The Colbert Real Estate Report
Monthly Market Update for Sept 2015
Jackson Hole, WY
Summary – Aug 2015:
- 51:: Total residential sale transactions (up after 2 low months)
- $40,500,000 :: Total residential sales volume reported to MLS (back up after a slow July)
- $103,700,000 :: Total residential sales volume including unreported sale prices
- $1,070,000:: Average sales price of reported sales (back up after a down month)
- $2,034,000:: Average sales price including unreported sale prices
- 96% :: Ratio of sales price to list price (same as last few months)
- 201 :: Average days on market prior to selling (up after 5 months of decline)
What it means: After a slow June and July, August picked up the pace logging over 50 transactions last month, falling in line with May 2015, and marking the 3rd highest monthly transaction level in the past year. Reported sales volume increased slightly compared to July, however reported sales do not tell the whole story for August. Last month there were 13 property sales that did not disclose the sales price to the MLS. Many times, buyers and/or sellers do not want the real estate community to be privy to the agreed upon sales price of a particular property. This usually occurs with higher-end luxury properties (in this case 8 of the 13 unreported sales in August were for over $2 million). When factoring in these unreported sales, August’s sales volume spikes to over $100 million (!) – the highest monthly sales volume not only in the past year but since October 2013. The average sales price increased slightly in August but continues to hover near the $1 million mark. However, when adding in the 13 unreported sales, the average sales price increases to more than $2 million, or 2x the typical average. A property’s average days on market jumped up after a 5 month declining trend. This can be explained by several of the higher-end sales in August, as these properties tend to sit on the market longer because the buyer pool is much smaller (as compared to say, a $400,000 townhome in Town). That being said, we continue to see well priced and high demand properties go under contract very quickly. Twenty-two of the 51 sales in August (or nearly one half) sold within 3 months of being listed (with many selling very close to the listing prices).
What Sold in Aug 2015?
- 35% :: Percentage of single family home sales (down again)
- 35% :: Percentage of condo/townhome sales (similar to last month)
- 30% :: Percentage of Land Sales (continuing an upward trend this summer)
- 49% :: Percentage of residential properties selling for over $1 million (highest % in last 6 months)
- 51% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
- 14% :: Percentage of residential properties selling for under $500,000 (a new low in the past year)
What it means: The percentage of single family home sales declined again in August, representing only 35% of all transactions. On the other hand, land sales continued an upward trend accounting for a whopping 30% of all sales in August (compare that to the 12 month average of 20%). One possible explanation for the dip in land sales in the beginning of the summer months, and the subsequent increase as we enter fall, could be the added home inventory we typically see in the summer months. Conversely, lower home inventory levels can push buyers to lot sales after they can’t find an acceptable home to purchase. Nearly one half of all sales in August were for over $1 million, the highest percentage in the past 6 months. This was no doubt helped by several high end sales including a 72 acre estate in Bar B Bar (listed for $22 million) and a 3 parcel property in Ely Springs (listed for $19.4 million). Conversely, the percentage of sales occurring under $500,000 dropped last month to the lowest level seen in the entire past year. Only 7 property sales last month were under the half million mark and included several 1 & 2 bedroom condos in the Town of Jackson. The least expensive condo sales in August was a 644 square foot Ponderosa Village condo which sold for $265,000 after only 24 days on the market (pictured below).
What’s new in August 2015? (New Listing Analysis)
- 81 :: Total number of new listings in Aug (another drop after a high in June)
- Average List Price: $1,785,000
- 63 new residential properties (single family, condo, townhome)
- Average List Price: $1,900,000
- New listings already under contract or sold: 9
- 18 new building sites
- Average List Price: $1,670,000
- New listings already under contract or sold: 2
What it means: New listings took another dip in August as the summer selling season is nearing its end. This is typical for this time of year, as August 2014 saw a similar number of new listings (75). New inventory continues to outpace monthly sales. In August, for every sale there were 1.6 new listings, however that gap is quickly closing (see chart below). It is typical for this gap to be the largest during the spring and early summer season when there is an influx of new listings. The average listing price of all new listings in August (land and residential combined) dipped below $2 million for the first time since April 2015. Keep in mind this average is still $700,000 higher than the average SALES price in August ($1,070,000). Earlier this spring and summer (March through June), between 22% – 32% of a month’s new listings went under contract or sold by the time the next month’s report was published (usually around the 10th of the next month). Last month at this time, only 17% of the new July listings were under contract, and this month, only 14% of August’s new listings are under contract or sold. This downward trend illustrates the recent slow down in the market and may suggest that many new listings continue to be over priced for the current market.
Notable new listings in August include:
- Several condo-hotel rooms at the White Buffalo Club in Town: 1 bdrms start at $320,000 and 3 bdrms (with large kitchen) start at $948,000 (pictured below)
- 4 bdrm townhome in Town with grand-fathered short term rental zoning for $795,000
- To-be-built spec new home in downtown Wilson: $1,350,000
Click HERE to view all new August residential listings.
Click HERE to view all new August land listings.
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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