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

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