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February sales fab as volume jumps 131%

March 7, 2013 By Leave a Comment
The welcome mat is out for March visitors to Jackson Hole.

The welcome mat is out for March visitors to Jackson Hole.

There were 27 real estate sales in Jackson Hole in February, six more than in 2012, but only two closed below $250,000 and five for less than $500,000. Not surprisingly, this led to a whopping 131 percent increase in sales volume with monthly sales hitting approximately $40 million.

Why the slow down on the low end? Partly because of a lack of inventory, partly the result of the pendulum swinging the other way after low-end sales led the way in January. In all of Teton County, there are currently 43 residential units are priced below $500,000 and just 3 priced below $250,000.

Let that sink in: just three full-ownership homes for sale below $250,000 in an area larger than 4,000 square miles; just nine priced less than $300,000. After five years of plummeting prices and increasing options for working families, the market has come almost full circle with fewer and fewer free market affordable housing choices in one of the nation’s wealthiest communities.

As a newly minted board member of the Teton County Housing Authority and a longtime advocate of deed-restricted housing that enhances ownership opportunities for the hardest working residents of Jackson Hole, this is a community challenge I am intimately aware of. The good new is that the inventory of affordable housing units has risen in the last five years and the goal of housing more than 65 percent of the county’s workers in Jackson Hole currently is being attained. I will dedicate a future blog post to the state of affordable housing in Teton County.

skiing, Tetons Jackson Hole

The best part of the ski season is upon us and spring skiing on Teton Pass is the go-to slope.

Meanwhile, highlights from February’s residential sales, as reported by Teton County Multiple Listing Service include:

  • Teton Village has been very active with four sales, including the high-ticket closing of the month on a 7,300+ square-foot home on Granite Ridge, listed at $7.95 million.
  • The second-highest priced listing to sell in February was a 7-bed, 10-bath, 8,100+ square-foot home in Bar B Bar on 19 acres listed at $6.75 million and on the market for 745 days.
  • Three Teton Pines homes and 2 Aspens/Racquet Club homes sold, a solid month for this vibrant West Bank neighborhood. Keeping with this month’s theme, the two Aspens properties were quality 2-bed properties listed just below $500,000 and selling for close to asking price, and well above the 2-bed average sale of approximately $350,000 in this short-term rental overlay.
  • Town of Jackson sales continued to soar with 8 closings, including the top vacant land sale for a 6.76-acre commercial piece located near the “Y” intersection of Highways 22 and 189, on market for 1,884 days.

Building sites also continued their steady resurgence with 6 sales, topped by the aforementioned. Additional sales included a 7.92-acre home site north of Wilson listed for $1.395 million; an Amangani building site listed for $895,000, less than an acre; a premium Melody Ranch lot with top-notch South Park views of the Tetons, listed at $399,000.

Always keep in mind these posts are just the tip of the iceberg when it comes to Jackson Hole real estate research. Contact me for a personalized, up-to-the-minute look at the market. 307-690-9346.

 

Filed Under: Hotsheet Highlights, Jackson Hole scenic, Market statistics Tagged With: , , , , , ,

Sales rise in January, but high end takes break

February 4, 2013 By Leave a Comment
Jackson Hole has been a winter wonderland of late, with both crisp and clear days and huge storms that last days.

Jackson Hole has been a winter wonderland of late, with both crisp and clear days and huge storms that last days.

The Jackson Hole real estate market may have partied like it was 2007 in December, but only high-end buyers seemed to feel a January hangover.

Unit sales for the month increased from 22 to 24 (9 percent) compared to 2012. However, sales volume dropped dramatically from $33.2 million to approximately* $19.3 million (40 percent).

The average sales price in January, according to the latest data from Teton County Multiple Listing Service, was about $805,000, well below the $2.24 million ASP posted in December and the $1.38 million ASP for all of 2012. In December there were 19 sales for more than $2 million. In January, there were just two above $1.8 million.

Interestingly, while ASP and sales volume dropped significantly, there were no residential sales for less than $275,000 (an East Jackson single-family home) and the least-expensive townhouse or condo sale was for $289,000.  In 2012, there were approximately 41 home sales below $285,000, all of them condos or townhouses.  In 2012 the least-expensive single-family home in Teton County closed for $340,000.

