The Colbert Real Estate Report
Monthly Market Update for May 2016
Jackson Hole, WY
Summary – Apr 2016:
- 24 :: Total residential sale transactions (similar to last month)
- $24,700,000 :: Total residential sales volume (lowest in 2+ years)
- $1,030,000:: Average sales price of reported and unreported sales (lowest in 9 months)
- 96% :: Ratio of sales price to list price (back up to typical level)
- 210 :: Average days on market prior to selling (similar to last month)
What it means: Sale transactions in April were in line with March sales, which continued to lag 2015 transaction numbers. Total dollar volume dropped significantly last month, marking the lowest level since Jan 2014. Compared to last year, April’s dollar volume was less than half of what was sold in April 2015, a prevailing trend so far in 2016 (see chart below). Given the low dollar volume, the average sales price in April also dropped as many properties sold in the lower price ranges (see What Sold below). The last time the average sales price was down near $1 million was back in July 2015. The sale price to list price ratio rebounded from last month to more typical levels. In particular, 6 properties (or 25% of all sales) sold at or near the listing price in April, including a 3 bedroom updated Aspens condo, which sold quickly for the listing price of $990,000. The average days on market remained consistent as most properties, on average, sold in a little over 200 days of listing. In April, more than 40% of the sales occurred within 3 months of hitting the market, including a 3 bedroom townhome in E Jackson and a vacant lot in Teton Pines. This illustrates that well-priced properties in high demand market segments are selling quickly in the Jackson real estate market.
What Sold in Apr 2016?
- 58% :: Percentage of single family home sales (3rd monthly increase)
- 25% :: Percentage of condo/townhome sales (drop from last several month)
- 17% :: Percentage of Land Sales (uptick from March)
- 25% :: Percentage of residential properties selling for over $1 million (lowest since Jan 2015)
- 75% :: Percentage of residential properties selling for under $1 million (highest since Jan 2015)
- 20% :: Percentage of residential properties selling for under $500,000 (rebound from low last month)
What it means: Single family home sales continued to increase for the 3rd month in a row, representing over 1/2 of all sales in Teton County. Condo and townhome sales took a dip after several strong months in 2016. Land Sales increased in April as we get closer to the construction season. The month of April saw many sales in the lower price ranges, with 75% of all sales occurring under $1 million, a level we haven’t seen in 15 months. In particular, there were 6 single family homes sales under $700,000 in April, quite the surge considering there are only 5 single family homes currently for sale in this price range (3 of which are in Moran, WY). Conversely, property sales over $1 million only accounted for 1/4 of all sales last month. There were only 2 sales over $3 million in April (and 0 sales over $4 million) – compare that to the last several months where we have seen 4-5 sales between $3-$10 million. After a 3 year low last month, property sales under $500,000 recovered in April representing 20% of all sales and included condos in Town and Teton Village, a lot in Teton Pines and a bank owned property in Moran that had been on the market for over a year.
What’s new in Apr 2016? (New Listing Analysis)
- 54 :: Total number of new listings in April
- Total New Listing Volume: $83,100,000
- Average List Price: $1,540,000
- 43 new residential properties (single family, condo, townhome)
- Average List Price: $1,266,000
- New listings already under contract or sold: 9
- 11 new building sites
- Average List Price: $2,600,000
- New listings already under contract or sold: 0
What it means: New listing activity continued to increase as we approach the busy summer selling season. Fifty-four new properties (including both residential properties & building sites) hit the Teton County real estate market in April. After several months of lagging or matching the inventory levels seen in 2014 & 2015, April saw more new residential listings than in the previous years (see chart below). New listings in April continued to outpace sluggish sales levels, this time at a rate of 2.5 to 1. In April, there were 10 new condo/townhome listings under $750,000, lower than last month’s 17 new listings in this price range, but nonetheless adding much needed inventory to the entry level market. By March 7th, 4 of these new listings were already under contract, illustrating the continued high demand for properties in this price point. At the other end of the spectrum, 6 single family homes hit the market priced in excess of $2 million including homes in Jackson Hole Golf & Tennis, Teton Pines, Game Creek and an 8,300 sq foot home in Town overlooking the Elk Refuge (listed for $4.9m). The middle of the market saw quite a bit of new listing activity as 11 new single family home listings priced between $500,000 – $1,000,000 hit the market, including homes in Rafter J, Cottonwood Park, East Jackson, and a ranch style home on 5 acres south of Jackson (pictured below). Nearly a dozen new lot listings were added to the inventory in April including 4 building sites in Saddle Butte, located just north of downtown, ranging from $788,000-$1,995,000.
Notable new listings in April include:
- 3 bdrm condo at Snow King with short term rental income – $545,000
- 3 bdrm remodeled townhome (with garage) at the base of Jackson Hole Mountain Resort – $1,275,000
- Rafter J lot in the new King Eider subdivision – $349,000
Click HERE to view all new April residential listings.
Click HERE to view all new April land listings.
Sales and Dollar Volume decline in 2016, while affordable inventory dwindles – Quarterly Update from The Jackson Hole Report
Sale transactions and dollar volume are down in the first quarter of 2016 while available inventory in the entry level market dwindles, resulting in increased demand for well priced properties. The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 1st quarter 2016. Click HERE to read the full 2016 Q1 Report. A summary of statistics/trends follows:
- Total number of Sale Transactions are down 26%
- Sales under $1 million are down 36%
- Overall dollar volume is down 27%
- Due to limited inventory, the Average Sale Price increased by 11% in Q1 2016
- Hot Price Point: Properties priced between $1-3 million, where 40% of the sales occurred in the first quarter
- Hot Location: The Westbank (including Teton Village) which accounted for 45% of all sales in the first quarter
HIGH END MARKET
- While high-end property sales ($2+ million) were down 68% in the first quarter, there are 39 high-end properties under contract (an increase of 34%), with an average list price of more than $4.5 million
- Available inventory of high end properties is up 20% compared to this time last year
- There are 47 properties for sale over $5 million, an increase of 18%
- The most expensive property for sale in Teton County is a 580 acre ranch (with 6 building sites), listed for $45 million (pictured below)
SINGLE FAMILY HOMES
- Single family home sales in the first quarter were consistent with sales last year at this time
- However, the average sale price increased 18% to $2.3 million
- Single family home sales over $1 million are up 13%
- Single family home sales over $3 million are up 100% compared to this time last year!
- While over all single family inventory is up 8%, available homes under $1 million are at a 25 year low
- Only 15% of available single family homes are priced under $1 million
- Considering that 47 homes sold in this segment in 2015, there is less than 1 month of available inventory for home under $1 million.
- Click HERE to view the 23 single family home listings priced under $1 million
- Overall condo sales are down 29%, with only 39 sales in the first 3 months of 2016
- The average sales price dropped 11%, however the price of available inventory is up 38% – which represents the highest average condo list price since the start of the recession in 2008
- Condo sales under $500,000 decreased by 39% in Q1 2016 due to low inventory levels
- Condo listings under $500,000 sell in 86 days, on average, many times receiving multiple offers
- Only 28% of available condos are priced under $500,000
- Lot sales are down significantly (58%) with only 14 sales in the first quarter of 2016
- Average sales price is up 16%
- Overall available inventory dropped 5% from last year, however list prices remained consistent.
- Available vacant land for sale under $500,000 is only 1/4 of what was available in 2013 & 2014.
- Majority (71%) of vacant land buyers are second homeowners and/or retiring baby boomers.
As we approach 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, representing only 2 months of inventory. 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