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…

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.

Real Estate Sales and Dollar Volume up again in 2015

March 4, 2016/in Building Site, Condos, Inventory Levels, Market Report, Market Reports, Market Statistics, Real Estate Sales, Single family homes, The Jackson Hole Report, Town of Jackson, Year in Review/by Molly Stewart

The Jackson Hole Report, a quarterly market report prepared by my colleagues David & Devon Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market. Below is a quick summary of their 2015 Year End Report. Click HERE to read the full 2015 Jackson Hole Report.

OVERALL MARKET

In 2015, the real estate market in Jackson Hole (including land, condos, single family and commercial) saw 12% more sales than in 2014. Dollar Volume of those sales was up 36% from 2014. The luxury market ($3+ million) saw even bigger increases over 2014, reporting a 39% jump in sales and a 37% jump in dollar volume. This trend of increasing sales over the past few years has left the market with very little inventory – current available listings at the end of 2015 were the 3rd lowest level in 25 years (2014 saw the 2nd lowest level).

Total real estate sales: 684
Total dollar volume: $1,095,000,000
52% of all sales in 2015 occurred under $1 million

SINGLE FAMILY HOMES

Single family homes accounted for 36% of total sales in 2015
Dollar Volume ($501 million) was up 26%
Average Sales Price was up 23%
Hot Spot: The Town of Jackson had 67 single family home sales, selling on average for $832,615.

There were 99 homes sales under $1 million in 2015. However, currently inventory is thin, with only 24 homes available under $1 million (and only 2 under $600,000). Homes over $1 million were up too, reporting 125 sales in 2015 (up 25% from 2014).

Single family home in E Jackson sold in 2015 for more than the list price of $975,000 (listed by Re/max).

CONDO/TOWNHOMES

Condo and townhome sales were up 17% in 2015
Dollar Volume was up a staggering 79%!
Average Sales Price was up 53%
59% of all condo sales were over $500,000
Hot Spot: Teton Village sales increased 88% in 2015, with an average sales price of $2.13 million

Why the increase? Condos and townhomes were the first to recover after the recession, especially in the entry level market (under $300,000). Many entry level condos have appreciated as much as 100% in the last 5 years. As an example, in 2012 there were 50 condo sales under $300,000. Currently, there are zero!

Wind River condo in Teton Village sold in 2015 for $1.05 million (listed by Re/max).

LAND SALES

Lot sales were up 16% in 2015
Dollar Volume was up 33%
Average Sales Price was up 15%
Hot Spot: Lots sales over $1 million increased 16%, with sales volume up 33%

Land sales have been on the rise as the construction industry strengthens and people’s desire to build a home in Jackson continues. Unlike the diminishing inventory in the single family home and condo market, the existing inventory for vacant land is healthy. There are 61 lots currently for sale in Teton County priced under $1 million. Given the low inventory for built homes, demand for vacant land should continue to grow in 2016.

3 acre lot on Fall Creek Rd sold in 2015 for $820,000 (listed by Re/max).

LOOKING TO 2016: Prices should continue to rise as we enter 2016 due to the low inventory and steady demand. But how much well-priced inventory will be available for local buyers? Will there be a breaking point? Will the market stall out or plateau if/when prices get too high? The next few months may be relatively quiet, given the low inventory levels. Much of the state of the Jackson real estate market going forward will depend on the amount and price point of new Spring inventory, which usually hits the market in May. Stay tuned…..

Entry level options disappear as upper-end home sales increase – Quarterly Update from The Jackson Hole Report

November 4, 2015/in Asking Prices, Average Sales Price, Building Site, Condos, Entry level market, High End Real Estate, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Listing Prices, Market Report, Market Reports, Market Statistics, Over $1 million, Real Estate Sales, Sales Volume, Single family homes, The Jackson Hole Report, Under $500/by Molly Stewart

Entry level home options (under $500,000) have all but disappeared in the Jackson Hole real estate market, while upper-end home sales (over $1 million) see impressive increases amid the recovery.

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 3rd quarter. Click HERE to read the full 2015 Q3 Report.

After the first 9 months of 2015, the trend in the Jackson Hole real estate market seems to be this: the more expensive the price point of the home, the greater the increase in sale transactions and sales volume. Home sales over $1 million are up 27%; home sales over $3 million are up 36%; and homes selling for over $5 million are up a whopping 200% compared to this time last year.

Conversely, homes for sale under $500,000 are a thing of the past. For only the second time in Jackson Hole’s history, there are ZERO single family homes for sale under $500,000. The least expensive single family home for sale in Teton County is a 584 sq ft log cabin with a loft bedroom on 2.24 acres in Red Top Meadows, priced at $545,000. These prices push many first time homebuyers into the condo/townhome market, where less than half of the 24 condo/townhomes listed for sale under $500,000 have a garage. Even with low interest rates, Buyers still need to come up with a $75,000 – $100,000 down payment to avoid costly private mortgage insurance.

OVERALL MARKET

Compared to last year, the first 9 months of 2015 continued to show signs of a bullish market recovery with increases across the entire real estate market.

