real estate sales Archives - Katie Brady Real Estate

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

December 4, 2017/in Market Reports, Uncategorized/by Molly Stewart

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.)

Vacant land sales double as existing inventory dwindles

March 11, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

What Sold in Feb 2017?

40% :: Percentage of residential properties selling for over $1 million (lowest in 7 months)
60% :: Percentage of residential properties selling for under $1 million
12% :: Percentage of residential properties selling for under $500,000 (up from low last month)

40% :: Percentage of single family home sales (lowest in 5 months)
32% :: Percentage of condo/townhome sales (up from low last month)
28% :: Percentage of Land Sales (double last month)

What it means: After recording a low for entry level sales in January (only 1 sale under $500,000), February saw a slight uptick as 3 properties sold in this price range (or 12% of all sales). There were several sales in the $500,000 – $1,000,000 segment, including 5 condominiums located throughout the Valley (Aspens, Teton Village, Town of Jackson, Rafter J, and Spring Creek Ranch). The least expensive single family home sale was a 2 bed / 2 bath home near the top of the Indian Paintbrush subdivision which sold for just over $750,000 after 7 months on the market. Also in this price range was a bank sale north of town, a rarity in our post recovery market. It was an 2,300 sq foot home with a good amount of deferred maintenance, but with Teton views on a 3.23 acre lot. It sold for just over $800,000. Given the activity in the sub $1 million market, sales over the million marked dropped to 40% in February, after hovering around 45-48% for the last several months. That being said there were still several sales above $3 million including homes in Teton Pines, Shooting Star, Skyline Ranch and John Dodge. The breakdown of sales among property type saw quite the mix-up in February, with a large drop in single family home sales (down 30% from January) and large increases in both condo sales (up 15%) and surprisingly, building sites (nearly double from January). With low inventory levels for existing homes, many buyers are shifting their focus to land as they try to build what is lacking in the market. In February, we saw land sales in the Gill Addition in Town, Indian Trails, Gros Ventre North and Shooting Star.

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Average selling price highest in past year, as high end sales soar

January 11, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

Summary – Dec 2016:

35 :: Total residential sale transactions (similar to last month)
$27,280,000 :: Total residential sales volume (significant spike)
$1,922,000:: Average sales price of reported and unreported sales (highest in past year )
95% :: Ratio of sales price to list price (up slightly after low last month)
211 :: Average days on market prior to selling (down after a high last month)

What it means: Sale transactions in December were similar to November, representing a little more than half of the transactions seen during the busy summer selling months in Teton County. However, monthly sales volume in December skyrocketed, representing the 4th highest volume in the past 12 months. There were several high end sales, including 3 sales over $5 million (see “What Sold”? below). Interestingly there was just over $33 million in sales reported to the MLS. There was an unusually high number of sales where the final selling price was not disclosed to the MLS. (Side Note: Many times buyers and/or sellers of especially high end properties choose not the have the sale price published in the MLS. Since Wyoming is a non-disclosure state, sale prices are otherwise not made public. For purposes of this report, I estimate the sales prices using the average sale to list price ratio for the month.) In December there were 7 transactions with unreported sales prices, representing nearly $34 million in additional sales volume. Given the prevelence of high end sales in December, it’s no surprise that the average sales price also increased significantly. In fact, at nearly $1.93 million, December recorded the highest average sales price in the past 12 months (last December also saw a spike in high end sales at the end of the year, reporting an average sales price of $1.935 million). The sale price to list price ratio increased slightly in December after a low last month. There are still deals to be had in the Jackson Hole real estate market, however many properties in high demand locations and/or price points continue to sell very close to asking price. For example, there were five sales in December occurring at, near or above the listing price, with all 5 properties located in the high-demand location of Town and priced under $700,000. Average days on market dropped down after a spike in November (which cleared several long time listings off the market). Again in December, we saw several high demand and/or well priced properties sell very quickly. Ten properties sold within 3 months of listing, with all but one of them occurring in the sub $800,000 price point. The market trend is clear = the demand remains high for properties in the lower end of the market (sub $800,000), as they are selling quickly and very close to asking price. (If you are searching in this price point, please contact me to be alerted of soon-to-be-listed opportunities.)

