April 2017

The Colbert Real Estate Report

Monthly Market Update for April 2017

Jackson Hole, WY

Summary – March 2017:

  • 25 :: Total residential sale transactions (identical to Feb)
  • $33,370,000 :: Total residential sales volume (very similar to Feb)
  • $1,335,000::  Average sales price of reported and unreported sales 
  • 94% ::  Ratio of sales price to list price (back down, below average)
  • 244 ::  Average days on market prior to selling (down slightly from high last month)

What it means: March sale statistics offered much of the same as February, as transaction levels stayed at 25 sales and total volume dipped slightly, settling around $33 million. Both stats are low compared to the busy summer/fall seasons, but are inline with levels seen this time last year. In fact, if history repeats itself, we should not see sales pick up until May. The average sales price hovered right around $1.3 million, which represents the typical sales average for Teton County. (Remember that the large spike in January was due to one VERY large sale.) After an uptick in the sales price to list price ratio in February (96%), this ratio dropped down to 94% in March as sellers appeared more motivated to sell. Numerous properties sold at notable discounts, including a house in Cottonwood Park selling for $70,000 under list price, a smaller house in the Bar Y selling for $95,000 under list, and a house in Indian Trails selling for over $100,000 under the asking price. It appears that while some sellers are pricing their properties boldly and above market, many turn out to be more motivated to sell once an offer comes in. (If you are interested in property in a certain price range, it may be prudent to expand your search to account for price negotiations - contact me or set up and save your own property search.) The average days on market dropped slightly after a high in February, but still remained high compared to the 12 month average of 198 days. Many of the properties that sold last month were on the market since the summer/fall listing season in 2016. In fact, only 3 of the sales last month were for properties listed within the last 90 days. 

What Sold in Mar 2017?

  • 52% :: Percentage of residential properties selling for over $1 million (highest in past 12 months)
  • 48% :: Percentage of residential properties selling for under $1 million 
  • 12% :: Percentage of residential properties selling for under $500,000 (low, same as last month)
  • 56% :: Percentage of single family home sales (up after low last month)
  • 16% :: Percentage of condo/townhome sales (lowest in over a year)
  • 28% :: Percentage of Land Sales (high for second month)

What it means:  Property sales under $500,000 remained low, recording only 3 sales for the second month in a row. So far in 2017, only 7 properties have sold in this price range! Entry level sales in March included two small lots in Rafter J and south of town, and a 2 bedroom condo in the Town of Jackson. Sales in the $500,000 - $1,000,000 range (usually a hot spot for larger condos and small homes) were also down, with only 3 single family homes selling under $1 million in March - all located in the Cottonwood Park neighborhood. Property sales over $1 million increased 12% from February, accounting for over half of all sales in Teton County in March. This is the first time we've seen this statistic exceed the 50% mark since last March 2016.  Single family home sales increased in March, accounting for 56% of all sales (an uptick after a low last month). Several older homes located north of town (all with over 2 acres of land) sold in the low $1 million price point, while six homes sold between $1.5M - $4.5M, including 3 homes on the west bank of the Snake River. On the other hand, condo sales dropped significantly as only 4 condos sold in March, including a 3 bed / 3 bath unit in The Aspens (backing up to open space), which sold for an astonishing $1.35M! Given that general inventory remains low, it's no surprise to see buyers continue to flock to vacant land. Land sales accounted for nearly 30% of all sales for the second month in a row and included sales in the Gill Addition, Teton Village, Moulton Ranches and Squaw Creek. 

 

 

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What’s new in March 2017? (New Listing Analysis)

  • 46 :: Total New Listings in March
    • New Listing Volume: $75,261,000
    • Average List Price: $1,636,000
  • 38 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,769,000
    • New listings priced under $1 million :: 22  (58%)
    • New listings already under contract or sold: 14  (37%)
  • 8 :: New Building Sites
    • Average List Price: $1,003,000
    • New listings priced under $1 million :: 5 (63%)
    • New listings already under contract or sold: 0 (0%)

What it means: After a 5 month trend of less than 30 new listings per month (less than 1 per day of the month), new listings spiked in March as nearly 50 new properties came onto the market, totally over $75 million in listing volume. So far in 2017, new listings have followed a similar pattern to last year, which saw 48 new listings in March 2016. The average price of March's new listings was just over $1.6 million as a half dozen high end homes hit the market including a $19 million estate in 3 Creek Ranch. That being said, over half (58%) of the new inventory hitting the market in March was priced under $1 million. We continue to see high demand for this price segment, as 9 of these new listings are already under contract (as of April 10th). Five more listings priced over $1 million are also pending, including a large home in the Gill Addition bordering the Elk Refuge (listed for $6.5 million) and a Love Ridge condo at Snow King, that received 3 offers in the first week on the market. With nearly 40% of March's new inventory already snatched up, we may be seeing a preview of hot real estate market this coming summer. As the snow melts and spring arrives in Jackson, 8 new building sites hit the market in March, with an average listing price just over $1 million. Four of the eight new lot listings are located down in the Snake River Sporting Club, a golf and equestrian club south of Hoback Junction. 

Notable new listings in March include:

  • Two Eagle Village condos with underground parking - $550,000 & $595,000
  • An older cabin on a 0.17 acre lot in Kelly - $499,000 - UNDER CONTRACT
  • Four bedroom Snow King condo zoned for short term rentals in Town - $930,000

Click HERE to view all available March residential listings (excluding 14 pending sales).

Click HERE to view all available March land listings.

(Contact me to view any pending or sold properties from March.)

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