Vacant Land Mid-Year 2017

Single-family vacant lot sales spiked in the first six months of 2017 with 49 sales (up 75%).  Meanwhile the average and median sale prices dropped, down 25% and 14% respectively, when compared to mid-year 2016.   The drop in the average and median sale prices is a result of the spike in the number of vacant land sales under $1 million (up 143%).  NOTE: Most areas of the valley experienced an increase in vacant single-family lot sales over last year.

Who is buying vacant land?  The 2017 demographics have changed some: While half of the buyers are still second homeowners and retiring baby boomers, the remaining half are buying for spec building.  This trend continues to bode well for our local construction industry.  NOTE: Most residential vacant land purchases were cash (59%), bought by end-users intending to build a home for themselves or to speculate.

Single-family vacant lots under contract – 11 properties currently in negotiations (down 8%), of which only two are listed for under $500,000 and five for over $1 million.

Available inventory of listed lots dipped 9% from Q2 2016.  Following suit the dollar volume and median list price are down 11% and 7% respectively.  The drop in the median list price reflects more inventory in the under $500,000 segment of our market.  NOTE: Supply will continue to outpace demand so do not expect to see appreciation in this segment for the remainder of 2017.  Based on mid-year results, there are currently 18 months of available inventory.

Current available inventory breaks down as follows: 15 single-family lots under $500,000 (up 15%); 49 lots between $500,000 and $1 million (down 10%); 41 lots between $1 and $2 million (down 15%); 20 lots between $2 and $3 million (down 17%); 11 lots between $3 and $5 million (up 22%); 13 lots between $5 and $10 million (down 15%); and five lots over $10 million (down 17%)

 

This information was derived from the Hole Report, the full report can be found here: http://jacksonholerealestatereport.com/2017-second-quarter-report/vacant-land/

Condo & Townhome Mid-Year 2017

Condo/townhome sales experienced a slight increase, with 105 sales so far in 2017 (up 3%).  Even though the average sale price increased 7%, the median sale price dipped, down 5% ($570,000) when compared to 2016.  The decrease in the median sale price is a direct result of the increase in the number of sales under $300,000 (up 120%).

The number of sales under $500,000 spiked (up 120%), whereas the number of sales between $500,000 and $1 million remained the same.   The hot spot: Town of Jackson where the number of sales rose 22%.

The number of condos/townhouses under contract dropped slightly, down 7%, with the average and median list prices following suit, down 13% and 52% respectively.  The drastic drop in the median list price is the direct result of fewer townhouses under contract in Shooting Star.

Available inventory of condo/townhomes experienced a drop of 25% (64 listings), pushing the average and median list prices up 29% and 8% respectively.  The increase in average price can be attributed to the decrease in listings under $500,000 (down 54%).  Based on mid-year results, current inventory offers less than four months of condo/townhome stock.  NOTE: Of the current available inventory, 58% is listed for less than $1 million and 19% under $500,000.

This information was derived from the Hole Report, the full report can be found here: http://jacksonholerealestatereport.com/2017-second-quarter-report/condotownhome/

Single Family Mid-Year 2017

Demand for single-family homes continues to grow; yet sales are down 10% so far in 2017. Following suit, the median sale price decreased 10%. The decrease in sales reflects the lack of homes listed for under $1 million; as of July 1, only 28 homes were listed for sale under $1 million valley-wide (down 18%). NOTE: In the first six months of 2017, 40% of all home sales were under $1 million. Properly priced listings in this segment continue to receive multiple offers. The selling strategy is simple: To spark immediate interest, work with your Realtor to effectively price your property according to current market values.

Single-family homes under contract are down 26%, yet the dollar volume increased 17%. Following suit, the average and median list prices increased 57% and 39% respectively, when compared to mid-year 2016. With the lack of available inventory under $1 million the above $1 million segment is now the most active in the valley, with 80% of the homes currently under contract in this segment.

The upper-end of the single-family home market has slowed in all segments with 61 home sales for more than $1 million (down 16%). The Luxury segment ($3-plus million) experienced the greatest decrease in sales, down 35% when compared to mid-year 2016 (although three sales have been logged over $10 million). Upon closer inspection, 56% of the available inventory over $3 million has been on the market for more than one year, and 22% for two-plus years. This long tenure on the market suggests that some of the luxury home inventory is overpriced for the current market. NOTE: 42% of homes listed for over $3 million are more than 20 years-old. Only 11 out of the 73 available were built within the last five years.

The inventory of listed homes decreased by 4% to 163 listings, with only 28 listed for less than $1 million (down 18%). In contrast, the average and median list prices both rose by 11%. NOTE: The 2017 median list price ties with 2007 for the highest ever, at $2.495 million. With 2007 marking the all-time high for our market, one can argue that the Jackson Hole housing market has fully recovered from the Great Recession.

Current available inventory breaks down as follows: one single-family home under $500,000; 27 homes between $500,000 and $1 million (down 21%); 40 homes between $1 and $2 million (no change); 20 homes between $2 and $3 million (up 3%); 30 between $3 and $5 million (up 11%); 31 between $5 and $10 million (up 11%); and 12 over $10 million (up 9%).

