The luxury segment of the market, defined as transactions over $3 million, followed overall market trends, producing about 12% fewer transactions. Majority of transactions, about 65%, took place in the $3 million – $5 million price range.
* It is important to note in the luxury segment, the small number of transaction
size affects any comparison on a percentage basis.
# of Luxury Transactions 23
% Change in Transactions from 2015 -12%
Minimum Price Sold $3,100,000
Maximum Price Sold $10,250,000
Average Sale Price $4,793,158
Median Sale Price $3,850,000
Average Days on the Market 516
# Pending Transactions 4
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 year end comprehensive market report for the Jackson Hole area. The 50th anniversary of the Jackson Hole Mountain Resort is in full swing this winter season, and we can say the same for the Jackson Hole real estate market. Every segment of the market experienced growth in 2015. The overall trends of 2015 continued to show increased transactions, rising sale prices and decreased inventory.
Overall, the number of transactions increased approximately 17% and the total dollar volume increased nearly 25%. In fact, 2015 marked the first year since 2007 that the total dollar volume exceeded over $1 billion. Average and median sale prices both increased as well; the median sale price went from $750,000 to $855,000 in the past year. A shift in the price range of transactions was a continued trend through 2015 year end. There were 16% fewer transactions under $500,000 and 38% more transactions over $5 million. In fact, each price section of the market above $1 million increased significantly when compared to 2014. The one price range that remained steady was the $500,000-$1 million. The New Year is poised to begin strongly, evidenced by the 45 properties under contract at the end of 2015. Overall inventory at the end of 2015 decreased by approximately 6% compared to a year ago. The inventory drought will likely continue to be a factor in the growth of the real estate market.
The single family segment of the market experienced healthy growth in 2015; the number of transactions increased approximately 5%, and total dollar volume increased approximately 14%. The average sale price of a single family home increased by 5%, compared to last year. The median price for a single family home in Jackson Hole was $1,175,000, up approximately 9%. At the end of 2015, there were 5 single family transactions under $500,000, a near 65% decrease from last year. Additionally, there was only one single family home on the market listed for under $500,000 at the end of 2015. The over $5 million segment experienced a large increase in transactions, up approximately 36%. The Town of Jackson, where the majority of single family home transactions took place, experienced a modest increase in transactions, up 5%, and the average sale price in the Town of Jackson increased approximately 10%. One area in particular, the area from the South Park bridge, south to the edge of Teton County, experienced a notable decrease in transactions, approximately 57% fewer transactions when compared to 2014.
The condominium/townhome segment finished the year with substantial gains when compared to 2014. The number of transactions increased by 27% and the total dollar volume increased over 75%. This can be attributed to the average sale price and median sale price which increased 32% and 14%, respectively. The distribution of transactions has shifted dramatically over the past year; nearly 15% decrease in transactions under $1 million, a 533% increase in transactions between $2 million-$3 million, and a 100% increase in transactions over $3 million. These increases in the higher price ranges can be attributed in large part to the sellout of the new
Shooting Star townhome development as well as several other transactions in Teton Village. In fact, Teton Village had 76% more transactions when compared to 2014. The Town of Jackson, a hotspot for condominum/townhome activity, experienced about 35% more transactions and an approximate 23% increase in average sale price when compared to last year.
Vacant land in Jackson Hole showed continued growth in 2015 with an approximate 14% increase in the number of transactions.
Total dollar volume also increased by 9% when compared to 2014. The median sale price for vacant land in Jackson Hole was $831,000, over 10% higher compared to last year. Similar to other segments of the market, there was a shift in the price range of transactions in the vacant land segment. Transactions under $500,000 were down over 25% and transactions between $500,000-$1 million decreased nearly 15%. Conversely, transactions between $1 million-$2 million increased dramatically, up approximately 73%. Teton Village vacant land transactions doubled in 2015, primarily due to the popularity of the Shooting Star development. Other subdivisions that experienced significant increases were Gros Ventre North, Bar Y Estates, Bar BC and Skyline; transactions in these areas increased by 140% from the previous year.
The luxury real estate market in Jackson Hole finished the year strongly with an approximate 15% increase in the number of luxury transactions. A notable shift occurred in the price range of transactions. There was an approximate 31% increase in the number of transactions over $7 million. The luxury segment of the market contributed 8% of the total transactions in 2015.
Record Sale (2015 3Q): $22,000,000*
Average Sale Price Above $3M: $4,951,000**
Number of Sales Above $3M: 60
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 third quarter comprehensive market report for the Jackson Hole area. The summer season is winding down in Jackson Hole, but the real estate market is still in full force. The third quarter of this year brought forth a continuation of the momentum experienced throughout the first half of the year, with increased transactions, rising prices and decreasing inventory.
Every segment of the market showed continued growth when compared to this time last year. The overall market experienced a 17% increase in the number of transactions, and the total dollar volume increased approximately 30%. A shift in the price range of transactions was a continued trend through the third quarter. There were 15% fewer transactions under $500,000 and 110% more transactions over $5 million. This trend in the over $5 million segment was evident when considering the increased median sale price, up 15%. The summer season brought reprieve to the inventory drought in some segments of the market, however, the overall supply of inventory decreased by approximately 8% when compared to this time in 2014. The market appears to be positioned for continued growth through the remainder of the year with approximately 80 properties under contract at the end of the third quarter.
The single family segment of the market remained healthy with notable gains when compared to this time last year. The number of transactions increased 5%, while the average and median sale prices increased 10% and 5%, respectively. The single family segment experienced an increase in total dollar volume, up 20% when compared to this time last year. Through the third quarter of 2015, there was only 1 single family home transaction under $500,000 and comparatively, there were 10 single family home transactions in this price range during the same time last year. The majority of single family home transactions (about 41%) were in the $500,000-$1 million price range. The number of transactions over $5 million doubled when compared to this time last year, with 16 transactions in 2015. The area with the most single family home transactions was the Town of Jackson. This area experienced an average sale price increase of approximately 11%. The shortage of inventory varied greatly by area and price range, however, single family inventory decreased 3% compared to a year ago.
The condominium/townhome segment remained strong through the third quarter of 2015 with 190 transactions, up nearly 25%. The average sale price increased an astounding 39%. This increase can be attributed to the sellout of a new luxury townhome development in Teton Village. The median sale price, a more accurate sale price indicator, was $505,000, a 12% increase. There were approximately 17% fewer condominium/townhome transactions under $1 million. Conversely, the number of condominium/townhome transactions over $3 million doubled when compared to last year. The Town of Jackson, where the majority of transactions took place, experienced an approximate 15% increase in average sale price. Condominium/townhome transactions in Teton Village increased nearly 80% largely due to the surge of transactions in the Shooting Star development. The condominium/townhome segment was the only segment of the market where the inventory increased by approximately 7%.
The vacant land segment of the market continued to show gains due to the inventory shortage in single family homes. The number of transactions increased dramatically (a 37% increase) when compared to the end of the third quarter of 2014. Even more dramatic was the approximate 60% increase in median sale price and 40% increase in total dollar volume. This was primarily the result of a shift in the price range where buyers purchased vacant land. The market share in the $1 million – $2 million range was slightly less than the under $500,000 range, 23% and 29% respectively. Vacant land transactions over $2 million represented nearly 30% of total vacant land transactions. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting Star development. As the vacant land segment of the market continues to grow, inventory continues to diminish; down approximately 15% when compared to this time in 2014.