Jackson Hole Report Archives - Page 2 of 2

2019: Year End Review – Jackson Hole

January 18, 2020/in Asking Prices, Average Sales Price, Buyers, Condos, Days on Market, Foreclosure Properties, High End Real Estate, Inventory Levels, Investment Property, Jackson Hole Real Estate, Jackson Hole Report, Market Report, Market Reports, Market Statistics, Multi-family, New Listings, Over $1 million, Past Sales, Properties under $500, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, Supply/Demand, The Jackson Hole Report, Town of Jackson, WY, Year in Review/by Molly Stewart

After an explosive 2018 that saw a 13% annual increase in sales and a staggering 38% increase in dollar volume, many predicted that the market would slow in 2019, many thought the market was in need of a correction. The number of real estate sales did not slow down in 2019, recording a nearly identical number of sales as 2018. After under performing 2018 in the first two quarters, transactions increased in Q3 and Q4 of 2019, netting a total of 493 sales* (vs. 494 sales in 2018). What did change in 2019 was the overall dollar volume, dropping 6% percent from 2018, to $890,000,000* in 2019. After starting the year off strong (2019 Q1 sales volume was up 50% from 2018 Q1), the second quarter of 2019 really under preformed 2018, recording just over half of the sales volume seen in the 2nd quarter of 2018. While the second half of 2019 recorded similar numbers to the same time in 2018, the overall dollar volume of 2019 still came up $45 million short of 2018. With a similar level of sales and less dollar volume, it’s no surprise that the average sale price followed a similar trend (high in Q1, low in Q2 and pretty even in Q3 & Q4) with the end of year average dropping $85,000 (4.5%) to just over $1.8 million. In analyzing the price point breakdown in 2019 vs 2018, a few trends become clear:

The high end market saw a similar level of sales in 2019 (74 vs 76 in 2018). Digging deeper, shows that overall dollar volume of this segment was down 3.5% in 2019, accounting for $412 million in total volume.
Sales seemed to shift from the locals market ($500,000 – $1,000,000), which was down 17%, to the $1-3 million range, which was up 9% from 2018.
The most dramatic change occurred in the sub $500,000 market, where nearly 50% MORE sales occurred in 2019. The 24 additional sales in this price point can be almost entirely explained by the sales of the Virginian Village condos. Condominiumized by the developer several years ago, these 1 and 2 bedroom units located in the heart of Jackson were completely renovated with new appliances, flooring, kitchens, baths, etc. After selling several units FSBO, the remaining units were put on the market with Jackson Hole Real Estate Associates and accounted for 26 sales between Feb – Dec 2019. These condos were in high demand, selling one after the other, with 1 bedrooms selling between $302,000 – $325,000 and 2 bedrooms selling between $402,500 – $435,000.

This influx of inventory and sales in the entry level market, can help explain why, despite a decrease in average sales price, the average monthly median sales price in 2019 was actually up, increasing to $1.15 million from $1.09 million in 2018. With more sales in the bottom end of the market, the median (which measures the middle of the market sales) was pushed up in 2019 because of the additional 26 sales on the low end. In analyzing the property type breakdown, it shows that single family home sales decreased 5%, representing 46% of all sales in 2019, while townhome/condo sales increased in 2019, up 6% representing 40% of all sales. Again, most likely a result of the 26 Virginian Village condo sales in 2019. Land sales represented a similar amount of sales in 2019 (14% vs 12% in 2018).

*Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for 2019, excluding fractional sales and duplicate entries. It is estimated that sales outside of MLS account for an additional 20% of transactions/volume. Contact Katie for more details.

Buyers had more options in 2019, as 696 new residential listings entered the market, compared to 632 in 2018, an increase of 10%. New inventory levels outpaced 2018 in the first 3 quarters of 2019, with an especially strong Q3 that saw 40 more new listings than the same period in 2018. While the number of new listings increased 10%, the dollar volume of those new listings jumped up 15%, with $243 million more in dollar volume than in 2018. New listing volume outpaced 2018 in 3 of the 4 quarters, with a very strong Q2 seeing $200 million more in listing volume than in Q2 2018. So, not only was more inventory entering the market in 2019, but it did so at higher price points. As a result, the average listing price increased 4.5%, up to $2.66 million in 2019. Sixty-five percent of 2019’s new listings were in excess of $1 million, with the majority (44%) in the $1-3 million range. Fifty-seven properties entered the market priced under $500,000, with the Virginian Village condos accounting for roughly half (28) of the listings. Single family homes accounted for just over 50% of new listings in 2019.

