summer selling season Archives - Katie Brady Real Estate

The Colbert Real Estate Report

Monthly Market Update for July 2017

Jackson Hole, WY

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

104 :: Total New Listings in June
- New Listing Volume: $252,992,000
- Average List Price: $2,433,000
79 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $2,439,000
- Median List Price: $1,250,000
- New listings priced under $1 million :: 35 (44%)
- New listings already under contract or sold: 19 (24%)
25 :: New Building Sites
- Average List Price: $2,413,000
- Median List Price: $1,150,000
- New listings priced under $1 million :: 11 (44%)
- New listings already under contract or sold: 1 (4%)

What it means: The summer selling season is here! Over 100 new listings hit the market in June, the highest monthly tally since May 2016. Listing prices of this new inventory also spiked, resulting in over $250 million in listing volume, a high level not even seen during last year’s busy summer months (see chart below). As a result, the average listing price for June inventory stayed strong, hovering just below $2.5 million. Several high end listings came onto the market in June, including four large parcels of land (158 acres in total) in the famed Crescent H Ranch south of Wilson – listed for $24 million, and two larger estate homes north of Town at Split C Ranch ($12.5M) and in the Dairy Ranches west of Jackson ($11.5M). The median listing price (of homes/condos/townhomes) in June was $1.25M, an increase over last month ($1.17M), but still well below the average (which can be disproportionately pulled up by several high end sales). In June, 44% of new residential listings were priced under $1 million (similar to last month). Nineteen properties were already under contract (by July 10), with 11 of those pending sales occurring in this very active sub $1 million price range. Another 25 new building sites hit the market in June (similar to May), however with much higher prices. The average price tag for a newly listed vacant lot in June was just over $2.4 million, again pushed up by several high end lot listings in Crescent H Ranch and Trails End Ranch. Similar to residential listings, the median price for building sites ($1.15 million) was much lower than the average listing price, with 44% of new listings priced under $1 million. The least expensive lot listing was a parcel in the Pacific Creek neighborhood in Moran for $315,000, while a rare lot in Rafter J was listed at $419,000.

Notable new listings in June include:

Three bedroom townhome with garage in Jackson – $550,000
Two bedroom house on 3 acres south of Wilson – $877,000
Two single family homes on Cache Creek Dr in East Jackson – starting at $1,620,000
Building site at end of cul-de-sac next to open space in Rafter J – $419,000

Click HERE to view all available June residential listings.

Click HERE to view all available June land listings.

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

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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.)