Single-Family 2015 Mid-Year

The single family segment of the market had noticeable increases in the first half of 2015. The number of transactions increased

over 35% with 106 sales. The average sale price of a single family home in the valley was approximately $1,888,000, more than a

20% increase from 2014 mid-year. Similar to the overall market, the single family segment experienced a powerful increase in total

dollar volume, up 58% when compared to this time last year. This increase can be explained by a combination of rising sale prices

and quantity of transactions, as well as a shift in the price segment in which most transactions occurred. There was only one single

family home transaction for less than $500,000 (an 80% decrease) at mid-year, while the $1 million-$2 million segment had 57%

more transactions and the over $5 million segment had 150% more transactions. The two areas with the most single family home

transactions were the Town of Jackson and the area just south of Jackson, each representing over 25% of the total quantity of single

family home transactions. The shortage of inventory in the single family segment of the market was not as pronounced as in other

segments, but at mid-year, the number of single family homes on the market was down 4% compared to last year.


Condo & Townhome 2015 Mid-Year

The condominium/townhome segment of the market experienced another strong quarter with transactions up 12%. Similar to the

single family segment, the price level distribution shifted dramatically. This shift greatly increased the average sale price (a 53%

increase) as well as the total dollar volume (a 57% increase) when compared to the first half of 2014. Condominiums/ townhomes in

the over $1 million segment captured 25% of the transactions in the first half of 2015. This same over $1 million segment comprised

10% of the transactions this time last year. Most notable was the $2 million-$3 million segment, which included 9 transactions. The

hotspot for condominium/townhome sales was Teton Village, which experienced an approximate 88% increase in transactions and

nearly 30% of the total condominium/townhome market. The inventory shortage has been most pronounced in the condominium/

townhome segment, and inventory has continued to decrease – down 14% when compared to this time last year.


Vacant Land 2015 Mid-Year

The vacant land segment largely recuperated from the economic downturn and showed solid gains in the first half of 2015, with

transactions up 18%. As with all other segments of the market, the vacant land segment experienced an upward shift in price level

distribution, which pushed the average sale price up 15%, and the total dollar volume up nearly 48%. The number of vacant land

transactions under $500,000 dropped 20% while the number of transactions over $1 million increased over 40%. In fact, there were

3 sales in the over $5 million segment. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting

Star development. The active inventory for vacant land decreased 15% when compared to the same time last year, and there is

currently about 16 months’ worth of inventory on the market.


Luxury 2015 Mid-Year

The luxury market segment experienced substantial activity in the first half of

2015. The number of luxury transactions increased approximately 37% and total

dollar volume jumped an astonishing 73%. This large increase can be directly

attributed to the abundance of transactions over $8 million, which in previous

years had been low. The luxury segment of the market experienced 7% of the total

transactions in the first half of 2015, compared to only 4% in the first half of 2014.

Record Sale (mid-year): $11,250,000*

Average Sale Price Above $3M: $5,807,000**

Number of Sales Above $3M: 26


Jackson Hole 2015 Mid-Year Market Overview

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 mid-year comprehensive market report for the Jackson Hole area. The Jackson Hole real estate market continues with vigorous momentum.

Summertime in Jackson Hole brings a plethora of new inventory to the market and despite this growth, supply is still not able to keep up with demand, and the shortage of inventory continues. With inventory levels very low and notable price increases in all segments, the market appears to be robustly positioned for continued growth.

Overall Market

The number of transactions, when compared to the first half of 2014, increased more than 20%, with more than 300 transactions so far this year. Both the average and median sale price increased a notable amount, up 26% and 22% respectively. The upward trajectory in sale price coupled with more transactions has caused a significant increase in the total dollar volume, which is up nearly 47% from this time last year. Another factor in the amplified total dollar volume was a shift in the price segment of transactions. For example, there were 12% fewer transactions under $500,000 and 160% more transactions over $5 million. In fact, the $1 million-$2 million segment had approximately 63% more transactions and the $2 million-$5 million segment had over 30% more transactions.

As of 2015 mid-year, there were 537 active listings on the market, an approximate 12% decrease when compared to 2014 mid-year.