2019: Q4 Sales & New Listings

January 13, 2020/in Asking Prices, Average Sales Price, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Multi-family, Over $1 million, Past Sales, Properties under $500, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, The Jackson Hole Report, Town of Jackson, Townhome, Under $500, WY/by Molly Stewart

The 4th quarter of 2019 looked a lot like the 4th quarter of 2018. Total sales increased ever so slightly, up from 130 in 2018 to 132 sales in 2019. In looking at numbers month-by-month, while 2019 saw a few more sales in October and December, it was balanced out by a few less sales in November. Dollar volume was also similar quarter to quarter, and actually dropped 1.7% from Q4 2018, recording a total of $254,800,000 in Q4 2019. Monthly dollar volume in 2019 outpaced 2018 most significantly in October, recording over $108 million in volume vs $91 million in October 2018. November was a bit slower in 2019 while December was identical at $66 million for the month. As expected, the average sale price was also consistent between 2018 and 2019 slipping down to $1.93 million from $1.99 million in 2018. In analyzing price points, sales in the $1-3 million range were up 15% while sales in the $500,000-$1,000,000 range dropped by 17% compared to Q4 2018. This upward shift in price point is reflected in the median sales price, which was higher in each month of Q4 2019. Sales under $500,000 stayed consistent, recording 12 sales in all of the 4th quarter. Townhomes and condos represented slightly more of the sales in 2019, while lot sales remained steady, representing 16% of all sales in Q4 2019. What does all this mean? While things aren’t necessarily slowing down, the rate of acceleration has appeared to slow. Will we see more of the same in 2020 or is this an indication of the market leveling off as we enter the next decade? Stay tuned!

New inventory was down, but listing prices were up in the 4th quarter of 2019, where 18 fewer properties hit the market – a drop of 17% from the same time in 2018. New listings were down every month in the 4th quarter with the biggest drop coming in October, when only 34 properties hit the market (vs. 46 in October 2018). Despite having 17% fewer options in 2019, buyers saw those options increase in price with total dollar volume jumping 12% from Q4 2018. October & December were big dollar months, recording $116 million and $117 million in new listings respectively. As a result, the average listing price jumped up dramatically in the 4th quarter, going from $2.3 million in Q4 2018 to above $3 million in Q4 2019. The median list price saw a more modest, yet still significant, increase from $1.26 million to $1.37 million – a jump of 9%. The spike in dollar volume and average listing price is supported by the price point of several high end listings in Q4 2019. While a similar number of these $3+ million listings hit the market in Q4 2019 and Q4 2018, this past year saw several ultra-high-end listings including: a contemporary home with stunning views atop Spring Creek Ranch for $15 million, a 3 lot estate on 20+ acres south of Wilson for $25 million, and a recently listed 18,000 sq foot home, guest home and barn on 215 acres in the heart of Jackson Hole for $35 million. For much of 2019, we saw higher priced inventory replace the lower price sales, a pattern that can’t be sustainable for long in our market. How will Q1 2020 compare? Will more high end listings continue to flood the market, while the “local’s market” sees fewer and fewer options? How will that affect demand in each of those segments? Stay tuned…

2018: May Market Report

June 6, 2018/in Average Sales Price, High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Report, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The busy summer selling season is heating up with 93 new listings hitting the market in May, totaling $212 million in listing volume. Action is picking up fast, as May 2018 is well ahead of last May 2017 where we saw 86 new listings totaling $190 million in volume. Across the board, sellers are feeling confident as the average listing price reached $2.286 million in May, the highest average seen thus far in 2018. Buyers are watching and moving quickly. Of the 65 new residential listings in May (single family homes and townhomes/condos), 21 are already under contract or sold. While the majority of new listings are always residential, there were 28 new lot listings in May, by far the most seen in one month in the last several years.

