June 2017

The Colbert Real Estate Report

Monthly Market Update for June 2017

Jackson Hole, WY

Summary – May 2017:

  • 38 :: Total residential sale transactions (up after 4 slow months)
  • $32,560,000 :: Total residential sales volume (lower than usual)
  • $924,000::  Average sales price
  • $637,500 :: Median sales price
  • 97% ::  Ratio of sales price to list price (spike from last month)
  • 216 ::  Average days on market prior to selling (down again from last month)

What it means:  Real estate market activity picked up in May, with a 50% increase in sales transactions as we head into what should be a busy summer selling season. Despite the additional real estate sales however, overall dollar volume was down significantly as May saw an unusually high number of sales in the sub $1 million price range. As such, the average sales price was the lowest in almost two years (dropping below $1 million for only the second time in the past year). Median sales price is also an interesting statistic to analyze as many high end sales can easily influence the average sales price. In May, the median sales price was $637,500, again a result of the 25 sales recorded under the $1 million mark in May.  For the second month in a row, properties continued to sell close to the listing price (on average), with nearly 30% of all sales occurring at, near or above the listing price, suggesting a trend of strong sales prices as we head into summer.  Average marketing time continued to shorten, falling for a 4th month in a row (see chart below), with nearly 40% of all properties selling within 3 months of hitting the market. Both of these trends were most prevalent in the "entry level" market, where many high demand properties received multiple offers within days of hitting the market.  (Note: If you are searching for property in Teton County priced under $1 million, please contact me so that I can be on the look out for these types of high demand properties before they officially hit the market.)

What Sold in May 2017?

  • 34% :: Percentage of residential properties selling for over $1 million (dow again)
  • 66% :: Percentage of residential properties selling for under $1 million 
  • 29% :: Percentage of residential properties selling for under $500,000 (large increase)
  • 34% :: Percentage of single family home sales (down again from last month)
  • 55% :: Percentage of condo/townhome sales (highest in several years)
  • 11% :: Percentage of Land Sales (down again)

What it means:  After increasing slightly in April, "entry level" sales (under $500,000) took a huge jump, representing nearly 30% of all sales in May (see chart below). We have not seen a similar level of activity in this price point since last May 2016. There were 11 sales under $500,000 in May, which doubles the total sales in this price range since the beginning of the year.  The typical sale in this price range includes 1-2 bedroom condominiums (no garages) in the Town of Jackson. Sales under $1 million were up significantly too, with an additional 14 sales in the $500,000 - $1,000,000 price range, including several 2-3 bedroom townhomes (with garages) in the Town of Jackson. While this may seem like good news for local buyers, it illustrates a very strong demand for a limited amount of available inventory (see "What's New?" below). As such, we should expect to see these high demand properties continue to sell quickly this summer (often with multiple offers). Uniquely absent from May's sale numbers however were high end home/estate sales, with only 3 sales above $2 million and zero sales over $3 million. Compare that to other months, were there is usually at least 2-3 sales in the $3-8 million range. Overall condo sales were up significantly in May, representing over half of all sales (compare that to the annual average of 33% of all sales). While condo sales accounted for many of the sales under $1 million, there were also some higher end condo sales in May, including a 3 bedroom Love Ridge condo at Snow King (listed at $1.5M), which received multiple offers within days of listing, and 3 condo sales in Teton Village between $2-3 million, including a Four Seasons condo selling for over $1,500 per square foot.   

 

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

  • 86 :: Total New Listings in May
    • New Listing Volume: $190,260,000
    • Average List Price: $2,212,000
  • 62 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,426,000
    • Median List Price: $1,172,000
    • New listings priced under $1 million :: 28  (45%)
    • New listings already under contract or sold: 17  (27%)
  • 24 :: New Building Sites
    • Average List Price: $1,660,000
    • Median List Price: $815,000
    • New listings priced under $1 million :: 15 (63%)
    • New listings already under contract or sold: 1 (4%)

What it means: Continuing the trend as the busiest month for new listings, May saw nearly 90 new properties hit the market in Teton County. By far the highest level of new listings in past year, it still falls a little short of May 2016 however, when 110 new listings hit the market (see charts below). The total dollar volume of new listings in May increased more than 50% from April, but again, still lagged listing dollar volume seen last year at this time. The average listing price remained above $2 million for the second month in a row, in part thanks to several new high-end listings over $10 million, including an 8,000 square foot home on 38 acres along the Snake River south of Wilson (listed for $16 million). It's also helpful to look at the median listing price of the new inventory as it can be a more representative statistic given the amount of high-end properties. In May, the median listing price of residential properties was just under $1.2 million, as 28 new residential listings hit the market in the sub $1 million range, mostly 2-3 bedroom condos and townhomes. The least expensive single family home listing was a 1,700 sq foot cabin with garage on a small lot 15 minutes south of Wilson for $699,000 (currently the least expensive single family home in all of Teton County). Several high-end lot listings also hit the market in May, including 6 building sites priced over $2 million and an 105 acre parcel in the Snake River Sporting Club for $9 million. The median listing price for vacant land was $815,000 in May, a result of 15 new lot listings under $1 million (63% of the vacant land inventory). Well priced properties, especially condos/townhomes priced under $750,000, continue to go under contract quickly (sometimes the same day as hitting the market!) as local demand far exceeds available supply in this price point. 

Notable new listings in May include:

Click HERE to view all available May residential listings.

Click HERE to view all available May land listings.

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

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