I am pleased to deliver our latest Catalog of Fine Properties for the summer of 2018. In addition to the catalog, you will find a quick market update, information on my new listing on Matheson Hill Road, and a few additional updates.
For the first half of 2018, the total number of residential sales (homes and condos) increased by 28% compared to the previous year. The increase was most noticeable in single family homes, up 37% compared to 2017. As of today, there are only 11 single family homes in Teton County, Wyoming priced under $1M. By area, Teton Village (excluding fractional sales) saw a 50% jump in the number of sales in the first half of the year. Many condo listings in the Teton Village area received multiple offers from 5+ buyers within the first day or two of coming onto the market.
The higher end of the residential market is also performing better than the previous handful of years. For luxury homes priced between $5-10 million, 11 sales have occurred in the first half of 2018, whereas only 4 sold last year. The same higher end result was evident with vacant land with the total number of sales down 9% compared to 2017. However, land with more than 1 acre saw an increase in transactions of 13% and for lots of 5 or more acres sales were up 28%. The trend indicates that luxury buyers are gravitating toward larger acreage properties with more privacy and unobstructed views.
Please contact me today if you would like a hard copy of the 2018 Summer Catalog mailed to you, or a more focused analysis on your property or a specific market segment of the Jackson Hole area. As always, I look forward to hearing from you!
My favorite report of the year – the Resort Report. For the forth year in a row, I’m pleased to deliver this content rich publication – a market report comparing the residential real estate sales of 12 ski towns across the West.
When looking at residential sales in Jackson Hole, our lack of inventory continues to drive the trend – properties spent fewer days on the market, and sold closer to asking price. Since the new tax plan was unveiled, Wyoming’s lack of state income tax has become an even larger deciding factor amongst buyers looking to purchase in resort communities (more on WY tax benefits). According to the Resort Report, the average price per square foot in Teton County, Wyoming was $618 – with only Aspen ($1,456) reporting a higher per square foot cost. The average sale price in Jackson Hole increased 7.3%, however, 7 of the 12 resort market areas experienced a more accelerated increase than Jackson Hole. To read more, please click the above document.
Please contact me today if you would like a hard copy of this report, or a more focused analysis on your property or a specific market segment of Jackson Hole.
Above you will find the 2017 real estate market report for Teton County, Wyoming. This report compares sales in 2017 to 2016 in a few different ways – sales volume (the total dollar value of sold properties) and unit sales (the number of sales). If you want more specific information, this report also delves into three large market segments – single family homes, condos / townhomes, and vacant land / ranch sites. Please let me know if you have questions, or would like more detailed information as it relates to a specific property type or price point.
TL;DR: Unit sales of condos and single family homes fell 8% in 2017, reflecting a decline in available inventory of nearly 11%. Our “middle” market ($1.5 to $3 million) was the most active segment, as unit volumes rose 5% and prices increased 6%. Demand and sales of higher end properties (above $3 million) pushed average prices up 7.3%, although weaker on unit sales. Selling prices have been consistently about 92% to 93% of the asking prices.
Press play or click the image above anywhere to start the video. When a listing is marketed through the Sotheby’s International Realty® network it immediately begins a journey to worldwide exposure. This video follows a property through the marketing process when it becomes listed with Sotheby’s International Realty. Contact me directly for additional details.
Seasons greetings from Jackson Hole! I am pleased to deliver our latest Catalog of Fine Properties just before the holidays. In addition to the catalog below, you will find a quick market recap of 2017, information on my new listing in the Aspens, and a featured listing video.
As 2017 comes to a close, I would like to thank all of my friends and clients for your continued support and referrals. I look forward to helping buyers stay in front of new listings in a competitive market, continued innovation in marketing my listings for sellers, and my ongoing role with the Teton Board of Realtors as Treasurer / Vice President of the board.
If I can ever be of any help, please do not hesitate to reach out!
2017 QUICK FACTS FOR THE JACKSON HOLE MARKET
183 – Number of single family homes sold.
6% – Increase in average sales price for all property types.
$1,892,997 – Average sales price of a single family home.
22 – Number of single family homes available under $1,000,000.
190 – Residential listings available currently.
118 – Vacant land listings available.
$549,000 – Lowest priced single family home currently listed.
$28M – Highest priced single family home currently listed.
If you would like additional details, a more in-depth report, or information specific to your property please contact me! The above data is from the the Teton Board of Realtors MLS for Teton County, Wyoming only, as of 12/22/2017.
