Tag Archive for: Real Estate Update

Six high end homes ($3+ million) enter market in November

The Colbert Real Estate Report

Monthly Market Update for Dec 2017

Jackson Hole, WY

What’s new in Nov 2017? (New Listing Analysis)

  • 20 :: Total New Listings
    • New Listing Volume: $43,026,000
    • Average List Price: $2,151,000
  • 19 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,217,000
    • Median List Price: $1,150,000
    • New listings priced under $1 million :: 9  (47%)
    • New listings priced under $500,000 :: 1 (5%)
    • New listings already under contract or sold: 5 (26%)
  • 1 :: New Building Sites
    • Average List Price: $899,000
    • Median List Price: $899,000
    • New listings priced under $1 million :: 1 (100%)
    • New listings priced under $500,000 :: 0 (0%)
    • New listings already under contract or sold: 0 (0%)
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What it means: Continuing a decline started in August, only 20 new listings hit the Jackson Hole real estate market in November, the lowest monthly level since last November (2016). While the number of new listings was down in November, total dollar volume of these new listings was actually up from last month (which saw 29 new listings). Six high end listings (priced over $3 million) hit the market in November including 2 homes in Granite Ridge, offering ski-in, ski-out access to Jackson Hole Mountain Resort (starting at $4.2 million) and a 9,500 square foot home in the exclusive Indian Springs neighborhood, listed at $9.7 million. As such, the average listing price jumped back up above $2 million after a low of $1.2 million last month. Only one new listing in November was priced under $500,000 (a one bedroom Aspens condo for $469,000). Of the 8 properties listed between $500,000 – $1,000,000, 5 are already under contract, illustrating the continued high demand for this price point.** Historically, November is not a popular time to list vacant land, as only one new lot listing hit the market in November (a 5 acre lot on the bench of the Snake River in the Solitude neighborhood north of Town). 

**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 November include:

  • Fixer Upper home on 6 acres in Red Top Meadows – $695,000
  • Newly built contemporary home with Snow King views – $1,150,000
  • Three bedroom ski-in, ski-out condo at Hotel Terra – $1,449,000

Click HERE to view all Nov residential listings.

Click HERE to view all Nov land listings.

(Note: Links above are good for one month after report is published.)

 

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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

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

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.) 

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.

Lowest Inventory in 30+ Years: Q1 Update from The Jackson Hole Report

While the number of sales and dollar volume in the first quarter of 2017 were up compared to this time last year, Spring 2017 marks the lowest level of available inventory in the past 30+ years with only 312 total residential listings available for sale in Teton County. Three main factors contribute to this drastic decrease in supply: 1) Lack of affordable inventory in the entry level – the median condo sales price is now $689,000 (vs. $427,000 in 2007); 2) Limited “trading up” by local homeowners as many people are afraid of overextending themselves and/or can’t find a suitable property to purchase; 3) A strong rental market that provides profitable cash flow to existing investor owners thereby making it less appealing to sell. The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market. Click HERE to read the full Q1 2017 Market Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions in Q1 2017 was leveling off, up 6% vs. Q1 2016.
  • Overall dollar volume was up 21% vs last year (*thanks to the $50+ million sale of Four Springs Ranch in January 2017).
  • In the first quarter of 2017, 16 properties sold for over $3 million, however 29 properties in this price range were under contract and should sell in the second quarter.  
  • Property sales under $1 million represented 52% of all sales in Q1 2017, however there were only 11 single family homes available for sale at the end of the first quarter.  Compare this to 2016, where 113 homes sold in this price range. 
  • There are currently 61 properties on the market in the $5 million+ range, which is up 30% from this time last year. 
  • Current available inventory was down 9% in Q1, marking the lowest level of available overall inventory in more than 30 years! While single family home inventory was hit the hardest, single family homes priced over $5 million was up 59% in Q1 2017. 

SINGLE FAMILY HOMES

  • Single family (SF) home sales in Q1 2017 were up 24% from Q1 last year.
  • However average and median sales price was down (35% and 15% respectively), as many properties sold in the sub $1 million price point (many with multiple offers).  
  • SF home sales over $1 million were up 8% in Q1 2017, while homes sales above $4 million spiked in the first quarter, up 27%.  
  • While overall available SF home inventory is down 10% (to a 30 year low), the median list price for available SF homes is at a staggering $4,295,000 (up 75% and a new record!). 
  • Well priced single family homes are becoming harder to come by, with ZERO homes available under $750,000 at the end of the first quarter. (Note: At the time of this summary, there are four homes available in this price range.)

