Jackson Hole Real Estate Market Report | 2019 Quarter 1

The Jackson Hole real estate market is off to a strong start through the first quarter of 2019, buoyed by continued demand for high-dollar properties. A jump in luxury property sales significantly pushed up the overall average and median sales prices, including one notable property listed above $17 million, even though the number of transactions fell compared to the first quarter of 2018.

The number of sales recorded fell 11% in the first quarter compared to the same period a year earlier, but the average sale price increased 79%. That jump was driven primarily by transactions between $2 – $5 million, which jumped 71%, and sales above $5 million, which grew 83%, compared to the first quarter of 2018. Sales in the luxury market (above $3 million) grew 33 percent. The acceleration on the upper end of the market skews the overall average and median sale prices, which emphasizes the need to consider each segment independently.

Single-family homes made up the lion’s share of transactions, 44%, followed closely by condominiums and townhomes, which accounted for 40%. Overall, inventory dropped again, down 10% from the first quarter of 2018. Properties are also continuing to sell faster, with the average time on market down to 176 days.

Inventory fell 10 percent compared to the first quarter of 2018, continuing a trend of tightening supply in the Jackson Hole market. There were 126 transactions recorded in the first quarter of 2019, which marks an 11 percent decline from a year earlier.

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive database. Our market report, unlike others in the area, is derived from this proprietary, forty-year old database (not just MLS data) and draws on our brokerage’s decades of success, making it the most trusted and accurate real estate report in the region.

For more information, or to learn more about specific market details, contact Bomber.

Jackson Hole Real Estate Market Report | Year End 2018

Jackson Hole Real Estate Associates, the region’s largest and most dynamic real estate company, is proud to present our comprehensive Market Report for the year end of 2018. Assembled from Jackson Hole Real Estate Associates’ proprietary database, the most extensive source of information about the region’s real estate market, and insight from our dedicated team of professionals, the report provides valuable insight into the market segments that make up the Jackson Hole area.

 

Jackson Hole Real Estate Market Report | Quarter 3 2018

Jackson Hole’s real estate market remains on a strong path through the third quarter, with 12 percent more sales and a 13 percent increase in median sale price compared to the same period last year. Rising prices have caused supply of properties under $500,000 to dwindle, which is apparent in the 21 percent decline in transactions below that price point.

The most sales took place in the $500,000 to $1 million segment, which accounts for more than one-third of sales this year. The $2 million to $5 million segment notched the largest gain in transactions, up 83 percent compared to a year ago.

The Town of Jackson continues to lead the area by far in sales volume. Even so, overall, inventory fell again, down nearly 20 percent, which contributed to a 16 percent decrease in the average property’s days-on-market.

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.

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.

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

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/