The Colbert Real Estate Report
Monthly Market Update for June 2015
Jackson Hole, WY
Summary – June 2015:
- 57 :: Total residential sale transactions (back down after a spike in May)
- $54,000,000 :: Total residential sales volume reported to MLS (down slightly from last month)
- $1,300,000:: Average sales price of reported sales (back up after 2 months of decline)
- 96% :: Ratio of sales price to list price (same as last month)
- 168 :: Average days on market prior to selling (down for the 4th month in a row)
What it means: After a spike in May, transaction levels in June returned to more recent levels, suggesting that May was more of an anomaly than the start of a summer trend, as many may have suspected. It will be interesting to see if July is in line with June or if we see a spike back up to May levels. Sales Volume was down, but not down significantly given the drop in transactions. As illustrated by the average sales price in June, there were many high end sales that contributed to the sales volume. There were two sales with unreported sales prices, which would bring the total sales volume to $58.2 million, which is consistent with levels seen in the last 5 months. The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property is on the market before closing declined for the 4th month in a row, representing the second lowest number of days in the past year. If priced well, properties are being snatched up very quickly. In fact in the month of June, nearly 60% of the properties that sold had been on the market for less than 90 days! As many sellers continue to list their properties at overly optimistic (read: above market) prices, Buyers are quick to jump on well priced new listings. (Please contact me if you’d like to be notified as soon as a new listing hits the market in your desired location/price range.)
What Sold in June 2015?
- 60% :: Percentage of single family home sales (up for the 4th month in a row)
- 32% :: Percentage of condo/townhome sales (down again from last month)
- 8% :: Percentage of Land Sales (down for the 4th month in a row)
- 45% :: Percentage of residential properties selling for over $1 million (up significantly from last month)
- 55% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
- 16% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)
What it means: Single family home sales continued to dominate sales in Teton County, representing 60% of all sales in June. Since February 2015, every month has seen more and more single family homes sales (as it relates to other property types). As a result, land and condo/townhome sales have continued to make up less and less of the total sales over the past 4 months. (Note: There was one multi-family sale in June – a 3 unit property in E Jackson.) The percentage of properties selling for over $1 million spiked to a 4 month high after a few low months, representing nearly half of all sales in June. Properties selling in the sub-$500,000 market continued a downward trend that began last November, hitting a new low, as less than 1 in 5 sales occurred under $500,000 in Teton County. This may be the new reality of the market, as entry level condos (i.e. 1-2 bedrooms under 800 sq feet) are inching closer to $400,000 and anything with 3 bedrooms and a garage (regardless of condition) is being priced well above $500,000.
What’s new in June 2015? (New Listing Analysis)
- 109 :: Total number of new listings in June (another jump from last month)
- 83 new residential properties (single family, condo, townhome)
- Average List Price: $2,130,000
- New listings already under contract or sold: 24
- 26 new building sites
- Average List Price: $2,430,000
- New listings already under contract or sold: 0
What it means: As we move into the heat of summer, new listings continue to hit the market at an accelerated rate. We are now reaching new listing levels seen last year (June 2014: 115 new listings). These new listings are adding inventory to the market at a rate not seen since this time last year, as there were 3x as many new listings as sales in the month of June (see chart). While inventory is obviously increasing, so too are listing prices. The average listing price of all new listings in June (land and residential) was a staggering $2.28 million, nearly twice the average listing price in March ($1.277 million). As evidenced by the stall in sales in June (see Summary above), it appears many buyers are not biting on these aggressively priced homes. It will be interesting to see if the lull continues into July or if Sellers are pressured to become more realistic in their listing prices. (Anecdotely, early this week there were price reductions for 3 different listings in Rafter J, an area that has seen aggressive pricing this summer.) Of the 24 new residential listings in June that are already under contract or have closed, 10 of them were priced over $1 million with ONLY 1 priced under $500,000. As evidenced by the high average listing price, almost every segment of the market saw an increase in listing prices. Notably there were 4 new estate listings priced over $11 million, including the Split Creek Ranch, a beautiful 6,000 sq foot log home on 10 secluded acres north of Jackson (pictured below).
Click HERE to view all new June residential listings.
Click HERE to view all new June land listings.
New Listing in Rafter J
All the extras in Rafter J:
Located on the quiet side of Rafter J, this recently remodeled home has over 2,000 square feet of living space and boasts 3 generous sized bedrooms, a bonus dining room or office, a separate mud room/laundry room, large pantry and 2 decks perfect for entertaining. A great room with vaulted ceilings and big windows lets in an abundance of natural light, while a wood burning fireplace and gas stove create an imitate and relaxed setting. This home has been tastefully updated with new hardwood and tile flooring, granite counter tops, new GE appliances, wooden blinds, and completely new bathrooms. Stretch out on a quarter acre lot, while enjoying a spacious yard, south facing and north facing decks, and a raised bed for your garden.
Well priced properties are moving quickly – Would you like to be notified as soon as a new listing hits the market in a particular location or price range?
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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