What Sold in Dec 2016?

43% :: Percentage of residential properties selling for over $1 million (consistent for several months)
57% :: Percentage of residential properties selling for under $1 million
23% :: Percentage of residential properties selling for under $500,000 (highest in 7 months)

48% :: Percentage of single family home sales (down from last month)
46% :: Percentage of condo/townhome sales (jump from last several months)
6% :: Percentage of Land Sales (lowest % in 3+ years!)

What it means: With some good news for the entry level real estate market, sales under $500,000 spiked in December, representing nearly 1 in 4 sales in Teton County. Five of these sales were condos in Town and included a 3 bedroom townhome on Simpson that was under-valued and sold quickly for full list price. This good news might be short lived though, as there are currently only 15 active listings in this price point. The split between properties selling for over and under $1 million remained consistent, with nearly 45% of properties in Teton County selling for over the $1 million mark. What was unique about the property sales over $1 million was the large number of very high priced sales in December. There were 12 sales over $2 million last month (nearly 35%!) with 5 of those sales oucrring over $3 million. Three sales occurred over $5 million, including the Lazy Moose Ranch on Fish Creek Road, which sold after 2+ years on the market (listed for $9.5 million and pictured below) and a large 125 acre land parcel along the Snake River south of Wilson, which sold after nearly 3.5 years on the market (listed for $14 million). Single family home sales dipped below 50% for the first time in several months. The least expensive single family home sale was a fixer upper home in Town, which was listed for $649,000 and sold quickly at full price. The price tag for an entry-level single family home has settled in the $750,000 – $900,000 range (gone are the days of half million dollar homes) – as we saw sales of a fixer-upper/tear down on the Village Road, a modest home in Indian Trails and a updated older home in West Jackson sell in this price range in December. Condo and townhome sales spiked in December after hovering around 30-35% over the last few months. Condo sales in December included 2 short term rental condos at the base of Snow King Mountain and two condo sales at the base of Jackson Hole Mountain Resort, as owners look to take advantage of the busy ski vacation season. After slowing in November, land sales plumented in December, recording only 2 sales all month. We shouldn’t expect to see an increase in lot sales (or new inventory) until the Spring months.

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After very strong Fall season, real estate sales fall off in Novmeber

December 12, 2016/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Dec 2016

Jackson Hole, WY

Summary – Nov 2016:

34 :: Total residential sale transactions (down after several strong months)
$46,528,000 :: Total residential sales volume (down after a strong Fall)
$1,386,000:: Average sales price of reported and unreported sales (down after 3 months of increase)
94% :: Ratio of sales price to list price (2nd lowest in past year)
256 :: Average days on market prior to selling (highest in over 2 years)

What it means: After a strong Fall, both sale transactions and dollar volume dropped in November in the Jackson Hole real estate market. While August, September and October all put up robust numbers, November statistics illustrated a familiar trend, as this time of year is usually one of the slower times for real estate activity. After outpacing 2015 in the last few months, sales and dollar volume posted in November trailed metrics this time last year (see chart below), probably a result of dwindling inventory levels across the market. After 3 months of increases, the average sales price dipped in November, dropping just below $1,400,000. After many consistent months (and a slight increase last month) the sale price to list price ratio decreased to 94%, as Buyers were receiving a 6% discount to list price (on average). It is only the 3rd time in the last 13 months that this ratio was this low. Only 4 properties (or 12% of all sales) sold at, near or above list price in November, including a 3 bedroom condo in East Jackson, which was priced well under market and quickly sold for $5,500 over the asking price. (Note that over the busy summer months, some times as many as 30-40% of properties sold within 1% of listing price.) Simultaneously we saw an increase in the days on market in November as properties sat on the market an average of 8 months before selling, the highest average since July 2014! This trend, paired with the lower sale price to list price ratio, suggests that many sellers, after waiting sometimes close to a year for their homes to sell, had increased motivation to sell prior to entering the slow winter selling months. Only 5 properties (or 15% of sales) sold within 3 months of hitting the market, including a mixed use warehouse/apartment property south of Town, which sold quickly and at full list price. As new inventory continues to decline, many buyers are now forced to consider properties that have been on the market for some time.