MARKET OVERVIEW BY SEGMENT

Single Family Segment

The single family segment of the market had noticeable increases in the first half of 2015. The number of transactions increased over 35% with 106 sales. The average sale price of a single family home in the valley was approximately $1,888,000, more than a 20% increase from 2014 mid-year. Similar to the overall market, the single family segment experienced a powerful increase in total dollar volume, up 58% when compared to this time last year. This increase can be explained by a combination of rising sale prices and quantity of transactions, as well as a shift in the price segment in which most transactions occurred. There was only one single family home transaction for less than $500,000 (an 80% decrease) at mid-year, while the $1 million-$2 million segment had 57% more transactions and the over $5 million segment had 150% more transactions. The two areas with the most single family home transactions were the Town of Jackson and the area just south of Jackson, each representing over 25% of the total quantity of single family home transactions. The shortage of inventory in the single family segment of the market was not as pronounced as in other segments, but at mid-year, the number of single family homes on the market was down 4% compared to last year.

Condominium & Townhome Segment

The condominium/townhome segment of the market experienced another strong quarter with transactions up 12%. Similar to the single family segment, the price level distribution shifted dramatically. This shift greatly increased the average sale price (a 53% increase) as well as the total dollar volume (a 57% increase) when compared to the first half of 2014. Condominiums/ townhomes in the over $1 million segment captured 25% of the transactions in the first half of 2015. This same over $1 million segment comprised 10% of the transactions this time last year. Most notable was the $2 million-$3 million segment, which included 9 transactions. The hotspot for condominium/townhome sales was Teton Village, which experienced an approximate 88% increase in transactions and nearly 30% of the total condominium/townhome market. The inventory shortage has been most pronounced in the condominium/townhome segment, and inventory has continued to decrease – down 14% when compared to this time last year.

Vacant Land Segment

The vacant land segment largely recuperated from the economic downturn and showed solid gains in the first half of 2015, with transactions up 18%. As with all other segments of the market, the vacant land segment experienced an upward shift in price level distribution, which pushed the average sale price up 15%, and the total dollar volume up nearly 48%. The number of vacant land transactions under $500,000 dropped 20% while the number of transactions over $1 million increased over 40%. In fact, there were 3 sales in the over $5 million segment. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting Star development. The active inventory for vacant land decreased 15% when compared to the same time last year, and there is currently about 16 months’ worth of inventory on the market.


Jackson Hole 2014 Quarter Four Market Overview

Overall Market


Jackson Hole’s real estate market in 2014 could be defined as continued recovery and the return of a seller’s market, which is a refreshing sentiment for those invested in the real estate market, and stability for those looking to get into the market. The overall trends of 2014 showed more of the same – fewer overall transactions, increased average sale prices and very low inventory. The overall number of transactions in 2014 dropped about 13% when compared to 2013. As appreciation became reality, particularly in the lower-priced segments, the average sale price increased over 6%. Also, greatly affected was the median sale price, which climbed nearly 17% over last year, rising to $750,000. Nonetheless, the climb in sale prices was not enough to outpace the lack of transactions, which resulted in a decrease in overall dollar volume of about 5%. This decrease in total dollar volume can also be attributed to the distribution of sales, which overwhelmingly consisted of properties under $1M, or about 65% of all sales. Also notable, and comprising about 14% of 2014’s transactions, were property sales between $2M and $5M, which increased by 10%. The low supply of Jackson Hole inventory, down about 18% in 2014, has been consistent over the past 2 years, and this we anticipate driving appreciation in most market segments.

Quick Facts:

# of transactions 13% | Avg. Price 6% | Med. Price 17% | Overall Sales Volume 5% | Overall Inventory 18%

2014 vs 2013 Jackson Solds

Market Overview by Segment

Single Family Segment


The single family segment of Jackson Hole’s real estate market finished 2014 with some significant changes when compared to 2013.

Similar to the overall market, the single family segment decreased in number of transactions by about 17% over 2013. Price appreciation and a shift in the distribution of sales ended the year with a total dollar volume slightly higher than 2013; a 2% gain. The average sale price increased approximately 12%, to about $1,670,000, while the median sale price jumped up nearly 30%, to $1,070,000. The distribution of sales into higher price points is a contributing factor to these large percentage increases. While the majority (40%) of single family homes sold within the $500K-$1M segment, each of the higher-priced segments gained market share in 2014, with the over $5M segment increasing by about 15% from 2013. Most notable is the over 66% decrease in transactions in the under $500K segment due to properties disappearing in this price point. In fact, the same number of buyers bought a home under $500K as did homes over $5M. The area within the Town of Jackson, where the majority of single family home sales take place, had about 21% fewer transactions when compared to 2013. However, with the average sale price increasing nearly 30%, the total dollar volume gained about 3% despite the drop in transactions. If single family supply maintains low levels, down approximately 12%, the single family home market in Jackson Hole will likely continue to track in a similar pattern as in 2014. At the end of 2014, there was less than 8 months’ worth of supply of single family homes on the market.

