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
https://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.png00Bomber Bryanhttps://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.pngBomber Bryan2016-01-28 01:05:132019-03-25 20:28:14Luxury 2015 Year End
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 third quarter comprehensive market report for the Jackson Hole area. The summer season is winding down in Jackson Hole, but the real estate market is still in full force. The third quarter of this year brought forth a continuation of the momentum experienced throughout the first half of the year, with increased transactions, rising prices and decreasing inventory.
Overall Market
Every segment of the market showed continued growth when compared to this time last year. The overall market experienced a 17% increase in the number of transactions, and the total dollar volume increased approximately 30%. A shift in the price range of transactions was a continued trend through the third quarter. There were 15% fewer transactions under $500,000 and 110% more transactions over $5 million. This trend in the over $5 million segment was evident when considering the increased median sale price, up 15%. The summer season brought reprieve to the inventory drought in some segments of the market, however, the overall supply of inventory decreased by approximately 8% when compared to this time in 2014. The market appears to be positioned for continued growth through the remainder of the year with approximately 80 properties under contract at the end of the 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.
https://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.png00Bomber Bryanhttps://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.pngBomber Bryan2015-10-25 01:58:002019-03-25 20:28:14Single-Family 2015 Third Quarter
The condominium/townhome segment remained strong through the third quarter of 2015 with 190 transactions, up nearly 25%. The average sale price increased an astounding 39%. This increase can be attributed to the sellout of a new luxury townhome development in Teton Village. The median sale price, a more accurate sale price indicator, was $505,000, a 12% increase. There were approximately 17% fewer condominium/townhome transactions under $1 million. Conversely, the number of condominium/townhome transactions over $3 million doubled when compared to last year. The Town of Jackson, where the majority of transactions took place, experienced an approximate 15% increase in average sale price. Condominium/townhome transactions in Teton Village increased nearly 80% largely due to the surge of transactions in the Shooting Star development. The condominium/townhome segment was the only segment of the market where the inventory increased by approximately 7%.
https://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.png00Bomber Bryanhttps://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.pngBomber Bryan2015-10-25 01:44:362019-03-25 20:28:14Condo & Townhome 2015 Third Quarter
The vacant land segment of the market continued to show gains due to the inventory shortage in single family homes. The number of transactions increased dramatically (a 37% increase) when compared to the end of the third quarter of 2014. Even more dramatic was the approximate 60% increase in median sale price and 40% increase in total dollar volume. This was primarily the result of a shift in the price range where buyers purchased vacant land. The market share in the $1 million – $2 million range was slightly less than the under $500,000 range, 23% and 29% respectively. Vacant land transactions over $2 million represented nearly 30% of total vacant land transactions. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting Star development. As the vacant land segment of the market continues to grow, inventory continues to diminish; down approximately 15% when compared to this time in 2014.
https://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.png00Bomber Bryanhttps://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.pngBomber Bryan2015-10-25 01:33:322019-03-25 20:28:14Vacant Land 2015 Third Quarter
The luxury segment of the market continued momentum through the third quarter of this year with a nearly 30% increase in the number of luxury transactions. Most notably was the increase in transactions over $7 million, which doubled when compared to this time last year. The luxury segment of the market experienced 9% of the total transactions through the third quarter of 2015.
Record Sale (2015 3Q):
$22,000,000*
Average Sale Price Above $3M:
$5,078,000**
Number of Sales Above $3M:
45
*listing price **not including land sales
GLOBAL LUXURY REAL ESTATE AT A GLANCE
A Return to Normalcy for Most of the World’s Top Property Markets
As observed in last year’s Luxury Defined report, the world’s top cities experienced an explosion in luxury home sales during 2013, fueled by pent-up demand, increasing consumer confidence, and robust stock market returns. In 2014 however, prime property sales in these markets settled into a stable growth pattern that seems tepid compared to the year prior. (See Exhibit below).
San Francisco, which startled the world with an astronomical 62% increase in $1 million-plus home sales in 2013 compared to 2012, had strong, though less explosive, annual growth of 19% in 2014. “Coming after an exceptional year of strong sales and price appreciation that ranked among the highest in the US, the growth slowdown was predictable, but the positive economic fundamentals of the San Francisco market remain unmatched,” notes Mark McLaughlin of Pacific Union International.
In Miami, the sales pace slowed from 27% growth in 2013 to 9% in 2014. “The single-digit increases of 2014, in contrast to the double-digit increases of 2012 and 2013, reflect a return to more normal market conditions,” says Ron Shuffield of EWM Realty International, whose firm sells a $1 million-plus home in Miami every 17 hours. Across the Christie’s International Real Estate Affiliate network, brokerages reported real estate sales of more than $300 million per day in 2014 ($13 million every hour). Contact me for the full report from the 2015 Global Luxury Real Estate White Paper.
https://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.png00Bomber Bryanhttps://bomberbryan.com/wp-content/uploads/2024/04/BomberBryan-Logo-Update-2.pngBomber Bryan2015-10-25 01:00:222019-03-25 20:28:14Luxury 2015 Third Quarter
Luxury 2015 Year End
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
Jackson Hole 2015 Third Quarter Market Overview
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 third quarter comprehensive market report for the Jackson Hole area. The summer season is winding down in Jackson Hole, but the real estate market is still in full force. The third quarter of this year brought forth a continuation of the momentum experienced throughout the first half of the year, with increased transactions, rising prices and decreasing inventory.
