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September sales: Points, Trends and Patterns

September 20, 2011 By Leave a Comment

Condo sales have been driving the Jackson Hole real estate market in 2011. This slopeside unit at Four Seasons in Jackson Hole, however, is still on the market.

It’s been said that one is a point, two is a trend and three is a pattern.

Point: September real estate sales in Jackson Hole are on pace for 30 units and about $25 million in sales, with 19 reported as of September 19.

Trend: Sales in July and August were similar, with 48 sales for approximately $48 million. Third quarter 2011 is on pace for approximately 80 sales and about $75 million in sales, which will essentially be flat in year-over year unit sales and reflect a significant drop in average sales price. The ASP drop, however, will be due mainly to several large sales in September 2010, which boosted the monthly sales volume to $110 million.

Pattern: Through the first two quarters of 2011, unit sales rose 28 percent to 150 while sales volume rose only slightly to approximately $165 million. In general, first quarter 2011 was very strong, with a 57 percent increase year over year in units and second quarter was lackluster, with only a 7 percent bump.

On my Facebook page for Teton Realty Today and my Twitter feed, the focus is on the latest price reductions, under contracts and closed listings. However, it has also been said that to know where you are going it is important to know where you’ve been. And in Jackson Hole, even the busiest years average less than two sales, or “points,” per day.

I am fortunate to be able to augment my personal research and daily market information with some powerful, deep research provided by my brokerage, Jackson Hole Sotheby’s. Though we are fast approaching the end of the third quarter of 2011, a recently released report on real estate sales in Jackson Hole through July offers additional observations on the underlying market currents.

This graph compares the first six months of 2011 with previous years' sales in Jackson Hole.

Highlights of the 29-page, fact-filled and graph-a-riffic, PowerPoint presentation, which I can provide directly to you upon request at tetonrealtytoday@gmail.com, include:

  • Average sales price declined 9 percent during the first six months of 2011 year over year, and in five of the six months, reflecting a trend toward lower end condos and single-family homes.
  • The area north of Jackson (near the Jackson Hole Airport) reported a 48 percent increase in unit sales and a 53 percent increase in volume year over year during the first six months of 2011, the strongest corner of Teton County.
  • Teton Village showed a 81 percent increase in unit sales but just 6 percent in sales volume. Again, condo sales, particularly low-end condos, have been driving the market with 50 percent of all residential sales during the first two quarters of 2011.
  • Days on market during the first six months of 2011 is up 38 percent on residential properties to 280 (240 for condos, 321 for single-family homes).

Please contact me for a personalized look at the Jackson Hole real estate market.

Filed Under: Hotsheet Highlights, Market statistics Tagged With: , , , , ,

Jackson Hole market recovery Marching right along

March 22, 2011 By Leave a Comment

While the Jackson Hole real estate market still has a way to go to reach the heights of 2007, the recovery has been steady in recent quarters.

With more than a week remaining in March, the 13 residential and three building site sales reported in Teton County, WY, have already exceeded the total of 11 recorded in March 2010, assuring yet another strong month in the Jackson Hole real estate market compared to the depths of 2009.

Ironically, it is also encouraging that the average sales price has been trending slightly downward in recent months. Deeply discounted high end sales above $2 million have been leading the market recovery since fourth quarter 2009, but sales below $500,000 have been more prevalent in recent months due to an increasing inventory of bank-owned properties and more successful short sales.

Thus far in March the sales volume is approximately $18.42 million for an average sales price of $1.15 million, which follows an average sales price in February of  $1.33 million and $1.38 million in January. The average sales price in 2010 was $1.485 million (261 sales for a total volume of $387.8 million).

For a closer look at February 2011 sales statistics and a roundup of 2010, check out my post at jhpropertyguide.com. Much of this article is based on a 52-page PowerPoint presentation compiled by Jackson Hole Sotheby’s. If you would like a copy of this report please e-mail me directly at TetonRealtyToday@gmail.com.

