2019: July Sales in Jackson Hole

What happened in July?

What Sold

Real Estate Sales jumped in July with nearly 50 transactions occurring, the highest monthly total since October 2018. While more properties sold in July, they were also selling for higher prices, as total dollar volume jumped up to $84 million – the highest monthly dollar volume seen in all of 2019. As a result, the average sales price increased to over $1.7 million in July, after two months hovering right around $1.4 million. After spending the last three months below the $900,000 mark, the median sales price crept up to just over $1 million in July, indicating that prices were up across the board not just in the high-end. The average days on market drop significantly to 129 (after 2 months right below 180 days). Not only were homes selling more quickly in July, they were also selling closer to listing price. The sale to list price ratio reached 97% (the first time this year) as a whopping 18 properties sold at or above their list price!  Townhome and condo sales were hot in the hottest month of the year, representing nearly 50% of all sales and including 3 Ponderosa Village condos and several townhomes in West Jackson. As a result the $500,000 to $1 million price point saw a bump, accounting for 37% of all sales. However, the luxury market was still well represented with 8 sales over $3 million including 2 newly built Caddis homes in the Snake River Sporting Club.

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$84,472,775

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

129

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,022,500

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

49%

Townhome/Condo Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

49%

of property sales under $1,000,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

8

TRANSACTION OVER $3M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2019: June New Listings in Jackson Hole

What happened in June?

New Listings

Over 100 new listings hit the market in June for the second month in the row as the busy summer selling season continues in Jackson Hole. While June and May were similar in their number of new listings, their volume certainly was not. June saw nearly $440 million in listing volume, approximately double the volume seen in May for a similar number of listings. One particular new listing certainly tipped the scales – a 7 parcel assemblage totaling nearly 300 acres along the Snake River, listed for a cool $80 million. However, even without that listing, June 2019 had by far the highest monthly listing volume seen since I began tracking volume in June 2015. As expected, the average listing price jumped up in June to just over $4 million, however the median listing price was up as well, reaching $1,845,000. To put that in perspective, compare it to the busy summer selling season of 2018, when median list prices were in the $1.6 million range. In addition to the $80 million listing, there were four other new listings in excess of $15 million including two homes in Fairway Estates north of town, a home in Teal Trace in Wilson and a large ski chalet in Teton Village at the base of Jackson Hole Mountain Resort. The influx of luxury listings didn’t stop there, with 9 additional listings priced over $5 million entering the market last month. While June saw a similar number of listings coming online in the local’s market ($500,000 to $1,000,000), only 2 new property options came on under $500,000 (compared to 11 in May).

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[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$439,163,000

New Listing Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

17

Vacant Lot Listings

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$4,222,721

Average List Price

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$1,845,000

MEDIAN LIST PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

75%

over $1M Price Point

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

2

Listings under $500k

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2019: June Sales in Jackson Hole

What happened in June?

What Sold

Real estate sales in Jackson Hole actually dipped in June, down to 36 transactions (after 41 sales occurred in May). Sales volume also dropped, totaling roughly $50 million in June (down from $59 million in May). Otherwise, the start of the busy summer selling season (May and June) were quite similar, with an average sales price hovering right around $1.4 million and a median sales price just under $900,000. The average days on market and sale price ratio were also identical between May and June, with properties selling, on average, at 96% of their listing price in just under 180 days. However, what made June unique was that nearly 1/3 of the closed sales occurred at or ABOVE their listing price, illustrating the continued competitiveness of the Jackson market. While the majority of sales in June occurred in the $1-3 million range, there were 10 sales under $500,000, including five condos in the Virginian Village and Ponderosa Village developments, seemingly a hot segment right now with many of these condos selling at or above the listing prices. Two-thirds of all sales in June were for single family homes, an increase from a trend seen over the last few months.
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$50,963,867

Total Sales Volume

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179

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$869,500

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

56%

Single Family Home Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

53%

of property sales under $1,000,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

5

TRANSACTION OVER $3M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
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.

2019: May Sales in Jackson Hole

What happened in May?