Condominium & Townhome Segment

Since the market as a whole began to stabilize, the condominium/townhome segment of the market made leaps and bounds toward a healthy recovery. Now, it seems, the condominium/townhome segment of the market has reached a more sustainable pace of growth. Both the average and median sale prices increased over 8% to $610,000, and $458,000, respectively. Much like the market as a whole, the condominium/townhome segment had about 10% fewer transactions compared to 2013. Again, due to lack of inventory, the increase in sale prices was not quite enough to match the total dollar volume in 2013, dropping about 7%. The success of purchasing a condominium or townhome under $500K continued to become more difficult in 2014, with about 23% fewer sales under $500K compared to 2013.  However, buyers searching in this price range shouldn’t be discouraged, as the sales that took place under $500K still accounted for slightly less than half of the condominium and townhome transactions. The two primary areas for condominium/townhome sales are the Town of Jackson and Teton Village, however both of those areas lost market share in 2014 to the Aspens and Teton Pines. This geographical area gained about 28% in sales in 2014 over 2013. Condominiums/townhomes continue to be in short supply evidenced by a 15% decrease in active listings from this same time in 2013. With only 77 total units currently available for purchase, this equates to less than 5 months of inventory based on the current rate of absorption.

Vacant Land Segment

The vacant land segment of the market mirrored the overall market in 2014 with an approximate 14% decrease in the number of transactions, and a 9% decrease in total dollar volume. The average sale price and median sale price both encountered a healthy gain. The average sale price rose about 13% to $1,160,000 and the median sale price made an impressive leap with an approximate 48% increase to $745,000. This leap in the median sale price can be directly attributed to a shift in the distribution of sales into a higher price segment. 2014 included many high dollar land sales and far fewer sales under $500K (28% less than 2013). The number of sales between $2M and $5M doubled from 2013, with 24 transactions. There are two areas of particular note from 2014. The area farthest south of Jackson around Hoback Junction had a large increase in transactions (up 86%). This can primarily be attributed to a recurrence of sales in the Snake River Sporting Club, which had a very successful year. Also of note is the Town of Jackson area, which had an over 70% decrease in the number of transactions. This can be directly attributed to the lack of inventory in this area which is down 40% from last year. Of the 9 lots available in the Town of Jackson, only 3 of them are listed for less than $500K. The vacant land segment of the market as a whole can only improve with the continual decline in supply each quarter (down 22% from 2013). The vacant land market came out of the recession with a staggering amount of inventory which has persistently been whittled away. As of the end of 2014, there were about 15 months of inventory available for sale which is a noted improvement from the end of 2012 when there was over 2 years of inventory for vacant land.

Jackson Distribution

Luxury Market Spotlight

Jackson Hole’s luxury market dipped slightly when compared to 2013, with an approximate 10% decrease in the number of transactions. The average sale price in the luxury segment fell, only slightly, by about 2%. The 2014 average price for a luxury property in Jackson Hole was about $5,800,000. The area south of Jackson, which includes 3 Creek Ranch, garnered the majority of the luxury transactions, followed closely by Teton Village and the various neighborhoods north of the Town of Jackson near the Jackson Hole Airport. Currently, there is nearly 2 years’ worth of supply for sale in the luxury segment, which is the most inventory available in any single market category.

Record Sale (through Year End: The Creamery at Two Rivers* | Average Sale Price Above $3M: $5,787,065 | Number of Sales Above $3M: 36

*list and sale price undisclosed

Jackson Sales by Quarter

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive database. The Jackson Hole Real Estate Associates’ Market Report, unlike others in the valley, is derived from the JHREA proprietary, forty year old database (not just mls data) as well as decades of history and success making this the most trusted and accurate real estate report in the region. No other real estate company or agent has the resources available to offer this depth of expertise or insight regarding current or previous market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach.

* The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.

* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.

*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.