Tag Archive for: real estate summary

2018: Q1 Review

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New Listings – What’s New?

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….

$1,781,873

AvERAGE LIST PRICE

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$174,002,500

LIST PRICE Volume

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Transactions/Sales Volume – What Sold?

Sales transactions are up nearly 40% in Q1 2018 (vs. this time last year). February 2018 in particular was a very busy month, with 45 sales (vs. only 25 sales in Feb 2017). Sales Volume, however is down 8% in the first quarter of this year. Much of this decline can be attributed to the usually high sales volume of January 2017, where nearly $90 million in property sales occurred (compare that to Jan 2018 where we saw only half that volume).

$132,681,658

Total Sales Volume

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$1,272,155

Average Sales PRICE

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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.

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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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.  

 

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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.

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March sales/volume consistently low, as inventory clears out

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The Colbert Real Estate Report

Monthly Market Update for April 2017

Jackson Hole, WY

Summary – March 2017:

  • 25 :: Total residential sale transactions (identical to Feb)
  • $33,370,000 :: Total residential sales volume (very similar to Feb)
  • $1,335,000::  Average sales price of reported and unreported sales 
  • 94% ::  Ratio of sales price to list price (back down, below average)
  • 244 ::  Average days on market prior to selling (down slightly from high last month)

What it means: March sale statistics offered much of the same as February, as transaction levels stayed at 25 sales and total volume dipped slightly, settling around $33 million. Both stats are low compared to the busy summer/fall seasons, but are inline with levels seen this time last year. In fact, if history repeats itself, we should not see sales pick up until May. The average sales price hovered right around $1.3 million, which represents the typical sales average for Teton County. (Remember that the large spike in January was due to one VERY large sale.) After an uptick in the sales price to list price ratio in February (96%), this ratio dropped down to 94% in March as sellers appeared more motivated to sell. Numerous properties sold at notable discounts, including a house in Cottonwood Park selling for $70,000 under list price, a smaller house in the Bar Y selling for $95,000 under list, and a house in Indian Trails selling for over $100,000 under the asking price. It appears that while some sellers are pricing their properties boldly and above market, many turn out to be more motivated to sell once an offer comes in. (If you are interested in property in a certain price range, it may be prudent to expand your search to account for price negotiations – contact me or set up and save your own property search.) The average days on market dropped slightly after a high in February, but still remained high compared to the 12 month average of 198 days. Many of the properties that sold last month were on the market since the summer/fall listing season in 2016. In fact, only 3 of the sales last month were for properties listed within the last 90 days. 




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

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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.   

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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.

October sales strong after busy selling season, will in continue?

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The Colbert Real Estate Report

Monthly Market Update for Nov 2016

Jackson Hole, WY

Summary – Oct 2016:

  • 51 :: Total residential sale transactions (down but still strong)
  • $87,505,000 :: Total residential sales volume (identical to Sept’s high)
  • $1,716,000::  Average sales price of reported and unreported sales (continuing upward trend)
  • 97% ::  Ratio of sales price to list price (highest since April 2015)
  • 169 ::  Average days on market prior to selling (down from last month)

What it means: The Jackson Hole real estate market remains robust after a strong October in both property transactions and dollar volume. The high dollar volume seen in September continued into October with nearly $90 million in property sales.  Transactions held strong after a busy summer selling season, charting over 50 sales in the month of October.  While transaction levels have been increasing in the summer of 2016 (when compared to 2015), monthly sales volume has generally lagged behind 2015 (i.e. things are not selling for as much this year). However, over the past two months, the gap seems to be closing, with Oct 2016 posting numbers very similar to Oct 2015 (see charts below). Is this a new trend? Is the 2016 real estate market finally catching up to 2015 numbers? It will be interesting to see if sales remain strong for the remainder of the year – Stay tuned!  The average sales price has been steadily increasing since July, reaching it’s highest level in the past 9 months in October. Note that we are still lagging October 2015, which saw an average sales price close to $2 million. After many consistent months (and a slight dip in September) the sale price to list price ratio increased to 97%, as Buyers were paying within 3% of list price for many properties last month. In fact, 11 properties (21.5% of sales) in October sold at, near or over the listing price, including a 4 bedroom home in need of many repairs down in Hoback River Ranches which sold for $50,000 OVER the listing price.  The average number of days a property sits on the market before selling dropped in October, marking the third lowest level seen in the past year. Well priced properties continued to sell quickly in October with 19 sales occurring within 90 days of listing. Many of these quick sales occurred in the sub $1 million market, in neighborhoods like Indian Trails, Cottonwood Park, Rafter J and East Jackson, where quality inventory remains low. It is therefore very important for Buyers to be prepared to act quickly when they see a property that fits their needs. For buyers looking to purchase with financing, it’s helpful to start a discussion with a banker ahead of time in order to understand the types of loans available and determine a comfortable price range. (Please connect with me for a list of my preferred local lenders.)   

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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.