Jackson Hole Quarter 3 Market Overview

Overall Market: The Jackson Hole real estate market finished the 3rd quarter of the year with rousing statistics. At 2014 mid-year, the market had yet to see much growth from the previous year. However, the end of the summer brought impressive gains from the previous quarter with total dollar volume remaining level compared to the same period last year with an approximate 12% drop in the number of sales. This is a shift from previous quarters in 2014 where the total dollar volume struggled to keep pace with the robust activity in 2013. The market has been able to maintain a level dollar volume of sales despite a double digit drop in the total number of transactions, it is a clear indicator that market values are increasing. When looking at the market as a whole – the average and median sale prices increased about 15% and nearly 14%, respectively. In fact, the average and median sale prices increased in every segment of the market. Market share continues to be taken away from the under $500,000 segment (down 5%) while the over $2M segment increased nearly 5%, respectively. Overall inventory continues to decrease each quarter. When compared to the third quarter of 2013, inventory is down 13%. See more detail below on each segment of the Jackson Hole real estate market.

Single Family Segment: The single family segment made incredible gains in price appreciation compared to the 3rd quarter of 2013. The median sale price of a single family home in Jackson Hole reached $1,100,000, a $300,000 increase from this time last year. The major difference being the shift from sales in the under $500,000 category (down 73%) to the sale of homes over $1M (up 15%). Finding a single family home under $500,000 can be challenging – there have been 9 this year compared to 33 this time last year. This growth is undeterred by the considerable drop in the number of transactions, which is down 22% over last year. As is typical of the single family segment, the majority of the transactions took place in the Town of Jackson and South of Jackson, albeit in much smaller quantities this year. The greatest increase in sales took place south of Wilson with a 138% increase in transactions. The single family home inventory remains low; particularly, homes under $1M with inventory down 23%.

Condo/Townhome Segment: Condominiums and townhomes in Jackson Hole have been on the upswing. With a more affordable price tag than single family homes, condominiums and townhomes have been very popular and transactions have remained level when compared to last year. This stability contributed to a total dollar volume increase of 5%, making this the only major segment of the market with an increase in total dollar volume. Condominiums and townhomes were among the first properties to experience appreciation and sale price gains during the market recovery. This trend has continued this year with both average and median sale prices increasing approximately 7% – 8%. The median sale price of a condominium/townhome in Jackson Hole has risen to approximately $452,000. About half of the condominium/townhome sales this year were under $500,000. At this time last year, nearly 60% of the sales were under $500,000. The lack of inventory was especially prominent in this segment of the market with active listings at the end of the 3rd quarter, down 27% from last year.

Vacant Land Segment: The vacant land segment of the market has made continued improvement. While the number of sales were down about 20% from 3rd quarter of 2013, the average sale price was up 20%. This was spurred by a 55% increase in the number of sales between $2M and $5M, and a 34% decrease in the number of sales under $500,000. Possibly a more accurate measure of the vacant land market is the median sale price which increased 2% over last year. Historically, the Town of Jackson and the area South of Jackson compete for the most land sales of any other area. However, the Town of Jackson had a huge drop (down 78%) in land sales compared to this time last year, and the area South of Jackson proved to be a hotspot with 24 total land sales. This accounted for about 31% of all land sales this year, far more than any other area. The vacant land segment as a whole has continually improved each quarter since market recovery. Land sales have been marred by the huge amount of inventory in the past, however, this trend continues to improve, with an approximate 10% drop in the number of parcels currently listed for sale. Vacant land will become more popular with buyers as existing home inventory diminishes, as well as affordability.

Luxury Spotlight: Jackson Hole, Wyoming is synonymous with luxury and is an international marketplace for luxury real estate. The demand for high quality, exclusive properties has outperformed this time period last year by approximately 18% when looking at the number of transactions. The total dollar volume of those transactions accounted for over $160M in sales, an approximate 11% increase over last year. Record Sale (through Q3): $24,500,000 (list price). Average Sale Price Above $3M: $5,706,708. Number of Sales Above $3M: 26

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market report and database. The Jackson Hole Real Estate Associates’ Market Report, unlike others in the valley, is derived from the JHREA proprietary, forty year old database (not just mls data) as well as decades of history and success making this the most trusted and accurate real estate report in the region. No other real estate company or agent has the resources available to offer this depth of expertise or insight regarding current or previous market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach. For additional information or a market update in your area, please do not hesitate to contact one of our real estate professionals.