After an April that saw nearly 40% of property sales over the $3 million mark, things calmed down a bit in May. While there were more sales (38 total transactions), they totaled less volume ($66.8 million in May vs. $119 million in April despite 9 fewer sales). As a result, the average sales price dropped back down to typical levels at $1.7 million. The median sale price fell to $1.125 million, however this is still high given that this metric has been under $1 million in 8 of the last 12 months. Nearly half of all sales occurred under the $1 million mark in May compared to only 31% in April, with nearly 40% occurring in the “locals” market between $500,000 – $1,000,000. These sales included several older single family homes in Town, townhomes in Town and condos in Teton Village. The sale to list price ratio remains strong at 97%, marking the 6^th consecutive month where properties have sold at 96-97% of the listing price. In fact, 9 properties in May sold at or ABOVE the listing price, including a 3 bedroom Teton Village condo that was listed at $795,000 and sold for nearly $100,000 more.

2018: April Market Report

May 9, 2018/in Average Sales Price, High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Report, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The big headline of the April market report is that nearly 40% of all April sales occurred in the high end of the market. After a first quarter of 2018 that saw 60% of sales happen in the “locals” market (sub $1 million), there were 11 sales over $3 million last month, including 6 sales over $5 million and one sale close to $15 million (a newly completed 10,000+ sq ft estate in Dairy Ranches). As a result, the average sales price skyrocketed to over $4 million (the median sales price also increased significantly to $1.7 million). April sales volume topped $85 million, quite the strong number considering that the total sales volume for the first 3 months of the year was a combined $103 million.

The good news for local buyers is that new listings increased in April, with 36 new properties hitting the market – the most monthly listings since Sept 2017. The average listing price of these new listings was $1.8 million, however the median listing price was just under $1 million. The average days on market dropped to 159 days and the sale price to list price ratio increased to 96%. This ratio has been at or above 96% since the beginning of the year, illustrating that many properties are selling close to list price as demand remains strong.

2018: Q1 Review

April 18, 2018/in High End Real Estate, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Short Sales, Single family homes, Town of Jackson, Townhome/by Molly Stewart

The number of new listings hitting the market in first quarter of 2018 is up slightly when compared to last year, thanks to an usually busy January 2018, where nearly 40 new listings hit the market (vs. 21 in Jan 2017). However, the overall dollar volume of these new listings is down slightly in Q1 2018. As a result, the average listing price for the first quarter is down 15%, from $2.092 million to $1.78 million. The decrease was helped by the strong Jan 2017 (which saw an average listing price of $3.3m) and a somewhat weaker March 2018 (which saw an average listing price of $1.2m).

We are officially entering the “busy listing season” of April/May/June, so it will be interesting to see how much new inventory hits the market (and at what price points). Stay tuned….

Sales and dollar volume down again, available inventory lowest since 2007: Mid Year update from The Jackson Hole Report

August 2, 2016/in Asking Prices, Average Sales Price, Building Site, Condos, Entry level market, High End Real Estate, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Over $1 million, RE/MAX Obsidian, Real Estate Sales, Single family homes, Supply/Demand, The Jackson Hole Report, Townhome, Uncategorized, Under $500/by Molly Stewart

Sale transactions and dollar volume are down again in the second quarter of 2016, mostly due to dwindling well-priced inventory under $1 million. 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 through the end of the 2nd quarter 2016. Click HERE to read the full 2016 Mid Year Report. A summary of statistics/trends follows:

OVERALL MARKET

Total number of Sale Transactions are down 16%
Sales under $1 million are down 21%
Overall dollar volume is down 14%
Despite dwindling sales, the Average Sale Price increased by 3% in Q2 2016
Hot Price Point: Properties priced under $1 million, where 53% of the sales occurred in the second quarter
Hot Location: The Town of Jackson, which accounted for 35% of all sales in the second quarter
Overall inventory is down by 7% (compared to Q2 2015), representing the LOWEST inventory levels since the market peak in 2007

HIGH END MARKET

High-end property sales ($2+ million) were down 23% from Q2 2015
However, despite declining sales, high-end properties under contract have increased by 42%
There are 68 properties for sale over $5 million, an increase of 11%
The most expensive property for sale in Teton County is a 264 acre property just south of Wilson with 7,715 sq ft main house, guest house, and expansive frontage on both the Snake River and Fish Creek, listed for $53 million (pictured below)

264 acre property on Snake River & Fish Creek – $53 million (listed by JH Sotheby’s)

SINGLE FAMILY HOMES

Single family (SF) home sales in the second quarter were up only slightly (2%) from last year at this time
SF home sales over $1 million are up 18%, SF home sales over $3 million are up 43%
Overall SF home inventory is down 12%, with only 20% of listings priced under $1 million
Only 13 homes are available under $750,000, down 71% from this time last year
The average asking price of new listings is up 11% to $3.65 million – the second highest average ever!

