The Colbert Real Estate Report
Monthly Market Update for May 2015
Jackson Hole, WY
Summary – Apr 2015:
- 34 :: Total residential sale transactions (similar to the last 3 months)
- $34,000,000 :: Total residential sales volume reported to MLS (down from last month)
- $1,135,000:: Average sales price of reported sales (a drop after two high months)
- 97% :: Ratio of sales price to list price (up again from last month, highest in almost a year)
- 215 :: Average days on market prior to selling (down from last month)
What it means: Transaction levels remained consistent in April, hovering around 35 sales. We should expect the increase in new listings (See “What’s New? section below) to increase sale transactions in the coming months. Reported sales volume in April took a slight dip from previous months, however adding in the estimated sales volume from 4 high end, unreported sales resulted in a slight increase in overall sales volume in April (see chart below). The average sales price in April dropped after 5 straight months of increases. This can be explained by several entry level condo and townhome sales this past month (7 sales under $500,000). For the first time in almost a year, the sales price to list price ratio hit a high of 97%, as many properties are selling very close to list price.
What Sold in April 2015?
- 41% :: Percentage of single family home sales (up after two low months)
- 41% :: Percentage of condo/townhome sales (up slightly from last month)
- 18% :: Percentage of Land Sales (down after two higher than average months)
- 41% :: Percentage of residential properties selling for over $1 million (similar to last month)
- 59% :: Percentage of residential properties selling for under $1 million (similar to last month)
- 29% :: Percentage of residential properties selling for under $500,000 (similar to last month)
What it means: Land sales dropped back down to average levels after two months of above average activity. Single family home sales increased after two months below average. The breakdown by print point was very similar to last month. In addition to seeing several entry level condo/townhome sales (7 sales under $500,000), April also saw several high end sales. Nine properties sold for over $2 million (with 6 of those sales over $3 million) including two lots in Shooting Star and two Granite Ridge cabins, both located at the base of Jackson Hole Mountain Resort, a 10,000 square foot estate in Indian Spring Ranch (listed for $7.5 million) and a 13 acre legacy parcel (with a 17,500 sq foot home) located in Owl Creek adjacent to the Grand Teton National Park, which sold for an undisclosed price (listed at $10.9 million and pictured below).
What’s new in April 2015? (Listing Analysis)
NEW THIS MONTH: Every month going forward, I will be monitoring new residential listings, the average list prices of those listings and tracking how many of them go under contract (or sell) within the month. Currently in Teton County, we are seeing inventory levels at a 25 year low. These benchmarks should help keep an eye on these inventory levels and can help us understand the relationship between new inventory (new supply) and sales prices.
- 66 :: Total number of new listings in April
- 47 new residential properties (single family, condo, townhome)
- Average List Price: $1,540,000
- New listings already under contract or sold: 15
- 19 new building sites
- Average List Price: $1,544,000
- New listings already under contract or sold: 0
What it means: The number of new listings have been increasing almost every month since November 2014 (see chart below), however not at a rate to significantly impact the record low inventory levels. Hopefully we continue to see more listings hit the market as we enter the busy listing season (May-June). Currently we are barely replacing the inventory that is selling (see chart below). Judging from the consistent sale transaction levels (see Summary section above), we have yet to see a real impact from these new listings. That being said, many new listings are being snatched up as soon as they hit the market. Of the 47 new residential listings that hit the market in April, almost 1/3 of them are already under contract. Therefore, we should expect to see sales transactions tick up next month. Lot listings aren’t moving as quickly, possibly due to the fact that 17 of the 19 new land listings in April are priced over $1,000,000 (5 of the new land listings are priced in excess of $2 million). The average list price of new listings last month ($1.54m) is nearly $500,000 higher than the average sales price of properties sold last month ($1.135m).
Click HERE to view all new April residential listings.
Click HERE to view all new April land listings.
Jackson Hole Report: Quarterly Update Summary
Record low inventory levels continue to push sales prices up in Teton County in 2015
Available inventory in the Jackson Hole real estate market has been declining since Spring 2011. Currently inventory is the lowest it’s been in more than 25 years! Compare that to just 5 years ago (Spring 2010), when the market offered the most inventory in 25 years. This time of year in 2010, Buyers had 640 available homes, lots, condos, multi-family and commercial properties to choose from; now that same Buyer has half as many choices (319 active listings).
Every quarter, David Viehman, my colleague at RE/MAX Obsidian Real Estate publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. David’s report not only includes all the MLS sales, but he is also able to track sales happening outside of MLS. Below are some interesting statistics from his Q1 2015 Report. Please contact me for a copy of his entire report. All statistics (unless otherwise noted) are Q1 2015 verses Q1 2014.
- Despite low inventory, the number of sales are up 10% vs Q1 2014 with sales volume up a staggering 46%!
- As expected, average sales prices were also up 32%, with help from the $1-3 million segment, which saw 32% of all sales in Q1 2015.
- Upper-End Sales (over $2 million) have seen 105% higher sales in Q1 2015 vs Q1 2014, with a third of those sales being condos (think Four Seasons).
- The amount of properties currently under contract in Q1 2015 is 51% higher than Q1 2014, with a median list price up 51% as well.
- Conversely, overall available inventory is down 17% when compared to Q1 2014.
- Available inventory is down 39% from Q1 2014.
- During the height of the recession (2009) there were 4 times as many available condos on the market (195) compared to only 49 condos available now.
- Of the 49 condos/townhomes available, only 14 are priced under $500,000 and only 4 are priced under $300,000.
- Despite low inventory, condo/townhome sales are up 15% compared to Q1 2014, a trend that is expected to continue as we enter the summer months.
SINGLE FAMILY HOMES
- Home sales in this segment are lagging 2014 (down 5% vs Q1 2014) due to record low inventory levels, however the median sales price has increased 22%.
- As of April 1, 2015, only 107 homes were listed in the MLS (in all price ranges).
- In 2013, there were 96 sales of single family homes under $750,000. Currently there are only 10 homes for sale in this price range.
- Buyer’s flocked to Teton Village this winter (Jan-March 2015) gobbling up 69% more sales than the first quarter 2014 for 72% more in sales volume.
- Nineteen properties currently under contract in Teton Village suggest this trend will continue.
- Available affordable inventory is very low as we enter the summer months – only 4 condos priced under $500,000
Please contact me for a copy of the entire First Quarter 2015 – Jackson Hole Report.
Thinking of listing this summer?
If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property. Properties listed by May 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!
Interested in keeping an eye on new listings this spring/summer? Would you like to be alerted 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