On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 year end comprehensive market report for the Jackson Hole area. The 50th anniversary of the Jackson Hole Mountain Resort is in full swing this winter season, and we can say the same for the Jackson Hole real estate market. Every segment of the market experienced growth in 2015. The overall trends of 2015 continued to show increased transactions, rising sale prices and decreased inventory.
Overall, the number of transactions increased approximately 17% and the total dollar volume increased nearly 25%. In fact, 2015 marked the first year since 2007 that the total dollar volume exceeded over $1 billion. Average and median sale prices both increased as well; the median sale price went from $750,000 to $855,000 in the past year. A shift in the price range of transactions was a continued trend through 2015 year end. There were 16% fewer transactions under $500,000 and 38% more transactions over $5 million. In fact, each price section of the market above $1 million increased significantly when compared to 2014. The one price range that remained steady was the $500,000-$1 million. The New Year is poised to begin strongly, evidenced by the 45 properties under contract at the end of 2015. Overall inventory at the end of 2015 decreased by approximately 6% compared to a year ago. The inventory drought will likely continue to be a factor in the growth of the real estate market.