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