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:
- 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)
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
- 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
- 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.