Real Estate Sales in Jackson Hole – Past 5 years
The Jackson Hole real estate market’s 5 year history goes something like this….
The market spiked significantly from 2014 to 2015 with sales increasing slightly (4%) and dollar volume jumping by 23.5%. Then in 2016 sales slowed and overall dollar volume dropped 15%. Many argued we had reached the “peak” in 2015. In 2017, sales dropped again, but this time dollar volume actually increased, meaning while fewer properties were selling, they were selling for higher prices. I’m not sure anyone anticipated what we saw in 2018. Transactions increased by 13%, but dollar volume increased by a staggering 38% over 2017. As we saw above, many of the additional sales and much of the dollar volume occurred at the higher end of the market, pulling the overall average sales price up 22% in one year.
Inventory Trends – Past 5 years
Inventory levels spiked in 2015, when 739 new listings hit the Jackson Hole market. While 2018 saw a slight increase from the low levels of 2016-2017, homebuyers still had 100 fewer choices in 2018 than in 2015. Inventory levels can influence sale numbers and the ratio between the two can indicate the level of competitiveness in the market. In 2015, there was 1.58 new listings for every property sold. In 2018, there were only 1.27 new listings for every property sold. If the trend of increasing sales (as we saw in 2018) continues, and inventory levels remain low, expect values and prices to continue to increase into 2019.