Mar 2017

The Colbert Real Estate Report

Monthly Market Update for March 2017

Jackson Hole, WY

Summary – Feb 2017:

  • 25 :: Total residential sale transactions (up slightly from low last month)
  • $34,037,000 :: Total residential sales volume (down after strong year-end)
  • $1,361,000::  Average sales price of reported and unreported sales 
  • 96% ::  Ratio of sales price to list price (back to levels seen last summer)
  • 264 ::  Average days on market prior to selling (highest in past several years)

What it means: Real estate transactions in the Jackson Hole real estate market crept along in February, marking another month with less than one sale per day. This slow start to the New Year is similar to Jan & Feb of 2016, which suggests we may not see sales pick up until May or June this year. After January's high sales volume (which was skewed by one VERY large sale), sales volume in February returned to levels typical of this time of year. Looking back to 2016, it wasn't until June before we saw sales volume top $50 million (see chart below). Similarly, the average sales price dropped back down to typical levels after last month's atypically high sale. In February we did see an uptick in the sales price to list price ratio, as properties sold for 96% of the listing price (on average). Considering there were only 2 properties that sold at, near or above the listing price (including an Aspen condo which sold for $40,000 OVER the listing price), many properties sold at a stronger price than in months past (see chart below). Looking back to the spring/summer of 2016, we saw similar sales to list price ratios, suggesting we may be reaching that trend a bit early this year.  The average days on market spiked in February, recording the highest level in the past several years, as quite a bit of older inventory was cleared out in February. Six different properties sold after sitting on the market for over a year including a tri-plex in East Jackson, higher end houses in Teton Pines and John Dodge and a 79 acre ranch off of Spring Gulch Road, which sold after nearly 2 years on the market. 

What Sold in Feb 2017?

  • 40% :: Percentage of residential properties selling for over $1 million (lowest in 7 months)
  • 60% :: Percentage of residential properties selling for under $1 million 
  • 12% :: Percentage of residential properties selling for under $500,000 (up from low last month)
  • 40% :: Percentage of single family home sales (lowest in 5 months)
  • 32% :: Percentage of condo/townhome sales (up from low last month)
  • 28% :: Percentage of Land Sales (double last month)

What it means:  After recording a low for entry level sales in January (only 1 sale under $500,000), February saw a slight uptick as 3 properties sold in this price range (or 12% of all sales). There were several sales in the $500,000 - $1,000,000 segment, including 5 condominiums located throughout the Valley (Aspens, Teton Village, Town of Jackson, Rafter J, and Spring Creek Ranch). The least expensive single family home sale was a 2 bed / 2 bath home near the top of the Indian Paintbrush subdivision which sold for just over $750,000 after 7 months on the market. Also in this price range was a bank sale north of town, a rarity in our post recovery market. It was an 2,300 sq foot home with a good amount of deferred maintenance, but with Teton views on a 3.23 acre lot. It sold for just over $800,000.  Given the activity in the sub $1 million market, sales over the million marked dropped to 40% in February, after hovering around 45-48% for the last several months. That being said there were still several sales above $3 million including homes in Teton Pines, Shooting Star, Skyline Ranch and John Dodge. The breakdown of sales among property type saw quite the mix-up in February, with a large drop in single family home sales (down 30% from January) and large increases in both condo sales (up 15%) and surprisingly, building sites (nearly double from January). With low inventory levels for existing homes, many buyers are shifting their focus to land as they try to build what is lacking in the market. In February, we saw land sales in the Gill Addition in Town, Indian Trails, Gros Ventre North and Shooting Star.  

 

 

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

  • 26 :: Total New Listings in Feb
    • New Listing Volume: $34,484,000
    • Average List Price: $1,326,000
  • 24 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,269,000
    • New listings priced under $1 million :: 14  (58%)
    • New listings already under contract or sold: 8  (33%)
  • 2 :: New Building Sites
    • Average List Price: $2,020,000
    • New listings priced under $1 million :: 1 (50%)
    • New listings already under contract or sold: 0 (0%)

What it means: New listings increased slightly in February but continue a 5 month trend of less than 30 new listings per month (less than 1 per day of the month). Compare that to the busy spring/summer listing season, where new listings can sometimes top 100 per month. The price point (and therefore sales volume) of February's listings was significantly less than January, which saw many high end listings hit the market.  Over half (58%) of the new inventory hitting the market in February was priced under $1 million. Given the high demand for this price point, it's no surprise that 1/3 of February's new listings have already been placed under contract. A 2 bedroom Town condo priced below $300,000, a single family home in Rafter J and a nicely remodeled 2 bedroom top floor condo in The Aspens did not last long on the market, each going under contract within days of hitting the market (at prices close to or above the listing prices). Only two new building sites hit the market in February. Understandably this time of year is not a popular time to list vacant lots with all the snow. New lot inventory last month included a half acre lot in Indian Trails and a 6 acre parcel atop Spring Creek Ranch, listed for $3.5 million. 

Notable new listings in Feb include:

  • Two Creekside townhomes in Town - each priced at $640,000 with 1 under contract
  • Single family home in Town with potential to create a separate apartment - $989,000
  • Nearly 1/2 acre building site in Indian Trails - $540,000

Click HERE to view all available February residential listings (excluding 8 pending sales).

Click HERE to view all available February land listings.

(Contact me to view any pending or sold properties from February.)

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