real estate stats Archives - Katie Brady Real Estate

September sales fizzle as summer selling season ends

October 10, 2017/in Market Reports, Uncategorized/by Molly Stewart

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.

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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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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.