Key March 2011 sales include:

  • A 2-bed, 760-square-foot, bank-owned Teton Village condo sold for just north of $208,000 after 227 days on market and an approximately 16 percent price reduction.
  • A 1-bed, 866-square-foot Aspens/Racquet Club condo sold for $244,000 after 99 days on market.
  • Town of Jackson townhouse short sale with 2,345 square feet and four bedrooms closed for $495,000.
  • Three sales of building sites including lots in River Meadows, Bar B Bar and Stilson Ranch.
  • The top sale reported to Teton County Multiple Listing Service thus far in March is for a 9,250-square-foot home in Gros Ventre North for $5 million. Sold after 665 days on market, down from $8.9 million.

Contact me for a more comprehensive, personalized look at the Jackson Hole real estate market.

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Jackson Hole real estate: Partying like its 2003

December 19, 2010 By Leave a Comment

Jackson Hole Sotheby's provided a detailed look at the regional market last week. The 11-page report is available via email.

At the end of 2009, the yearly real estate sales chart for Jackson Hole properties looked like a ski run on a hanging snowfield. Beginning with the peak in 2005 of more than $700 million in sales, the numbers steadily deteriorated to approximately $225 million in sales in 2009.

But what lay below? A cliff, level ground or a return to the “heights” of relatively mediocre sales years like 2003?

With 2010 nearly in the books, the good news is that transactions and sales volume are on the rise again. The 247 year-to-date sales in Teton County are about a third higher than at the same point in 2009 and this year’s sales volume of $358 million is 43 percent ahead of last year.

So far 2010 has most closely tracked 2003 in dollar volume with this year about $12 million behind year to date. In 2003, however, there were already 537 sales compared to  2010’s 241. Obviously, the average sales price is significantly higher in 2010, rising to approximately $1.4 million for residential units.

These statistics and many more were compiled from Teton County Multiple Listing Service and provided by Jackson Hole Sotheby’s to its agents and clients at the most recent weekly sales meetings. The 11-page PowerPoint presentation is available via email. Please contact me at TetonRealtyToday@gmail.com to receive a copy.

Additional highlights from the report include:

  • November saw 26 sales for a total of $42.74 million for an average sales price of approximately $1.6 million, more than twice the ASP for November 2009.
  • Year-to-date, the average sales price in Teton County is $1.4 million, about 30 percent higher than 2009.
  • Average sales price for condos in 2010 rose 19 percent to $691, 300 while the average sales price for single-family homes rose 29 percent to $1.9 million.
  • December 2009 sales in Teton County included 28 units for approximately $28 million in sales volume.
  • There has been a rise in 30-year mortgage rates of approximately 70 basis points in the last four weeks.

Contact me for a more detailed look at this data or a personalized look at the Jackson Hole real estate market.

Filed Under: Hotsheet Highlights, Market statistics Tagged With: , , ,

Local economic indicators mirror Jackson Hole real estate market

November 18, 2010 By Leave a Comment

This picture of the Snake River near Hoback Junction was taken last week, but the scenery will look very different in the next few days as a big winter storm is expected to bring significant snow to the valley floor. Here comes winter!

The following stats were provided by the Chamber of Commerce and compiled internally at Jackson Hole Sotheby’s. Only a few are directly related to real estate, but all play a role in the greater regional economy.

Overall, most of the figures mirror the Jackson Hole real estate market: stable and better than 2009, but still struggling to regain the mojo of the middle of this decade. However, there is no sugarcoating the building and commercial sectors of the local economy.

