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.

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

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

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.