Condo & Townhome Year-End 2016

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When compared to 2015, the ​number of sales dipped 8​%, and the dollar volume dropped 15%. Bucking the trend, the ​median sale price rose 11%. ​Why? Supply and demand! This segment was the first segment to rebound after the recession, especially under $500,000. Consider 2013: 137 condo/townhomes sold for under $500,000 versus 77 in 2016. Today, there are only 13 units currently available for under $500,000 (1 under $300K). NOTE: The sub-$500,000 segment accounted for 36% of all condo sales activity in 2016.

Condo/townhouse hot spot: JH Racquet Club/The Aspens boasted the highest increase in the number of condo sales in 2016, up 36%. Following suit, the average sale price rose to $553,196 (up 4%) and the ​median sale price​ was $550,000​ (up 11%).

 

This information came from the Hole Report, found here: https://jacksonholerealestatereport.com/

Single Family Year-End 2016

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When compared to 2015, the ​number of sales rose 13​% and the dollar volume remained relatively unchanged, totaling $505 million. In contrast, the average and median sale prices both dipped, 9% and 10% respectively. The drop in prices is the result of a 10% decrease in sales over $5 million and the 14% increase in sales below $1 million in 2016.

The under $1 million market continued to be robust, representing 41% of all home sales. ​Even though the year ended with 113 ​home ​sales under $1 million (up 14%)​, the current inventory represents a slim 14 homes in this price range, with only 3 listed under $750,000. ​This segment continues to reflect brisk activity and the ever-intensifying appetite for properties priced below $1 million: When a well-priced home hits the market in this segment, a bidding war is sure to ensue within 72 hours.

Single-family home hot spot: ​The ​Town of Jackson and ​the ​Westbank shared the spotlight. In town, 77 homes sold (up 15%) and on the Westbank, 77 homes sold (up 17%), the latter of which represents 52% of all homes sold in 2016. ​The area reporting the greatest increase in home sales was south of WYDOT, where 19 sales occurred, a spike of 90%.

 

This information came from the Hole Report, found here: https://jacksonholerealestatereport.com/

Luxury Q3 2016

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Luxury properties, defined as transactions over $3 million, accounted for about 7% of the total number of transactions. Luxury transactions decreased nearly 25% compared to the third quarter of 2015. The majority of the transactions took place in Teton Village largely due tothe success of the Shooting Star Development. Inventory of luxury properties remained high and accounted for over 25% of total inventory.

jackson_luxuryTransactions 34
% Change in Transactions from 2015 -24%
Minimum Price Sold $3,100,000
Maximum Price Sold $10,250,000
Average Sale Price $4,640,800
Median Sale Price $3,800,000
Average Days on the Market 398
# Pending Transactions 11

View Last Year’s Quarter 3 Luxury Report

Single Family Q3 2016

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This segment of the market had the majority of transactions, about 40% of all the transactions, and an approximate 4% increase in transactions compared to this time last year. Nearly 75% sold this year have been in the $500,000-$2,000,000 price range. There were 4 transactions under $500,000, a 300% increase from 2015. The number sold over $5 million dropped significantly, down about 44%. The majority of transactions took place in the Town of Jackson, while south of town transactions increased by 125%, the largest gain.

jackson_sTransactions 189
% Change in Transactions from 2015 4%
Minimum Price Sold $355,000
Maximum Price Sold $10,250,000
Median Sale Price $1,121,321
Average Sale Price $1,663,868
Average Days on the Market 229
# Pending Transactions 27

Vacant Land Q3 2016

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The number of vacant land transactions decreased approximately 30%. The quantity of high-priced land transactions contributed to the average and median sale price increases, up 26% and 18%, respectively. Approximately 22% of the transactions took place in the over $2 million price range. Vacant land inventory increased slightly, up about 6%. The average days on market for vacant land remained relatively unchanged
at 432 days.

vacantTransactions 76
% Change in Transactions from 2015 -30%
Minimum Price Sold $300,000
Maximum Price Sold $7,990,000 (ranch property)
Median Sale Price $945,000
Average Sale Price $1,395,036
Average Days on the Market 432
# Pending Transactions 18

View Last Year’s Quarter 3 Vacant Land Report

jackson_vacant_sold_home

Condo & Townhome Q3 2016

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Condominium/townhome transactions decreased 15%. The majority of condominium/townhome transactions (about 45%) took place in the $500,000-$1,000,000 price range. This was a 33% increase when compared to the third quarter of last year. Conversely, transactions under $500,000 decreased about 30%. Condominium/townhome inventory decreased by over 25%. Currently, there are only 69 properties on the market and 19 under contract.

condoTransactions 162
% Change in Transactions from 2015 -15%
Minimum Price Sold $240,000
Maximum Price Sold $3,750,000
Average Sale Price $764,423
Median Sale Price $564,267
Average Days on the Market 216
# Pending Transactions 19

View Last Year’s Quarter 3 Condo & Townhome Report

jackson_condo_sold_home

Single-Family Mid-Year 2016

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The average and median sale prices decreased -5% and -1%, respectively. There were only two single family home sales under $500,000 and these homes were located north of town in Moran, Wyoming. Single family homes located in the Town of Jackson, where the majority of single family home sales took place, remained roughly the same as this time last year, however, the second highest area for single family sales, located just south of the Town of Jackson, experienced a large decrease in transactions, down about 37%.

# of Single Family Transactions 101
% Change in Transactions from 2015 -5%
Minimum Price Sold $405,900
Maximum Price Sold $10,250,000
Median Sale Price $1,140,000
Average Sale Price $1,802,924
Average Days on the Market 239
# Pending Transactions 31

single

Condo & Townhome Mid-Year 2016

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The number of transactions in the condominium/townhome segment decreased about 10% compared to the first half of 2015. The average sale price also decreased, down about 10% from this time last year. These decreases may primarily be attributed to the high-end condominium/townhome transactions that took place in the Teton Village area last year. Nearly half of all condominium/townhome transactions in the first half of 2016 were in the $500,000-$1 million price range.

# of Condominium/Townhomes Transactions 98
% Change in Transactions from 2015 -10%
Minimum Price Sold $264,000
Maximum Price Sold $3,750,000
Average Sale Price $804,537
Median Sale Price $575,000
Average Days on the Market 175
# Pending Transactions 19

condo

Vacant Land Mid-Year 2016

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The vacant land segment of the market struggled to keep pace with the first half of 2015, with about 45% fewer transactions. One substantial ranch sale contributed to the average sale price increase, up about 39%. However, the median sale price, decreased about 22%. The majority of vacant land transactions took place in the Teton Village area, spurred by the velocity in the Shooting Star development.

# of Vacant Land Transactions 37
% Change in Transactions from 2015 -45%
Minimum Price Sold $355,000
Maximum Price Sold $7,990,000 (ranch property)
Median Sale Price $625,000
Average Sale Price $1,594,857
Average Days on the Market 347
# Pending Transactions 11

vacant

Luxury Mid-Year 2016

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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

luxury