July 2017

The Colbert Real Estate Report

Monthly Market Update for July 2017

Jackson Hole, WY

Summary – June 2017:

  • 44 :: Total residential sale transactions
  • $44,442,000 :: Total residential sales volume 
  • $965,000::  Average sales price 
  • $733,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 170 ::  Average days on market prior to selling 

What it means:  While sales transactions and dollar volume both increased from May to June this year, they still lagged 2016 numbers (see charts below). Overall dollar volume in June 2017 was nearly 50% less than June last year, where we saw close to $80 million in sales. Much of this can be explained by low levels of available inventory - there just ins't that much to sell! The hot segment of the market continues to be the mid-level market (see "What Sold?" below) as the median sales price in June was $733,000 and the average sales price stayed below $1 million for the second month in a row (see chart below). While the overall sales price to list price ratio dropped to 95% in June, the entry-level market remained very competitive. Of the 17 property sales under $600,000 in June, 12 sales (a whopping 70%) sold at, very near or ABOVE the listing price, many times fetching multiple offers in a very short marketing time.  The overall average days on market dropped significantly in June, illustrating a market where high-demand, well-priced properties continue to sell quickly. In fact, over 50% of property sales in June occurred within 90 days or less of listing. The majority of these quick sales occurred in the $500,000 - $800,000 price range, a market segment in high demand for both locals and investors.   (Note: If you are searching for property in Teton County in the sub $1 million market, please contact me so that I can be on the look out for these fast moving properties before they officially hit the market.)

What Sold in June 2017?

  • 34% :: Percentage of residential properties selling for over $1 million 
  • 66% :: Percentage of residential properties selling for under $1 million 
  • 23% :: Percentage of residential properties selling for under $500,000 
  • 27% :: Percentage of single family home sales 
  • 55% :: Percentage of condo/townhome sales 
  • 18% :: Percentage of Land Sales 

What it means:  After a spike in May, "entry level" sales (under $500,000) dipped slightly in June, but still remained strong, accounting for nearly 1 in every 4 sales in Teton County. Property sales under $1 million accounted for 2/3 of all sales in June, with 17 sales occurring between $500,000 - $900,000, a price point in high demand for both local buyers and investors. The majority of property sales in this price segment included 2-3 bedroom townhomes in Town and Rafter J. Likewise, overall townhome and condo sales remained strong for the second month in a row, representing more than half of all sales in June. On the other end of the spectrum, property sales over $1 million remained low for the second month in a row. Single family home sales continued to slow (as compared to overall sales). The least expensive single family home sale was a 2 bed / 2 bath home on 2.69 acres on Fall Creek Road (10 miles south of Wilson) listed for $765,000, which sold immediately to a cash buyer paying full list price. Several single family homes sold in Melody Ranch, Indian Trails, and Snow King Estates in June - all selling between $1.25-$1.50 million. These recent trends (a decrease in high end property sales and single family homes) are most likely due to overall lower inventory levels and the increased demand (and attention) given to entry and mid level properties.  Land sales increased in June as buyers took advantage of more available summer inventory. The least expensive lot sale was a 15 acre lot on a steep hillside north of town, which sold after nearly 900 days on the market for $273,000. 

 

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

  • 104 :: Total New Listings in June
    • New Listing Volume: $252,992,000
    • Average List Price: $2,433,000
  • 79 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,439,000
    • Median List Price: $1,250,000
    • New listings priced under $1 million :: 35  (44%)
    • New listings already under contract or sold: 19  (24%)
  • 25 :: New Building Sites
    • Average List Price: $2,413,000
    • Median List Price: $1,150,000
    • New listings priced under $1 million :: 11 (44%)
    • New listings already under contract or sold: 1 (4%)

What it means: The summer selling season is here! Over 100 new listings hit the market in June, the highest monthly tally since May 2016. Listing prices of this new inventory also spiked, resulting in over $250 million in listing volume, a high level not even seen during last year's busy summer months (see chart below). As a result, the average listing price for June inventory stayed strong, hovering just below $2.5 million. Several high end listings came onto the market in June, including four large parcels of land (158 acres in total) in the famed Crescent H Ranch south of Wilson - listed for $24 million, and two larger estate homes north of Town at Split C Ranch ($12.5M) and in the Dairy Ranches west of Jackson ($11.5M). The median listing price (of homes/condos/townhomes) in June was $1.25M, an increase over last month ($1.17M), but still well below the average (which can be disproportionately pulled up by several high end sales). In June, 44% of new residential listings were priced under $1 million (similar to last month).  Nineteen properties were already under contract (by July 10), with 11 of those pending sales occurring in this very active sub $1 million price range. Another 25 new building sites hit the market in June (similar to May), however with much higher prices. The average price tag for a newly listed vacant lot in June was just over $2.4 million, again pushed up by several high end lot listings in Crescent H Ranch and Trails End Ranch. Similar to residential listings, the median price for building sites ($1.15 million) was much lower than the average listing price, with 44% of new listings priced under $1 million. The least expensive lot listing was a parcel in the Pacific Creek neighborhood in Moran for $315,000, while a rare lot in Rafter J was listed at $419,000

Notable new listings in June include:

  • Three bedroom townhome with garage in Jackson - $550,000
  • Two bedroom house on 3 acres south of Wilson - $877,000
  • Two single family homes on Cache Creek Dr in East Jackson - starting at $1,620,000
  • Building site at end of cul-de-sac next to open space in Rafter J - $419,000

Click HERE to view all available June residential listings.

Click HERE to view all available June land listings.

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

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