The Colbert Real Estate Report
Monthly Market Update for April 2016
Jackson Hole, WY
Summary – Mar 2016:
- 25 :: Total residential sale transactions (up again from last month)
- $41,750,000 :: Total residential sales volume (up again from last month)
- $1,670,000:: Average sales price of reported and unreported sales (down slightly from last month)
- 90% :: Ratio of sales price to list price (lowest in past several years!)
- 209 :: Average days on market prior to selling (up slightly from last month)
What it means: March real estate sales and dollar volume recovered after a very slow February, however both are still lagging numbers seen the same time last year. Transactions this March were roughly 30% below March 2015, while dollar volume was only 3/4 of what it was last year at this time. The average sales price in March remained high, thanks to several high end sales (see What Sold below). The sale price to list price ratio continued to fall in March, meaning properties were selling, on average, at more of discount, and reached a low not seen in the last 3+ years (since I’ve been compiling stats for this report). While this low percentage was in no doubt helped by a 105 acre ranch parcel which sold for half of its listing price in MLS, even without that transaction, the monthly average was still 92%. While this low percentage could indicate that Sellers are becoming more motivated in general, in reality many Sellers may have priced recent listings aggressively in anticipation that the market would continue to increase at the rate seen in 2015 (see 2015 Year End Report). Since the market value acceleration slowed a bit in 2016, many Sellers may now be willing to sell at a greater discount to their original list prices. The average days on market increased slightly as most properties, on average, sold within 200 days after listing. In March, only 4 properties sold in 3 months or less including two condo hotels in Teton Mountain Lodge and only 1 property sold at the listing price (compare that to various months in 2015, when as many as 1/3 of properties could sell within a few months of being listed and several properties would consistently sell at or above the list price).
What Sold in Mar 2016?
- 50% :: Percentage of single family home sales (another increase)
- 37.5% :: Percentage of condo/townhome sales (similar to last month)
- 12.5% :: Percentage of Land Sales (down from last February)
- 58% :: Percentage of residential properties selling for over $1 million (huge jump from last month)
- 46% :: Percentage of residential properties selling for under $1 million (down from last month)
- 8% :: Percentage of residential properties selling for under $500,000 (lowest % in 3+ years!)
What it means: Single family home sales increased again in March, representing 1/2 of all sales in Teton County. Condo and townhome sales remained consistent after a surge in February. Land Sales dropped slightly in March, probably a result of low winter inventory levels. After starting the year out strong, property sales under $500,000 hit another new low, representing only 8% of all sales in March. This is the first time sales in this segment have dipped below 10% in the past 3 years (since the start of compiling statistics for this report in 2013). We should expect to continue to see a low number of sales in this price point until more entry level inventory hits the market. (Currently there are only 22 full ownership options available in Teton County priced under $500,000.) Conversely, sales above $1 million increased significantly in March, representing nearly 60% of all sales. There were several high end sales in March including a 6,300 sq foot home in Spring Creek Ranch, a Granite Ridge home site in Teton Village and the sale of a 105 acre portion of the large Vandewater Ranch located on the Village Road, which included 3 separately deeded parcels and had both Fish Creek and Flat Creek frontage (pictured below).
What’s new in Mar 2016? (New Listing Analysis)
- 48 :: Total number of new listings in March
- Total New Listing Volume: $66,500,000
- Average List Price: $1,385,000
- 40 new residential properties (single family, condo, townhome)
- Average List Price: $1,415,000
- New listings already under contract or sold: 14
- 8 new building sites
- Average List Price: $1,235,000
- New listings already under contract or sold: 3
What it means: New listing activity picked up in March, with nearly 50 new properties hitting the Teton County real estate market. We should expect to see more inventory each month as we get closer to the busy summer selling season. New listings in March outpaced March sales at a rate of 2 to 1, marking the first time since last Aug 2015 that new listings have been at least 2x that of monthly sales. In March, there were 17 new condo/townhome listings under $750,000, adding some much needed inventory to the entry level market. By April 10th, 8 of these new listings were already under contract, illustrating the high demand for properties in this price point. At the other end of the spectrum, there were 7 single family homes that hit the market priced in excess of $2 million including a recently remodeled home in the Gill Addition ($2.25m and pictured below), an equestrian estate in the Flat Creek Fishing Club ($3.96m) and a 5,400 sq ft home in Owl Creek listed for just under $6 million. Eight new lot listings hit the market in March including, 4 of which are located north of Town with great Teton views.
Notable new listings in March include:
- 23 different options to own a tenant-in-common interest at the Fireside Resort – $350,000-$395,000 (Note: These properties are not available for conventional financing. In the new listing stats above, these options were only counted as 2 new listings for March)
- Bright and sunny 3 bed / 3.5 bath townhome in East Jackson – $695,000
- Four contiguous lots zoned for multi-family development in Town -$3,000,000
Click HERE to view all new March residential listings.
Click HERE to view all new March land listings.
As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by April 30, 2016 will be included in our RE/MAX Obsidian Real Estate Spring Brochure!
Katie Colbert Brady, Owner/Associate Broker
RE/MAX Obsidian Real Estate, a member of the RE/MAX Global Network
Mobile: 307.699.4137 Office: 307.739.1234
Voted one of Jackson Hole’s Top Real Estate Agents by JH Weekly Reader’s Poll since 2012