Dec 2017

The Colbert Real Estate Report

Monthly Market Update for Dec 2017

Jackson Hole, WY

Summary – Nov 2017:

  • 50 :: Total residential sale transactions
  • $67,868,000 :: Total residential sales volume 
  • $1,357,000::  Average sales price 
  • $900,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 145 ::  Average days on market prior to selling 

What it means:  After several months of declining real estate sales, transaction levels spiked in November, reaching 50 monthly sales for the first time since Oct 2016. These sale levels are much higher than expected, especially considering that last November saw only 34 transactions. High sale levels were helped by 7 property closings down in the Snake River Sporting Club, including 4 sales/reservations for the soon-to-be-built Fairway Lodges - 3 and 4 bedroom cabins that are zoned for short term rentals. With the spike in sale transactions, sale volume also increased, reaching a level higher than anything seen this past summer. The median sales price in November ($900,000) was identical to last month, however the average sales price in November dropped nearly $200,000 as a significant number of sales occurred in the sub $1 million market. Six properties sold for under $500,000 (including several 2 bedroom condos in the Town of Jackson), and an additional 11 properties sold between $500,000 - $750,000, currently a hot market for local buyers. The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, well priced and/or high demand properties continue to sell quickly (many times fetching multiple offers) as available quality inventory remains low. The average marketing time dropped slightly to 145 days (on average), even with several properties selling after being on the market close to a year. In November, 21 sales occurred within 90 days of hitting the market, illustrating that buyers are well-educated and are ready to jump quickly when they see something they like that is well priced. (Note: As a seller, it is important to list your property competitively (based on recent comps) in order to capture these ready-to-move buyers. Contact me if you'd like to discuss the marketability and market value of your home or complete the Home Valuation Form.) 

 

What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home. 

 placeit (3)

Featured Listings

Browse Katie's "Top Picks" for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

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

  • 20 :: Total New Listings
    • New Listing Volume: $43,026,000
    • Average List Price: $2,151,000
  • 19 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,217,000
    • Median List Price: $1,150,000
    • New listings priced under $1 million :: 9  (47%)
    • New listings priced under $500,000 :: 1 (5%)
    • New listings already under contract or sold: 5 (26%)
  • 1 :: New Building Sites
    • Average List Price: $899,000
    • Median List Price: $899,000
    • New listings priced under $1 million :: 1 (100%)
    • New listings priced under $500,000 :: 0 (0%)
    • New listings already under contract or sold: 0 (0%)

What it means: Continuing a decline started in August, only 20 new listings hit the Jackson Hole real estate market in November, the lowest monthly level since last November (2016). While the number of new listings was down in November, total dollar volume of these new listings was actually up from last month (which saw 29 new listings). Six high end listings (priced over $3 million) hit the market in November including 2 homes in Granite Ridge, offering ski-in, ski-out access to Jackson Hole Mountain Resort (starting at $4.2 million) and a 9,500 square foot home in the exclusive Indian Springs neighborhood, listed at $9.7 million. As such, the average listing price jumped back up above $2 million after a low of $1.2 million last month. Only one new listing in November was priced under $500,000 (a one bedroom Aspens condo for $469,000). Of the 8 properties listed between $500,000 - $1,000,000, 5 are already under contract, illustrating the continued high demand for this price point.** Historically, November is not a popular time to list vacant land, as only one new lot listing hit the market in November (a 5 acre lot on the bench of the Snake River in the Solitude neighborhood north of Town). 

**During times of low inventory and high demand (i.e. the current state of our market), many properties aren't even hitting the open MLS market before selling. If you have a specific property type/location/price in mind, please contact me so that I can be on the look out for off-market or soon-to-be-listed properties for you.) 

Notable new listings in November include:

  • Fixer Upper home on 6 acres in Red Top Meadows - $695,000
  • Newly built contemporary home with Snow King views - $1,150,000
  • Three bedroom ski-in, ski-out condo at Hotel Terra - $1,449,000

Click HERE to view all Nov residential listings.

Click HERE to view all Nov land listings.

(Note: Links above are good for one month after report is published.)

Property Search

Search ALL Teton County Listings: Single Family Homes, Condos, Vacant Land, Multi-family, Farm/Ranch, Commercial and Leases

  • Quick Search or Advanced Search capabilities 
  • Customizable Map Search
  • Search by MLS #, if you have a specific property in mind
  • Create your own saved searches

Search Jackson Hole Properties now.

placeit

Create & Manage Your Own Account

Save your favorite Jackson Hole Real Estate properties or create customized search criteria for personalized direct access.
Set up your account now.