Overall sale transactions and dollar volume were down yet again in the third quarter of 2016, with property sales under $1,000,000 dwindling. 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. Click HERE to read the full 2016 Third Quarter Report. A summary of statistics/trends follows:
- Total number of Sale Transactions are down 9%.
- Overall dollar volume is down 10%.
- Sales under $1 million are down 32% (compared to this time last year) and have been decreasing steadily since late 2013 – the tail end of the recession.
- Average Sale Price & Median Sales Price also dropped (by 3% and 5% respectively).
- 46% of all transactions were cash transactions (i.e. no loans).
- Overall inventory is down 8%, HOWEVER inventory in the sub $1 million market is down 27%, marking the lowest level since the peak in 2007.
SINGLE FAMILY HOMES
- Single family (SF) home transactions continue to accelerate (up 9%), however, dollar volume of SF homes dropped 7% in Q3.
- The average sales price for all SF homes was down 11% as SF sales under $1 million increased (up 9%).
- HOT Price Points: $500,000-$1,000,000 where 78 sales have already occurred in 2016 and $1MM – $2MM, where 73 sales have occurred. Each segment represents over 1/3 of sales in 2016.
- HOT Locations: Town of Jackson saw 29% of sales so far in 2016, followed by south of Town, where 20% of sales occurred. Fifteen homes have sold in Rafter J, the most of any subdivision.
- Overall SF home inventory is down 8%, with dollar volume up 12%, meaning less homes are being listed, but at higher prices. In fact, the average listing price for new inventory in 2016 has climbed 22% since 2015!
- Currently there are only 17 single family homes available for sale under $1 million, the lowest level seen since the peak in 2007.
Click HERE to view the 17 single family home listings priced under $1 million
House and guest house in Hoback Junction – $895,000
Single Family Home in Town of Jackson – $730,000
Town Creek Condo in Jackson – $299,000
Aspens Condo – $415,000
- Overall condo sales continue to decline, down 5% from this time last year.
- HOT Price Point: $500,000 – $1,000,000, where 43% of all condo sales have occurred.
- Teton Village condos and Shooting Star townhomes account for more than half of all activity over $1 million.
- Condo sales under $300,000 continue to decline with only 11 sales in all of 2016. Currently there are only 2 condos available for sale in this price range, and both have employment based deed restrictions.
- Overall, new condo listings are down 21% compared to 2015, marking the second lowest inventory level in the past 20 years.
- Available condos priced under $500,000, which sees the highest demand, is down 81% compared to 2009.
Click HERE to see the 14 condos/townhomes available under $500,000
Click HERE to see the 28 condos/townhomes available between $500,000 – $1,000,000
- After several years of strong activity, residential vacant land sales have taken a nose dive – down 35% compared to this time last year.
- Dollar volume is down 38% and the average sales price slipped 4% in Q3 2016.
- More than half (55%) of lot sales occurred over $1 million this past quarter.
- Lot sales under $500,000 were down 54% from 2015.
- Only 14 lots are currently available under $500,000.
- The majority of lots sales occurred on the Westbank (42% of sales) and South of Town (21% of sales).
- While available inventory is on par with 2015, the average listing price is up 12% to $2.9 million.
2.5 acres available in Hoback Junction – $350,000
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 recent 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.