  • Teton County Sales and Use Tax: Sep-10 up 12% vs. Sep-09 and up 4% vs. Sep-08.
  • TC Unemployment Rate: Sep-10  5.9%, Sep-09  5.6%, Sep-08  2.2%.
  • YNP & TNP Visitations: Sep-10 up 36% vs. Sep-09 and up 18% vs. Sep-08; YTD: Sep-10 up 7% vs. Sep-09 and up 13% vs. Sep-08.
  • JH Airport Enplanements: Sep-10 up 11% vs. Sep-09 and up 9% vs. Sep-08; YTD: Sep-10 up 2% vs. Sep-09 but down 8% vs. Sep-08.
  • Lodging Occupancy Rate: Oct-10 Unchanged at 28% vs. last year and Oct-08; YTD: Oct-10  53%, Oct-09  50%,  Oct-08  60%.
  • Building Permits: YTD: Oct-10 up 21% vs. Oct-09 but down 37% vs. Oct-08.
  • Residential Building $ Value: YTD:  Oct-10 up 12% vs. Oct-09 but down 52% vs. Oct-08.
  • Commercial Building $ Value: YTD:  Oct-10 down 87% vs. Oct-09 and down 81% vs. Oct-08.
Filed Under: Jackson Hole News, Jackson Hole scenic, Market statistics Tagged With: , , , , , , ,

October sales: Good mix of high-end, entry-level properties

November 6, 2010 By Leave a Comment

The floor desk at Jackson Hole Sotheby's main office, where I am today until about 5 pm, has been busy in recent months. After a strong October that included 24 sales and 28 pending contracts, fourth quarter real estate sales in Teton County, Wyoming, are on pace to compare favorably to the same period in 2009.

October real estate sales in Jackson Hole were strong, totaling approximately $29.4 million on 24 completed transactions. However, the month fell short of October 2009, the strongest month of that year, when there were 29 transactions for approximately $37.2 million, according to Teton County Multiple Listing Service.

As has been the trend this year, the high end of the market (sales above $1.75 million are my definition of high end, though many of my peers might still consider this the middle of the market) remained very active in October. The six highest sales totaled approximately $15 million, or just over 50 percent, of the monthly sales volume.

But even with an average sales price of approximately $1.22 million, a closer look at the individual sales shows significant action at the lower end of the market (below $450,000) and below $1 million.

Why? Primarily, values have dropped to the point where buyers who require loans can actually get them, despite today’s increased lending guidelines. Additionally, investors and cash buyers are returning to this market.

Consider the following highlights from sales in October.

  • Four sales of $300,000 or less, including condos in Teton Village and Aspens/Racquet Club; a nearly half-acre building site in East Jackson; and a 3-bed townhouse in Rafter J. Less than three years ago there were virtually no residential listings in Teton County below $300,000.
  • Short sale in Melody Ranch on a 4-bed home for less than $250 per square foot. Yes, less than $250 a foot!
  • A 3,000+ square foot home south of Wilson on more than 5 acres sold for less than $530,000.  This was a bank-owned property. It could be argued, and supported by comparable sales, that the land alone was worth this much.
  • A 4-bed Clusters townhouse in West Jackson sold for approximately $244 per square foot after 107 days on market at about 11 percent off original list price.
  • Arguably the finest home in Melody Ranch sold for more than $650,000 off original list. Sellers did get nearly $375 per foot on a 3,600+ square foot home, but the location and quality of this home is truly superior in this neighborhood. Was on and off the market since April 2008.
  • Twenty-eight properties went under contract in October, foretelling a strong November. Sales in November 2009 for Teton County included 23 transactions for $19.2 million.

Rules prohibit me from being more specific about individual sales in this forum so please contact me for a direct e-mail including MLS sheets for all listings mentioned in this e-mail.

Filed Under: Hotsheet Highlights, Market statistics Tagged With: , , , , , ,

Q3 report for Jackson Hole real estate: YTD volume mirrors 2003

October 20, 2010 By Leave a Comment

This graph clearly illustrates the dramatic dip in 2009 and the measured comeback of unit sales and dollar volume in 2010 for real estate sales in Jackson Hole. Click to enlarge.

