The Colbert Real Estate Report
Monthly Market Update for Feb 2017
Jackson Hole, WY
Summary – Jan 2017:
- 23 :: Total residential sale transactions (lowest in 11 months)
- $77,095,000 :: Total residential sales volume (*without $50M sale = $27 million)
- $3,351,000:: Average sales price of reported and unreported sales (*without $50M sale = $1.24 million)
- 94% :: Ratio of sales price to list price (lower than average)
- 177 :: Average days on market prior to selling (3rd month of decline)
What it means: The New Year was not off to a very strong start in the Jackson Hole real estate market, with only 23 sales recorded in January. This is the lowest number of sale transactions since Jan & Feb of 2016, which suggests we may not see sales pick up until later this Spring. There was one VERY large sale in January that skews the monthly sales volume and average sales price numbers for this month. A unique 264 acre property with frontage and access to BOTH the Snake River and Fish Creek, was listed for $53 million in June 2016. While the final sales price was not disclosed in the MLS, an estimate is made using the average sales price to list price ratio for the month (94%), suggesting that this property may have sold somewhere just south of $50 million, easily the highest sale ever recorded in the Teton County MLS. Obviously a sale like that is not typical (even in our Jackson Hole market), where the last sale above $20 million occurred back in Aug 2015 (Home on 72 acres in the Bar BC listed for $25 million). Without this outlier sale this month, sales volume would have been $27 million (see chart below) and the average sales price would have been $1.24 million. These stats, in my opinion, paint a more accurate picture of the current real estate market. Without the $50 million transaction, January sales volume is the second lowest in the past year and the average sales price dips below $1.3 million for the first time since August 2016. Overall in January, properties were selling at a 6% discount to list price (lower than average), as many property owners sold at deep discounts in January (probably motivated by the additional months of winter ahead). Properties are selling more quickly than in past months, with the average property sitting on the market for just less than 6 months in January. Properties that are priced well and/or in high demand areas continue to sell quickly, with 6 properties (26% of all sales) selling in the first 3 months of listing. Five of these sales were for single family homes and/or townhomes in the Town of Jackson priced under $800,000. (Note: If you are searching in any of these submarkets (Town of Jackson, Properties priced under $1 million, etc.) please contact me so that I can be on the look out for these types of high demand properties before they officially hit the market.)
What Sold in Jan 2017?
- 48% :: Percentage of residential properties selling for over $1 million (uptick from past months)
- 52% :: Percentage of residential properties selling for under $1 million
- 4% :: Percentage of residential properties selling for under $500,000 (lowest in 3+ years)
- 70% :: Percentage of single family home sales (spike from last month)
- 17% :: Percentage of condo/townhome sales (large drop from last month)
- 13% :: Percentage of Land Sales (uptick but still low)
What it means: After a December where nearly 25% of property sales occurred in the entry level market, the month of January saw only 1 sale under $500,000. This represented only 4% of all property sales in January, by far the lowest percentage since I began keeping stats 3+ years ago, and only the second time this stat has dropped below 10% in that time frame. The lone sale in this price range was for a 1 bedroom condo hotel at Snake River Lodge & Spa, located in Teton Village at the base of Jackson Hole Mountain Resort. The next least expensive property was a 2 bed / 2 bath townhome in West Jackson, which sold for $520,000. In looking over the past 3 years the trend is clear (see chart below): sales in the "entry level" price point have been steadily declining over the past several years. After several months of consistency, property sales over $1 million increased in January, with nearly 1 out of every 2 sales occurring in this price range. Along with the $50 million sale (see Summary above), 4 properties sold for north of $2 million this month, including a large home in Indian Paintbrush, a house up at Spring Creek Ranch and a 4.75 acre parcel on the Snake River in Wilson, which sold for full list price after 6 months on the market. After a low point last month, single family home sales spiked in January, representing 70% of all sales! (While it's important to note that a smaller sample size (i.e. only 23 sales) can affect the stats, it's still a significant data point.) The least expensive single family home sale was for a 3 bed / 2 bath home in Cottonwood Park, which sold quickly at $670,000. Condo sales dropped off substantially, as there were only 4 condo/townhome sales in January. Three of these 4 condo sales occurred in the sub $600,000 price point, while the other sale represented a 3 bedroom condo in Love Ridge, located at the base of Snow King Mountain, which sold for $1.25 million. Land sales picked up slightly after a slow December, but still remained sluggish, recording only 3 sales in January and including a 25 acre parcel on Saddle Butte in the Town of Jackson.
What’s new in Jan 2017? (New Listing Analysis)
- 21 :: Total New Listings in Jan
- New Listing Volume: $69,620,000
- Average List Price: $3,315,000
- 15 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $3,050,000
- New listings priced under $1 million :: 4 (19%)
- New listings already under contract or sold: 3 (20%)
- 6 :: New Building Sites
- Average List Price: $3,975,000
- New listings priced under $1 million :: 0 (0%)
- New listings already under contract or sold: 0 (0%)
What it means: Even fewer new listings hit the market in January, marking the second slowest month for new listings in the past year. While January is usually a slow month for new inventory, this January was particularly slow when compared to the previous years (see chart below). Despite the low level of new inventory, many of the new listings in last month had some thing in common - a high price tag. Even with only 21 new properties for sale, the total listing volume was just shy of $70 million. That equates to an average new listing price of over $3.3 million for the month of January! Twelve of the 21 new listings last month were priced over $2 million, including nice homes in 3 Creek Ranch and The Aspens, and a rarely listed condo in the Crystal Springs building in Teton Village. Several larger estates in Tucker Ranch, Owl Creek and Crescent H Ranch also hit the market, listed between $5 - $14 million. Four large parcels in the new Sublette Ridge subdivision near the base of Jackson Hole Mountain Resort came onto the market in January, starting at $4.25 million each. The least expensive new listing was a 3 bedroom / 2 bath / 1 car garage condo in Cottonwood Park for $560,000. There were 0 new listings priced under $500,000, a stat that is not welcomed news for entry level buyers.
Notable new listings in Jan include:
- Three bedroom/2 bath condo in The Aspens with garage - $765,000
- Top floor 2 bedroom Hotel Terra unit in Teton Village - $1,250,000
- Four building sites in newly created subdivision at base of JHMR - $4.25MM - $5.5MM
Click HERE to view all available January residential listings.
Click HERE to view all available January land listings.
(Contact me to view any pending or sold properties.)
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