Overall sale transactions and dollar volume in 2016 were down 8-10% compared to 2015. The decrease in activity can be explained by two main contributing factors: 1) a sluggish vacant land market and; 2) overall available inventory, which was down to its second lowest level in 30 years. The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market. Click HERE to read the full 2016 Year in Review. A summary of statistics/trends follows:
- Total number of Sale Transactions in 2016 was down 10% vs 2015.
- Overall dollar volume was down 8% vs last year.
- High-end sales over $3 million also dropped 8% compared to 2015.
- Property sales under $1 million represented 54% of all sales in 2016, however there are only currently 11 single family homes are currently available in this price range (see below).
- Current available inventory dropped 5% from 2015, making 2016 year-end inventory the second lowest level in more than 30 years!
SINGLE FAMILY HOMES
- Single family (SF) home sales in 2016 were up 13% from last year.
- However dollar volume was relatively unchanged while average sales prices dropped 9%, suggesting more homes were selling in 2016, but for lower prices (on average).
- There were 113 SF home sales under $1 million in 2016 (an increase of 14%), HOWEVER currently there are only 11 homes available for sale in this price range (i.e. less than 1.5 months of inventory).
- SF home sales above $3 million increased 15% in 2016, while home sales over $5 million declined 10%.
- HOT SPOT: Home sales in the Town of Jackson increased 15% from 2015, while home sales on the Westbank increased 17%, together making up 52% of all homes sold in 2016.
- While overall available SF home inventory is down 5%, the average listing price of these homes is a staggering $4 million, an increase of 19% from 2015.
- There is only ONE home available under $750,000 – compare that to 2011, when there were 40 available options in this price rage.
Click HERE to view the 11 single family home listings priced under $1 million
- Overall condo sales are down 8%, while dollar volume is down 15% in 2016.
- However median sale price rose 11%, due to increased demand and low supply/inventory
- Condo sales under $500,000 in 2016 = 77 sales :: compare that to 2013 when 137 condos sold in this price range.
- Currently there are only 8 condos available for sale under $500,000
- HOT SPOT: Condo sales in The Aspens were up 36% in 2016, while median sale price increased 11%
- Overall available inventory is down 23%, with 60 available units with an average listing price of $1.48 million
Click HERE to see the 8 condos/townhomes available under $500,000
- Lot sales were down significantly (43%), while dollar volume also dropped 42%.
- 82% of lot sales are purchased with cash (i.e. no loan/financing) in 2016.
- Currently there are 136 single family lots for sale, an increase of 6% from 2015.
- Based on current absorption rates, it will take 2 years for all available lots to sell (not taking into account any new inventory that hits the market).
- The average list price for available vacant lots is $2.65 million, up 15% from 2015.
- The majority of available lots (43) are in the $1-2 million price range.
- Supply exceeds demand in this segment: Of the available lots, 71% have been on the market for over 12 months!
Click HERE to see the 11 lots available under $500,000
WHAT TO DO NEXT?
BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.
SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most recent comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.