The Colbert Real Estate Report
Monthly Market Update for February 2016
Jackson Hole, WY
Summary – Feb 2016:
- 19 :: Total residential sale transactions (lowest in past year)
- $34,688,000 :: Total residential sales volume (up slightly from last month)
- $1,825,000:: Average sales price of reported and unreported sales (up from last month)
- 94% :: Ratio of sales price to list price (down from last several months)
- 194 :: Average days on market prior to selling (down from last month)
What it means: Even with the extra Leap Day, real estate sale transactions hit a new low in February with only 19 sales reported to the MLS. Sales volume remained low, but was a slight improvement from January. The average sales price rose in February thanks to a $10+ million sale in Indian Springs (see What Sold below). Interestingly, the ratio of sale price to listing price dropped down to 94% after several months of 95-96% illustrating that buyers purchased property at even more of a discount in February. In particular, only 1 of the 19 sales occurred at or very near to the listing prices (compare that to December, where 35% of all sales sold at, near, or above the listing price). While this could be evidence that Sellers are becoming more motivated, more likely I believe that many sellers are pricing their properties above market and then are willing to sell at a price closer to recent sale comps. For example, one home sale in Teton Pines was originally listed at $5.2 million, reduced to $4.3 million and finally sold last month for $3.85 million. Properties that sold in February were on the market for an average of 194 days and marked the first time this statistic has dipped below 200 days since Oct 2015. There were 5 properties (or 26% of all sales) that sold in under 3 months, while two different high end properties sold after 2 years on the market, including a Granite Ridge property that sold after 426 days on the market.
What Sold in Feb 2016?
- 47% :: Percentage of single family home sales (slight uptick from last month)
- 37% :: Percentage of condo/townhome sales (back down after high last month)
- 16% :: Percentage of Land Sales (up after slow January)
- 42% :: Percentage of residential properties selling for over $1 million (similar to last month)
- 58% :: Percentage of residential properties selling for under $1 million (similar to last month)
- 16% :: Percentage of residential properties selling for under $500,000 (big drop from last month)
- 2 :: Commercial Land Sales (after 13 the last two months)
What it means: Single family home sales were back up to average levels in February, while condo and townhome sales dropped back down after a high last month. Land Sales saw a slight increase after a slow January, as several buyers appear to be looking towards the spring construction season. Property sales under $500,000 represented only 16% of all sales after a strong January (33% of all sales). We may continue to see a low number of sales under $500,000 due to increased pricing and little to no inventory. There are only 14 condos currently for sale under $500,000 in Teton County (excluding several tenant in common interests available for sale at the Fireside Resort). Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in February. There were 4 luxury property sales over $3 million last month, including a home in Teton Pines, Shooting Star, Granite Ridge and a 9,000 sq foot home in the exclusive Indian Springs neighborhood (pictured below), which sold for over $10 million.
What’s new in Feb 2016? (New Listing Analysis)
- 31 :: Total number of new listings in February
- Total New Listing Volume: $80,500,000
- Average List Price: $2,600,000
- 26 new residential properties (single family, condo, townhome)
- Average List Price: $2,900,000
- New listings already under contract or sold: 2
- 5 new building sites
- Average List Price: $1,170,000
- New listings already under contract or sold: 1
What it means: After several slow months, new listings in February picked up slightly, but still lag new inventory levels seen last year at this time (see chart below). We should expect to see more new listings as we move into spring, however what remains to be seen is if those levels will be on par with the last several years, where we saw a healthy spike in new listing in May, June & July. Given the very low sales numbers (see Summary section above), February’s new listings still outpaced sales last month. In February, there were 7 single family homes that hit the market in the $1-2 million price range in East Jackson, Indian Trails, The Aspens, Polo Ranches and Melody Ranch. The least expensive single family home listing in February was a 4 bdrm, 3.500 sq foot home in Indian Trails, listed for $1,125,000. There were also 5 single family homes new to the market in Teton Village, priced between $3 – $8 million. Conversely, there were only 3 new listings under $500,000 in February including a 3 bedroom condo in E Jackson (no garage) for $419,000 and a 1 bedroom condo in Teton Village for $399,500. Five new lot listings hit the market including a 6.2 acre lot with beautiful views at the top of Game Creek ($695,000 and pictured below) and a 3.23 acre parcel on the Ridge of Spring Creek Ranch ($2.7 million).
Given the low inventory levels, Sellers may be in a great position to sell this Spring. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis.
Notable new listings in February include:
- 3.5 acres on Fall Creek Rd in Red Top with a temporary structure (not financeable) $380,000
- Two commercial lots located across the street from Snow King & Phil Baux Park – $1,600,000
- Two bed/2.5 bath fully furnished condo in the 199 Pearl building -$1,650,000
Click HERE to view all new February residential listings.
Click HERE to view all new February land listings.
New Listing: Investment Opportunity in E Jackson
Multi-Family Apartment Building on AR zoned Lot:
Great turn-key investment opportunity in desirable East Jackson. Four units (each with 2 bdrm/1 bath) provide great rental income from long term tenants. Current owner has made many updates to the 4-plex including: new windows, new washer/dryers, new water heaters and new carpet. Storage units and adequate off-street parking on site. Grandfathered use – you could not build this under current zoning. Great employee housing opportunity.
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