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/