What Sold

Sale transactions increased in May, recording 41 transactions, the highest monthly level so far in 2019. Dollar volume increased from April but was in line with previous months this year, suggesting that while more sales occurred in May, they were at lower price points. In fact, two thirds of May sales were under $1 million, with nearly 20 sales in the $500,000-$1,000,000 price point (commonly referred to as the “local’s market”). While a few high sales pulled the average sales price up towards $1.5 million, the median sales price remained under $1 million for the second month in a row. The majority of May sales were for condos/townhomes, including several in the newly remodeled Virginian Village complex in town. The average days on market increased in May, in part thanks to 4 vacant lots that finally sold after 1-2 years on the market. The sale price to list price ratio held strong at 96% as many properties sold close to their listing prices. There were 9 sales that occurred at or above full listing price, illustrating high demand and tough competition for desirable properties that are priced in line with the market.

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$59,646,869

Total Sales Volume

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176

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$839,000

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

61%

Townhome/Condo Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

66%

of property sales under $1,000,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

6

TRANSACTION OVER $3M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2019: May New Listings in Jackson Hole

New Listings

Listing activity exploded in May with over 100 new listings hitting the market last month. New listings in May of this year exceeded all of the busy summer months of 2018. In fact, the last time we saw over 100 new listings in a single month was back in July 2017. May’s new listings totaled nearly $225 million, a  monthly dollar volume not seen since August 2018. Of the 101 new listings in May, 35 of them were for vacant land, an activity level not matched since May of 2014. These available building sites covered the entire Valley from Solitude down to the Snake River Sporting Club, Ranging in price from $345,000 – $16,000,000. The average listing price of May’s new inventory is $2.2 million, the highest monthly average we’ve seen so far this year. The median sales price also increased in May, up to just under $1.3 million. The majority (40%) of new listings in May were in the $1-3 million price range. Twenty-two new listings entered the market priced above $3 million, including homes in Granite Ridge and Shooting Star out at Teton Village and two lots in the newly-created Seven Springs subdivision along the Snake River on the Westbank. On the other end of the spectrum, only 10% of the new inventory was under the $500,000 mark and included 1-2 bedroom condos in Ponderosa Village and Virginia Village in the Town of Jackson. Nearly 1/4 of May’s new listings are already under contract or closed, signaling a strong start to what should be a very busy summer selling season.

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[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$224,672,000

New Listing Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

35

Vacant Lot Listings

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$2,224,475

Average List Price

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,295,000

MEDIAN LIST PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

22%

over $3M Price Point

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

11

Listings under $500k

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2019: April Sales in Jackson Hole

What happened in April?

What Sold

Real estate transactions increased slightly from last month (30 sales) and are tracking slightly higher than this same time last year (29 sales in Apr 2018). However, overall sales volume in Jackson Hole dropped significantly, down $20 million from last month, recording the lowest monthly volume since March 2018. As a result, the average monthly sales price ($1,143,000) also reached its lowest level in the last year. Likewise, the median monthly sales price was the lowest seen since June 2017 and only the 3rd time in the past year it has dipped below $1 million. The average days on market dropped 120 days, as half of all properties sold in April were on the market less than 3 months before closing.  Properties sold, on average, at 96% of list price in April, despite the fact that only 5 of the 33 properties sold at or above listing price, illustrating the strong buyer demand across the market. As suggested by the low sales volume and low average sales price, a large majority (69%) of the property sales occurred under $1 million in April, including 6 sales of remodeled Virginian Village condos in Town, selling between $303,000 – $417,000. After a yearlong stretch with at least 5 high-end ($3M+) property sales per month, only one sale occurred in this segment in April (a 4,500 sq ft home in 3 Creek Ranch, listed for $3.7 million.) While usually representing over half of all monthly sales, single family home sales slowed in April, with only 7 transactions (21% of all sales). On the other hand, 10 land sales occurred in April, the highest monthly tally since Nov 2017. These lot sales represented every corner of the Valley including Bar B Bar, Solitude and JH Golf & Tennis up north, lots in Town, the Westbank and 3 Creek Ranch and 3 contiguous lot sales in Riverview Ranch, a newly platted subdivision south of Wilson.

[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$37,730,289

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

120

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$785,000

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

48%

Townhome/Condo Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

30%

of property sales under $500,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

1

TRANSACTION OVER $3M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2019: April New Listings in Jackson Hole

What happened in April?