Looking at monthly real estate sales in Jackson Hole can be misleading due to the relatively small sample sizes, especially when it comes to statistics like average sales price and months of inventory. For example, Teton County recorded an average sales price of $2.112 million in September, a rise of 258 percent from the September 2009 average of $590,000.

Quarterly sales, on the other hand, provide a much more accurate picture of the market. Last week Jackson Hole Sotheby’s International Realty provided its agents with a detailed look at statistics from Q3 2010. I’ll touch on a few highlights subsequently, but for a look at the entire 27-page PDF just drop me a note and I’ll send it along.

According to Teton County Multiple Listing Service, this year’s real estate market in Jackson Hole most closely tracks the dollar volume of 2003. Thus far in 2010 there has been a total sales volume of approximately $276 million, just a bit below the 2003 total of about $284 million. The big difference, however, is that total transactions for this year so far are 186 compared to 412 in 2003. Click on graph above to see year-to-date totals going back to 2003.

Overall the Q3 numbers confirm what we have been seeing all year: 2010 is way better than 2009 but a far cry from the bubble years of 2006-2008. For example unit volume has jumped 51 percent compared to 2009 but is down 67 percent from the peak in 2005, when there were 590 transactions through the first nine months of the year.

Other highlights from the report, which also includes a close look at September sales, include:

  • Unit sales fell 8 percent from September 2009, which saw 25 sales for about $14 million. September 2010 recorded 23 sales for $48 million, but the volume was buoyed by several large sales including Teton Valley Ranch, Puzzleface Ranch and a few others on the West Bank of the Snake River.
  • Year to date, average sales price has risen 26 percent to $1.4 million compared to 2009. Condos have risen 32 percent to $669,000 and single-family homes have risen 28 percent to an average sales price of $1.8 million.
  • The town of Jackson was the only region in the county that saw a decline in sales volume so far this year.
  • Ten properties sold for more than $3 million in Q3 2010 compared to just four during Q3 2009.
  • Average days on market prior to sale rose to 243 in Q3 2010 from 196 in Q3 2009. Condos, however, bucked the trend by dropping to 172 DOM compared to 192 in 2009.

But wait, there’s more! Much more! Call today for your copy of this report replete with bar graphs, pie charts and statistics, statistics and more statistics!

Even better, let me know which market segment interests you the most and I’ll send a personalized search of the MLS including active, pending and sold properties. 307-739-8055.

Filed Under: Market statistics Tagged With: , , ,

Report: Summer sales sluggish but average sales price rises

August 12, 2010 By 2 Comments

The most recent Jackson Hole Sotheby's Market Update reported fewer sales in July 2010 than during July 2009, the first time this year a month has underperformed compared to last year.

July marked the first month in 2010 with year-to-year sales below those in 2009. There were 18 real estate sales in Teton County in July for a total sales volume of $27.935 million, compared with 22 unit sales in July 2009 for $33.280 million, according to Teton County Multiple Listing Service.

That was the headline during a market update presented on Wednesday at the Jackson Hole Sotheby’s weekly office meeting. The entire 11-page report – which includes a closer look at average sales prices, year-to-date comparisons back to 2002, current national sales data and more – is available as a PDF via email upon request.

And with nearly two weeks already gone in August, closed transactions continue to be sparse with just five closings for an approximate sales volume of more than $5 million.

However, in the last 24 hours the Hotsheet is reporting two large under contracts – a home on the golf course at Teton Pines and a slopeside home in Teton Village – with list prices totaling more than $10 million. That makes five homes reported as under contract so far in August with list prices totaling more than $17 million!