Click HERE to view the 39 single family home listings priced under $1 million

3 bed / 2 bath in Cottonwood Park – $650,000 (Listed by JH Sotheby’s)

CONDO/TOWNHOME

Overall condo sales have slowed, down 6% from this time last year
Condo sales under $500,000 fell dramatically (down 32%)
Overall available inventory is up 10%, however inventory under $300,000 is down 71%
The average listing price for condo/townhomes is up 29%
72% of available condos are priced under $1 million, with only 31% priced under $500,000

Click HERE to see the 26 condos/townhomes available under $500,000

4 bedroom townhome in East Jackson – $499,000 (listed by RE/MAX Obsidian)

VACANT LAND

Lot sales are down significantly (55%) with only 28 sales in the first 6 months of 2016
However, the average sales price continues to climb, up 10% in Q2 2016
64% of lot sales are purchased with cash (i.e. no financing)
Overall available inventory dipped 5% from Q2 2015, however the supply of lots remains high
NOTE: Supply exceeds demand in this segment, with 34 months of inventory currently on the market.
The majority of available lots (49) are in the $500,000 – $1 million price range.

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 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.

Sales and Volume decline in 2016, while affordable inventory dwindles – Quarterly Update from The Jackson Hole Report

May 2, 2016/in Asking Prices, Average Sales Price, Building Site, Condos, Entry level market, High End Real Estate, Housing, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Market Report, Market Reports, Over $1 million, Real Estate Sales, Sales Volume, Supply/Demand, Teton Village, The Jackson Hole Report/by Molly Stewart

Sale transactions and dollar volume are down in the first quarter of 2016 while available inventory in the entry level market dwindles, resulting in increased demand for well priced properties. 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 through the end of the 1st quarter 2016. Click HERE to read the full 2016 Q1 Report. A summary of statistics/trends follows:

OVERALL MARKET

Total number of Sale Transactions are down 26%
Sales under $1 million are down 36%
Overall dollar volume is down 27%
Due to limited inventory, the Average Sale Price increased by 11% in Q1 2016
Hot Price Point: Properties priced between $1-3 million, where 40% of the sales occurred in the first quarter
Hot Location: The Westbank (including Teton Village) which accounted for 45% of all sales in the first quarter

Crystal Springs condo sold in Teton Village (listed by JH Sotheby’s)

HIGH END MARKET

While high-end property sales ($2+ million) were down 68% in the first quarter, there are 39 high-end properties under contract (an increase of 34%), with an average list price of more than $4.5 million
Available inventory of high end properties is up 20% compared to this time last year
There are 47 properties for sale over $5 million, an increase of 18%
The most expensive property for sale in Teton County is a 580 acre ranch (with 6 building sites), listed for $45 million (pictured below)

580 acres available for sale off Spring Gulch Rd – $45 million (listed by Live Water Properties)

SINGLE FAMILY HOMES

Single family home sales in the first quarter were consistent with sales last year at this time
However, the average sale price increased 18% to $2.3 million
Single family home sales over $1 million are up 13%
Single family home sales over $3 million are up 100% compared to this time last year!
While over all single family inventory is up 8%, available homes under $1 million are at a 25 year low
Only 15% of available single family homes are priced under $1 million
Considering that 47 homes sold in this segment in 2015, there is less than 1 month of available inventory for home under $1 million.
Click HERE to view the 20 single family home listings priced under $1 million

Single family home available in Hidden Ranch – $925,000 (listed by JHREA)

CONDO/TOWNHOME

Overall condo sales are down 29%, with only 39 sales in the first 3 months of 2016
The average sales price dropped 11%, however the price of available inventory is up 38% – which represents the highest average condo list price since the start of the recession in 2008
Condo sales under $500,000 decreased by 39% in Q1 2016 due to low inventory levels
Condo listings under $500,000 sell in 86 days, on average, many times receiving multiple offers
Only 28% of available condos are priced under $500,000

VACANT LAND

Lot sales are down significantly (58%) with only 14 sales in the first quarter of 2016
Average sales price is up 16%
Overall available inventory dropped 5% from last year, however list prices remained consistent.
Available vacant land for sale under $500,000 is only 1/4 of what was available in 2013 & 2014.
Majority (71%) of vacant land buyers are second homeowners and/or retiring baby boomers.

