On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive market report for the third quarter of 2017. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.
When comparing the first three quarters of 2017 to the same period in 2016, the Jackson Hole real estate market remained steadfast. With inventory in short supply (down 11%), the number of transactions kept pace with last year. Nonetheless, demand for property in Jackson Hole remained very strong, which contributed to the increase in average sale price. The price segment with the most market share was the $500,000 – $1 million price segment with 37% of total transactions. The Town of Jackson had a 7% increase in transactions. The area furthest south of Jackson experienced the largest increase in transactions, up about 50% over last year. Approximately 43% of the transactions this year were cash transactions.
The overall market continued to experience a lack of inventory, down 11%. New, realistically-priced properties sold the quickest. In fact, the average number of days a property was on the market dropped 28% when compared to a year ago. View full report by clicking here.
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive 2017 mid-year market report. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.
When comparing the first half of 2017 to the first half of 2016, the overall number of transactions increased 10%. The area furthest south of Jackson experienced the largest increase in transactions, up about 1200%. The Town of Jackson continued in popularity garnering the most transactions of any area in the valley with 115 transactions. The price segment with the most market share was the $500,000 – $1 million price segment, 40% of the transactions. Approximately 40% of the transactions in the first half of 2017 were cash transactions.
The lack of inventory continued to be a significant issue in the Jackson Hole real estate market. As of mid-year 2017, there were 12% fewer listings when compared to this time last year. The inventory shortage was a contributing factor in increased sale prices, average sale price was up about 5%.
The overall market in the first half of 2016 experienced a decrease in the number of transactions, down about 14% compared to the first half of 2015. While the number of transactions fell, the average and median sale prices were still higher in the first half of 2016 than in the first half of 2015. The average sale price increased by about 9% and the median sale price increased about 10%. The average and median sale prices were higher than in 2015, but lower than in the first quarter of 2016. The difference may be attributed to the shift in the distribution of sales in the $500,000-$1 million price range, 39% of total sales. There were 78 transactions under $1 million. Properties also sold more quickly than in the first half of 2015. The average number of days on market decreased by 12%, and by over 18% in the single family and vacant land segments.
The inventory shortage throughout 2015 did not change much in the first half of 2016, with the number of active listings up only 1%. Without a large increase in inventory, low supply will likely continue to be a contributing factor in the balance of 2016.
Beautiful custom home located in the Rees Subdivision in Alpine, WY. A quick 35 minute to Jackson Wyoming through Beautiful Snake River Canyon. The Neighborhood borders national forest with views of Ferry Peak. The home is a 2 story Craftsman style built in 2004 with 2 bedrooms, 2.5 baths and a bonus room that can be used as a 3rd bedroom or office on a 0.53 Acre lot with mature trees. The downstairs features a spacious family room with vaulted tongue and groove ceiling with a floor to ceiling stone chimney and wood stove insert. The kitchen has ample counter space and includes stainless electric stove/range, refrigerator, microwave and dishwasher and a breakfast bar. There is a bump out located off the kitchen for a dining table with views of Ferry Peak. French doors lead out of the family room onto a partially covered 12 x 25 deck and the fenced back yard, great for your children and pets. The bonus room and half bath are located down a short hallway off the family room. Bonus room includes built in bookshelves and desk and a separate entrance into the back deck. Laundry room is also downstairs and connects to the attached 2 car garage.
Upstairs is the master bedroom with master bath and walk-in closet that includes a built in dresser. The second bedroom is also located upstairs with full bath and walk in closet.
The house also has a separate Quonset Storage Shed to store anything and everything from four wheel vehciles or Jet ski’s to a boat or third vehicle.
2016 Jackson Hole Quarter 1 Market Report
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the newly redesigned 2016 first quarter comprehensive market report for the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.
The overall market in the first quarter of 2016 experienced a decrease in the number of transactions, down about 23% over the first quarter of 2015. While the number of transactions fell, the average and median sale prices continued to increase. The average sale price increased by about 14% and the median sale price increased about 25%, to $1,025,000. The increase in average and median sale prices can be attributed to supply and demand forces, and a shift in the price point of transactions, a trend experienced throughout 2015. Approximately 1/3rd of the transactions in the first quarter took place in the $1 million-$2 million range, up about 17% compared to the first quarter of last year. In contrast, the number of transactions under $500,000 fell over 50%, and transactions between $500,000 and $1 million were down nearly 30%.
The inventory shortage throughout 2015 did not show much change in the first quarter of 2016, with the number of active listings slightly up 4%. Without a large increase in inventory, supply will likely continue to be a contributing factor in the 2016 real estate market. Currently, there are 72 properties pending in the market setting up the next quarter to easily exceed the first quarter’s transactions. Click below to view the full report.
Freddie Mac presented their forecasts of the economy and housing market for 2015 in their November 2014 US Economic & Housing Market Outlook. The report touched on the highs and lows predicted for the new year, including interest rates, home price appreciation and affordability, home sales and starts, single-family originations and rental demand.
