July 2016

The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

Summary – June 2016:

  • 58 :: Total residential sale transactions (highest in nearly 3 years!)
  • $77,934,000 :: Total residential sales volume (highest in 2016)
  • $1,345,000::  Average sales price of reported and unreported sales (another increase)
  • 96% ::  Ratio of sales price to list price (typical level)
  • 173 ::  Average days on market prior to selling (remains low)

What it means:  The Jackson Hole real estate market is on fire! There were nearly 60 sale transactions in June, the highest level of monthly transactions since August 2013. Sales Volume also spiked in June, marking the highest monthly volume seen since last October 2015. While May 2016 statistics lagged 2015 (see June's Market Report), the activity level in June 2016 leaves no doubt that the busy summer selling season is in full swing!  The average sales price increased again in June, but still remains below the highs seen in the past year (see chart below).  The sale price to list price ratio has returned to stable levels at 96%, meaning, on average buyers are purchasing at a 4% discount to the listing price. That being said, 11 properties sold at, near or above the listing price in June, including an older cabin and guest house on 1.5 acres off the Village Road, which sold for $25,000 OVER the listing price.  The average number of days on market remained at 173, the lowest level seen since last September. Well priced properties continue to sell quickly, as 24 properties (41% of all sales!) sold within 90 days of listing. Again this month, there were also several properties that sold BEFORE even hitting the market or being entered into the Multiple List Service (MLS). (Note: If you are searching for a particular property type/price range, please contact me so that I can help identify additional properties for you that may not be officially listed in the MLS.)

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What Sold in June 2016?

  • 55% :: Percentage of single family home sales (back up after low last month)
  • 38% :: Percentage of condo/townhome sales (down after high last month)
  • 7% :: Percentage of Land Sales (down for second month in a row)
  • 45% :: Percentage of residential properties selling for over $1 million (up again from last month)
  • 55% :: Percentage of residential properties selling for under $1 million (down again from last month)
  • 16% :: Percentage of residential properties selling for under $500,000 (half of last month)

What it means:  Single family homes sales are back up after a slow May, representing over half of all property sales in June.  Condos and townhome sales dipped after a strong showing in May.  Land sales declined again last month (only 4 sales in June), as many buyers focus their attention on the influx of existing homes and townhomes that have come onto the market in the last few months.  Entry level sales took a dip after a strong May, with only 15% of all sales occurring under $500,000 in June. The "hot spot" in June was the $500,000 - $1,000,000 price range, representing 36% of all sales last month. Sales in this segment included several vacation condos in The Aspens and Teton Village and several single family homes in Rafter J and Cottonwood Park, which are popular with local buyers. Property sales over $1 million increased for a second month in a row, accounting for 45% of all sales. High end property sales (defined as sales over $3 million) slowed in June as only 4 sales occurred in this price range (7% of all sales). Three of these high end sales were in Granite Ridge - 2 cabins (pictured below) and the last remaining undeveloped slopeside lot in the development. 

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Granite Ridge

One of 2 Granite Ridge cabins that sold in June (listed by JH Sotheby's)

 

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

  • 90 :: Total number of new listings in June
    • Total New Listing Volume: $240,700,000
    • Average List Price: $2,675,000
  • 69 new residential properties (single family, condo, townhome)
    • Average List Price: $2,690,000
    • New listings already under contract or sold: 16
  • 21 new building sites
    • Average List Price: $2,620,000
    • New listings already under contract or sold: 2

What it means: New inventory continues to hit the market, with 90 new listings coming online in June. Joined with last month, we've seen 200 new properties enter the Jackson Hole real estate market so far this summer. While the number of new listings in June is down slightly from May, the volume of new listings actually increased. As a result, the average sales price of June listings was close to $2.7 million. There were two very high end new listings that no doubt affected these statistics: an 11,000 sq foot home on 40 acres north of Town was listed for $28 million (pictured below) and a 264 acre property (including modern home, guest house, barn, etc.) with frontage on both Fish Creek and the Snake River was listed for $53 million! However, even without these two listings, the average sales price of June's new inventory was over $1.8 million, continuing an increasing trend seen over the last few months (see chart below).  The average listing price of new lot listings was also above $2.6 million and included two large parcels in Bar-B-Bar (located along the Snake River north of Town), listed for $12 million and $15.5 million, respectively. Several single family homes hit the market in the $600,000 - $800,000 price range. These homes in Cottonwood Park, Rafter J, the Town of Jackson, Red Top Meadows and Hoback Junction represent the least expensive single family home options in Teton County.  Many buyers are moving quickly, as 20% of June's new listings are already sold or have sales pending (by July 10th).   

Notable new listings in June include:

  • 2 bedroom / 1 bath single family home in West Jackson – $599,000
  • Log Cabin with large shop/garage in Hoback – $635,000
  • Modern 2 bdrm condo in Pearl @ Jackson in downtown - $1,150,000
  • Four lots bordering Elk Refuge in Gill Addition (with older home) – $6,000,000

Click HERE to view all new June residential listings.

Click HERE to view all new June land listings.

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11,000 sq ft home on 40 acres - Listed by JH Sotheby's for $28 million

As we continue through the busy summer selling season, the amount (and price) of new inventory will continue to dictate future market values. Whether you are a first time or seasoned home buyer, there are many opportunities out there, with several not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for a comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to make your property stand out against the competition by pricing it competitively (based on the most comparable sales) and marketing it effectively, as buyers are moving quickly on well-priced, high-demand properties. If you are interested in a learning what your property could sell for in this market, please complete a Home Valuation Form for a free estimate of your home's market value.

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