2018: May Market Report

What happened in May?

New Listings

The busy summer selling season is heating up with 93 new listings hitting the market in May, totaling $212 million in listing volume. Action is picking up fast, as May 2018 is well ahead of last May 2017 where we saw 86 new listings totaling $190 million in volume. Across the board, sellers are feeling confident as the average listing price reached $2.286 million in May, the highest average seen thus far in 2018. Buyers are watching and moving quickly. Of the 65 new residential listings in May (single family homes and townhomes/condos), 21 are already under contract or sold. While the majority of new listings are always residential, there were 28 new lot listings in May, by far the most seen in one month in the last several years.

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$2,286,774

Average List Price

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28

NEW LOTS FOR SALE

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$157,255,950

New Listing Volume

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What Sold

After an April that saw nearly 40% of property sales over the $3 million mark, things calmed down a bit in May. While there were more sales (38 total transactions), they totaled less volume ($66.8 million in May vs. $119 million in April despite 9 fewer sales). As a result, the average sales price dropped back down to typical levels at $1.7 million. The median sale price fell to $1.125 million, however this is still high given that this metric has been under $1 million in 8 of the last 12 months. Nearly half of all sales occurred under the $1 million mark in May compared to only 31% in April, with nearly 40% occurring in the “locals” market between $500,000 – $1,000,000. These sales included several older single family homes in Town, townhomes in Town and condos in Teton Village. The sale to list price ratio remains strong at 97%, marking the 6th consecutive month where properties have sold at 96-97% of the listing price. In fact, 9 properties in May sold at or ABOVE the listing price, including a 3 bedroom Teton Village condo that was listed at $795,000 and sold for nearly $100,000 more.

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$66,826,600

Total Sales Volume

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47%

of property sales were under $1M

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$1,758,595

Average Sales PRICE

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2018: April Market Report

What happened in April?

The big headline of the April market report is that nearly 40% of all April sales occurred in the high end of the market. After a first quarter of 2018 that saw 60% of sales happen in the “locals” market (sub $1 million), there were 11 sales over $3 million last month, including 6 sales over $5 million and one sale close to $15 million (a newly completed 10,000+ sq ft estate in Dairy Ranches). As a result, the average sales price skyrocketed to over $4 million (the median sales price also increased significantly to $1.7 million). April sales volume topped $85 million, quite the strong number considering that the total sales volume for the first 3 months of the year was a combined $103 million.

The good news for local buyers is that new listings increased in April, with 36 new properties hitting the market – the most monthly listings since Sept 2017. The average listing price of these new listings was $1.8 million, however the median listing price was just under $1 million. The average days on market dropped to 159 days and the sale price to list price ratio increased to 96%. This ratio has been at or above 96% since the beginning of the year, illustrating that many properties are selling close to list price as demand remains strong.
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$2,134,609

Average List Price

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$115,268,900

LIST PRICE Volume

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$118,833,300

Total Sales Volume

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$4,097,700

Average Sales PRICE

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38%

of transactions sold over $3M

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2018: Q1 Review

New Listings – What’s New?

The number of new listings hitting the market in first quarter of 2018 is up slightly when compared to last year, thanks to an usually busy January 2018, where nearly 40 new listings hit the market (vs. 21 in Jan 2017). However, the overall dollar volume of these new listings is down slightly in Q1 2018. As a result, the average listing price for the first quarter is down 15%, from $2.092 million to $1.78 million. The decrease was helped by the strong Jan 2017 (which saw an average listing price of $3.3m) and a somewhat weaker March 2018 (which saw an average listing price of $1.2m).

We are officially entering the “busy listing season” of April/May/June, so it will be interesting to see how much new inventory hits the market (and at what price points). Stay tuned….

$1,781,873

AvERAGE LIST PRICE

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$174,002,500

LIST PRICE Volume

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Transactions/Sales Volume – What Sold?

Sales transactions are up nearly 40% in Q1 2018 (vs. this time last year). February 2018 in particular was a very busy month, with 45 sales (vs. only 25 sales in Feb 2017). Sales Volume, however is down 8% in the first quarter of this year. Much of this decline can be attributed to the usually high sales volume of January 2017, where nearly $90 million in property sales occurred (compare that to Jan 2018 where we saw only half that volume).