Number of Sale Transactions are up 11%
Overall dollar volume rose 40%
Average Sale Price increased by 27%
Nearly half (47%) of real estate transactions in Jackson Hole through Q3 2015 were cash sales (i.e. no financing)
51% of available listings are priced under $1 million, with only 11% of all inventory priced under $500,000
Overall available inventory rose slightly (2%), with an average listing price of $2.7 million, however available inventory under $1 million continues to decline
High end sales are experiencing tremendous growth with a 66% increase in sales. Notably, 26 sales have occurred over $5 million, up 200% from last year.

Shooting Star Cabin at the base of Jackson Hole Mountain Resort – listed for $5.5 million and sold for an undisclosed price

SINGLE FAMILY HOMES

Single family home sales continue to gain steam, with transactions up 7% and dollar volume up 41%
Average Sale Price increased 32%
The $500,000 – $1 million segment saw the most sales (77) through the 3rd quarter, while the $1 -2 million range fared well too, with 62 sales so far this year
Most (28%) single family home sales occurred in the Town of Jackson, while 15 homes have sold in Rafter J in 2015
Available single family home listings are up 9%, with homes over $1 million up 11%, however the average listing price actually dipped 3% compared to this time last year

Newly built home in Rafter J’s King Eider neighborhood was the most expensive sale in Rafter J in 2015, selling for more than $900,000

CONDO/TOWNHOME

Overall condo sales are up 7%, with condo sales over $1 million up 235%!
Condos and townhomes in Teton Village and Shooting Star accounted for 2/3 of the sales over $1 million
Average Sale Price is up 29%
Available inventory increased 25%, however inventory levels are still hovering at an eight year low
Active condo listings under $500,000 are down 61% compared to the high inventory levels seen in 2009
There are 24 available condos priced under $500,000, with only 3 condos are priced under $300,000

2 bdrm condo in Town is one of only 3 available under $300,000

VACANT LAND

Lot sales continue to increase, with a 20% increase in transactions and a 54% increase in dollar volume compared to Q3 2014
Average Sale Price is up 29%
The majority (53%) of single family lot sales were over $1 million
Vacant land listings under $500,000 are disappearing, with only 13 currently on the market.

As a first time home buyer in today’s market, it may seem that prices and values are becoming out of reach. Even as a seasoned home buyer, it is obvious that you can’t get as much as you once could in any given price range. That being said, 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. 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.

Low inventory levels push prices up in Teton County real estate market

November 16, 2014/in Average Sales Price, Condos, Entry level market, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Single family homes, The Jackson Hole Report/by Molly Stewart

The Jackson Hole Report Quarterly Update

Extremely low inventory levels are driving the number of sales down, but pushing prices up in Teton County, especially in the lower end of the market (under $1 million).

My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. Below are some interesting statistics from his 3rd Quarter Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the 3rd quarter 2014 and are compared to the first 3 quarters of 2013.

THE OVERALL MARKET

The total number of sales decreased by 11%, while sales under $1 million dropped 14%
The average sales price increased by 7% (Note: Exactly 1/2 of all transactions through Sept 2014 were conducted in CASH)
Available inventory (active listings) decreased by 15%, while available inventory under $1 million dropped 24%
The median listing price rose 39%, as a result of low inventory levels

SINGLE FAMILY HOMES

Total Single Family Home sales are down 24% (when compared to this time last year)
The average sale price is up 6%
Available inventory has dropped 16% and is down 29% in the under $1 million segment
75 sales have occurred in the $500,000-$1,000,000 range (Hot Spot)
As of Oct 1, there were 37 homes on the market, with only 1 priced under $500,000 (located in Moran)

CONDO/TOWNHOME

Total condo/townhome sales are similar to this time last year
The average sales price is up 8%
Available inventory has fallen 32%
88 sales have occurred in the sub $500,000 market, representing 54% of all condo/townhome sales (Hot Spot)
24 sales occurred in the sub $300,000 market, however only 3 condos are currently listed in this price range

VACANT LAND

Total sales are down 11% compared to this time last year
The median sales price is up 11%
36 land sales were under $500,000, representing 42% of all sales
However, pending land sales under $500,000 represent only 13% of all pending sales, compared to 50% in 2013
Available inventory for land is down 8%

Buyers Flock to East Jackson

The Jackson Hole Report’s 3rd Quarter Report also focuses on the recent surge of real estate activity seen in East Jackson. Since 2012, East Jackson has seen the largest concentration of new homes in Teton County with 44 completed and 10 currently under construction. However, of the 44 new homes, only 9 have been available on the open market. The majority (24) were custom built for home owners, while 11 were purchased directly from the developer. Of the 9 homes publicly listed (including the newly constructed home in the Gill Addition below), the average sales price was $1,247,000, or an average price per square foot of $400. These homes sold quickly, spending an average of only 47 days on the market before closing.

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.

The Jackson Hole Report Quarterly Update

Extremely low inventory levels are driving the number of sales down, but pushing prices up in Teton County, especially in the lower end of the market (under $1 million).

Buyers Flock to East Jackson

Katie Brady