New Listings

We are on the front end of the busy spring/summer listing season here in Jackson Hole, as we see more and more properties coming to market each month, including 41 new listings in April. The overall dollar volume of these new April listings totaled $65 million, equating to an average listing price of just under $1.6 million, a slight dip from last month, but a number much lower than monthly averages typically seen in the past year. The median list price also dropped in April, down more than $200,000 from March 2019. While new listings in April were equally split between over/under $1 million, 17 of those new listings occurred in the $500,000 – $1,000,000 segment — including townhomes in Town, The Aspens and Teton Village, and one single family home in Porcupine Creek, listed for $949,000. This comes as good news for local buyers, who have been frustrated with consistently low inventory levels in this segment. Demand remains strong and competition is high however, as over a third of April listings are already under contract.

[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$64,900,500

New Listing Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

33

Residential Listings

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,582,939

Average List Price

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,100,000

MEDIAN LIST PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

7%

under $500K Price Point

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

4

Listings over $3M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2019 Q1: New Listings in Jackson Hole

New Listings – What’s New?

$1,891,549

AvERAGE LIST PRICE

[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$213,744,999

LIST PRICE Volume

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[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

Market Analysis

New Listings were up 15% in Q1 2019 compared to this time last year, as 113 new properties hit the market so far this year. Sellers, perhaps motivated by the hot market in 2018, were encouraged to list their homes at the start of 2019, with nearly half of the quarterly listings (55) coming onto the market in January, usually a slow month for new listings. The dollar volume of new listings was also up 23%, increasing from $174 million in Q1 2018 to $213 million in Q1 2019. January was again the busy month, accounting for 56% of the new dollar volume of the first quarter. The average listing price increased from $1.775 million in Q1 2018, to just under $1.9M this year, in part thanks to a strong January where the new listing average hit $2,176,000. The median list price fluctuated in the first quarter of 2019, reaching $1.12M in January, dropping to below $1 million in February and then spiking up to over $1.3M in most recently in March.

In breaking down the price point of these new listings, the “hot spot” of the first quarter was new listings in the $500,000 – $1M range, accounting for nearly 30% of all new listings in the first quarter. While this is welcomed news for local buyers faced with limited inventory, the market remains competitive in this price point, with more than half of the 32 new listings already sold or under contract. After starting out the year strong, with 11 new listings over $3 million in January, high-end listings slowed as only 8 hit the market in February and March.

[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
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.

2019 Q1: Sales in Jackson Hole

Transactions/Sales Volume – What Sold?

$2,096,616

Average Sales Price

[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$199,178,515

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

Market Analysis

Overall real estate sales were down slightly in Q1 2019, recording 6 fewer sales than Q1 2018. While January and March 2019 saw a high level of sale activity, an unusually slow February, when only 26 properties sold, pulled down the total transactions for the quarter. Despite slightly fewer sales this year, overall dollar volume actually increased 50% from Q1 2018, jumping from $132 million last year to nearly $200 million this quarter.

You’ll recall that 2018 was an explosive year in the Jackson Hole Real Estate market. Well, it seems that the trend has continued into the start of 2019. The average sales price in Q1 2019 was up a staggering 60% compared to this time last year, strongly outpacing average sale prices in each month of the first quarter. Sometimes high-end sales can skew average sales prices, however the median sales price for Q1 2019 was also up significantly each month so far this year, in some cases double the average median sales prices seen in the first several months of 2018.

In analyzing transactions by price point, the “hot spot” of the first quarter was homes in the $1-3M price range, accounting for 40% of all sales. While sales in the $500,000 – $1,000,000 range started out the year strong with 10 sales in January, activity slowed after that, with only 11 sales occurring in the next two months combined.

[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
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.

2019: March New Listings in Jackson Hole

What happened in March?

New Listings

After a slow and quiet February, new listings picked up in March with 36 new properties hitting the market totaling $62M – double the sales volume seen last month! The average listing price increased to $1.7M and the median listing price also increased, up to $1.32M from a low of $997,000 in February. The dramatic increase in listing volume was helped not only by 5 high-end listings in Flat Creek Fishing Club, Crescent H, Bar B Bar and Teton Village, but also by a spike in listings in the $1-3M range, where 15 new properties hit the market in March, including 4 single family homes in the Town of Jackson. While 10 new listings under $500,000 hit the MLS in March, many came on as “pending” sales in Virginian Village, a remodeled condo development near the Library in Town that has been  attracting the interest of local buyers for the past several months.

[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$62,239,000

New Listing Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

30

Residential Listings

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,728,861

Average List Price

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,322,500

MEDIAN LIST PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

55%

Over $1M Price Point

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

10

Listings below $500K

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.