Skiing on Teton Pass has been fantastic, though avalanche danger has been high in recent days.

Skiing on Teton Pass has been fantastic, though avalanche danger has been high in recent days.

Additional highlights from January’s residential sales include:

  • The median price in January was $750,000, down from the median in 2012 of $850,000.
  • Town of Jackson was very active, with the 9 least-expensive sales (up to $625,000) and 11 of the 17 overall residential sales.
  • The top sale was a Teton Pines home with 5 beds on 0.66 acres listed for $3.68 million that sold in just 50 days.
  • The next highest sale was a Hotel Terra condo listed at $1.2 million that closed after 1,482 days on market. Contact me for a detailed look at the Teton Village condo-tel market, including properties in Teton Mountain Lodge, Four Seasons Jackson Hole, Hotel Terra (both phases) and Crystal Springs.

Vacant land accounted for nearly a third of all Jackson Hole property sales with 7 closings, continuing a solid resurgence for this market segment.  Building site sale highlights include:

  • The two least-expensive Town of Jackson lots on the market, including a 0.17-acre lot on Simpson Street listed for $269,000, sold for nearly 100 percent of list price after just 42 days. Another lot on the same street with less buildable acreage sold for about 20 percent less after nearly four years on the market.
  • The two least-expensive property sales in January were building sites.
  • Two approximately 5-acre sites in the Woodside Estates subdivision near Jackson Hole Golf & Tennis sold after about 20 months on market. List prices were $1.495 million and $1.8 million, with finals sales prices unreported.
  • A 1.18-acre lot in Shooting Star in Teton Village on the banks of Fish Creek listed for $2.45 million.

Contact me for a personalized look at Western Wyoming properties from Jackson to Pinedale to Alpine and everywhere in between.

* Total sales volume is estimated based on 90 percent of list price for properties not reporting final sales price. In January there were 6 unreported sales prices.

 

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

Year-end rush for Jackson Hole real estate

December 26, 2012 By Leave a Comment

When all the numbers are finally tallied, 2012 will be the most explosive year for real estate sales in Jackson Hole since 2007.

The snow is deep at Jackson Hole Mountain Resort, the hotels in Teton Village are full, and it’s tough to get a reservation at the valley’s best restaurants. But the busiest bees in Jackson Hole this week aren’t lifties, valets or servers. Working the hardest during these final days of 2012 are title company employees, home inspectors, Realtors, closing coordinators and anyone else who makes a living helping people buy and sell real estate.

Next week, when all the numbers for 2012 are in, it will be reported that it was a banner year for Jackson Hole real estate with the highest sales volume and unit sales since 2007. So far this year there have been more than 390 closings, far surpassing the 344 posted in 2011, and a significant increase in sales volume from $392 million.

How much of an increase remains to be seen and I will report the exact figures in January. The high water mark for unit sales will remain 2005 with 792 closings. Jackson Hole’s top sales volume year will still be 2007 when $792 million in sales were reported and most estimates put the actual number above $1 billion, but all in all 2012 will go down as a strong year in a recovering market.

More than 12 feet of snow in December means great backcountry skiing in the Teton Range. Pictured: Cody Peak, just south of Jackson Hole Mountain Resort.

Why the huge year-end surge? For some, it’s the chance to close on a property in 2012 and ahead of tax law changes that seem inevitable. For others, it’s the combination of depressed values, low interest rates and confidence in a stabilizing home market. And then there are those who, year in and year out, simply value all that Jackson Hole has to offer and have decided now is the time to get their little corner of paradise in the Rockies.

With about a week left in the calendar year, the 31 units for approximately $52.6 million in sales volume reported in December 2012 already compare well with 2011 when 32 sales were reported for $49 million. However, according to Teton County Multiple Listing Service there are 63 properties currently pending with a total list volume of more than $93 million.

In other words, the Daily Hotsheet will be downright smoking in the next few days. The fallout will be interesting with a slew of new information available to help buyers and sellers (and their trusted real estate professional!) better understand the market.

