18 sales under $750,000, 8 sales under $500,000). The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, properties are selling even more quickly as available quality inventory declines. In October, 18 sales (nearly 50%) sold within 90 days of listing, with many fetching multiple offers in the first few days of hitting the market. Fast selling properties included condos in Town and The Aspens, townhomes in Town, a high-end home in Wilson and a $6+ million home in John Dodge. October also saw several sales down in the Snake River Sporting Club, including several of the new Fairway Lodges, which are zoned for short term rentals (only a few remain).

Tag Archive for: jackson wy

What happened in December?

What Sold

$66,018,286

Total Sales Volume

177

Average Days on Market

$1,005,000

MEDIAN SALES PRICE

$2,063,071

Average Sales Price

3%

of property sales were under $500,000

15

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.

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

Listings below $500,000

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 :: Convenient and Affordable Aspens Condo

Property Details

PUBLIC OPEN HOUSE

Wednesday July 11th

2:00pm – 5:00pm

3940 S LAKE CREEK DRIVE #3 Wilson WY (Spruces Building)

Taxes: $1,834.73/year

HOA Fees: $3,427.48/year

List Price: $399,000

New Listing :: Desirable Berry Patch Condo in The Aspens

Property Details

PUBLIC OPEN HOUSE

Wednesday June 27th

10:00am – 1:00pm

4475 Berry Drive #32-1-2

Taxes: $2,557.75/year

HOA Fees: $3,483.04/year

List Price: $517,500

Click HERE for more information/photos.

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.

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 January 2018

Jackson Hole, WY

The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

Katie Brady