The Colbert Real Estate Report
Monthly Market Update for June 2015
Jackson Hole, WY
Summary – May 2015:
- 57 :: Total residential sale transactions (a huge jump from the last few months)
- $54,000,000 :: Total residential sales volume reported to MLS (up significantly from last month)
- $976,000:: Average sales price of reported sales (another dip)
- 96% :: Ratio of sales price to list price (down slightly from last month)
- 204 :: Average days on market prior to selling (down again from last month)
What it means: Transaction levels sky rocketed in May, hitting a high mark not seen since the Fall of 2013, signaling what could be a very busy summer in the Jackson Hole real estate market. Sales Volume also saw a significant increase in May, with $54 million in reported sales, marking the highest volume since October 2014 (see chart below). Adding in 2 sales with unreported sales prices, puts the actual volume in the $66 million range. We should expect to see these numbers continue to increase as we enter the busy summer selling season. As a point of reference, last September we saw sales volumes in excess of $90 million. We should also expect to see new listings continue to hit the market (See “What’s New?” section below). The average sales price in May dropped again thanks to several sales in the sub-$500,000 market including 9 condo sales under $400,000. The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property sits on the market before closing also continued to decrease, another illustration of the current “seller’s market” existing in the Jackson Hole Real Estate market.
What Sold in May 2015?
- 50% :: Percentage of single family home sales (up again after several low months)
- 39% :: Percentage of condo/townhome sales (down slightly from last month)
- 11% :: Percentage of Land Sales (down again after two higher than average months)
- 32% :: Percentage of residential properties selling for over $1 million (down significantly from last month)
- 68% :: Percentage of residential properties selling for under $1 million (up significantly from last month)
- 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)
What it means: Single family home sales continued their upward trend last month, representing 1/2 of all sales in Teton County. Land sales dropped again to below average levels after two strong months in February and March 2015. (Note: There was one multi-family sale in May, a two 2-bdrm duplex in West Jackson, which was counted as a single family home sale for this analysis.) Properties selling for over $1 million continued a downward trend as less than 1/3 of properties sold in this price segment. On the other end, properties selling for under $500,000 also declined, albeit slightly. These two statistics can be explained by looking in the $500,000 – $1 million segment, which saw 23 sales in May (40% of all sales). We are seeing many of the entry level single family home sales in this price range. Gone are the days of buying a stand alone property (even a fixer upper) priced under $500,000. For example, in May, a 1,344 sq ft house in Cottonwood sold for $617,500, a 1,900 sq ft house in Red Top sold for $575,000 and a 2,155 sq ft house in Rafter J sold for $695,000. The month of May also saw several higher end condo sales including a nicely remodeled condo in E Jackson selling for $700,000, a Love Ridge condo selling for just under $1 million and a Teton Village condo selling for just over $1 million after 569 days on the market (pictured below).
What’s new in May 2015? (New Listing Analysis)
- 85 :: Total number of new listings in May (a jump from last month’s 66)
- 67 new residential properties (single family, condo, townhome)
- Average List Price: $1,650,000
- New listings already under contract or sold: 15
- 18 new building sites
- Average List Price: $2,375,000
- New listings already under contract or sold: 1
What it means: The number of new listings continues to increase each month as we have now entered the busy summer selling season in the Jackson Hole real estate market. We are seeing slightly fewer new listings than we did during this time last year (see chart below). Despite the new listings, inventory levels continue to remain very low. New listings in May barely replaced the inventory that was sold in May (see chart below). Many of the recent new listings appear to be ‘testing’ the market with aggressive listing prices that are significantly higher than past sales. In some cases, buyers are willing to pay that premium because inventory levels are so low. Many buyers may feel a sense of urgency to get into a market that has been increasing at a fast pace for the last 6 months. When these higher sales prices are achieved they set the new bar for future listings in that neighborhood or condo complex, which then contributes to the increasing market. Of the 15 new residential listings in May that are already under contract or have closed, 13 of them were priced under $1 million with only 3 of them priced under $500,000. This again points to a consistently hot market in the $500,000 – $1 million range (see “What Sold?” above). The month of May saw many new high end lots hit the market (with an average list price of $3,275,000) including four 40 acre parcels of land available in Buffalo Valley for $18,900,000 and two different 35 acre ranch parcels in the Bar BC listed for $8.5 million and $8.95 million (pictured below).
Click HERE to view all new May residential listings.
Click HERE to view all new May land listings.
New Listing in Wilson
Best of Both Worlds: Privacy & Fish Creek views AND convenient location in Wilson
Experience privacy and Fish Creek views while still enjoying an unbeatable location in ”downtown” Wilson directly across the street from Owen Bircher Park and within walking distance of the Wilson School. Older home has many recent updates including solid hickory hardwood floors and a complete new kitchen with quartz counter tops, cherry cabinets and stainless steel Samsung appliances. Spread out in 2,600+ sq ft including a second living room/play room, office/bonus rooms located off 2 of the bedrooms, and a new deck off the master bedroom. Expansive property also includes an additional one car garage + storage area, a lean-to perfect for boat/gear storage, a newly constructed chicken coop and greenhouse for your summer vegetables. Unlimited possibilities with no CC&Rs and no subdivision rules. Zoning (NC-SF) allows a guest house.
Thinking of listing this summer? There is still time.
If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.
Interested in keeping an eye on new listings this spring/summer? Would you like to be alerted as soon as a new listing hits the market in a particular location or price range?
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Katie Colbert, Associate Broker
RE/MAX Obsidian Real Estate, a member of the RE/MAX Global Network
Mobile: 307.699.4137 Office: 307.739.1234
Voted one of Jackson Hole’s Top Real Estate Agents
by JH Weekly Reader’s Poll since 2012