Jackson Hole Real Estate Market Report | Mid Year 2018

 

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive market report for the mid-year 2018. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.

Jackson Hole’s real estate market started very strong in the first half of 2018 with number of transactions up 11% and average sale price up 10%. Even more important to note was the increase in median sale price, a more accurate indicator, up 22% from a year ago. The majority of transactions were in the $500,000 – $1 million price segment, however, there was a sharp increase in transactions over $5 million, up 77%. This sharp increase drove total dollar volume up by 33% compared to a year ago. The single family home segment was the most popular among buyers achieving 41% of the mid-year market share. Inventory continued to decrease as did well-priced new inventory, which was a contributor to the 23% decrease in active listings and 13% decrease in average days on market.

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We are proud to present our current collection of extraordinary real estate. We’ve also highlighted some of our favorite local assets. Around here, limits are imaginary. The only ceilings are the ones we put over our heads. Jackson Hole Real Estate Associates’ team of dedicated professionals is here to help you get acquainted with our incredible destinations. Please do not hesitate to call on any of our real estate professionals as you experience the Teton lifestyle.

Jackson Hole Real Estate Market Report | Q1 2018

 

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive market report for 2018 quarter 1. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.

While the total dollar volume in quarter 1 of 2018 was almost the same as 2017, number of transactions increased significantly, up 22%. Average sale price decreased by 36%, this figure was skewed by a large transaction in 2017. The median sale price decreased by 11% and was a function of the type of property transactions that took place in the beginning of 2018. Nearly 60% of the transactions in quarter 1 were in the under $1 million price segment, a 40% increase when compared to the same period last year. New inventory remained very low driving average days on market down, decreased 15%.

Jackson Hole Real Estate Market Report | Year End 2017

 

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive market report for 2017 year-end. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.

Persistent demand and lean supply drove prices upward in 2017. Even though the number of transactions remained steady, average and median sale prices increased by 15% and 3%, respectively. The south of Jackson area received the largest increase in the number of transactions, up nearly 60% compared to last year. This is primarily due to the success of the Snake River Sporting Club development, which had 26 transactions in 2017. Properties in the $500,000- $1 million price range were the most popular representing about 37% of total transactions. Active listings declined 23% compared to last year which caused an even more competitive environment for buyers. With 50 properties under contract at 2017 year-end, the start to the new year is expected to follow much of the same pattern of 2017.

Jackson Hole Real Estate Market Report | Q3 2017

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive market report for the third quarter of 2017. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.

Jackson Hole Real Estate Market Report | Midyear 2017

 

When comparing the first half of 2017 to the first half of 2016, the overall number of transactions increased 10%. The area furthest south of Jackson experienced the largest increase in transactions, up about 1200%. The Town of Jackson continued in popularity garnering the most transactions of any area in the valley with 115 transactions. The price segment with the most market share was the $500,000 – $1 million price segment, 40% of the transactions. Approximately 40% of the transactions in the first half of 2017 were cash transactions.

The lack of inventory continued to be a significant issue in the Jackson Hole real estate market. As of mid-year 2017, there were 12% fewer listings when compared to this time last year. The inventory shortage was a contributing factor in increased sale prices, average sale price was up about 5%.

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: https://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: https://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: https://jacksonholerealestatereport.com/2017-second-quarter-report/single-family-homes/

Vacant Land Q1 2017

Single-family vacant land sales have reversed course with 23 sales in Q1 2017 (up 64%). Meanwhile, average and median sale prices were down 37% and 15% respectively when compared to Q1 2016. The decrease in average and median sale prices can be directly attributed to the increase in the number of vacant land sales under $1 million (up 157%). NOTE: In 2005 and 2006 there were two times the number of sales in the first quarter, and yet the same number of available listings at the end of the first quarter. The hot spot for vacant land sales was the Westbank, where 48% of the sales occurred.

Who is buying vacant land today? While 61% of these buyers have local addresses, the majority are still second homeowners and retiring baby boomers. Most have either exhausted their search of existing home inventory and decided to build their dream home, or purchased an adjoining lot for privacy and/or view protection. Of course, this continues to be great news for our local construction industry. NOTE: To date in 2017, 61% of all residential vacant land purchases were also cash.

Single-family vacant lots under contract are showing signs of continued improvement with 14 properties currently under contract (up 75%). Of these, 21% are listed for under $500,000 and 7 are listed for under $1 million.

Available inventory of lots for sale are down 6% from Q1 2016, yet the average and median list prices are unchanged. This indicates that listing prices for single-family residential vacant land have stabilized. NOTE: Even though supply will continue to outpace demand, expect to see some appreciation in this segment in 2017. Based on year-end 2016 results, there are currently 19 months of available single-family vacant land inventory.

 

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