I am pleased to present the 2020 Quarter One Market Report for the Jackson Hole area. 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.
I am pleased to present the 2019 Quarter 3 Market Report for the Jackson Hole area. 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.
The Jackson Hole market in continues to show stability particularly in the single family home segment. At the end of the third quarter of 2019, despite a 20% drop in number of homes sold, the average sale price increased 13% year-over-year. During the same period in 2018, the average sale price gained 7% indicating a sustained period of steady, consistent growth. The median price also grew by 17% indicating that the higher-end sector was more active. Once again, the market at the mid to low end of the price spectrum is negatively impacted by the lack of inventory. This lack of inventory also impacted the $2-5M range. Nationally, prices grew at a relatively flat 4%.
The overall year-over-year housing statistics for the greater Jackson Hole market continue to show a modest cooling off vs. the banner year of 2018. Using our proprietary database accounting for sales that were not reported through the Teton County MLS, the total dollar volume dipped 10% over prior year through the end of quarter 3. This is an improvement over mid-year numbers where total sales volume dipped 16%.
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’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.
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.
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%.
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: http://jacksonholerealestatereport.com/2017-first-quarter-report/
One of the few actively listed properties in the Melody Ranch subdivision, this South Valley four bedroom single-family house features outstanding views of Glory Bowl. The improvement has been very well maintained inside and out, has an open floor plan, great sunlight, and the master is on the first floor –much of which you can see yourself in this short video.
In addition to this short 40 second clip, you can also view an image gallery showing this home’s open kitchen, appliances, bedrooms and well-maintained landscaped lot below.