Sept 2016

The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

Summary – Aug 2016:

  • 56 :: Total residential sale transactions (up from 31 in July)
  • $65,866,000 :: Total residential sales volume (more than 2x July volume)
  • $1,176,000::  Average sales price of reported and unreported sales (up from last month)
  • 96% ::  Ratio of sales price to list price (typical level)
  • 168 ::  Average days on market prior to selling (up slightly but still low)

What it means: Both transactions and sales volume rebounded in August after a record low performance in July. Transactions increased 80% from July to August and marked the second highest level of transactions in the last 13 months. Similarly, sales volume in August was more than double the sales volume recorded in July, but was still shy of volume levels seen last summer (see chart below). With the exception of a strong past June, in general, monthly sales numbers in 2016 have fallen short of activity levels seen in 2015, suggesting that 2015 was the most recent "peak" in the Jackson Hole real estate market. It will be interesting to see how the market preforms in September and October and whether it mirrors the strong numbers seen in Fall 2015 or continues to come up short. The average sales price in August also rebounded but is still low compared to levels seen around this time last year when the average sales price reached $2 million. While the sale price to list price ratio has been steady at 96% for the last 5 months, we are continuing to see roughly 20% - 25% of the properties selling at, near or ABOVE the listing price. The majority of these sales occurred in the sub $700,000 market, where demand remains strong, including two Aspens condos that sold for full list price after a only a short time on the market. The average number of days a property sits on the market before selling increased after a 3 year low in July, but remained under 200 days for the past 4 months in a row. That being said, 24 of the sales in August (42%) closed in under 90 days. Interestingly these quick sales occurred in all price points illustrating that many different buyers are watching the market and are prepared to act quickly when they find a well-priced and/or high demand property. (Remember: If you are searching for a particular property type/price range, please connect me so that I can alert you about well priced properties entering our market. You can also sign up for email updates for new listings in your price range.) 

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What Sold in Aug 2016?

  • 52% :: Percentage of single family home sales (slight increase)
  • 34% :: Percentage of condo/townhome sales (slight decrease)
  • 14% :: Percentage of Land Sales (slight increase)
  • 45% :: Percentage of residential properties selling for over $1 million (up from last month)
  • 55% :: Percentage of residential properties selling for under $1 million 
  • 20% :: Percentage of residential properties selling for under $500,000 (spike after two months of decline)

What it means:  The breakdown of sales by property type has remained relatively consistent over the last two months, with single family home sales representing just over 1/2 of all sales in Teton County. The share of condo and townhome sales has decreased over the last few months, down from a high of 46% in May.  Land sales increased slightly in August but have remained relatively consistent throughout 2016, usually making up between 10-20% of monthly sales.  Entry level sales saw a spike in August after declining for the past two months. There were 10 condo sales under $500,000 in August, 8 of which were located in the Town of Jackson, including a 2 bed/1 bath townhome with a 1 car garage, which sold for just over $450,000. It was the least expensive property with a garage in Teton County. While the "middle market" ($500,000 - $1,000,000) remained strong in August, accounting for 34% of all sales, there were also several sales in the $1-2 million range, including a high end Pine Glades townhome on Snow King, which sold for $1,820,000. As a result, sales over $1 million increased after being down in July.  High end sales (defined as sales over $3 million) also rebounded in August (after zero sales in July), as 3 properties sold between $3-$5 million, and included homes in JH Golf & Tennis, Teton Village and 3 Creek Ranch. 

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Clusters townhome with garage sold in August (listed by JH Sotheby's)

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Pineglades townhome at the base of Snow King sold in August (listed by JHREA)

What’s new in Aug 2016? (New Listing Analysis)

  • 77 :: Total number of new listings in Aug
    • Total New Listing Volume: $244,036,000
    • Average List Price: $3,169,000
  • 44 new residential properties (single family, condo, townhome)
    • Average List Price: $2,746,000
    • New listings already under contract or sold: 11
  • 33 new building sites
    • Average List Price: $3,733,000
    • New listings already under contract or sold: 3

What it means: The amount of new listings hitting the market has been slowly declining from the peak in May. However, thanks to an influx of vacant lots hitting the market in August, overall new listing levels saw an uptick last month. Fourteen land parcels at the Snake River Sporting Club, a golf and equestrian community south of Jackson, hit the market in August. Note that without these new lot additions to the inventory, overall new listings in August would have followed the declining trend seen over the last few months. The total dollar volume of new listings increased significantly after a slow July, as a result of several high priced lot listings across the Valley. In addition to the 14 lots listed for sale down in the Snake River Sporting Club (10 of which were 35 acre ranch parcels listed between $1.7mm-$2.7mm), there were also two 35 acre parcels listed in the Bar BC Ranch ($8.9 & $9.9 million) and four tracts making up the 580 acre Spring Gulch Ranch ranging in price from $10.9mm - $14.5mm. It's no surprise that the average listing price in August topped $3 million, easily the highest average monthly listing price in the past year.  With the help of these lot listings, August's new inventory is in line with new inventory levels seen in the past 2 years. While these new listings will no doubt help the overall low inventory levels, it's also important to note what new inventory is NOT coming onto the market. Only 10 of the new listings in August (less than 20% of all listings) were priced under $700,000, with 4 of them already under contract (as of Sept 10th). On the other hand, 35 new listings in August (or 45% of all new listings) were priced in excess of $2 million.   

Notable new listings in August include:

  • Rarely listed Golf Creek condo at JH Golf & Tennis - $795,000
  • Nearly 10,000 sq foot home in the Gill Addition backing up to the Elk Refuge – $7,500,000
  • 13 acres atop Horse Creek Mesa with nearby Forest Service access - $350,000
  • Largest lot in Stilson Ranch (7 acres) along the Village Rd - $2,900,000

Click HERE to view all new August residential listings.

Click HERE to view all new August land listings.

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New Listing: Spacious condo in East Jackson

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  • 2 bedrooms, 1.75 baths
  • 921 square feet
  • Large Deck
  • Vaulted Ceilings
  • Covered Parking
  • List Price: $435,000

Click HERE for more information/photos

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