May 2017

The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

Summary – April 2017:

  • 26 :: Total residential sale transactions (similar to last 4 months)
  • $53,080,000 :: Total residential sales volume (spike from last 2 months)
  • $2,041,000::  Average sales price of reported and unreported sales 
  • 97% ::  Ratio of sales price to list price (spike from last month)
  • 234 ::  Average days on market prior to selling (down again from last month)

What it means:  So far in 2017, monthly sales transactions have been consistent, hovering around 25 sales per month). This pattern is similar to, but slightly higher than, the first few months of 2016, where a total of 89 sales had occurred through April (vs. 99 in 2017). Total dollar volume of these sales tells a different story however: In the first 4 months of 2016, $133 million in property sales had occurred. Compare that to 2017, where just shy of $200 million of real estate has sold through April. While this spike in volume was helped by several larger transactions (including a 264 acre property selling for $50+ million in Jan 2017), it could also signal an overall trend of sale prices increasing in 2017. Thanks to several high end sales last month (see "What Sold" below), April's average sales price topped $2 million for only the second time in the past 2 years. On average, properties in April were selling at 97% of the listing price, with 6 properties (or 23% of all sales) selling at, near, or above the listing price. The average days a property sits on the market before selling declined for a 3rd month in a row (see chart below), with 8 properties selling within 3 months of hitting the market. If these trends continue, it could further indicate an overall increase in values as we enter the busy summer selling season - stay tuned. 

What Sold in April 2017?

  • 46% :: Percentage of residential properties selling for over $1 million (down after high last month)
  • 54% :: Percentage of residential properties selling for under $1 million 
  • 15% :: Percentage of residential properties selling for under $500,000 (slight increase from last month)
  • 46% :: Percentage of single family home sales (down 10% from last month)
  • 35% :: Percentage of condo/townhome sales (2x last month's low)
  • 19% :: Percentage of Land Sales (down after 2 strong months)

What it means:  Property sales under $500,000 increased slightly in April, but still represent a small segment of the Jackson Hole real estate market. In 2015, these "entry level" sales, on average, represented 22% of all sales in Teton County. In 2016, this average monthly percentage dropped to 18%. So far in 2017, only 11 properties have sold in this price range (representing, on average, 11% of all sales). There were 4 sales in April under the mid million mark, including two condos in Town and lot sales in Melody Ranch and Pineglen. As the market continues to increase, we should expect to see fewer and fewer properties selling under $500,000 heading into summer. Sales in the $500,000 - $1,000,000 range increased in April with 10 sales (nearly 40% of all sales), however this segment only included 3 single family homes (usually a hot spot for small homes). Sales in this price point now include 2 bedroom Aspen condos, Rafter J townhomes and vacant land as well. Property sales over $1 million dropped after a high in March. So far in 2017, 47% of sales in Teton County have occurred over $1 million (compared to an average of 42% in 2016). Single family home sales also dropped last month, although 6 homes sold over $2 million in April including two 6,000+ sq foot homes in Teton Village for a combined $8 million. Condo sales increased in April, after a low in March, representing 35% of all sales. After two strong months, land sales dipped a bit in April as only 5 lot sales occurred. We should expect this segment to see increased growth heading into summer as spring conditions encourage more sellers to put their lots up for sale after a long and snowy winter. 

 

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

  • 50 :: Total New Listings in April
    • New Listing Volume: $125,588,000
    • Average List Price: $2,511,000
  • 32 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,981,000
    • New listings priced under $1 million :: 17  (53%)
    • New listings already under contract or sold: 7  (22%)
  • 18 :: New Building Sites
    • Average List Price: $3,450,000
    • New listings priced under $1 million :: 7 (38%)
    • New listings already under contract or sold: 2 (11%)

What it means: After a slow winter, new listings are steadily increasing as we approach the busy summer selling season. There were 50 new listings in April, marking the highest level of new monthly inventory seen since Aug 2016. Note that while new listings have increased in 2017, they still trail new inventory levels seen in the past several years (see multi-colored chart below). The total dollar volume of new listings spiked in April, hitting $125 million, nearly doubling the volume from the previous month. There were several high end building sites listed in April in the Bar BC Ranch (located north of town on the Snake River) including 3 different 35 acre parcels priced between $8-9 million each and a 105 acre parcel listed for $17 million. As a result, the average listing price jumped to $2.5 million overall ($3.45 million for new vacant lots). That being said, more than 50% of the new residential listings were priced under $1 million, with 7 new listings priced under $500,000, including 4 condos in the Town of Jackson. On the other hand, only 1 of the 18 new lot listings was priced under $500,000 - a building site down in the Snake River Sporting Club for $495,000. Nine high demand new listings went under contract quickly, including a nicely remodeled Rafter J condo (listed for $599,000), that received multiple offers in the first day on the market. While nearly 1 in 4 new April residential listings is already under contract (by May 10th), the trend of "entry level" properties being snatched up quickly has slowed a bit in April, suggesting sellers may be testing the market with bolder listing prices as we approach the busy summer. 

Notable new listings in April include:

  • Two bedroom condo in Town of Jackson - $319,000
  • Four bedroom townhome with 1 car garage in Town - $470,000
  • Three bedroom, 1,800 sq foot house at Hoback Junction - $725,000
  • Three large ranch parcels at the Snake River Sporting Club - starting at $2.6 million

Click HERE to view all available April residential listings.

Click HERE to view all available April land listings.

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

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