This will only help further stabilize values and I believe contribute to another strong market in 2013. What questions do you have about the current market and which way certain segments appear headed?

For example, what did the big year for vacant land sales mean to your plans to build a home in Jackson Hole? Which segments are seeing rising prices? Which segments are still losing value? What is your home worth? Do I know any bankers in the area that can discuss your loan potential? Will there be more or less distressed properties coming to market?

Please call today to begin your personalized Jackson Hole real estate discussion. All the best in 2013!

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

November: Unit sales rise 25%, volume up 11%

December 10, 2012 By Leave a Comment

Jackson Hole Mountain Resort upgraded its Casper Lift this season to a new high-speed quad.

Just one. And a small one at that.

November was another month of strong sales numbers for Jackson Hole real with 39 residential and building site sales for approximately $37.6 million, but for the first time in memory the number of unreported sales prices is just one.

Not sure what the overall significance of this number is, but I do know it allows for a much more accurate and thorough look at the numbers reported here. For my active clients, it means a clearer, real-time understanding of the values in a given market segment.

For example, considering the only sales price to not be reported was a short sale in Rafter J listed at $349,000, I can reliably report statistics such as:

  • Average sales price, which is approximately $984,000. First time in several months this number has dropped below $1 million.
  • Sale to list price ratio of 93 percent.
  • Median sales price, which is $795,000. This number has remained remarkably stable in 2012.

As Jackson Hole has emerged from the recession, as many as 15 percent of sellers in any given month have chosen not to report final sales prices to Teton County Multiple Listing Service, as is their right in the state of Wyoming. To determine statistics it becomes necessary to guesstimate the final sales price. Here at Teton Realty Today I always use 90 percent of final list price.

The snow was slow to arrive in Western Wyoming this year, but recent storms have blanketed the valley.

Because the large majority of these sales are at the upper end, estimated sales volume becomes even less reliable. For example, in October the reported sales volume was $34.32 million. Final list prices for unreported sales totaled $37.53 million. After reducing the unreported totals by 10 percent, the amount of reported and unreported sales were nearly equal.

Additional highlights from November sales include:

  • November unit sales increased 25 percent compared to 2011; sales volume rose 9 percent.
  • The top residential sale of the month is a Four Seasons Jackson Hole penthouse condo, listed at $5.95 million that sold for more than 15 percent off.
  • Teton Village also recorded the second and third largest residential sales in November, both single-family homes listed above $3.895 million. Overall there were four sales at the base of Jackson Hole Mountain Resort.
  • Despite a shrinking inventory the low end showed renewed strength with 15 sales, or 37 percent, below $500,000.
  • Easily the best per square foot deal of the month was for a 3-bed, 1,200-square-foot townhouse in Town of Jackson that closed for $214,000, or $178/foot. Interestingly, the least-expensive home sale in November was $210,000 for a 1-bed, 448-square-foot condo, a per square foot price of $468.
  • Nine building site sales extends a very strong year for this market segment, which will easily double totals for 2011 in unit sales and volume. Look for a comprehensive look at vacant land sales in 2012 in the coming weeks, which will include several large December sales.

Please contact me for a personalized look at Teton County, Wyoming, properties.

Filed Under: Jackson Hole scenic, Market statistics, Uncategorized Tagged With: , , ,

August sales extend hot summer for JH property

September 15, 2012 By Leave a Comment
outhouse

Even this home, if it was priced right, might have found a buyer this summer.

July was one of the best months in years for real estate sales in Jackson Hole. August was almost as strong, with 43 residential and building site closings for an approximate* sales volume of $48.4 million.

August sales in 2012 easily exceeded the previous year, rising 53 percent in unit sales and jumping more than 75 percent in sales volume. The median sales price rose to $810,000 from $526,000 in August 2011; average sales price rose less dramatically from just below $1 million to approximately $1.125 million.

Buyers continued to scoop up well-priced properties in all market segments with the low sale of the month at $113,274 for a 1-bedroom condo in Town of Jackson to a riverside home on 43-acres listed at $9.95 million. Coincidentally, August 2011 saw a similar spread in sold prices with the low end at $95,000 and the high sale at $9.5 million.

