Oct 2017

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

Summary – Sept 2017:

  • 40 :: Total residential sale transactions
  • $59,816,000 :: Total residential sales volume 
  • $1,495,000::  Average sales price 
  • $1,130,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 171 ::  Average days on market prior to selling 

What it means:  After plateauing in July and August, real estate sale transactions dipped in September, signaling the end of the busy summer selling season. September sales were significantly lower than in Sept 2016, which saw the highest monthly sales in all of 2016. Overall, summer sales in 2017 were lower than transactions recorded in the summer of 2016.  Similarly, dollar volume over the past several months was also lower than in 2016. Between June and Sept 2017 $226 million in sales occurred, $26 million LESS than the same time frame last year.  After hovering just under $1 million in May and June, the average sales price has increased over the last few months, reaching $1.5 million in September. The median sales price has also increased, jumping up to $1.33 million last month. While the overall sales price to list price ratio continues to hover around 95%, it appeared many sellers were willing to negotiate a bit in September with fewer properties selling at or above their respective listing prices.  We should see this trend continue as we enter the Fall, as many owners who hoped to sell this summer will become more and more motivated to sell.  After reaching a low in July and August, the average marketing time increased in September as listings that had been on the market for quite some time finally sold.  This trend was not market wide however: Of the 20 property sales under $1,000,000 in September, 14 sales (70%!) sold in under 3 months, suggesting that demand for this "entry level" local's market remains very strong.  

 

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

  • 49 :: Total New Listings
    • New Listing Volume: $110,900,000
    • Average List Price: $2,263,000
  • 44 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,064,000
    • Median List Price: $1,140,000
    • New listings priced under $1 million :: 21  (47%)
    • New listings priced under $500,000 :: 7 (16%)
    • New listings already under contract or sold: 12  (27%)
  • 5 :: New Building Sites
    • Average List Price: $4,020,000
    • Median List Price: $2,850,000
    • New listings priced under $1 million :: 1 (20%)
    • New listings priced under $500,000 :: 0 (0%)
    • New listings already under contract or sold: 1 (20%)

 

What it means: After a busy summer listing season, where we saw nearly 225 new listings hit the market in May/June/July, listing activity has quieted down a bit. Forty-four new listings hit the market in both August and September, similar to monthly levels seen last Spring. Overall dollar volume of these new listings also dropped off, however several high end listings came onto the market in September, including a 15 acre, 10,000 square foot estate in Dairy Ranches (listed for $15 million) and a newly built 14,000 square foot home in 3 Creek Ranch (listed for $18 million). Of the 5 new vacant land listings, two are listed over $7 million including a 35 acre tract in Bar BC Ranch (listed for $7 million) and a unique piece of property along the Snake River with Fish Creek running through it (listed for $7.9 million). The average listing price for September listings continues to hover just under $2.3 million, much higher than the monthly average sales price, which has been just below $1.5 million the last few months. The median listing price (a more accurate representation of the "middle" price point) also increased in September to $1.14 million (for homes/condos/townhomes).  Over a quarter of new listings are already under contract (as of Oct 10th), as demand remains high for well priced properties. 

Notable new listings in September include:

  • Two 1-bedroom condos in The Aspens - $462,000 & $498,500
  • 3 bedroom condo with short term rental zoning at the base Snow King - $665,000
  • 2,000 sq foot home and guest house on 2 acres on Saddle Butte - $1,250,000
  • Two bedroom penthouse suite in downtown Jackson - $1,950,000

Click HERE to view all available Sept residential listings.

Click HERE to view all available Sept land listings.

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

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