Other highlights from the market update include:

  • July’s average sales price rose to $1.552 million from $1.513 in July 2009, an increase of 2.6 percent.  Year to date, residential average sales price increased 12 percent to $1.4 million; condos jumped 52 percent with single-family homes rising 14 percent.
  • During the last nine years, 2010 tracks most closely year to date with 2003 in terms of sales volume with $193.2 million in 2010 compared to $191.5 million in 2003. However, at this point in 2003 there had been 293 transactions compared to just 138 thus far in 2010.
  • Unit sales in July were down 18 percent from the same month last year and sales volume fell 16 percent.
  • There were seven sales higher than $1 million in July compared to nine in July 2009.
  • August 2010 sales will need to exceed 17 units and a total of $15.874 million to avoid a second consecutive year-to-year monthly slowdown.
  • Even though July was slower than its 2009 counterpart, year-to-date unit sales are up 70 percent and volume is up 69 percent compared to 2009.
Filed Under: Hotsheet Highlights, Market statistics Tagged With: , , , ,

June sales hit 21 in Teton County

July 11, 2010 By Leave a Comment

Teton County sales in June 2010 averaged $1.4 million for 21 units sold. Coincidentally, $1.4 million is also the average sales price for the 120 sales year to date.

Three sales reported in the last two days of June helped push total unit sales to 21 and sales volume for the month to $29.9 million. These included 14 residences, five building sites and two commercial transactions.

The good news is that June sales in 2010 exceeded June 2009 by five sales and more than twice the volume; the not-too-good news is that last month represented a slight cooling of the market after May’s 31 sales and $35.7 million in sales. In the big picture, however, the market continues to show stability and consistency, if not the vibrancy of the years between 2004 and 2008.

Other statistical highlights of the Jackson Hole real estate market from recent weeks include:

  • Year to date, unit sales have increased 103 percent (120) and sales volume has increased 105 percent ($165.3 million) compared to 2009.
  • Looking back over the last decade, 2010 compares closest to 2003, the second slowest year since 2002. The year 2007 is the benchmark, with 308 unit sales and $382.7 million in sales through the first two quarters.
  • For the first time in years (in fact the first time in memory for those keeping track) the amount of sales reported by Teton County Multiple Listing Service – the source for all statistics on this Web site and this post – is exactly the same as reported internally at Jackson Hole Sotheby’s. For context, monthly sales reported through MLS are usually approximately only 80 percent of total sales within the brokerage.
  • Average sales price in June was $1.4 million, which is approximately the same as the average sales price year to date in Teton County.
  • June 2010 included eight sales greater than $1 million compared to just three in June 2009.
  • June’s top sale was a $6.1 million commercial property in Town of Jackson; the top residential sale was a $5.4 million home in Spring Creek Ranch.
Filed Under: Market statistics Tagged With: , , , , ,

57 pages of JH real estate statistics diced, sliced and pureed!

June 10, 2010 By Leave a Comment

The latest market data compiled internally at Sotheby's Jackson Hole is chock full of information detailing Teton County sales activity for First Quarter 2010, May 2010 and much, much more. Click to enlarge.

Jackson Hole real estate statistic geeks rejoice! The latest in-depth market report produced internally here at Jackson Hole Sotheby’s has been released.

A good bit of the information contained in the 57 pages of market analysis presented at our weekly sales meeting on Wednesday morning has already been passed along here at Teton Realty Today or directly to my clients via my day-to-day research. But the compilation is much more powerful in its breadth and context. And it’s got pie charts!

Included are detailed looks at Fourth Quarter 2009, First Quarter 2010, May 2010, sales by area, sales by property type and more including data for Star Valley and Teton County, Idaho. Also included is information on sales not reported by Teton County Multiple Listing Service.

Please contact me for a copy of the entire report and I’ll e-mail you the PDF. Highlights include:

  • May sales volume was up 166 percent and unit sales were double compared to 2009.
  • Teton County Multiple Listing Service reported 11 sales over $1 million in May compared to seven last month and four in May 2009.
  • Year to date there have been 40 sales over $1 million compared to 19 year to date 2009.
  • Excluding commercial sales, year to date average sales prices are up 16 percent compared to 2009.
  • Year to date, unit sales were up 130 percent and dollar volume rose 104 percent compared to 2009.
  • 2010 unit volume jumped 172 percent compared to 2009 although 27 percent below 2008.
  • Sales volume rose 88 percent compared to 2009 but is off 19 percent compared to 2008.
  • MLS reported 22 sales over $1 million during First Quarter 2010 compared to 11 during First Quarter 2009.
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Huntsman family signs deal for Sotheby’s in Jackson Hole

May 10, 2010 By Leave a Comment

Jon M. Huntsman, CEO and Founder of Huntsman, the new owner/operator of what will now be known as Jackson Hole Sotheby's.