*The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
*This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

Jackson Hole Quarter 2 Market Overview

Overall Market

In the first half of 2014 both the number of sales and the total dollar volume decreased about 15% compared to the first half of 2013. The past two years the real estate market has shown a steady recovery which rebounded relatively quickly. This robust growth is not something which can be maintained in the long run. While this may seem like bad news, really it is a good sign. This slowdown means the market has recovered from the slump of the recession and is returning to more of an equilibrium. Prices have reached a point where there are few to no recession era “deals” left. The type of buyers in the market today has shifted from investors to more end-users and second home buyers. While the average sale price just slightly decreased (-3%), the median sale price actually increased approximately 8%. Similar to the 1st quarter, this can be attributed to the dominance of the $500,000 – $1M price segment, which accounted for roughly 36% of the sales, more than any other single price segment. The springtime push for the summer selling season has lessened the inventory drought, which had, in the past year, contributed to rising prices. The market path for the remainder of 2014 will vary greatly depending on property type and price range. As explained in more detail below, each segment of the market is experiencing its own successes and challenges as the market continues to search for its new normal.

Active vs. Sold by Market Segments

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Market Overview by Segment

Single Family Segment

The single family segment of the market has decelerated from the vigorous growth seen in 2013. The number of transactions decreased nearly 40%. With such a large decrease in the number of sales, it is no surprise that the total dollar volume is also down, with a decrease of approximately 33% compared to the first half of 2013. Despite this decrease in the number of transactions, prices are clearly on the upswing with the median sales price of a single family home up nearly 25%. Finding a single family home for under $500,000 will soon be a thing of the past. The first half of this year produced only 5 sales in this price segment, while the first half of 2013 produced 20 sales. Over 70% of the single family homes sold so far this year have been between $500,000 and $2 million. By far the most active segment of the single family market is the $500,000 to $1 million price range, accounting for about 40% of the total sales.

The majority of the single family home sales took place in the Town of Jackson and south of Jackson areas. Inventory in the single family home segment is still considered low with just over 200 properties for sale, however, the springtime push for the summer season has lessened this concern. The price level of transactions that do take place will most likely continue to rise, albeit slowly. As the market reaches equilibrium and sales velocity slows compared to last year, don’t expect any remarkable appreciation. A slower and healthy growth is anticipated.

Condominium & Townhome Segment

jh-pieThe condominium and townhouse segment of the market is still going strong and has not shown any signs of a slowdown. The number of transactions so far this year is on par with the first half of 2013, however, the total dollar volume increased nearly 10%. This can be attributed to the evident appreciation in this segment of the market. In particular, the median sales price increased over 25% to $487,500 when compared to the first half of 2013. This segment of the market has continued its growth at such a strong rate, in part due to the affordability. This is still the one piece of the Jackson Hole real estate market where a buyer can purchase under the $500,000 mark. Nearly 45% of the sales so far this year have been under $500,000, however, sales in this price range are most definitely diminishing. In fact, compared to the same time period last year, there were about 27% less sales under $500,000. When looking at the sales in the Town of Jackson (which is where the majority of condos and townhomes exist), the average sale price increased nearly 20%. Condos and townhomes continue to be in short supply, with only 85 units currently available and another 24 units under contract. This represents less than a 6 month supply.

Vacant Land Segment

The vacant land segment of the market continues on a slow path to recovery. The number of transactions decreased slightly (-5%) and the median sales price decreased about 12%. The vast majority of the land sales so far this year have taken place south of Jackson, which is made up of smaller and less expensive tracts of land. Specifically, the new King Eider development in the Rafter J subdivision which has, after years of inactivity, finally taken off. The lower price range of these properties is a contributing factor to the decrease in the median sales price. Also, a factor is the lack of sales within the Town of Jackson.