As we approach the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015, representing only 2 months of inventory. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

A Full Recovery? Close, but not quite. Quarterly Update from The Jackson Hole Report

July 27, 2015/in Average Sales Price, Condos, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Market Report, Market Reports, Real Estate Sales, Sellers, Single family homes/by Molly Stewart

Are we back to the real estate peak of 2007? Has the Jackson Hole market made a full recovery?

Not quite, but we are getting close according to The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate. Click HERE to read the full 2015 Q2 Report.

Compared to this time last year, transactions have spiked (up 21%) and the average sales price has increased 32%. However, if we look at several paired sales (sales of identical properties (with little to no remodeling) that sold in 2006-2007 and again in 2014-2015), we get a better understanding of which types of properties and locations have recovered faster than others. The Jackson Hole Report looked at 108 of these paired sales and found the following:

Only 7 sales (6.4%) have actually increased in value from the peak and all time high of late 2007
Single family home values increased more than condos, townhomes or vacant land
Teton Village is the only area to report widespread increases in value

OVERALL MARKET

Compared to last year, the first 6 months of 2015 showed increases across the entire real estate market as a result of relatively low inventory levels and increasing demand.

Number of Sale Transactions are up 21%
Overall dollar volume rose 58%!
Average Sale Price increased by 32%
Sales over $1 million are up a staggering 83% since this time last year, with 1/3 of all property sales occuring between $1-3 million
Teton Village accounted for 16% of all sales and 27% of all sales volume
Overall available inventory remains low, with only a 3% increase over Q2 2014, and still represents some of the lowest inventory levels we’ve seen since the peak of 2007
Currently there are only 14 single family homes available in Teton County priced under $750,000 – compare that to last year, which saw 158 home sales under $750,000

Just listed in Rafter J for $629,000, this 2 bed/1 bath home is the least expensive single family home (outside of Moran and Hoback)

SINGLE FAMILY HOMES

Demand continues to increase in 2015 with 31% more sales compared to last year
Average Sale Price increased 21%
The $1 – $3 million segment has seen the greatest increase – up 66% compared to mid-year 2014
Many older homes (20+ years) have come onto the market recently and currently make up 39% of available single family home inventory
Available single family home listings are up only slightly (5%) when compared to last year at this time
These new listings have a median list price close to $2.2 million

Recently listed 7,500+ sq foot retreat in Granite Ridge at the base of Jackson Hole Mountain Resort – $12.75 million

CONDO/TOWNHOME

Sales are up 16% compared to mid year 2014
Average Sale Price is up 65% resulting from a jump in condo sales above $1 million
Hot Spot: Condos in Teton Village, which was up 106%
Available inventory declined 7% from Q2 2014
Only 29% of available condos are priced under $500,000

Newly listed condos in The White Buffalo Club in downtown Jackson -One bdrm unit for $320,000 and 3 bdrm unit for $975,000

VACANT LAND

Lot sales continue to increase, up 11% compared to mid year 2014
Average Sale Price is up 22%
Lot sales over $1 million are up 40%
50% of lot sales this year went to locals, who are perhaps fed up with the low single family home inventory
Over 3/4 of all lot sales in 2015 were cash transactions

OUTLOOK: Low inventory levels and high demand suggest that the Jackson Hole market will continue to appreciate throughout the summer. We should expect to see high levels of activity in the under $1 million single family home segment, given the particularly low inventory in that price range. However, buyers appear to be motivated by value (and not their emotions) and are not making offers on overpriced listings. As evidence, we’ve seen many overpriced listings sit on the market for more than a year as Sellers try to ‘test’ the market.

