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

Vacant Land Q3 2016

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

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

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

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

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

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

Jackson Hole 2015 Year End Market Overview

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 Market

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.

Single-Family 2015 Year End

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.