Nov 2017

The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

Summary – Oct 2017:

  • 37 :: Total residential sale transactions
  • $56,333,000 :: Total residential sales volume 
  • $1,523,000::  Average sales price 
  • $900,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 147 ::  Average days on market prior to selling 
What it means:  Real estate sales continued to decline in October, with 37 total transactions, the lowest number of sales since April 2017. With the busy selling season over, we should expect to see this slowing trend continue into the winter. Compared to this time last year (Oct 2016 saw 57 sales for $87 million), sales and volume are down significantly, most likely a result of lower inventory levels. Despite sales volume declining, the average sales price actually increased slightly in October (to over $1.5 million) as the prices of homes remain very strong. Ten properties sold for over $2 million in October (which pulled up the average sales price), however the median sales price last month was slightly below average, as several "entry level" properties also sold (18 sales under $750,000, 8 sales under $500,000). The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, properties are selling even more quickly as available quality inventory declines. In October, 18 sales (nearly 50%) sold within 90 days of listing, with many fetching multiple offers in the first few days of hitting the market. Fast selling properties included condos in Town and The Aspens, townhomes in Town, a high-end home in Wilson and a $6+ million home in John Dodge.  October also saw several sales down in the Snake River Sporting Club, including several of the new Fairway Lodges, which are zoned for short term rentals (only a few remain). 
 

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

  • 31 :: Total New Listings
    • New Listing Volume: $38,176,000
    • Average List Price: $1,231,000
  • 29 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,207,000
    • Median List Price: $965,000
    • New listings priced under $1 million :: 15  (52%)
    • New listings priced under $500,000 :: 4 (14%)
    • New listings already under contract or sold: 12  (41%)
  • 2 :: New Building Sites
    • Average List Price: $1,575,000
    • Median List Price: $1,575,000
    • New listings priced under $1 million :: 1 (50%)
    • New listings priced under $500,000 :: 0 (0%)
    • New listings already under contract or sold: 2 (100%)

 

What it means: New Listings entering the Jackson Hole real estate market continue to decline, dropping significantly in October. Only 31 new properties hit the market last month (compare that to 100+/- new listings per month in the summer). Overall dollar volume of these new listings also decreased significantly, matching volume levels seen last year at this time.  After several steady months hovering between $2.2m - $2.3m, the average listing price dropped nearly $1 million down to $1.2m in October, as over 50% of the new listings in October were priced under $1,000,000, including several condos in The Aspens, a remodeled house in Town and a 2,100 sq foot house in the Rafter J neighborhood. Of the 29 new residential listings, over 40% of them are already under contract or sold. Looking at the under $1 million segment, 8 of the 15 new listings (over half) have already been snatched up, illustrating the continued high demand and competition in this price point. There were only 2 new vacant lots listed for sale, however both were marked as pending when entered into MLS, meaning they most likely went under contract before hitting the market.

NOTE: During times of low inventory and high demand (i.e. the current state of our market), many properties aren't even hitting the open MLS market before selling. If you have a specific property type/location/price in mind, please contact me so that I can be on the look out for off-market or soon-to-be-listed properties for you.) 

Notable new listings in October include:

  • Large (900+ sq ft) remodeled 1 bedroom condo in The Aspens - $599,000
  • 4 bedroom Creekside townhome with complete remodel - $799,000
  • Two larger single family homes in East Jackson - $1,175,000 & $1,355,000

Click HERE to view all Oct residential listings.

Click HERE to view all Oct land listings.

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

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