Real Estate Market Analysis Archives - Page 2 of 3

2020: April Sales in Jackson Hole

May 6, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

Since COVID-19 shut down much of Jackson Hole in mid-March, real estate activity has definitely slowed. While March numbers were still strong thanks to a busy first half of the month, April sales numbers seem to better reflect the effects of the Coronavirus on our market. There were only 18 sales in April 2020, totaling $26 million in total sales volume. While April is considered the “off-season” in Jackson, with consistently slower real estate activity, it was much slower this year in particular, recording roughly half of the 33 sales seen in April 2019. Sales volume was also lower, with approximately $12 million less than in April 2019 and marking the lowest monthly sales volume since April 2016. After exceeding $2 million for each month of the first quarter this year, the average sale price dropped significantly in April, down to $1.4 million, the lowest monthly average sale price in the last 11 months. The median sale price was also down, dropping from $1.6 million in March 2020 to $1.323 million in April 2020, which was however, still nearly double the median sale price in April 2019 ($785,000). April’s lower average sale price can be explained by two other monthly stats.

1) Nearly half of April sales this year were under $1 million vs. Q1 2020, where sales in this segment accounted for 30-34% of all sales.

2) Only 2 sales occurred over $3 million, the lowest monthly number of high-end sales since April last year.

Properties that sold in April were not on the market long selling within an average of 133 days, the lowest days on market in the past 7 months. Sale prices remain strong seeing an average sale to list price ratio of 97%, with 5 properties selling at or above their asking price in April. Condo and townhome sales represented 50% of all sales in April, the highest monthly percentage since nearly a year ago in May 2019. Only 1 lot sold in April, the only time that has happened since I began tracking stats in 2013

2020: March Sales in Jackson Hole

April 8, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

Real estate sales in March dipped, down to 23 transactions for all of Teton County, 4 fewer sales than last month (Feb 2020) and 7 fewer sales than March 2019. This dip is most likely not a result of the coronavirus, as many properties that closed in March went under contract in February, prior the current COVID-19 pandemic effects. Despite seeing lower sales, overall dollar volume was up $3 million from February, reaching nearly $64 million. Thanks to 2 very high-end sales in March – a beautiful 103 acre tract along the Snake River adjacent to Grand Teton National Park (listed for $14.45 million) and a 6,700 square foot cabin at 3 Creek (listed for $11.75 million) – the average sale price jumped up to nearly $2.8 million, the highest monthly average sale price in the past 2 years. The median sale price in March (which is not as affected by the high-end / outlier sales) was also up in March, reaching just under $1.6 million, the highest monthly median sale price in the past year. The majority (60%) of property sales were single family homes in March. Only 5 condos/townhomes sold last month, the lowest monthly total since March 2017. Three vacant lots sold in March, including a 5-acre parcel on the Village Road owned by Teton County and originally earmarked for affordable housing. The majority (43%) of March sales occurred in the $1-3 million price point. In addition to the 2 high-end property sales listed above, another 4 properties sold above $3 million, with that segment accounting for 26% of all sales in March.

2020: February Sales in Jackson Hole

March 10, 2020/in Market Reports, Uncategorized/by Molly Stewart

Real estate sales were down in February, recording only 27 transactions – the lowest monthly total since last February 2019. Overall sales volume was also down $30 million after a strong January that saw nearly $90 million in sales volume. February volume was the lowest monthly volume since June 2019. Despite lower sales and volume, the average sale price remains strong, reaching close to $2,250,000 for only the first time in the past year. February saw several high end sales including 2 Granite Ridge homes in Teton Village, selling for a combined $15 million. The majority (56%) of sales in February were for single family homes. Not surprisingly given the snow levels, only 3 vacant lots sold in February. The $1-3 million price point was again the hot spot, with nearly half of last month’s sales occurring in this price range. There were 0 sales under $500,000 in February, the first month without a sale in the entry level market since I began tracking this stat in January 2018. The average days on market dropped down to 168 days after reaching 191 last month. Interestingly, the sale to list price ratio hit 97% for the first time since July 2019, illustrating that properties, on average, were selling closer to listing price in February, with nearly 1 in 4 properties selling at or above their listing price last month.

2019 Q1: Sales in Jackson Hole

April 13, 2019/in Market Reports, Uncategorized/by Molly Stewart

Overall real estate sales were down slightly in Q1 2019, recording 6 fewer sales than Q1 2018. While January and March 2019 saw a high level of sale activity, an unusually slow February, when only 26 properties sold, pulled down the total transactions for the quarter. Despite slightly fewer sales this year, overall dollar volume actually increased 50% from Q1 2018, jumping from $132 million last year to nearly $200 million this quarter.

