The Colbert Real Estate Report
Monthly Market Update for Aug 2015
Jackson Hole, WY
Summary – July 2015:
- 33:: Total residential sale transactions (down again after May’s high)
- $28,300,000 :: Total residential sales volume reported to MLS (down again from last month)
- $944,000:: Average sales price of reported sales (down after several months of increases)
- 96% :: Ratio of sales price to list price (same as last few months)
- 158 :: Average days on market prior to selling (down for the 5th month in a row)
What it means: After a spike in May, transaction levels and sales volume dropped significantly in June and July appears to be following the same trend, dropping to pre-summer sales levels. Reported sales volume in July marked the lowest volume in the past 6 months. There were only 3 unreported sale prices in July and all were for properties priced under $550,000. This is interesting as most unreported sales are for very high end property sales. (These buyers may have received a great deal (or maybe feared they paid too much) and therefore didn’t want the real estate community to know the final sales price.) The average sales price declined in July after a spike in June ($1.3 million) and dipped below the $1 million mark for only the second time in 2015. The average days a property is on the market before closing continues to decline (5th month in a row), and now represents the second lowest number of days in the past year. Well priced properties continue to go under contract very quickly, many times within a day of being listed in the MLS. In particular, in the month of July nearly 50% of all sales occurred within 90 days of being listed. While many sellers are listing their properties very aggressively given past comps, we saw several price reductions in July, suggesting that some Sellers may be feeling pressured from the well priced properties that are going under contract quickly.
What Sold in July 2015?
- 46% :: Percentage of single family home sales (down after several high months)
- 39% :: Percentage of condo/townhome sales (up after several declining months)
- 15% :: Percentage of Land Sales (up after several low months)
- 30% :: Percentage of residential properties selling for over $1 million (dropped after a spike last month)
- 70% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
- 27% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)
What it means: After several months of dominating sales in Teton County, single family home sales took a hit in July as more condos, townhomes and land sales occurred. Less than 1/2 of all sales in July were for single family homes, which is actually close to the 12 month average of 47% of all sales. Condo/townhome and land sales also reached close to their 12 month averages as well (35% and 18% of all sales respectively). After spiking to a 4 month high in June , the percentage of properties selling for over $1 million dropped by a third in July and represents the lowest percentage in the past 6 months. Properties selling in the sub-$500,000 market saw a bit of recovery after a long downward trend that began last November. It will be interesting to see how this segment fairs in the next few months, to determine if July’s stats represent a change of a recent market trend (fewer and fewer properties selling for under $500,000) or just a temporary blip in July. Interestingly, the July sales under $500,000 were comprised of 4 condos and 4 lot sales, including two adjacent lots in downtown Wilson, which each sold for under $500,000.
What’s new in July 2015? (New Listing Analysis)
- 94 :: Total number of new listings in June (a drop after several increasing months)
- 76 new residential properties (single family, condo, townhome)
- Average List Price: $1,890,000
- New listings already under contract or sold: 13
- 18 new building sites
- Average List Price: $2,590,000
- New listings already under contract or sold: 0
What it means: New listings took a dip in July after several months of steady increases, however we are still ahead of new listings from this time last year (July 2014 = 82 new listings). New inventory continues to outpace sales at a rate of nearly 3x, meaning for every sale, there are almost 3 new listings that hit the market. (Compare that to last fall when for several months there were more sales than new listings – see chart below.) The average listing price of all new listings in July (land and residential combined) remained high at nearly $2.25 million, which is almost 2.5x the average sales price in July (see Summary Section). For the past several months, between 22% – 32% of a month’s new listings are already under contract or sold by the time this report is published (usually around the 10th of the next month). Currently only 17% of the new July listings are under contract, a sharp drop from last month’s 29%. This further illustrates the recent lull in the market, which is also marked by lower transactions and sales volume (see Summary Section).
Notable new listings in July include: two new Elk Run townhomes listed just under $550,000 (one pictured below), a rarely listed Hillside condo overlooking Karns Meadow (already under contract), and 3 properties priced north of $5 million in Shooting Star, John Dodge and Teton Pines.
Click HERE to view all new July residential listings.
Click HERE to view all new July land listings.
Still thinking of listing this summer?
If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.
Katie Colbert, 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