The Colbert Real Estate Report
Monthly Market Update for February 2015
Jackson Hole, WY
Summary – Jan 2015:
- 22 :: Total residential sale transactions (down significantly from Dec’s 34)
- $23,600,000 :: Total residential sales volume reported to MLS (down from last month’s $29.3m)
- $1,124,000:: Average sales price of reported sales (up from last month’s $946,000)
- 95% :: Ratio of sales price to list price (same for the 4th month in a row)
- 148 :: Average days on market prior to selling (down significantly from last month’s 215)
What it means: The beginning of 2015 was off to a slow start in terms of both transactions and sales volume, but the average sales price was up. There was only 22 sales in January; the lowest amount in over 2 years! Sales Volume remained low (under $30 million) for the third month in a row. (See charts below). Despite low transactions and volume, the average sales price increased after two months below the $1,000,000 mark. These trends are a result of a very limited inventory in the Jackson Hole real estate market – the lowest we’ve seen in 25 years! (see Market Focus below). There was only 1 unreported sales price in the MLS in January (estimated at $850,000), however it is likely that there were several sales handled completely outside of the MLS, which is a typical occurance as inventory shrinks. The average days on market decreased signficantly (after removing two outliers) suggesting that properties are moving much more quickly (again a result of low inventory levels). As we move into 2015, we should see the trend of increasing prices continue until more inventory comes onto the market.
What Sold in Jan 2015?
- 55% :: Percentage of single family home sales (down from last month’s 62%)
- 36% :: Percentage of condo/townhome sales (up from the lowest % of 2014)
- 9% :: Percentage of Land Sales (down from last month’s 20%)
- 0 :: Number of distressed property sales (No bank or short sales)
- 23% :: Percentage of residential properties selling for over $1 million (back down after a peak last month)
- 77% :: Percentage of residential properties selling for under $1 million (back to a high)
- 27% :: Percentage of residential properties selling for under $500,000 (down again from last month)
What it means: The breakdown of property types returned to more typical distributions last month, with about 55% of all sales representing single family homes. Condo and townhome sales rebounded in January after reporting the lowest percentage of sales in over 2 years in December 2014. There were 2 land sales in January, representing 9% of all sales. There were no bank or short sales last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million dropped back down after a peak in December. In January , 27% of the property sales were for $500,000 or under, lower than the 2014 average of 34%. Of the 6 sales under $500,000, all were for 1-2 bedroom condos. The least expensive single family home sale in January was a 1,665 sq foot house in Cottonwood Park, which sold for just under $650,000.
The Jackson Hole Report Year End Update
Extremely low inventory levels continue to contribute to fewer sales, while pushing prices up in Teton County
My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he 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 Year End Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the year end 2014 and are compared to 2013.
THE OVERALL MARKET
- All types of properties (single family homes, condos, land) saw fewer sales in 2014 (compared to 2013) as the total number of sales in Teton County decreased by 12%
- Overall sales volume was also down across the board, dropping 8% in 2014
- Overall available inventory is down 15% from last year, and is now at the second lowest level in 25 years – which obviously contributes to the low sales transactions and sales volume
- The shortage in supply has pushed prices up – the average sales price jumped 18% from 2013
SINGLE FAMILY HOMES
- Total Single Family Home sales volume is down 16% compared to 2013
- The average sale price rose by 5%
- Current available inventory is the lowest in 25 years
- In 2014, there were 123 sales under $1 million (representing 51% of all single family home sales) however only 19 homes are currently on the market in this price point (representing only 17% of all single family home listings)
- Of the 113 homes currently listed, the average listing price is $4.25 million
- Least expensive single family home listing: a 2 bedroom older home in Buffalo Valley for $465,000
- Most expensive single family home listing: a 7,583 sq ft private 72 acre estate on the Snake River for $24.75 million (pictured below)
- Total condo/townhome sales were down 10% compared to 2013, while sales volume fell by 9%
- Average sales price was UP by 9%
- Currently only 4 condos are available in Teton County for under $300,000
- 56% of all condos sales were under $500,000, however currently there are only 11 condos for sale in this segment
- Available inventory is down 23% compared to this time in 2013, marking the 3rd lowest condo inventory in the past 25 years
- Least expensive condo listing: a 558 sq ft, 1 bed/1 bath condo at Snake River Lodge & Spa in Teton Village for $270,000 (pictured below)
- Most expensive condo listing: a 2,240 sq ft, 3 bed/3 bath condo for $3.1 million at the Four Seasons Resort
- Total lots sales in 2014 dropped 14%
- The average sales price was up 4% compared to 2013
- The number of lots under contract has dropped by 40%, while the average listing price for lots under contract has jumped 180%
- Available lot inventory is down 12% compared to this time in 2013
- Average listing price for vacant lots in Teton County is $2.173 million
- Currently there are 5 lots for sale in Teton County priced under $300,000
- With home inventory at an all time low, we should see demand increase for vacant land
Best of Jackson Hole – JH Weekly’s Reader’s Poll – 2015
With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!
May I ask for your vote?
Visit www.jhweekly.com and click on the icon on the right hand side. After you enter your name/email you can start voting. Be sure to vote for all your other Jackson favorites. It’s fun!
I very much appreciate your support!
Out for a tour on Teton Pass
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