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.
What Sold in Nov 2015?
- 46% :: Percentage of single family home sales (sharp drop)
- 46% :: Percentage of condo/townhome sales (huge increase this month)
- 8% :: Percentage of Land Sales (another decrease)
- 37% :: Percentage of residential properties selling for over $1 million (large drop from last 3 months)
- 63% :: Percentage of residential properties selling for under $1 million (up significantly from last few months)
- 20% :: Percentage of residential properties selling for under $500,000 (up from last month)
What it means: After two strong months, single family home sales dropped significantly in November, representing less than 1/2 of all sales in Teton County. On the other hand, condo/townhome sales increased significantly last month, accounting for nearly 1/2 of all sales in November and marking the highest monthly percentage seen in the past year. The higher than usual condo/townhome sales helps explain the lower sales volume and lower average sales price (see Summary above), as most condo sales are in the lower price points. In particular, there were 9 condo sales under $600,000 last month including two condos in the Aspens, selling for $55,000 and $70,000 under list price. There were also several high-end condo sales over $1 million including a townhome in Teton Pines, a Moose Creek townhome in Teton Village and a penthouse unit at Teton Mountain Lodge, which sold for just under $2.3 million (pictured below). Building lot sales took yet another dip as many potential lot buyers are most likely waiting until after winter to make a purchase so that they can break ground after the spring thaw. Properties selling for over $1 million also took a sharp drop in November, representing less than 40% of all sales – the second lowest percentage seen in the last 6 months. Again, this is connected to the higher than usual condo/townhome sales. Last month there were only 3 sales over $3 million including homes in 3 Creek Ranch, Teton Village and Tucker Ranch. Conversely, there were 8 sales under $500,000, representing 20% of all sales, an increase after several months of up and down. Last month, we saw a rarity: two single family home sales under $500,000 – a 1 bedroom 626 sq ft home on Aspen Drive (technically zoned a townhome) and a log home up in Moran, which sold for $490,000.
What’s new in Nov 2015? (New Listing Analysis)
- 18 :: Total number of new listings in November
- Average List Price: $1,400,000
- 15 new residential properties (single family, condo, townhome)
- Average List Price: $922,000
- New listings already under contract or sold: 4
- 3 new building sites
- Average List Price: $1,900,000
- New listings already under contract or sold: 1
What it means: November saw the fewest new listings hit the market in the past 12 months. On par with last November, this month typically sees very little new inventory. The average listing price of new inventory was higher than usual in November, thanks to 3 new lot listings over $1 million, with one over $3 million. Note that the average listing price of residential listing (not including land) was under $1 million. As of December 10th, nearly 30% of these new listings are under contract or sold, illustrating that well priced listings are being snatched up very quickly. Given the low level of new inventory, sales last month exceed new listings for the first time since last November. Despite the opening of the Jackson Hole Mountain Ski Resort and the influx of visitors expected for the holidays, it’s apparent that very few sellers are entering the market. That being said, now may be a great time to sell a property as there is little to no new inventory (i.e. competition) coming onto the market. (Please contact me for a free in-depth analysis on the current market value of your property.)
Notable new listings in November include:
- Rare Creekside townhome on the creek – 3 bed / 2.5 bath / 2 car garage: $597,500
- Three new Aspens condos (2-4 bedrooms) starting at $616,500 (one pictured below)
- Half acre lot in Teton Village, currently the least expensive in the area: $1,350,000
Click HERE to view all new November residential listings.
Click HERE to view all new November land listings.
Jackson Hole Mountain Resort starts 50th Season, ranked #1 by Forbes
Jackson Hole Mountain Resort is now open! The lifts started turning on Thanksgiving Day as crowds of people joined the resort in welcoming in the 50th Season. JHMR will be opening the new Teton lift, providing access to more terrain and making it easier to access the famous Granite Canyon, which has some locals upset. The resort has been working hard to “blue” the mountain and create easier and/or groomed runs for intermediate skiers. This new lift should also alleviate the crowds on the Aerial Tram, which has some locals excited.
Jackson Hole Mountain Resort received recognition from Forbes magazine as the #1 Ski Resort in North American for the 5th year running. Many are hoping that El Nino will aid in the 50th anniversary festivities by bringing huge dumps to the mountains. Last year, despite receiving only 316 inches of snow, JHMR had the best winter of any of its rivals in the Rockies.
Click HERE to view Born to be Wild: Jackson Hole’s tribute to it’s 50th Season – See you on the slopes!
Katie Colbert Brady, 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