The Colbert Real Estate Report
Monthly Market Update for June 2016
Jackson Hole, WY
Summary – May 2016:
- 33 :: Total residential sale transactions (highest in past 6 months)
- $38,200,000 :: Total residential sales volume (jump from last month)
- $1,160,000:: Average sales price of reported and unreported sales (up after a low last month)
- 96% :: Ratio of sales price to list price (back up to typical level)
- 173 :: Average days on market prior to selling (lowest in 8 months)
What it means: Both sale transactions and dollar volume jumped up in the month of May after a sluggish early spring. Dollar Volume increased 54% from April, while sale transactions in May were the highest in the past 6 months. This is great news as we enter the busy summer selling season, however these sale statistics are still lagging 2015 numbers. Compared to May 2015, both sales transactions AND dollar volume are down 42% (see chart below). It will be interesting to see if the entire summer selling season will lag 2015, or if we are simply off to a slower start this year. The average sales price increased slightly in May, but still remains low, dipping below $1.2 million for only the 3rd time in the past 12 months. The sale price to list price ratio stabilized at 96% after a low a few months ago. In May, 5 properties sold at or near the listing price, including two 3-bdrm condos in Hansen Meadows, selling at $410,000 and $440,000. The average number of days a property sits on the market before selling dropped significantly in May, marking the lowest level seen since last September, as 11 properties (or 33% of all sales) sold within 90 days of listing. There were also several properties that sold BEFORE even hitting the market or being entered into the Multiple List Service (MLS). (Note: If you are searching for a particular property type/price range, please contact me so that I can help identify additional properties for you that may not be officially listed in the MLS.)
What Sold in May 2016?
- 42% :: Percentage of single family home sales (significant drop from previous months)
- 46% :: Percentage of condo/townhome sales (significant increase from previous months)
- 12% :: Percentage of Land Sales (down slightly from April)
- 36% :: Percentage of residential properties selling for over $1 million (up from low last month)
- 64% :: Percentage of residential properties selling for under $1 million (down from high last month)
- 30% :: Percentage of residential properties selling for under $500,000 (2nd large monthly increase)
- 7 :: Commercial Transactions – 5 sales and 2 leases
What it means: After increasing for 3 straight months, single family homes sales declined in May, representing only 42% of all sales and marking the lowest percentage since Aug 2015. Three of these sales were multi-family properties (2 duplexes and 1 four-plex), illustrating investors’ interest in our strong rental market in Jackson Hole. On the other end, the percentage of condo and townhome sales nearly doubled from April to May and accounted for more sales than single family homes for the first time in several months (see chart below). There were 4 land sales in May including two 1.17 acre vacant lots in Shooting Star near Teton Village at the base of Jackson Hole Mountain Resort which sold for $2.7 million each. Entry level sales had another strong month, with 30% of all sales occurring under $500,000 in May, achieving a double digit increase for the second month in a row (see chart below). The majority of the 10 sales under $500,000 where condos in the Town of Jackson, including a 2 bed/2 bath townhome with a 1 car garage located in central Jackson, which sold in 79 days from listing. Property sales over $1 million rebounded slightly after accounting for only 25% of all sales last month. Property sales over $3 million also rebounded with 4 sales over $3 million including a newly built home on the Westbank, which had been on and off the market for nearly 3 years (pictured below). The month of May also saw 4 larger commercial sales in Jackson, including the Wilson gas station, an in-town restaurant space and a re-development opportunity on Broadway (currently home to Ocean City).
What’s new in May 2016? (New Listing Analysis)
- 110 :: Total number of new listings in April
- Total New Listing Volume: $206,025,000
- Average List Price: $1,870,000
- 78 new residential properties (single family, condo, townhome)
- Average List Price: $1,860,000
- New listings already under contract or sold: 13
- 32 new building sites
- Average List Price: $1,890,000
- New listings already under contract or sold: 1
What it means: Hello Inventory! New listing activity exploded in May as over 100 new listings hit the market last month, totaling over $200 million in listing volume. Without a doubt, the busy summer selling season is here! In the early parts of 2016, inventory levels lagged 2014 & 2015 numbers (see chart below), however new listings in May surpassed 2015 levels and nearly matched 2014 levels. New listings in May outpaced sales at a rate of more than 3 to 1, meaning for every sale in May, 3 new listings came onto the market. The average asking price of May’s new listings was close to $2 million, as many high end properties hit the market. In particular, there were 13 new listings over $3 million in Teton County in May, including a 35 acre property in Ely Springs Ranch ($10.3 million), the re-listing of the Lazy Moose Ranch in Wilson ($8.75 million) and a 5,100 sq foot home in Bar-B-Bar Meadows north of town (listed for $3.25 million and pictured below). At the other end of the spectrum, 9 condos priced under $500,000 were added to the summer inventory, including a 2-story, 2 bed/2 bath townhome on Glenwood ($395,000) and a 2 bedroom Ponderosa Village condo, currently the least expensive property in Teton County, listed at $265,000. Compared to April, May also saw nearly 3 times as many new lot listings, with an average listing price near $2 million. The least expensive lot listing in May is a 4.3 acre lot located south of Wilson for $380,000, while the most expensive lot listing was a 35 acre parcel in Crescent H Ranch listed for $6.75 million.
Notable new listings in May include:
- Beautifully remodeled 3 bedroom East Jackson townhome with Teton views – $599,000
- Re-development potential on double lot in Town with older single family home and large shop – $1,195,000
- Newly constructed 2,400 sq foot home in downtown Wilson – $1,350,000
- 6 acres of private land on the Wilson bench on Teton Pass – $1,200,000
Click HERE to view all new May residential listings.
Click HERE to view all new May land listings.
As we enter the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.
As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.
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