Based on macroeconomic indicators, Freddie Mac was optimistic the economy would have a 3% growth rate in 2015. While the dollar is likely to strengthen and interest rates are anticipated to rise, Freddie Mac stated they expect strong job and income growth to “offset the negative effect of higher interest rates and translate into gains for the nation’s housing market.”
To read the full report, visit http://bit.ly/1yklHdD
For decades people could drive, bike or walk through Yellowstone and Grand Teton national parks and pay a single fee good for both places. Those days could be running short. National Park Service officials released a proposal this week that would result in modest increases across the board for weekly and season passes.
If the proposal is adopted, next summer a motorist who passes from Grand Teton into Yellowstone could be on the hook for $50 instead of the $25 that is charged today. A stand-alone visit to either Grand Teton and Yellowstone would run $30, an increase of $5 over today’s rate.
2014 Quarter 3 Market Report
Overall Market: The Jackson Hole real estate market finished the 3rd quarter of the year with rousing statistics. At 2014 mid-year, the market had yet to see much growth from the previous year. However, the end of the summer brought impressive gains from the previous quarter with total dollar volume remaining level compared to the same period last year with an approximate 12% drop in the number of sales. This is a shift from previous quarters in 2014 where the total dollar volume struggled to keep pace with the robust activity in 2013. The market has been able to maintain a level dollar volume of sales despite a double digit drop in the total number of transactions, it is a clear indicator that market values are increasing. When looking at the market as a whole – the average and median sale prices increased about 14% – 15%. In fact, the average and median sale prices increased in every segment of the market. Market share continues to be taken away from the under $500,000 segment (down 5%) while the over $2M segment increased nearly 5%, respectively. Overall inventory continues to decrease each quarter. When compared to the third quarter of 2013, inventory is down 13%. See more detail below on each segment of the Jackson Hole real estate market.
Single Family Segment: The single family segment made incredible gains in price appreciation compared to the 3rd quarter of 2013. The median sale price of a single family home in Jackson Hole reached $1,100,000, a $300,000 increase from this time last year. The major difference being the shift from sales in the under $500,000 category (down 73%) to the sale of homes over $1M (up 15%). Finding a single family home under $500,000 can be challenging – there have been 9 this year compared to 33 this time last year. This growth is undeterred by the considerable drop in the number of transactions, which are down 22% over last year. As is typical of the single family segment, the majority of the transactions took place in the Town of Jackson and South of Jackson, albeit in much smaller quantities this year. The greatest increase in sales took place south of Wilson with a 138% increase in transactions. The single family home inventory remains low; particularly, homes under $1M with inventory down 23%.
Condominium & Townhome Segment: Condominiums and townhomes in Jackson Hole have been on the upswing. With a more affordable price tag than single family homes, condominiums and townhomes have been very popular and transactions have remained level when compared to last year. This stability contributed to a total dollar volume increase of 5%, making this the only major segment of the market with an increase in total dollar volume. Condominiums and townhomes were among the first properties to experience appreciation and sale price gains during the market recovery. This trend has continued this year with both average and median sale prices increasing approximately 7% – 8%. The median sale price of a condominium/townhome in Jackson Hole has risen to approximately $452,000. About half of the condominium/townhome sales this year were under $500,000. At this time last year, nearly 60% of the sales were under $500,000. The lack of inventory was especially prominent in this segment of the market with active listings at the end of the 3rd quarter down 27% from last year.
Vacant Land Segment: The vacant land segment of the market has made continued improvement. While the number of sales were down about 20% from 3rd quarter of 2013, the average sale price was up 20%. This was spurred by a 55% increase in the number of sales between $2M and $5M, and a 34% decrease in the number of sales under $500,000. Possibly a more accurate measure of the vacant land market is the median sale price which increased 2% over last year. Historically, the Town of Jackson and the area South of Jackson compete for the most land sales of any other area. However, the Town of Jackson had a huge drop (down 78%) in land sales compared to this time last year, and the area South of Jackson proved to be a hotspot with 24 total land sales. This accounted for about 31% of all land sales this year, far more than any other area. The vacant land segment as a whole has continually improved each quarter since market recovery. Land sales have been marred by the huge amount of inventory in the past, however, this trend continues to improve, with an approximate 10% drop in the number of parcels currently listed for sale. Vacant land will become more popular with buyers as existing home inventory diminishes, as well as affordability.
Luxury: Jackson Hole, Wyoming is synonymous with luxury and is an international marketplace for luxury real estate. The demand for high quality, exclusive properties has outperformed this time period last year by approximately 18% when looking at the number of transactions. The total dollar volume of those transactions accounted for over $160M in sales, an approximate 11% increase over last year. Record Sale (through Q3): $24,500,000 (listing price). Average Sale Price Above #3M: $5,706,708. Number of Sales Above $3M: 26.
Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market report and database. The Jackson Hole Real Estate Associates’ Market Report, unlike others in the valley, is derived from the JHREA proprietary, forty year old database (not just mls data) as well as decades of history and success making this the most trusted and accurate real estate report in the region. No other real estate company or agent has the resources available to offer this depth of expertise or insight regarding current or previous market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach.
* The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
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