real estate Archives - Katie Brady Real Estate

The Colbert Real Estate Report

Monthly Market Update for Dec 2016

Jackson Hole, WY

What’s new in Nov 2016? (New Listing Analysis)

19 :: Total New Listings in Nov
- New Listing Volume: $24,788,000
- Average List Price: $1,300,000
15 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,407,000
- New listings priced under $1 million :: 10 (66%)
- New listings already under contract or sold: 4
4 :: New Building Sites
- Average List Price: $922,500
- New listings priced under $1 million :: 2 (50%)
- New listings already under contract or sold: 0

What it means: New inventory hitting the market continues to dwindle as we enter the slow part of the real estate season in Jackson Hole, with only 19 new properties listed in November. The dollar volume of new inventory also dropped, totaling less than $25 million last month. Overall, November tends to be the slowest month of the year for new residential listings. The low levels of new inventory seen this past Nov 2016 are similar to levels seen in Nov 2014 & Nov 2015 (see chart below). Interestingly, we did see several new listings hit the market in Teton Village in November, just in time for the opening of Jackson Hole Mountain Resort. The asking prices of new inventory increased only slightly in November and still remain well below the average listing prices of the busy summer months (i.e. over $3 million in Aug 2016). Nearly 3/4 of the new listings in November were priced under $1 million, good news for a market segment that has seen high demand and low supply over the last several months. The market responded quickly as 3 well priced properties in this price point went under contract quickly after listing, including a highly desirable short term rental condo at the base of Snow King Mountain in the Town of Jackson.

Notable new listings in Nov include:

Rare vacant lot for sale in Rafter J neighborhood – $375,000
Three different townhome options in Rafter J starting at $525,000
Four different condo hotels in Teton Village starting at $795,000

Click HERE to view all available November residential listings.

Click HERE to view all available November land listings.

(Contact me to view any pending or sold properties.)

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.

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.

Jackson Hole, WY

What Sold in Sept 2016?

38% :: Percentage of single family home sales (lowest % in past year)

34% :: Percentage of condo/townhome sales (identical to last month)

28% :: Percentage of Land Sales (double last month)

44% :: Percentage of residential properties selling for over $1 million (similar to last month)

56% :: Percentage of residential properties selling for under $1 million

15% :: Percentage of residential properties selling for under $500,000 (back down after increase)

What it means: After many months of consistency, the breakdown of sales by property type changed significantly in Septebmer. Single family home sales represented only 38% of all sales last month, dipping below 40% for the first time since Aug 2015. This drop can be attributed to dwindling available inventory, especially in the Town of Jackson, where there are currently only 19 homes available under $1.5 million. Condo and townhome sales remained consistent, representing 1 out of every 3 sales in Teton County last month. Three of the condo sales in September were over $1 million including two “downtown” high-end condos on Pearl Ave and a 5 bedroom condo in Teton Village, which sold quickly after hitting the market. Land sales spiked in September, representing nearly 30% of all sales, double the 12-month average of 15%. Lots sales in September occurred all over the Valley: from 3 lots in JH Golf & Tennis, to a building site on Karns Hillside in Town, to a unique 5 acre parcel in “downtown” Wilson with Fish Creek frontage. The majority of lot sales in September occurred over $1 million, with 6 lots selling for over $2 million, including large parcels in Bar BC, Wilderness Ranches, Shooting Star and Spring Creek Ranch. Entry level sales took a dip as 15% of property sales were under $500,000 in September. While this segment of the market has seen volatile ups and downs over the past year, the general trend is downward as fewer and fewer properties are available at this price point. Compare this past month (15%) to early in 2014, when 40-45% of property sales occurred under $500,000 (see chart below). Currently there are only 27 properties in ALL of Teton County priced under $500,000.