IMG_0944Click HERE to view the 18 single family home listings priced under $1,000,000

CONDO/TOWNHOME

  • Overall condo sales are down 21%, with only 31 sales reported in the first quarter of 2017, however average and median sale prices are up 38% and 18% respectively.
  • Due to the lack of affordable condo listings, the average list price for a condo/townhome in Q1 2017 was $1.51 million (up 21% and a new record). 
  • Condo sales under $500,000 decreased 50% compared to this time last year, as fewer and fewer properties are available in this price range. Currently there are only 9 condos available for sale under $500,000.
  • Overall available inventory is down 21%, marking the second lowest level of condo inventory in the last 10 years, much of which can be attributed to the lack of locals trading up to single family homes. 

HillsideCondoClick HERE to see the 9 condos/townhomes available under $500,000

VACANT LAND

  • Lot sales reversed course and were up 64%, with 23 sales in Q1 2017.
  • Meanwhile, average and median sale prices were down 37% and 15% respectively.
  • Lot sales under $1 million were up 157% in the first quarter. (Currently there are 53 lots available in this price range.)
  • HOT SPOT: The Westbank saw 48% of lot sales in the first part of 2017. 
  • 61% of lot sales were purchased with cash (i.e. no loan/financing) in the first quarter.
  • While available inventory for lots are down 6% from Q1 2016, average and median list prices are unchanged, indicating that listing prices for residential vacant land may have stabilized.  

Click HERE to see the 11 lots available under $500,000

WHAT TO DO NEXT? 

BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.

SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most recent comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.

Sales down as available inventory disappears: Q3 Update from The Jackson Hole Report

Overall sale transactions and dollar volume were down yet again in the third quarter of 2016, with property sales under $1,000,000 dwindling.  The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market. Click HERE to read the full 2016 Third Quarter Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 9%.
  • Overall dollar volume is down 10%.
  • Sales under $1 million are down 32% (compared to this time last year) and have been decreasing steadily since late 2013 – the tail end of the recession. 
  • Average Sale Price & Median Sales Price also dropped (by 3% and 5% respectively).
  • 46% of all transactions were cash transactions (i.e. no loans).
  • Overall inventory is down 8%, HOWEVER inventory in the sub $1 million market is down 27%, marking the lowest level since the peak in 2007. 

 

SINGLE FAMILY HOMES

  • Single family (SF) home transactions continue to accelerate (up 9%), however, dollar volume of SF homes dropped 7% in Q3.
  • The average sales price for all SF homes was down 11% as SF sales under $1 million increased (up 9%).
  • HOT Price Points: $500,000-$1,000,000 where 78 sales have already occurred in 2016 and $1MM – $2MM, where 73 sales have occurred. Each segment represents over 1/3 of sales in 2016.
  • HOT Locations: Town of Jackson saw 29% of sales so far in 2016, followed by south of Town, where 20% of sales occurred. Fifteen homes have sold in Rafter J, the most of any subdivision. 
  • Overall SF home inventory is down 8%, with dollar volume up 12%, meaning less homes are being listed, but at higher prices. In fact, the average listing price for new inventory in 2016 has climbed 22% since 2015!
  • Currently there are only 17 single family homes available for sale under $1 million, the lowest level seen since the peak in 2007. 

Click HERE to view the 17 single family home listings priced under $1 million

 

palmer-creek

House and guest house in Hoback Junction – $895,000

single-family-home-jackson-wy

Single Family Home in Town of Jackson – $730,000

 

condo-for-sale-under-300000-jackson-hole

Town Creek Condo in Jackson – $299,000

aspens-condo-for-sale

Aspens Condo – $415,000

CONDO/TOWNHOME

  • Overall condo sales continue to decline, down 5% from this time last year.
  • HOT Price Point: $500,000 – $1,000,000, where 43% of all condo sales have occurred.
  • Teton Village condos and Shooting Star townhomes account for more than half of all activity over $1 million.
  • Condo sales under $300,000 continue to decline with only 11 sales in all of 2016. Currently there are only 2 condos available for sale in this price range, and both have employment based deed restrictions. 
  • Overall, new condo listings are down 21% compared to 2015, marking the second lowest inventory level in the past 20 years. 
  • Available condos priced under $500,000, which sees the highest demand, is down 81% compared to 2009.

Click HERE to see the 14 condos/townhomes available under $500,000

Click HERE to see the 28 condos/townhomes available between $500,000 – $1,000,000

VACANT LAND

  • After several years of strong activity, residential vacant land sales have taken a nose dive – down 35% compared to this time last year.
  • Dollar volume is down 38% and the average sales price slipped 4% in Q3 2016.
  • More than half (55%) of lot sales occurred over $1 million this past quarter.
  • Lot sales under $500,000 were down 54% from 2015. 
  • Only 14 lots are currently available under $500,000. 
  • The majority of lots sales occurred on the Westbank (42% of sales) and South of Town (21% of sales).
  • While available inventory is on par with 2015, the average listing price is up 12% to $2.9 million.

 

2-5-acres-hoback-jackson-wy

2.5 acres available in Hoback Junction – $350,000

WHAT TO DO NEXT? 

BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.

SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most recent comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.