Highlights from Teton County sales in August include:

Stagecoach Town Square

Town Square was as busy as ever this summer with retailers reporting strong sales.

  • Nine building sites closed, bringing the yearly total to 44, the highest annual total since 2007.
  • Only 3 sales closed below $351,000, signaling a slow down in the lower end that is due mainly to low inventory.
  • Three Miller Park lofts closed in August. The newly constructed 1-bed condos near downtown were listed between $347,000 and $361,000.
  • A bank-owned 3-bed Melody Ranch home closed ABOVE the list price of $409,900 after less than a month on the market. This listing was unique in that it was originally a deed-restricted home prior to foreclosure, but free market after completion of the redemption period. This became the lowest sales price ever for a free market home in this subdivision.
  • Town of Jackson was by far the most active region with 13 sales overall and 11 of the 12 lowest sales prices.
  • Nine properties closed for more than $2 million, including 6 residential units and three vacant lots.

Want to know more about where the market is today and where I think it will be next month? Please contact me for links to the information above or a more personalized look at the Jackson Hole real estate market.

*Sales figures are provided by Teton County Multiple Listing Service and all data is deemed accurate. Several sales prices were not reported. To determine approximate totals 90 percent of list price was used.

Filed Under: Jackson Hole News, Market statistics Tagged With: , , , ,

May flowers for Jackson Hole real estate

June 6, 2012 By Leave a Comment

Thinking about diving into Jackson Hole real estate? Strong May sales indicate there may be no time like the present.

Jackson Hole real estate unit sales jumped 52 percent in May to 32 and sales volume climbed a whopping 172 percent to approximately $32.2 million compared to May 2011. The month’s significant increases were driven by several high-end building site sales and a comparison to one of the weakest months in 2011 when just 21 properties sold for $12.2 million.

May saw six building site sales in Teton County, bringing the yearly total to 23, or 67 percent of the 34 that closed in all of 2011. Leading the way were two sales in Bar BC Ranch that were listed for a combined total of $15.4 million and two sales in Bar B Bar listed for a total of $11.45 million. All properties were between 35 acres and 53 acres and final sales prices were not reported to Teton County Multiple Listing Service. Sales figures above include 90 percent of list price for unreported sales.

Reported buildings site sales included a 0.89-acre site on the slopes of Jackson Hole Mountain Resort listed for $2.75 million and a commercial property in downtown Jackson bought by the town government for $2 million that will be used for much-needed parking.

The market below $500,000 also enjoyed continued consistency with 16, or 50 percent, of monthly sales. Highlights from sales in this market segment include:

  • Six short-term rental properties sold, including three in Teton Village, two in the Aspens/Racquet Club and one near Snow King in Jackson.
  • Several low-end, long-term rentals also changed hands. One of the best per square foot deal was for a 3-bed, 3-bath, 1,598-square-foot townhouse in Jackson listed for $285,000 that sold after just 136 days.
  • Similarly, a 2,436-square-foot, 4-bed, Freddie Mac-owned townhouse in East Jackson sold for approximately $150 per square foot.
  • Town of Jackson single-family home sales were strong with seven sales in May ranging from $399,000 for a 4,000-square-foot home built in 1972 to a 4,016-square-foot “Bristlecone” in East Jackson that sold for 56 percent more.

    Teton Pines enjoyed the only Jackson Hole golf property sale in May.

     

June and July also promise strong sales figures with 62 properties in Jackson Hole currently under contract. Nearly 25 percent (14) are listed below $300,000. Total list volume of pending properties is $44 million with an average list price of approximately $725,000.

Please contact me for a personalized Jackson Hole real estate market report.

Filed Under: Jackson Hole News, Market statistics Tagged With: , , , , , ,

Big April for Jackson Hole real estate

May 8, 2012 By Leave a Comment

Spring has finally sprung in Jackson Hole, with new listings, like this one in Melody Ranch, arriving as fast as aspen leaves.

Sales volume jumped approximately 22 percent in April to $40.6 million, compared to April 2011, on 26 unit sales. Jackson Hole real estate unit sales for April were flat year over year.

The high end was very active in April compared to recent months that saw a surge in entry-level residences in Town of Jackson. Ten of the sales were above $1.85 million, and in nearly every case the property sold after years on market and significant discounts from original list price.