As a Seller, the best strategy is to price your property competitively (based on comparable sales) and market it effectively. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

Quarterly Market Update from The Jackson Hole Report

May 7, 2015/in Average Sales Price, Inventory Levels, Jackson Hole Report, Market Report, Market Reports, Market Statistics, Real Estate Sales/by Molly Stewart

Available inventory in the Jackson Hole real estate market has been declining since Spring 2011. Currently inventory is the lowest it’s been in more than 25 years! Compare that to just 5 years ago (Spring 2010), when the market offered the most inventory in 25 years. This time of year in 2010, Buyers had 640 available homes, lots, condos, multi-family and commercial properties to choose from; now that same Buyer has half as many choices (319 active listings).

Every quarter, David Viehman, my colleague at RE/MAX Obsidian Real Estate publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. David’s report not only includes all the MLS sales, but he is also able to track sales happening outside of MLS. Below are some interesting statistics from his Q1 2015 Report. Please contact me for a copy of his entire report. All statistics (unless otherwise noted) are Q1 2015 verses Q1 2014.

Highlights:

OVERALL MARKET

Despite low inventory, the number of sales are up 10% vs Q1 2014 with sales volume up a staggering 46%!
As expected, average sales prices were also up 32%, with help from the $1-3 million segment, which saw 32% of all sales in Q1 2015.
Upper-End Sales (over $2 million) have seen 105% higher sales in Q1 2015 vs Q1 2014, with a third of those sales being condos (think Four Seasons).
The amount of properties currently under contract in Q1 2015 is 51% higher than Q1 2014, with a median list price up 51% as well.
Conversely, overall available inventory is down 17% when compared to Q1 2014.

CONDOS/TOWNHOMES

Available inventory is down 39% from Q1 2014.
During the height of the recession (2009) there were 4 times as many available condos on the market (195) compared to only 49 condos available now.
Of the 49 condos/townhomes available, only 14 are priced under $500,000 and only 4 are priced under $300,000.
Despite low inventory, condo/townhome sales are up 15% compared to Q1 2014, a trend that is expected to continue as we enter the summer months.

SINGLE FAMILY HOMES

Home sales in this segment are lagging 2014 (down 5% vs Q1 2014) due to record low inventory levels, however the median sales price has increased 22%.
As of April 1, 2015, only 107 homes were listed in the MLS (in all price ranges).
In 2013, there were 96 sales of single family homes under $750,000. Currently there are only 10 homes for sale in this price range.

TETON VILLAGE

Buyer’s flocked to Teton Village this winter (Jan-March 2015) gobbling up 69% more sales than the first quarter 2014 for 72% more in sales volume.
Nineteen properties currently under contract in Teton Village suggest this trend will continue.
Available affordable inventory is very low as we enter the summer months – only 4 condos priced under $500,000

Please contact me for a copy of the entire First Quarter 2015 – Jackson Hole Report.

2019: Transactions/Sales Volume – What Sold?

$890,085,959

Total Sales Volume

$1,805,448

Average Sales Price

Market Analysis

$1,155,979

Average Median Sales Price

14%

of Sales were Land Lots

2019: New Listing/Inventory Analysis

$1,852,044,899

LIST PRICE Volume

$2,660,984

AvERAGE LIST PRICE

Market Analysis

$1,412,500

AvERAGE MEDIAN LIST PRICE

65%

Listings over $1 million

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

Transactions/Sales Volume – What Sold?

$1,930,301

Average Sales Price

$254,799,682

Total Sales Volume

Market Analysis

New Listings – What’s New?

$3,023,767

AvERAGE LIST PRICE

$278,891,000

LIST PRICE Volume

Market Analysis

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in May?

New Listings

$2,286,774

Average List Price

28

NEW LOTS FOR SALE

$157,255,950

New Listing Volume

What Sold

$66,826,600

Total Sales Volume

47%

of property sales were under $1M

$1,758,595

Average Sales PRICE

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in April?

$2,134,609

Average List Price

$115,268,900

LIST PRICE Volume

$118,833,300

Total Sales Volume

$4,097,700

Average Sales PRICE

38%

of transactions sold over $3M

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

New Listings – What’s New?

$1,781,873

AvERAGE LIST PRICE

$174,002,500

LIST PRICE Volume

Transactions/Sales Volume – What Sold?

$132,681,658

Total Sales Volume

$1,272,155

Average Sales PRICE

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

Katie Brady