The Colbert Real Estate Report
Monthly Market Update for February 2016
Jackson Hole, WY
Summary – Jan 2016:
- 21 :: Total residential sale transactions (lowest in past year)
- $32,690,000 :: Total residential sales volume (down again from last month)
- $1,560,000:: Average sales price of reported and unreported sales (down from last month)
- 95% :: Ratio of sales price to list price (same as last month)
- 225 :: Average days on market prior to selling (up slightly from last month)
What it means: Real estate sale transactions continued to decline in January, reaching a low not seen in the past several years! Sales volume also decreased again, representing the 3rd lowest levels seen in the past year. While January is typically a slow month for sales (Jan 2015 had only 22 sales), some evidence suggests that these sluggish levels of activity may stick around. The average sales price dipped to $1.5 million in January, after 3 of the last 4 months saw average prices up near $2 million mark. The ratio of sale price to listing price remained at 95% for the second month in a row suggesting that recently buyers are purchasing property at slightly more of a discount (on average). In January, only 2 properties sold within 1% of the listing price (compare that to December, where 35% of all sales sold at, near, or above the listing price). Properties that sold in January were on the market for an average of 225 days. In particular, there were 7 properties that sold after 6 months on the market and 4 that sold after being on the market for over a year. This could be a result of not much new inventory hitting the market, forcing buyers to focus on the existing, older inventory. There were several high-end sales in January, in which the sales prices were not disclosed to the MLS including a 10 acre estate perched above the Town of Kelly (listed for $7.5 million), a 6,000 sq foot house in Crescent H (listed for $7.9 million and pictured below) and a 6 bedroom home at the base of Jackson Hole Mountain Resort.
What Sold in Jan 2016?
- 43% :: Percentage of single family home sales (slight dip from last month)
- 48% :: Percentage of condo/townhome sales (jump after low last month)
- 9% :: Percentage of Land Sales (down after high last month)
- 43% :: Percentage of residential properties selling for over $1 million (identical to last month)
- 57% :: Percentage of residential properties selling for under $1 million (identical to last month)
- 33% :: Percentage of residential properties selling for under $500,000 (huge jump after low last month)
- 3 :: Commercial Land Sales (after 10 last month)
What it means: Single family home sales dipped slightly last month but still remained close to average levels. Condo and townhome sales jumped up in January, representing nearly 1/2 of all sales after an all-time low in December (17% of all sales). Land Sales, which were at an all time high in December (35% of all sales), leveled off to typical levels in January. Property sales under $500,000 rebounded in January after recording only 3 sales in December. This is a bit of good news for the entry level market, as 2015 saw a downward trend in sales under $500,000 (See 2015 Year End Review). It remains to be seen if this trend will continue as we move through 2016 (there are 17 condos under $500,000 available now). All of the sales under the half million mark in January were condos in The Aspens or the Town of Jackson, including a one bedroom Hollybock building in The Aspens, which sold close to asking price after only 51 days on the market. Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in January. Separately, there were 3 large commercial land sales in the month of January (after 10 commercial sales in December!), as investors and developers continue to have interest in the Jackson Hole market. Notably, 8 commercial lots on the corner of N Cache and Mercill (across from the Forest Service building) sold for an undisclosed amount to a Marriott & Hilton franchise (listed for a collective $7.8 million and pictured below).
What’s new in Jan 2016? (New Listing Analysis)
- 25 :: Total number of new listings in January
- Average List Price: $1,160,000
- 22 new residential properties (single family, condo, townhome)
- Average List Price: $1,200,000
- New listings already under contract or sold: 2
- 3 new building sites
- Average List Price: $860,000
- New listings already under contract or sold: 1
What it means: January saw a continued a trend of very little new inventory entering the market (not even 1 new listing per day!). Compare that to the peak of summer, when 80-120 new listings were hitting the market every month. While the winter months are usually slow for new listings, this winter we are seeing even fewer new listings compared to last year (see chart below). It is interesting to note that 3 of the “new” listing aren’t actually new at all, but back on the market with different real estate companies (new year, new realtor?). Of those Sellers who listed their properties in January, the majority were close to the skiing activities in Teton Village, The Aspens/Pines and Snow King Resort. Five new listings hit the market in Teton Village including two condo-hotel units in Teton Mountain Lodge and a 3,400 sq foot Granite Ridge cabin (pictured below). At Snow King Resort, the inventory of Love Ridge condos went from 0 to 3, as several new units hit the market in January. The average listing price of new inventory dropped in January, thanks to several new entry level condos in Town, including a 2 bed/1 bath condo near Powderhorn Park for $349,000. Activity seems to be cooling a bit in January as only 3 of these new listings (or 8%) have gone under contract by Feb 10th, marking one of the lowest levels of activity in recent months. That being said, a rarely listed 3 bed / 3 bath / 1 car garage in The Aspens (listed at $990,000) and a commercial lot in Hoback (listed at $299,000) did go under contract quickly illustrating that well priced and/or high demand properties are selling quickly. While low inventory levels may have contributed to rapidly rising values in 2015, we may be entering a phase of the market where transactions decline AND values are stagnant, or may even decline a bit. While I don’t for see a drop off like we saw several years ago, I do anticipate a slight market correction in 2016. (If you are curious about the value of your property in the current market, please contact me for a free and honest analysis.)
Notable new listings in January include:
- Love Ridge condo at Snow King (1 of 3 new listings) – $1,350,000 – a list price not seen since the 2007 peak
- Nicely remodeled and immaculately cared for 3 bedroom home in Town on Aspen Drive – $975,000
- Two bed/1 bath condo near Lucky’s Market – priced below last comp at $349,000
Click HERE to view all new January residential listings.
Click HERE to view all new January land listings.
Best of Jackson Hole – JH Weekly’s Reader’s Poll – 2016
With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!
May I ask for your vote?
Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!
I very much appreciate your support!
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