  • Bar BC Ranch closed two large building sites (44 and 53 acres) listed for a total of $15.4 million. Sales prices were not reported.
  • The top residential sale was for an 8,300+ square foot home on 7.5 elevated acres south of Wilson near Mosquito Creek listed for $7.995m. Property has been on and off the market since 2008, originally listed for more than $12 million.
  • The second-highest sale also was on the market for more than 1,000 days, a Granite Ridge townhouse on the slopes of Jackson Hole Mountain Resort in Teton Village. The 5-bed unit was originally listed for $4.6 million in October 2008, reduced to $3.4 million prior to sale.
  • Originally listed for $3.995 million in 2008, a nearly 6,000-square-foot home in Schofield Patent near Wilson sold for less than the final list price of $2.295 million.

    The Snake River had a few good days of fly fishing in April, but water will be off-color for the next few weeks.

Once again building site sales were steady, with five sales. In addition to the two Bar BC Ranch sites, two vacant lots were sold in Karns Hillside subdivision, located on the flanks of Snow King Mountain in Jackson.

The fifth building site sale was for a 0.63-acre site on Granite Ridge after 468 days on market at more than 25 percent off original list price of $2 million.

Last month’s numbers come with the caveat that six sold prices were not reported to Teton County Multiple Listing Service, with all but one of the properties listed above the median sale price of approximately $800,000. Volume totals in this report represent 90 percent of list price.

Contact me for more personalized real-time Jackson Hole real estate research.

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

Feb: Unit sales flat as ASP plummets

March 15, 2012 By 1 Comment

The view from atop the southernmost Teton is always Glory-ous.

It took a leap year to do it, but on the last day of February the 21st sale of the month tied unit sales for February 2011. Total Jackson Hole real estate sales volume, however, plummeted to just $17.3 million, or 55 percent of the $31.3 million recorded the previous year.

Average sales price also fell dramatically to $753,000, one of the lowest monthly numbers in years. Indicatively, the final sale of the month was a distressed, 2-bed condo in Town of Jackson that sold for $149,000. These same units were listed as high as $439,000 in 2008 and closed for as high as $356,000 in June 2007, the height of the Jackson Hole real estate market.

Building site sales continued their minor resurgence as well, with four closings for approximately $3.6 million.  That makes 10 raw land sales for approximately $12.5 million so far in 2012, well ahead of last year’s increased pace of 34 sales for $33 million.

Additional highlights from February sales reported via Teton County Multiple Listing Service include:

  • The lowest-priced sale was $102,300 for a 34-year-old, 2-bed, bank-owned Town of Jackson condo. List price was $103,000, closed after 121 days on market.
  • The top sale in February was $2.3 million for a 3,900+ sq ft home on four acres south of Teton Village after just 50 days on market.
  • Median sales price was just $485,000, represented by a 2,400+ sq ft Town of Jackson home built in 1975. List price was $735,000 in 2011 before being withdrawn.
  • Melody Ranch kept its approximately one sale per month pace with the closing of a 3,400+ sq ft home on the western perimeter for approximately $216 per square foot. A Melody Ranch is also under contract with a closing presumably set for March.

Going forward, expect this trend to continue. There are 46 pending properties in Teton County with a median list price of $379,000. There are 23 properties under contract with list prices below $375,000.

Contact me for a closer look at February sales or for a more personalized look at Jackson Hole real estate.

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

July sneak peek: Discount it and they will buy

July 31, 2011 By Leave a Comment

Jackson Lake was one of the few cool places in Teton County in July. Similarly, the Jackson Hole real estate market has been hot with significant activity at the lower end in particular.

It was only a matter of days before multiple offers were made on the 3-bed, 1,924-square-foot Elk Run townhouse listed at $485,000, which closed in July after just 57 days on market. Similarly, investors and entry-level buyers swarmed the four distressed 2-bed condos recently priced at or below $100,000 that are now under contract and expected to close in August.

An early look at Jackson Hole real estate sales activity in July shows significant market activity in the lower and mid ranges with 15 residential sales for approximately* $11.8 million and an average sales price of about $707,500. Twelve of the 15 sales were below $755,000.

