properties under $500 Archives - Katie Brady Real Estate

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

What’s new in Sept 2016? (New Listing Analysis)

43 :: Total New Listings in Sept
- New Listing Volume: $68,564,000
- Average List Price: $1,595,000
37 :: New Residential Properties (single family, condo, townhome)
- Average List Price: $1,470,000
- New listings priced under $1 million :: 20 (54%)
- New listings already under contract or sold: 8
6 :: New Building Sites
- Average List Price: $2,363,000
- New listings priced under $1 million :: 1 (17%)
- New listings already under contract or sold: 2

What it means: After slowly declining over the past few months since the peak in May (110 new listings), new inventory dropped off significantly in September, with only 43 new properties hitting the market last month. While September is not historically a popular month for sellers to list their properties, this September’s new listings still fell far short of 2015 (see chart below). Dollar volume of new listings plummeted in September, recording roughly 1/4 of the dollar volume seen in August ($68MM vs. $244MM). The price points of these new listings were also down, as evidenced by a sharp drop in the average listing price. (Keep in mind that August’s high average listing price was helped by several high-end land parcels in the Bar BC, Spring Gulch Ranch and the Snake River Sporting Club.) Twenty-one of the new residential listings in September were priced under $1 million (nearly 50%), with 6 of them priced under $500,000. Compare that to August, when only 39% of new listings were under the $1 million mark. The well priced properties continue to move quickly as 8 of these sub $1 million listings are already under contract or sold (by Oct 10), including a 4 bedroom townhome at the base of Snow King Mountain, which went under contract within hours of hitting the MLS. The trend of high-end land listings continued in September, with 4 of the 6 new lot listings priced over $1.5 million, including 2 lots in Shooting Star and one in Granite Ridge, both located at the base of Jackson Hole Mountain Resort.

Notable new listings in Sept include:

Deed Restricted Employee Housing condo at base of Snow King Mountain – $299,000
Live/Work Units (downstairs office, upstairs living) across from Whole Grocer – starting at $660,000
Nicely updated home close to parks, hiking and amenities in West Jackson – $765,000
Four bedroom home nestled in the trees over looking Fish Creek area in Wilson – $3,195,000

Click HERE to view all available September residential listings.

Click HERE to view all available September land listings.

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Jackson Hole, WY

What Sold in Sept 2016?

38% :: Percentage of single family home sales (lowest % in past year)

34% :: Percentage of condo/townhome sales (identical to last month)

28% :: Percentage of Land Sales (double last month)

44% :: Percentage of residential properties selling for over $1 million (similar to last month)

56% :: Percentage of residential properties selling for under $1 million

15% :: Percentage of residential properties selling for under $500,000 (back down after increase)

What it means: After many months of consistency, the breakdown of sales by property type changed significantly in Septebmer. Single family home sales represented only 38% of all sales last month, dipping below 40% for the first time since Aug 2015. This drop can be attributed to dwindling available inventory, especially in the Town of Jackson, where there are currently only 19 homes available under $1.5 million. Condo and townhome sales remained consistent, representing 1 out of every 3 sales in Teton County last month. Three of the condo sales in September were over $1 million including two “downtown” high-end condos on Pearl Ave and a 5 bedroom condo in Teton Village, which sold quickly after hitting the market. Land sales spiked in September, representing nearly 30% of all sales, double the 12-month average of 15%. Lots sales in September occurred all over the Valley: from 3 lots in JH Golf & Tennis, to a building site on Karns Hillside in Town, to a unique 5 acre parcel in “downtown” Wilson with Fish Creek frontage. The majority of lot sales in September occurred over $1 million, with 6 lots selling for over $2 million, including large parcels in Bar BC, Wilderness Ranches, Shooting Star and Spring Creek Ranch. Entry level sales took a dip as 15% of property sales were under $500,000 in September. While this segment of the market has seen volatile ups and downs over the past year, the general trend is downward as fewer and fewer properties are available at this price point. Compare this past month (15%) to early in 2014, when 40-45% of property sales occurred under $500,000 (see chart below). Currently there are only 27 properties in ALL of Teton County priced under $500,000.