 

This information was derived from the Hole Report, the full report can be found here: http://jacksonholerealestatereport.com/2017-second-quarter-report/single-family-homes/

Condo & Townhome Q1 2017

Condo/Townhome sales have decreased for the second year in a row, with only 31 sales in Q1 2017 (down 21%). The average and median sale prices showed strong increases, up 38% and 18% respectively, when compared to Q1 2016. The decrease in the number of sales can be directly attributed to the lack of affordable listings. This is evident when the average list price for a condo/townhouse in 2017 is $1.51 million (up 21%). NOTE: This registers as the highest average list price ever, topping the second highest back in 2008 by 11%.

The hot spots for condo/townhome sales were in Teton Village and the Town of Jackson. Teton Village had 10 sales and the Town of Jackson had 12 sales, but both were down in the number of sales by 29% and 14% respectively.

The number of sales under $500,000 decreased by 50%. This decrease can be directly attributed to the 50% drop in available inventory priced under $500,000 in the first quarter of 2017. NOTE: While the numbers of sales in the above $1 million segment (11) did not change from 2016, there are currently 28 under contract, with 20 of those in Shooting Star.

The number of condo/townhouses under contract is up slightly, while the dollar volume is down 8%. Of the 48 currently under contract, 20 are Shooting Star Townhomes, where listing prices start at over $3 million. NOTE: 16% of the current inventory under contract is listed for under $500,000, with the least expensive listed at $275,000.

Available inventory of condos/townhomes decreased 21%, which equates to the second lowest level of available condo/townhome inventory in 10 years. This decrease in inventory can be directly attributed to a decrease of locals trading up from a condo to a single-family home with a back yard, and the lack of new affordable condo construction. NOTE: Teton Village holds 54% of the current available inventory, with an average list price of $2.1 million. Based on year-end 2016 results there are currently three months of available condo/townhouse inventory. Also noteworthy: 61% of the current available inventory is listed for less than $1 million, and 18% of the available inventory is listed for under $500,000.

 

This information was derived from the Hole Report, the full report can be found here: http://jacksonholerealestatereport.com/2017-first-quarter-report/

Single Family Q1 2017

Single-family home sales, up 24%, reflected a healthy increase. In contrast, the average and median sale prices decreased in the first quarter of the year—35% and 15% respectively. The decrease in the average and median sale prices is the direct result of an increase in sales under $1 million (64%), and a decrease in the sales above $1 million (down 13%). As of April 1, there were only 11 homes listed for under $1 million. Properly priced listings under $1 million continue to generate multiple offers. The selling strategy is simple. To spark immediate interest, work with your Realtor to effectively price your property according to current market values.

The number of single-family homes under contract increased slightly, and the dollar volume is up 20%. Following suit, the average and median list prices increased 17% and 13% respectively when compared to Q1 2016. With the lack of available inventory under $1 million, the locals’ segment of our market has very little to choose from. The segment with the most under contract is between $1 and $2 million (43%).

The upper-end of the single-family home market has picked up slightly with 28 home sales over $1 million (up 8%). The $3+ million segment experienced a decrease in sales, down 25% when compared to Q1 2016. Meanwhile, the number of homes listed for over $4 million spiked this quarter (up 27%) while available inventory between $1 and $4 million dropped 26%. NOTE: 40% of homes listed for over $1 million have been on the market for more than 12 months, and 58% of those for more than two years.

Available inventory of homes for sale is down by 10% (112 listings) with only 11 (10%) of them listed for less than $1 million. In sharp contrast, the median list price broke an all-time record registering $4,295,000 (up 75%). Following suit the average list price increased 28% to $4.757 million, or the second highest ever in the first quarter. This, of course, is bad news for many locals who continue to focus on well-priced, single-family homes listed for under $750k (no such properties are currently on the market). If you are looking for a home within this price range, be prepared to act quickly as inventory is scarce. Have your loan approved and be ready to offer cash with very little contingencies.

The least expensive single-family home listing, at the time of publication, was $849,000. Built in 1978, it is located in the Town of Jackson and offers 2,000 sq. ft. with three bedrooms and two baths on .17-acres. The most expensive home, sited on a spring creek north of Town, is listed for $28 million. The home, built in 1993, spans 11,500 sq. ft. spread out over four bedrooms and five baths. The 40 private acres offer 3/4 mile of trout filled spring creeks and private golf under the shadow of the Tetons.

 

This information was derived from the Hole Report, the full report can be found here: http://jacksonholerealestatereport.com/2017-first-quarter-report/

Vacant Land Year-End 2016

When compared to 2015, the number of ​lot sales and dollar volume dropped 43% and 42% respectively in 2016. ​In contrast, the average and the median sales price tipped up 2%. ​As this segment of the market continues to struggle, expect little appreciation in 2017 valley-wide. The decrease in vacant land sales reflects the current construction environment, where remodel and new home construction demand remains unfulfilled. For those still interested in wading into these uncertain waters, there are currently 45 single-family lots for sale under $1 million, providing a variety of options.

Unlike the diminishing supply of single-family homes, the current sales pace for vacant lots will take 21 months to deplete existing inventory. ​That said, some signs bode well for an acceleration in lot sales: Because half of the current home inventory was built 20+ years ago, and available home inventory stands at the second lowest level in 25 years, ​we predict that demand for vacant land may pick up in 2017​. ​NOTE: 82% of the vacant land sales in 2016 were purchased with cash.

 

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

Condo & Townhome Year-End 2016

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: http://jacksonholerealestatereport.com/

Single Family Year-End 2016

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: http://jacksonholerealestatereport.com/

Luxury Q3 2016

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

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