Available inventory in the Jackson Hole real estate market has been declining since Spring 2011. Currently inventory is the lowest it’s been in more than 25 years! Compare that to just 5 years ago (Spring 2010), when the market offered the most inventory in 25 years. This time of year in 2010, Buyers had 640 available homes, lots, condos, multi-family and commercial properties to choose from; now that same Buyer has half as many choices (319 active listings).
Every quarter, David Viehman, my colleague at RE/MAX Obsidian Real Estate publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. David’s report not only includes all the MLS sales, but he is also able to track sales happening outside of MLS. Below are some interesting statistics from his Q1 2015 Report. Please contact me for a copy of his entire report. All statistics (unless otherwise noted) are Q1 2015 verses Q1 2014.
- Despite low inventory, the number of sales are up 10% vs Q1 2014 with sales volume up a staggering 46%!
- As expected, average sales prices were also up 32%, with help from the $1-3 million segment, which saw 32% of all sales in Q1 2015.
- Upper-End Sales (over $2 million) have seen 105% higher sales in Q1 2015 vs Q1 2014, with a third of those sales being condos (think Four Seasons).
- The amount of properties currently under contract in Q1 2015 is 51% higher than Q1 2014, with a median list price up 51% as well.
- Conversely, overall available inventory is down 17% when compared to Q1 2014.
- Available inventory is down 39% from Q1 2014.
- During the height of the recession (2009) there were 4 times as many available condos on the market (195) compared to only 49 condos available now.
- Of the 49 condos/townhomes available, only 14 are priced under $500,000 and only 4 are priced under $300,000.
- Despite low inventory, condo/townhome sales are up 15% compared to Q1 2014, a trend that is expected to continue as we enter the summer months.
SINGLE FAMILY HOMES
- Home sales in this segment are lagging 2014 (down 5% vs Q1 2014) due to record low inventory levels, however the median sales price has increased 22%.
- As of April 1, 2015, only 107 homes were listed in the MLS (in all price ranges).
- In 2013, there were 96 sales of single family homes under $750,000. Currently there are only 10 homes for sale in this price range.
- Buyer’s flocked to Teton Village this winter (Jan-March 2015) gobbling up 69% more sales than the first quarter 2014 for 72% more in sales volume.
- Nineteen properties currently under contract in Teton Village suggest this trend will continue.
- Available affordable inventory is very low as we enter the summer months – only 4 condos priced under $500,000
Please contact me for a copy of the entire First Quarter 2015 – Jackson Hole Report.