Jan 2017

The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

Summary – Dec 2016:

  • 35 :: Total residential sale transactions (similar to last month)
  • $27,280,000 :: Total residential sales volume (significant spike)
  • $1,922,000::  Average sales price of reported and unreported sales (highest in past year )
  • 95% ::  Ratio of sales price to list price (up slightly after low last month)
  • 211 ::  Average days on market prior to selling (down after a high last month)

What it means: Sale transactions in December were similar to November, representing a little more than half of the transactions seen during the busy summer selling months in Teton County. However, monthly sales volume in December skyrocketed, representing the 4th highest volume in the past 12 months. There were several high end sales, including 3 sales over $5 million (see "What Sold"? below). Interestingly there was just over $33 million in sales reported to the MLS. There was an unusually high number of sales where the final selling price was not disclosed to the MLS. (Side Note: Many times buyers and/or sellers of especially high end properties choose not the have the sale price published in the MLS. Since Wyoming is a non-disclosure state, sale prices are otherwise not made public. For purposes of this report, I estimate the sales prices using the average sale to list price ratio for the month.) In December there were 7 transactions with unreported sales prices, representing nearly $34 million in additional sales volume. Given the prevelence of high end sales in December, it's no surprise that the average sales price also increased significantly. In fact, at nearly $1.93 million, December recorded the highest average sales price in the past 12 months (last December also saw a spike in high end sales at the end of the year, reporting an average sales price of $1.935 million). The sale price to list price ratio increased slightly in December after a low last month. There are still deals to be had in the Jackson Hole real estate market, however many properties in high demand locations and/or price points continue to sell very close to asking price. For example, there were five sales in December occurring at, near or above the listing price, with all 5 properties located in the high-demand location of Town and priced under $700,000. Average days on market dropped down after a spike in November (which cleared several long time listings off the market). Again in December, we saw several high demand and/or well priced properties sell very quickly. Ten properties sold within 3 months of listing, with all but one of them occurring in the sub $800,000 price point. The market trend is clear = the demand remains high for properties in the lower end of the market (sub $800,000), as they are selling quickly and very close to asking price. (If you are searching in this price point, please contact me to be alerted of soon-to-be-listed opportunities.)

What Sold in Dec 2016?

  • 43% :: Percentage of residential properties selling for over $1 million (consistent for several months)
  • 57% :: Percentage of residential properties selling for under $1 million 
  • 23% :: Percentage of residential properties selling for under $500,000 (highest in 7 months)
  • 48% :: Percentage of single family home sales (down from last month)
  • 46% :: Percentage of condo/townhome sales (jump from last several months)
  • 6% :: Percentage of Land Sales (lowest % in 3+ years!)

What it means:  With some good news for the entry level real estate market, sales under $500,000 spiked in December, representing nearly 1 in 4 sales in Teton County. Five of these sales were condos in Town and included a 3 bedroom townhome on Simpson that was under-valued and sold quickly for full list price. This good news might be short lived though, as there are currently only 15 active listings in this price point.  The split between properties selling for over and under $1 million remained consistent, with nearly 45% of properties in Teton County selling for over the $1 million mark. What was unique about the property sales over $1 million was the large number of very high priced sales in December. There were 12 sales over $2 million last month (nearly 35%!) with 5 of those sales oucrring over $3 million. Three sales occurred over $5 million, including the Lazy Moose Ranch on Fish Creek Road, which sold after 2+ years on the market (listed for $9.5 million and pictured below) and a large 125 acre land parcel along the Snake River south of Wilson, which sold after nearly 3.5 years on the market (listed for $14 million). Single family home sales dipped below 50% for the first time in several months. The least expensive single family home sale was a fixer upper home in Town, which was listed for $649,000 and sold quickly at full price. The price tag for an entry-level single family home has settled in the $750,000 - $900,000 range (gone are the days of half million dollar homes) - as we saw sales of a fixer-upper/tear down on the Village Road, a modest home in Indian Trails and a updated older home in West Jackson sell in this price range in December. Condo and townhome sales spiked in December after hovering around 30-35% over the last few months. Condo sales in December included 2 short term rental condos at the base of Snow King Mountain and two condo sales at the base of Jackson Hole Mountain Resort, as owners look to take advantage of the busy ski vacation season. After slowing in November, land sales plumented in December, recording only 2 sales all month. We shouldn't expect to see an increase in lot sales (or new inventory) until the Spring months.

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What’s new in Dec 2016? (New Listing Analysis)

  • 23 :: Total New Listings in Dec
    • New Listing Volume: $37,400,000
    • Average List Price: $1,626,000
  • 17 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,860,000
    • New listings priced under $1 million :: 7  (41%)
    • New listings already under contract or sold: 5  (29%)
  • 6 :: New Building Sites
    • Average List Price: $970,000
    • New listings priced under $1 million :: 5  (71%)
    • New listings already under contract or sold: 1  (6%)

What it means: The pace of new inventory entering the market continues to drag as just 23 new listings hit the market in December, a fraction of new inventory levels seen during the spring and summer months (see chart below). The low levels of new inventory this December are lower than levels seen in Dec 2014 & Dec 2015, a problem for a real estate market already extremely low on inventory. While new listings did increase slightly from November to December, dollar volume of new listings increased $12.5 million, as several high end listings hit the market. In December, there were 7 new listings in Teton Village (home to Jackson Hole Mountain Resort), totaling over $22 million, and including 3 properties priced over $3 million each. As a result of these high priced listings, the average asking price increased in December, reaching over $1.625 million. Well priced and/or high demand properties continue to go under contract quickly. Six properties, including a 2 bedroom condo in Town, a townhome in Rafter J and a 3 bedroom townhome adjacent to open space in The Aspens, already have sales pending.  

Notable new listings in Dec include:

  • Two condo hotels in Hotel Terra - starting at $575,000
  • Newer 3 bedroom home in the Daisy Bush neighborhood in E Jackson - $1,300,000
  • Four AR zoned building sites on Glenwood in Town - starting at $610,000

Click HERE to view all available December residential listings.

Click HERE to view all available December land listings.

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

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May I ask for your vote this year? 

Please visit www.BestofJH.com to cast your vote. Be sure you vote for all your other Jackson Hole favorites. 

Thanks for your support! 

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