Tag Archive for: Real Estate Market Analysis

November a busy time for real estate? This year it was, as 50 properties sell.

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The Colbert Real Estate Report

Monthly Market Update for Dec 2017

Jackson Hole, WY

Summary – Nov 2017:

  • 50 :: Total residential sale transactions
  • $67,868,000 :: Total residential sales volume 
  • $1,357,000::  Average sales price 
  • $900,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 145 ::  Average days on market prior to selling 

What it means:  After several months of declining real estate sales, transaction levels spiked in November, reaching 50 monthly sales for the first time since Oct 2016. These sale levels are much higher than expected, especially considering that last November saw only 34 transactions. High sale levels were helped by 7 property closings down in the Snake River Sporting Club, including 4 sales/reservations for the soon-to-be-built Fairway Lodges – 3 and 4 bedroom cabins that are zoned for short term rentals. With the spike in sale transactions, sale volume also increased, reaching a level higher than anything seen this past summer. The median sales price in November ($900,000) was identical to last month, however the average sales price in November dropped nearly $200,000 as a significant number of sales occurred in the sub $1 million market. Six properties sold for under $500,000 (including several 2 bedroom condos in the Town of Jackson), and an additional 11 properties sold between $500,000 – $750,000, currently a hot market for local buyers. The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, well priced and/or high demand properties continue to sell quickly (many times fetching multiple offers) as available quality inventory remains low. The average marketing time dropped slightly to 145 days (on average), even with several properties selling after being on the market close to a year. In November, 21 sales occurred within 90 days of hitting the market, illustrating that buyers are well-educated and are ready to jump quickly when they see something they like that is well priced. (Note: As a seller, it is important to list your property competitively (based on recent comps) in order to capture these ready-to-move buyers. Contact me if you’d like to discuss the marketability and market value of your home or complete the Home Valuation Form.) 

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

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The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

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.)

 

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. 
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Featured Listings

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

September sales fizzle as summer selling season ends

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The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

Summary – Sept 2017:

  • 40 :: Total residential sale transactions
  • $59,816,000 :: Total residential sales volume 
  • $1,495,000::  Average sales price 
  • $1,130,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 171 ::  Average days on market prior to selling 




What it means:  After plateauing in July and August, real estate sale transactions dipped in September, signaling the end of the busy summer selling season. September sales were significantly lower than in Sept 2016, which saw the highest monthly sales in all of 2016. Overall, summer sales in 2017 were lower than transactions recorded in the summer of 2016.  Similarly, dollar volume over the past several months was also lower than in 2016. Between June and Sept 2017 $226 million in sales occurred, $26 million LESS than the same time frame last year.  After hovering just under $1 million in May and June, the average sales price has increased over the last few months, reaching $1.5 million in September. The median sales price has also increased, jumping up to $1.33 million last month. While the overall sales price to list price ratio continues to hover around 95%, it appeared many sellers were willing to negotiate a bit in September with fewer properties selling at or above their respective listing prices.  We should see this trend continue as we enter the Fall, as many owners who hoped to sell this summer will become more and more motivated to sell.  After reaching a low in July and August, the average marketing time increased in September as listings that had been on the market for quite some time finally sold.  This trend was not market wide however: Of the 20 property sales under $1,000,000 in September, 14 sales (70%!) sold in under 3 months, suggesting that demand for this “entry level” local’s market remains very strong.  

 

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. 
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Featured Listings

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

Property Search

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.

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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.

New Property Listings slow in Sept 2016

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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.

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.

placeit

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.

 

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. 
 placeit (3)

Featured Listings

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

Real Estate Market Analysis: Cottonwood Park in Jackson Hole, WY

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In order to understand what is happening in the Jackson Hole real estate market, it’s helpful to analyze a particular market and see what the numbers tell us. Every month, I like to focus on a different neighborhood in the Teton County area. What are homes selling for in this neighborhood? How quickly are they selling? What were they selling for a year ago? How have values changed? What are the current opportunities in the neighborhood?

In the past 6 months (Jan 2013 – June 2013), there have been 5 single family home sales in Cottonwood Park. These homes have sold on average for $321/square foot. Many argue that we are in an increasing market; here’s why. If we focus on the previous 6 months (July 2012-Dec 2012), the 8 home sales in Cottonwood Park sold for an average price of $294/square foot.  Looking back even 6 months prior (Jan 2012 – June 2012), there were 6 single family home sales in Cottonwood Park, selling for only $236/square foot on average. See Chart below.

 

Current Opportunities: There are currently 3 single family homes for sale in Cottonwood Park priced between $530,000-$579,000. On average these listings are priced at $390/square foot, 22% higher than the SOLD price per square foot of the last 6 months and 65% higher than the SOLD price per square foot 18 months ago.

 

Sellers obviously feel very confident about the market’s direction and are pricing their properties strongly. What will be interesting to watch is whether buyers are willing to follow the market up at this accelerated pace and pay these higher prices. Remember a property is only worth what someone is willing to pay for it, not it’s listing price.

If you are interested in following a particular market or neighborhood, please contact me. I’m happy to set you up for automatic email updates which will keep you on top of the changing real estate market in your neighborhood (or desired neighborhood).

If you are thinking about selling, this may be a great opportunity to capitalize on the low inventory levels and high demand. Please contact me for a market analysis and pricing opinion on your property.