Jackson Hole 2015 Year End Market Overview

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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

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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.

Condo & Townhome 2015 Year End

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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 2015 Year End

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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.

Luxury 2015 Year End

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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