3920 S. Lake Creek Drive, Unit 14-2-2
This nicely updated condo is located in the Aspens Racquet Club, one of Jackson Hole’s most sought after neighborhoods, which offers a close proximity to skiing and a peaceful setting. The interior is light and bright, with hardwood flooring, updated lighting, granite tile countertops, and open living and kitchen areas. With 2 large bedrooms, a loft, and 2 full bathrooms, this condo offers space for vacation rentals or friends and family.
To see the full listing report, click here.
According to the National Association of Realtors, recent first-time buyers have had to navigate several obstacles to homeownership, including higher rents and home prices, tight inventory conditions and repaying student loan debt. These impediments have resulted in the lowest percentage of first-timers in transactions since NAR began tracking them in 1981.
This infographic presents the characteristics of today’s typical first-time buyer. For more information, please read “First-time Buyers Stifled by Low Supply, Affordability: 2017 Buyer and Seller Survey” published by the National Association of Realtors.
How does this relate to the Jackson Hole real estate market? Ask Audrey.
My new, personalized app is an easy to use GPS-enabled mobile app that can help you find property. You can search for luxury homes and real estate anytime, anywhere using my mobile app. It also connects us directly, so getting in touch with me or asking me a question about a listing is streamlined and immediate.
Your home search can be viewed on an interactive map and organized by price, neighborhood, or even closest to the exact point you are standing. Once you find a house in your category, take a virtual tour of any and all luxury properties that appeal to you. Find out everything about a home that strikes your fancy from the year it was built to the yearly tax rates, and much more. This app is a powerful property search real estate tool, bought to you by Sotheby’s International Realty brand.
You can use this app on your iPads, cell phones, or any other mobile device. To download, CLICK HERE or click the image below.
View International real estate Listings.
View luxury homes and real estate for sale.
Search for homes for sale by neighborhood, city, zip code, and more.
Browse home pictures and details.
View estimated mortgage payments.
GPS features allow you to view and navigate to homes near you.
Is your home in need of some updating? Did you just receive a bonus check or a tax refund from the IRS and are not sure how to use the money as best as possible? Investing money into your home with select home improvement projects can have a significant impact on your home’s value. Here is a list of enhancement projects according to research teams from both the National Association of Realtors and Realtor Magazine that include some of the highest returns on your investment.
Front Door – Replacing a boring or beat up front door with an architecturally stimulating one can enhance your home’s curb appeal and also increase energy efficiency and safety. A new steel entry door on average costs just over $1,100 but has a ROI of over 96%.
Garage Door – Continuing on the theme of exterior doors, replacing those old garage doors with modern ones costs on average about $1,500 and has an ROI of over 83%. A garage is sought after by many buyers and has a big impact on appearance making for a great investment.
Windows – Your home’s exterior appearance would not be complete without the importance of quality, functioning windows. New, energy efficient windows can cut down on your energy costs and potentially earn you tax credits with select models. Replacing windows with wood replacements has a 79.3% ROI while vinyl replacements are at 78.7%.
Deck – Decks are ideal for outdoor enjoyment and can provide a great space to entertain. A 16 foot by 20 foot deck will cost on average about $9,500 but you will gain an 87.4% return on it after resale. Already have a deck? Consider giving it a facelift with a fresh coat of paint or stain, adding a bench or screening.
Add a Bedroom – An additional bedroom can add tremendous value to your home. Building out an attic into a 15 foot by 15 foot bedroom with a 5 by 7 bathroom with shower does cost you close to $50,000, however, you can expect an 84% ROI on the project.
Update Your Kitchen – Kitchens are one of the most important rooms in any home. Fortunately, you don’t have to gut your kitchen down to the studs to make add value. Consider keeping your existing cabinets but replace the doors and drawers. Swap out those older appliances with some new energy models along with a new sink and countertops and you will have made a big improvement for significantly less than a full remodel. This type of mid-range remodel can yield an estimated 82% ROI.
Interested in another great financial move but don’t want to take on a project? Make one extra mortgage payment per year and apply this to your mortgage principal. This can reduce your overall debt and brings the lifespan of a 30 year mortgage down to 22 years.
The National Association of Realtors recently published a report on home buyers and the aspects of a community and property they most commonly seek – like bike paths (54%), parks (62%), and pet friendly features like fenced yards, hardwood floors, etc. For a more detailed report, check out NAR’s article “When Buying, Selling and Renovating, it’s an Animal House, Say Realtors” or contact me for more information.
How does this relate to the Jackson Hole real estate market? Ask Audrey.