While these figures lag July 2010, when there were 18 sales for $27.93 million, there will almost certainly be a few more July closings reported in the next few days and August looks very strong with 34 residential properties currently pending.

After six building site sales in June, there were none in July. However, in addition to the 34 homes under contract, there are seven building sites pending with list prices totaling more than $29 million.

Highlights from July real estate activity in Jackson Hole, according to Teton County Multiple Listing Service, include:

  • The least-expensive sale was a 2-bed West Wind townhouse in town of Jackson listed for $295,000 after 99 days on market.
  • The highest property sale of the month was a 4-bed, 5,243-square-foot home near Wilson that was listed for $3.75 million after less than 30 days on market.
  • Three sales were not reported or reported as $1 last month, including the highest priced property to sell. The other two were a West Bank home listed for $1.395 million and a horse property near Jackson Hole Airport listed for $1.149 million. *To determine sales volume, 90 percent of list price was used.
  • Including the Elk Run townhouse mentioned above, there were five sales in town of Jackson including a 810 West listed at $860,000.
  • If one of the four pending condos listed at or below $100,000 does not sell for more than asking price (a distinct possibility, actually), it will be the first sale below $100,000 since January 2000.
  • Two Teton Village condos listed for $249,000 are under contract. Both are subject to short sale and will close near prices last seen in 2002.
  • Five of the pending residential properties and two pending building sites are in Teton Village, though there were no closings for Teton Village in July.

Want to know more about where the market is today and where I think it will be next month? Please contact me for links to the information above or a more personalized look at the Jackson Hole real estate market.

Filed Under: Hotsheet Highlights, Jackson Hole scenic, Market statistics Tagged With: , , , , , , ,

Jackson Hole’s low end reverts to 2000

June 9, 2011 By Leave a Comment

Who knew there were actual $100,000 bills? Recent price reductions in the Jackson Hole market mean it is once again possible to trade one of these for a home in Teton County, WY.

Turns out there really are $100,000 bills, and they have a picture of Woodrow Wilson on them. Thank you, Wikipedia.

When I wrote on jhpropertyguide.com earlier this week about the recent price reductions on a pair of 2-bed condos to at or below $100,000, the mention of such a denomination was only meant to be a metaphorical image worthy of this “note”-able threshold being passed. The occasion almost certainly assures a sale in Jackson Hole below this figure for the first time in more than 11 years, according to Teton County Multiple Listing Service.

Almost from the beginning of this blog in 2009, I have been writing about the significance of the $300,000 mark in Jackson Hole. As the housing bubble reached full expansion, dwellings priced below $300,000 became nonexistent. Like a receding tide, however, the inventory in this range has returned to values more in line with anticipated rental returns.

Additional highlights of the available inventory and recently closed sales below $300,000 includes:

  • Two sales of 2-bed, 716-square-foot condos in Ponderosa Village earlier this year for $100,000 and $102,500.
  • The largest home to sell for less than $300,000 was a 3-bed, 1,400-square-foot Creekside townhome.
  • In the last 12 months, there have been seven sales below $200,000 and 30 at or below $300,000.
  • Thirteen of the 30 sales in this price range in the last year were in Teton Village or in the Aspens/Racquet Club.
  • Currently, there are 28 listings in Teton County at or below $300,000.
  • The least-expensive condo on the west bank of the Snake River is a 1-bed, 528-square-foot unit in the Aspens/Racquet Club listed for $269,000. There are four west bank condos listed for less than $300,000 with three of them in Teton Village.

As I wrote on jhpropertyguide.com, there are indications the Jackson Hole market is unlikely to go much lower. In general, stories about the national real estate climate are only roughly applicable to Teton County, but this piece on the “Nine reasons to buy a house now” offers a locally applicable overview of the current buyer’s market.

Where will we be in six months? A year? Is it a good time to buy? Contact me for a more in-depth analysis of this market segment and its dynamics, or a personalized look at the Jackson Hole market. TetonRealtyToday@gmail.com

Filed Under: Jackson Hole News, Market statistics, Neighborhood analysis Tagged With: , , , , , , , , , , , ,
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