Below is a copy of the press release that details Friday’s exciting news – the Jon M. Huntsman family has signed a 20-year franchise agreement that gives them control over the Sotheby’s offices in Jackson Hole, Driggs, Idaho and Sun Valley previously owned and managed by NRT, LLC. Saturday’s Jackson Hole Daily also included a nice summary.

Contact me to discuss what this means to me and the nearly 160 agents in the Jackson Hole office. Also, I’d be glad to pass along the highlights of Friday’s meeting in which Jon Huntsman and three other family members spoke. It was truly fascinating and inspiring.

PRESS RELEASE:

Huntsman Family Affiliate Signs Long-term Franchise Agreement with Sotheby’s International Realty Brand for Luxury Real Estate Operations in Jackson Hole, Wyo., Driggs and Sun Valley, Idaho

PARSIPPANY, N.J. and JACKSON HOLE, Wyo. (May 7, 2010) – Sotheby’s International Realty Affiliates LLC today announced the signing of a 20-year franchise agreement with a company wholly owned by the Jon M. Huntsman family for the existing Sotheby’s International Realty luxury residential real estate operations in the Jackson Hole, Wyo., and the Driggs and Sun Valley, Idaho, markets. The Huntsman family has significant real estate investments as well as philanthropic and personal interests in the region. David Huntsman, who oversees all of the family’s real estate interests in Idaho and Wyoming, will direct the Sotheby’s International Realty operations in both regions.

“We are extraordinarily pleased to have the Huntsman family and their distinguished reputation become part of our luxury real estate brand network,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “The Sotheby’s International Realty brand has enjoyed a presence in the greater Jackson Hole area since 1999 and in Sun Valley since 2005.

This new long-term relationship with the Huntsman family will ensure that our global brand will continue to have strong market presence in these key Western markets for many years to come.”

As part of the transaction, the Huntsman family affiliate company acquired the existing Sotheby’s International Realty Inc. offices located in Jackson Hole, Driggs and Sun Valley, which were previously owned and managed by NRT LLC, the largest owner and operator of real estate brokerages in the United States. Financial terms of the transaction were not disclosed.

“We have observed and respected the professionals at Sotheby’s International Realty in these markets for many years,” said Jon Huntsman. “We are excited now to have the opportunity to join forces with the best in the industry and look forward to supporting their continued growth and success.”

Under the agreement, these offices will continue to operate as part of the Sotheby’s International Realty brand and will do business under new geographic names. The offices in the Jackson Hole and Driggs region will operate as Jackson Hole Sotheby’s International Realty while the offices in the Sun Valley area will do business as Sun Valley Sotheby’s International Realty. The existing Sotheby’s International Realty regional leaders, staff members and approximately 160 sales associates are all expected to remain with the company.

“We are proud of the growth and success that we achieved in these mountain resort areas over the years,” said Kathryn A. Korte, president and CEO of Sotheby’s International Realty, Inc. “At the same time, we recognized that this was a unique and valuable opportunity for our presence in these markets to be aligned with the Huntsman family. Through their ongoing membership with the Sotheby’s International Realty affiliate network, these offices and sales associates will maintain their close referral ties with the entire global brand network, which will be to everyone’s benefit.”

The Sotheby’s International Realty network has approximately 500 offices in 38 countries and territories worldwide. Franchise affiliates benefit from an association with the world-renowned Sotheby’s Auction House, established in 1744.

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