The Colbert Real Estate Report
Monthly Market Update for Dec 2016
Jackson Hole, WY
Summary – Nov 2016:
- 34 :: Total residential sale transactions (down after several strong months)
- $46,528,000 :: Total residential sales volume (down after a strong Fall)
- $1,386,000:: Average sales price of reported and unreported sales (down after 3 months of increase)
- 94% :: Ratio of sales price to list price (2nd lowest in past year)
- 256 :: Average days on market prior to selling (highest in over 2 years)
What it means: After a strong Fall, both sale transactions and dollar volume dropped in November in the Jackson Hole real estate market. While August, September and October all put up robust numbers, November statistics illustrated a familiar trend, as this time of year is usually one of the slower times for real estate activity. After outpacing 2015 in the last few months, sales and dollar volume posted in November trailed metrics this time last year (see chart below), probably a result of dwindling inventory levels across the market. After 3 months of increases, the average sales price dipped in November, dropping just below $1,400,000. After many consistent months (and a slight increase last month) the sale price to list price ratio decreased to 94%, as Buyers were receiving a 6% discount to list price (on average). It is only the 3rd time in the last 13 months that this ratio was this low. Only 4 properties (or 12% of all sales) sold at, near or above list price in November, including a 3 bedroom condo in East Jackson, which was priced well under market and quickly sold for $5,500 over the asking price. (Note that over the busy summer months, some times as many as 30-40% of properties sold within 1% of listing price.) Simultaneously we saw an increase in the days on market in November as properties sat on the market an average of 8 months before selling, the highest average since July 2014! This trend, paired with the lower sale price to list price ratio, suggests that many sellers, after waiting sometimes close to a year for their homes to sell, had increased motivation to sell prior to entering the slow winter selling months. Only 5 properties (or 15% of sales) sold within 3 months of hitting the market, including a mixed use warehouse/apartment property south of Town, which sold quickly and at full list price. As new inventory continues to decline, many buyers are now forced to consider properties that have been on the market for some time.
What Sold in Nov 2016?
- 44% :: Percentage of residential properties selling for over $1 million (consistent for several months)
- 56% :: Percentage of residential properties selling for under $1 million
- 12% :: Percentage of residential properties selling for under $500,000 (same as last month)
- 59% :: Percentage of single family home sales (another increase)
- 29% :: Percentage of condo/townhome sales (down from last month)
- 12% :: Percentage of Land Sales (similar to last month)
What it means: Entry level sales remained low in November as only 4 properties sold for under $500,000 in Teton County. Over the past several months, we've seen a steady decline of opportunities for entry level buyers in the Jackson Hole real estate market. Currently there are only 15 available properties (condos/townhomes/homes) for buyers searching in this price range. Single family home sales increased again in November as nearly 60% of all sales occurred in this segment. The least expensive single family home sale was a fixer upper home in Rafter J, which was listed for $575,000. Single family home sales in the $750,000 - $1,000,000 range remained popular in November and included a small cabin in downtown Wilson (sold for $750,000) and an older cabin style home in East Jackson, selling for just under $650,000. Condo and townhome sales continued a slow decline into November, accounting for just under 30% of all property sales in Teton County. There were 6 condo/townhome sales under $750,000 in November, including several condos in the Town of Jackson, and two condos in The Aspens. Two Hotel Terra condo hotels also sold in November, both around the $1.5 million mark, as new owners get ready for the winter ski season at Jackson Hole Mountain Resort. Land sales slowed in November, accounting for only 12% of all sales, a trend that should continue until the thawing of the Spring.
What’s new in Nov 2016? (New Listing Analysis)
- 19 :: Total New Listings in Nov
- New Listing Volume: $24,788,000
- Average List Price: $1,300,000
- 15 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,407,000
- New listings priced under $1 million :: 10 (66%)
- New listings already under contract or sold: 4
- 4 :: New Building Sites
- Average List Price: $922,500
- New listings priced under $1 million :: 2 (50%)
- New listings already under contract or sold: 0
What it means: New inventory hitting the market continues to dwindle as we enter the slow part of the real estate season in Jackson Hole, with only 19 new properties listed in November. The dollar volume of new inventory also dropped, totaling less than $25 million last month. Overall, November tends to be the slowest month of the year for new residential listings. The low levels of new inventory seen this past Nov 2016 are similar to levels seen in Nov 2014 & Nov 2015 (see chart below). Interestingly, we did see several new listings hit the market in Teton Village in November, just in time for the opening of Jackson Hole Mountain Resort. The asking prices of new inventory increased only slightly in November and still remain well below the average listing prices of the busy summer months (i.e. over $3 million in Aug 2016). Nearly 3/4 of the new listings in November were priced under $1 million, good news for a market segment that has seen high demand and low supply over the last several months. The market responded quickly as 3 well priced properties in this price point went under contract quickly after listing, including a highly desirable short term rental condo at the base of Snow King Mountain in the Town of Jackson.
Notable new listings in Nov include:
- Rare vacant lot for sale in Rafter J neighborhood - $375,000
- Three different townhome options in Rafter J starting at $525,000
- Four different condo hotels in Teton Village starting at $795,000
Click HERE to view all available November residential listings.
Click HERE to view all available November land listings.
(Contact me to view any pending or sold properties.)
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