$132,681,658

Total Sales Volume

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$1,272,155

Average Sales PRICE

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

Sales Volume drops significantly in November in Jackson Hole real estate market

The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

Summary – Nov 2015:

  • 41 :: Total residential sale transactions (down for the second month)
  • $52,500,000 :: Total residential sales volume (a BIG drop from the last few months)
  • $1,280,000::  Average sales price of reported and unreported sales (down after many months near $2m)
  • 96% ::  Ratio of sales price to list price (consistent for past 7 months)
  • 216 ::  Average days on market prior to selling (up for second month in a row)

What it means:  Real estate sale transactions dipped again in November after a busy Fall season. Sales volume dropped off significantly in November, representing only half of sales volumes seen this summer.  The average sales price also decreased significantly, down nearly 35% from the averages of Aug-Sept-Oct. Properties are consistently selling, on average, at 96% of the current listing price. That being said there were several properties that sold this month for significantly less than their original listing price including a 2 bedroom home in Rafter J that sold for $50,000 less than the listing price, a Moosecreek townhome in Teton Village that sold at 90% of list price and a property at the base of Snow King, which sold for nearly $200,000 less than its original listing price. Properties that sold in November were, on average, on the market longer than sales in the previous 2 months. in particular, a unique distressed property (short sale) on Fish Creek Road finally sold after being on the market for over 2 years (pictured below).  That being said, there were 12 properties that sold in November (29% of all sales) after less than 3 months on the market, including a 3 bedroom condo at Snow King with short term rental zoning, which had multiple offers in the first few days and sold for $15,000 OVER the listing price. Bottom line: Well priced properties continue to sell quickly, while aggressively priced properties sit on the market and/or eventually sell at deep discounts. This demonstrates that Buyers are ready to buy but are motivated by value and are not willing to over pay for a property.

Transactions

Volume

AverageSalePrice

AvgDaysonMkt

FishCreek

Unique Property on Fish Creek Rd – a short sale that finally sold after 2+ years on market

 

Click HERE to read the full Monthly Market Update for December 2015.

 

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“What” sold in the Jackson Hole Real Estate Market in July 2014?

Monthly Market Update for July 2014

Jackson Hole, WY

What Sold in July 2014? 

  • 52.5% :: Percentage of single family home sales (much higher than typical)
  • 25% :: Percentage of condo/townhome sales (down significantly from last month’ s 46%)
  • 22.5% :: Percentage of Land Sales (up from last month’s 14%)
  • 2.5% :: Percentage of distressed property sales (1 short sale in July)
  • 25% :: Percentage of residential properties selling for over $1 million (down again from last month’s 29%)
  • 75% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 71%)
  • 36% :: Percentage of residential properties selling for under $500,000 (down from last month’s 43%)

What it means: The month of July saw the highest amount of single family home sales in almost a year. Single family homes sales accounted for 52.5% of all sales last month and included several high end properties in Teton Pines, Stilson Ranch (pictured below) and Teton Village (which had been on the market for 564 days!).  There were also two high end lot sales in Crescent H and Shooting Star, listed at $5.5 million and $2.3 million, respectively. Neither sale price was disclosed. Conversely, condo and townhome sales were down significantly last month representing only 1/4 of all sales. This trend  mirrors the available inventory, where there are 213 single family homes for sale and only 91 condos available for sale. Land Sales were up again, representing 22.5% of all sales in July. Last month there was one short sale, only the third distressed sale in all of 2014. It was a small condo on Snow King Drive that went under contract back in March 2014.

stilson

breakdown.aug2014

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“What” sold in the Jackson Hole Real Estate market in September 2013?

Monthly Market Update for October 2013

Jackson Hole, WY

What Sold in September 2013? 

  • 39% :: Percentage of single family home sales (an sharp decline from last month’s 54%)
  • 33% :: Percentage of condo/townhome sales (vs. 28% last month)
  • 16% :: Percentage of Land Sales (identical to last month)
  •   0% :: Percentage of distressed property sales (NO short sales or bank sales!)
  • 22% :: Percentage of residential properties selling for over $1 million (vs. 36% in Aug)
  • 77% :: Percentage of residential properties selling for under $1 million (vs. 64% in Aug)
  • 39% :: Percentage of residential properties selling for under $500,000 (vs. 30% in Aug)

What it means: In the month of September we saw another shift in the breakdown of types of properties sold. While single family home sales usually make up at least 1/2 of all sales, last month this segment represented only 39% of all sales.  Condo/townhome sales, on the other hand, increased to 1/3 of all sales with 9 condos/townhomes selling for under $500,000. Land sales remained steady, representing 16% of all sales in September. It will be interesting to see if this trend continues as we enter the Fall and Winter months, which typically see fewer lot sales than the Spring and Summer months. There were NO distressed sales in the month of September, the first month in all 2013 without a short sale or bank sale (see chart below), suggesting almost all of this ‘shadow’ inventory has been absorbed by the market.

Distressed

Please visit the Monthly Market Update tab for the entire October Market Report.

 

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