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/

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/

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/

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

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

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.

Single-Family 2015 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.

sales

 

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.