Overall Market
Every segment of the market showed continued growth when compared to this time last year. The overall market experienced a 17% increase in the number of transactions, and the total dollar volume increased approximately 30%. A shift in the price range of transactions was a continued trend through the third quarter. There were 15% fewer transactions under $500,000 and 110% more transactions over $5 million. This trend in the over $5 million segment was evident when considering the increased median sale price, up 15%. The summer season brought reprieve to the inventory drought in some segments of the market, however, the overall supply of inventory decreased by approximately 8% when compared to this time in 2014. The market appears to be positioned for continued growth through the remainder of the year with approximately 80 properties under contract at the end of the third quarter.
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.
Condo & Townhome 2015 Third Quarter
The condominium/townhome segment remained strong through the third quarter of 2015 with 190 transactions, up nearly 25%. The average sale price increased an astounding 39%. This increase can be attributed to the sellout of a new luxury townhome development in Teton Village. The median sale price, a more accurate sale price indicator, was $505,000, a 12% increase. There were approximately 17% fewer condominium/townhome transactions under $1 million. Conversely, the number of condominium/townhome transactions over $3 million doubled when compared to last year. The Town of Jackson, where the majority of transactions took place, experienced an approximate 15% increase in average sale price. Condominium/townhome transactions in Teton Village increased nearly 80% largely due to the surge of transactions in the Shooting Star development. The condominium/townhome segment was the only segment of the market where the inventory increased by approximately 7%.
Vacant Land 2015 Third Quarter
The vacant land segment of the market continued to show gains due to the inventory shortage in single family homes. The number of transactions increased dramatically (a 37% increase) when compared to the end of the third quarter of 2014. Even more dramatic was the approximate 60% increase in median sale price and 40% increase in total dollar volume. This was primarily the result of a shift in the price range where buyers purchased vacant land. The market share in the $1 million – $2 million range was slightly less than the under $500,000 range, 23% and 29% respectively. Vacant land transactions over $2 million represented nearly 30% of total vacant land transactions. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting Star development. As the vacant land segment of the market continues to grow, inventory continues to diminish; down approximately 15% when compared to this time in 2014.
Luxury 2015 Third Quarter
The luxury segment of the market continued momentum through the third quarter of this year with a nearly 30% increase in the number of luxury transactions. Most notably was the increase in transactions over $7 million, which doubled when compared to this time last year. The luxury segment of the market experienced 9% of the total transactions through the third quarter of 2015.
Record Sale (2015 3Q):
$22,000,000*
Average Sale Price Above $3M:
$5,078,000**
Number of Sales Above $3M:
45
*listing price **not including land sales
GLOBAL LUXURY REAL ESTATE AT A GLANCE
A Return to Normalcy for Most of the World’s Top Property Markets
As observed in last year’s Luxury Defined report, the world’s top cities experienced an explosion in luxury home sales during 2013, fueled by pent-up demand, increasing consumer confidence, and robust stock market returns. In 2014 however, prime property sales in these markets settled into a stable growth pattern that seems tepid compared to the year prior. (See Exhibit below).
In Miami, the sales pace slowed from 27% growth in 2013 to 9% in 2014. “The single-digit increases of 2014, in contrast to the double-digit increases of 2012 and 2013, reflect a return to more normal market conditions,” says Ron Shuffield of EWM Realty International, whose firm sells a $1 million-plus home in Miami every 17 hours. Across the Christie’s International Real Estate Affiliate network, brokerages reported real estate sales of more than $300 million per day in 2014 ($13 million every hour). Contact me for the full report from the 2015 Global Luxury Real Estate White Paper.
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.
Condo & Townhome 2015 Mid-Year
The condominium/townhome segment of the market experienced another strong quarter with transactions up 12%. Similar to the
single family segment, the price level distribution shifted dramatically. This shift greatly increased the average sale price (a 53%
increase) as well as the total dollar volume (a 57% increase) when compared to the first half of 2014. Condominiums/ townhomes in
the over $1 million segment captured 25% of the transactions in the first half of 2015. This same over $1 million segment comprised
10% of the transactions this time last year. Most notable was the $2 million-$3 million segment, which included 9 transactions. The
hotspot for condominium/townhome sales was Teton Village, which experienced an approximate 88% increase in transactions and
nearly 30% of the total condominium/townhome market. The inventory shortage has been most pronounced in the condominium/
townhome segment, and inventory has continued to decrease – down 14% when compared to this time last year.
Vacant Land 2015 Mid-Year
The vacant land segment largely recuperated from the economic downturn and showed solid gains in the first half of 2015, with
transactions up 18%. As with all other segments of the market, the vacant land segment experienced an upward shift in price level
distribution, which pushed the average sale price up 15%, and the total dollar volume up nearly 48%. The number of vacant land
transactions under $500,000 dropped 20% while the number of transactions over $1 million increased over 40%. In fact, there were
3 sales in the over $5 million segment. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting
Star development. The active inventory for vacant land decreased 15% when compared to the same time last year, and there is
currently about 16 months’ worth of inventory on the market.
Luxury 2015 Mid-Year
The luxury market segment experienced substantial activity in the first half of
2015. The number of luxury transactions increased approximately 37% and total
dollar volume jumped an astonishing 73%. This large increase can be directly
attributed to the abundance of transactions over $8 million, which in previous
years had been low. The luxury segment of the market experienced 7% of the total
transactions in the first half of 2015, compared to only 4% in the first half of 2014.
Record Sale (mid-year): $11,250,000*
Average Sale Price Above $3M: $5,807,000**
Number of Sales Above $3M: 26