Jackson Hole Real Estate Market Report | 2019 Mid-Year
I am pleased to present the 2019 Mid-Year Market Report for the Jackson Hole area. Following an impressive first quarter, real estate sales throughout Jackson Hole cooled off in the second quarter, which caused the cumulative sales volume to finish the first half of the year below 2018 levels. It’s worth noting, however, that the dip owes partly to an impressive performance in 2018, rather than a lackluster second quarter this year.
The Jackson Hole real estate market started off strong in 2019, with total dollar volume up 39 percent at the end of the first quarter compared to Q1 2018. Activity then fell in the second quarter, which caused the mid-year dollar volume and number of transactions to decline 16 percent and 13 percent, respectively.
Last year, by contrast, year-over-year sales volume was down through the first quarter, but the market rallied in the second quarter to put mid-year sales up 33 percent compared to the year prior.
While the overall sales volume was down in Teton County, Jackson Hole Real Estate Associates’ sales volume grew more than 6 percent through the mid-year point. Once again, our team proudly represented the most buyers and sellers of any brokerage in the region.
Following trends over the past several quarters, overall average and median sale prices increased four percent and five percent, respectively. Inventory continued to tighten, down two percent compared to mid-year 2018, however, the average days on market increased modestly, up five percent compared to the same period a year earlier.
Most property sales in 2019 have been in the $1 million to $2 million range. Condos and townhomes stole some market share from the single-family segment, accounting for 42 percent of transactions in the first half of the year. The near sell-out of the Virginian Village condominium units (which were listed by Jackson Hole Real Estate Associates) helped drive up sales under $500,000 by 38 percent.
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.