Jan 2018

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

Summary – December 2017:

  • 36 :: Total residential sale transactions
  • $93,356,440 :: Total residential sales volume 
  • $2,593,000::  Average sales price 
  • $1,410,000 :: Median sales price
  • 96% ::  Ratio of sales price to list price 
  • 280 ::  Average days on market prior to selling 

What it means:  After an unusually busy November, real estate sales dipped down in December, matching transaction levels seen last year at this time. December monthly sales volume was another story however, recording the highest total monthly volume of the year. In fact, the last time monthly sales volume numbers reached above $90 million was back in September 2015! The year definitely ended with a bang with several very large sales, including a 7,300 sq foot home on 35 acres in Crescent H Ranch (listed at $17 million) and a 10,000 sq foot estate in the exclusive Indian Springs neighborhood, which was listed for $12.5 million (both sales prices were undisclosed to the MLS). Additionally, several other high end homes sold in The Gill Addition, 3 Creek Ranch, Solitude and the Snake River Sporting Club. As a result, the average sales price jumped up to $2.6 million, the highest monthly average in recent history (with the one exception of Jan 2017, where a $50 million sale in Wilson pulled the average sales price up to $3.35 million). While averages can be affected by high outlier sales, the median sales price also jumped up significantly to over $1.4 million, as 14 properties sold for more than $2 million in December (nearly 40% of all sales). The average sales price to list price ratio ticked up to 96% after several months hovering at 95%. However, only 4 properties sold at, near or above their listing price, suggesting that many sellers became more motivated to make a deal before the end of the year. Over the past 6 months, the average days a property is exposed to the market before selling has averaged around 150 days. In December, the marketing time spiked to 280 days as much of the old inventory was cleared off the market. In fact, 10 of the properties were on the market for over a year before finally selling in December. 

 

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

  • 33 :: Total New Listings
    • New Listing Volume: $76,462,000
    • Average List Price: $2,317,000
  • 28 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,055,000
    • Median List Price: $1,225,000
    • New listings priced under $1 million :: 11  (39%)
    • New listings priced under $500,000 :: 2 (7%)
    • New listings already under contract or sold: 12 (43%)
  • 5 :: New Building Sites
    • Average List Price: $3,780,000
    • Median List Price: $2,500,000
    • New listings priced under $1 million :: 1 (20%)
    • New listings priced under $500,000 :: 0 (0%)
    • New listings already under contract or sold: 3 (60%)

What it means: After a predictably slow November, new listings ticked up in December as 33 properties hit the market last month. Along with an increase to sales volume, the average listing price also increased for the second month in a row and reached over $2.3 million for the first time since June 2017. Six new listings hit the market priced in excess of $3 million, including two homes in Teton Village and two homes on the Westbank. Five new lot listings hit the market, including one of the last true ski-in, ski-out vacant lots at the base of Jackson Hole Mountain Resort. The most telling statistic this month, is that nearly 50% of the new December listings are already under contract or sold (by Jan 10th). With inventory being so tight, buyers are ready to move quickly on well priced and/or high demand properties. Some of the listings that have gone under contract quickly include: several condos and condo hotels in Teton Village, a higher end penthouse condo in downtown, and a single family home in Wilson priced under $750,000.

**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 December include:

  • Newly updated log cabin home in Hoback - $575,000
  • Three bedroom townhome with private backyard in Cottonwood Park - $629,000
  • Newly built contemporary home in the Town of Jackson - $1,699,750

Click HERE to view all Dec residential listings.

Click HERE to view all Dec land listings.

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

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