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:
- 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
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)
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
- 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
- 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.