There were 17 sales in town during the first half of last year while this year only 4 sales have occurred in town. The large amount of inventory available in the land segment continues to hold this segment back from any significant growth. Nonetheless, speculative builders as well as end-users have begun a plethora of building projects in the valley which has the construction industry incredibly busy. Building permits have already outpaced last year’s totals with 61 permits issued so far this year, according to a Jackson Hole News & Guide article published July 9, 2014. The vacant land segment of the market will continue to improve so long as the other segments do the same.

Luxury Market Spotlight

luxury-marketJackson Hole, Wyoming is synonymous with luxury and is an international marketplace for luxury real estate. The demand for high quality, exclusive properties the first half of 2014 did not disappoint. The number of luxury transactions remained steady when compared to the first half of 2013. The first half of this year brought 19 residential and land sales over $3 million. The Teton Village area made up the majority of the luxury sales, followed closely by the area just south of Jackson which includes 3 Creek Ranch, a private golf community.

Record Sale (through midyear): $12,500,000
Average Sale Price Above $3M: $4,235,083
Number of Sales Above $3M: 19

Summary

This report, prepared by Jackson Hole Real Estate Associates, presents an overview of trends in the Jackson Hole region real estate market. As the real estate market across the country improves, the Jackson Hole market continues to hold steady. Inventory continues to diminish and scarcity is driving demand and pricing appreciation.

With our access to national parks, sparkling rivers, magnificent mountains and miles of hiking and biking trails, Jackson Hole is an outdoor enthusiasts’ dream. The desirability of our area is as strong as ever.

Any exploration of the region will show examples of an undeniably high quality of life and an unrivaled community spirit with a flourishing economy and stable real estate market.

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market database. Our report is derived from our proprietary data base (not just MLS data) as well as decades of history and success in the region. No other real estate company or agent can offer this depth of expertise or insight regarding current or previous market conditions. The local knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the Teton region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach. The Christie’s International Real Estate network exceeds $100 billion in annual volume, nearly three times greater than our nearest competitor.

  • The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
  • This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
  • All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
  • Average sale price is the total combined dollar volume divided by the number of sales.

For additional information or a market update in your area, please do not hesitate to contact me.

T. Bomber Bryan | Associate Broker & Owner, GRI | 307.690.2295

Jackson Hole News & Guide Weekly Ad for 1/11/12

Take a look at 5 of our listings with Jackson Hole Real Estate Associates |Christie’s International Real Estate as seen in the Jackson Hole News & Guide.  To view any of these listings, contact Bomber Bryan for questions or a private showing.  Also use the real estate search page where you can search all properties for sale in Jackson Hole (View .pdf)

NEW: Flat CreeK-1 Bedroom

Short Sale Opportunity along Flat Creek in the Brookside Condominiums. Sited in the Town of Jackson’s lodging overlay, this adorable 1-bedroom may be short-term rented for maximum flexibility. Huge common lawn sits adjacent to the banks of Flat Creek.

 List Price $195,00

REDUCED: LittLe Horsethief Masterpiece

New construction. This spectacular 4 bedroom/8 bathroom property includes custom finishes, highend materials, stonework, home theatre, multiple fireplaces, pond, professional kitchen and security system. Horses welcome and owner/builder may provide an approved barn with the sale.

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Outstanding Wilson 4-Bedroom

Impeccably maintained home located in highly desirable Stilson Ranch. 4 bedrooms, 4 full bathrooms, 2.39 acres, open living room/kitchen/dining, with big views to the west, and the Grand Teton and JHMR to the north.

List Price $1,895,000

Top Choice in Melody Ranch

This is a beautiful, well-kept 4-bedroom home on the western edge of Melody Ranch. The finishes are highend and the mountain views are lovely.

 List Price $829,900

REDUCED: 1.5+ Acres, 2-Bedroom Guest House, Great Views

Fabulous 1.52 acre site with huge views overlooking Wilson and Fish Creek. 2Br/2Ba guest house is well sited so you can construct a main home.

List Price $1,310,000 $785,000