You’ll recall that 2018 was an explosive year in the Jackson Hole Real Estate market. Well, it seems that the trend has continued into the start of 2019. The average sales price in Q1 2019 was up a staggering 60% compared to this time last year, strongly outpacing average sale prices in each month of the first quarter. Sometimes high-end sales can skew average sales prices, however the median sales price for Q1 2019 was also up significantly each month so far this year, in some cases double the average median sales prices seen in the first several months of 2018.

In analyzing transactions by price point, the “hot spot” of the first quarter was homes in the $1-3M price range, accounting for 40% of all sales. While sales in the $500,000 – $1,000,000 range started out the year strong with 10 sales in January, activity slowed after that, with only 11 sales occurring in the next two months combined.

2018: Q4 Market Update & Review for Jackson Hole

January 9, 2019/in Market Reports, Uncategorized/by Molly Stewart

Real estate transactions were up slightly in Q4 2018, recording 130 sales (vs. 123 in Q4 2017). In comparing month over month, even though 2018 saw a lower number of sales in both November and December, the 53 sales in October 2018 helped the 4^thquarter overall. Sales volume in Q4 2018 was up 20% compared to Q4 2017, recording $260 million in sales. Even though 2018 ended quietly, sales volume significantly exceeded volume in both October and November of 2017. The average sales price of Q4 2018 was just over $2 million, up 10% from Q4 2017, when the average sales price was $1.82 million. However, the median sales price was nearly identical between the fourth quarters of 2017 and 2018, suggesting that while the high end prices are getting higher, the remainder of the market values remained steady. The majority (37%) of sales in Q4 2018 occurred in the $1-3 million price point, helped by 25 new listings in this price segment in October alone. In Q4 2018, 46% of sales were for single family homes, with only 15% of sales representing vacant land (not surprising given the time of year).

New listing activity increased significantly from Q4 2017, with 108 new properties hitting the market in Oct/Nov/Dec 2018. New listings in 2018 outperformed 2017 in each month, resulting in an overall 37% increase in new listings in Q4 2018. Even more dramatic, the dollar volume of the new listings in Q4 2018 exceeded the volume in Q4 2017 by nearly $100 million, a staggering increase of 64%! New listing volume in 2018 significantly outperformed 2017 in every month including October, where sales volume was 2x that of 2017. As you can imagine, the average sales price in Q4 2018 increased significantly as well, up to $2.385 million from $1.97 million in Q4 2017. The median listing price fluctuated throughout the 4^th quarter of 2018, following a similar trend to Q4 2017, with the exception of Dec 2018, which saw a median list price of nearly $2 million, the highest monthly median since Sept 2017.

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.

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.

2018: April Market Report

May 9, 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 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.

2018: Q1 Review

April 18, 2018/in High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

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….

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.

Tag Archive for: Real Estate Market Analysis

What happened in April?

What Sold

$25,914,685

Total Sales Volume

133

Average Days on Market

$1,323,500

MEDIAN SALES PRICE

44%

Single Family Home Sales

44%

of property sales under $1M

2

TRANSACTIONS UNDER $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.

What happened in March?

What Sold

$63,981,729

Total Sales Volume

176

Average Days on Market

$1,595,000

MEDIAN SALES PRICE

61%

Single Family Home Sales

70%

of property sales over $1M

3

TRANSACTION UNDER $500,000

What happened in February?

What Sold

$60,598,698

Total Sales Volume

168

Average Days on Market

$1,495,000

MEDIAN SALES PRICE

56%

Single Family Home Sales

67%

of property sales over $1M

0

TRANSACTION UNDER $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.

Transactions/Sales Volume – What Sold?

$2,096,616

Average Sales Price

$199,178,515

Total Sales Volume

Market Analysis

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.

Transactions/Sales Volume – What Sold?

$1,993,477

Average Sales Price

$259,152,032

Total Sales Volume

Market Analysis

New Listings – What’s New?

$2,308,273

AvERAGE LIST PRICE

$249,293,500

LIST PRICE Volume

Market Analysis

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?

What Sold

$101,494,388

Total Sales Volume

157

Average Days on Market

$965,000

MEDIAN SALES PRICE

$2,255,431

Average Sales Price

11%

of property sales were under $500,000

24

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.