2018 Year End Market Report

MARKET REPORT TETON COUNTY, WYOMING

Views from Featured Property - 2350 Pratt Road, Jackson Hole, WY

2018 YEAR END

Audrey L. Williams, Associate Broker

TETON COUNTY, WYOMING — 2018 SALES VOLUME VS. UNITS SOLD YEAR TO DATE DEC. 2002-2018

SALES VOLUMES

UNITS SOLD

SALES VOLUME

UNITS SOLD

$900M

700

$800M 600 $700M 500

$600M $500M

400

$400M

300

$300M 200 $200M 100

$100M

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2018 was record-setting for real estate sales volume. The MLS reported more than $922 million in sales, with 532 units sold for the twelve months ended December 31, 2018. Previously, the best year for Teton County, Wyoming was 2007—during which $804 million in sales volume and 581 units were closed. A reduction in available inventory is likely a contributing factor to the flat-to-slightly-downward trend in unit sales since 2013. Year-over-year, sales volume rose 32% and unit sales increased 14%.

UNIT SALES BY AREA

SALES VOLUME BY PRICE CATEGORY

YEAR TO DATE DEC. 31 2017 VS. 2018

YEAR TO DATE DEC. 31 2017 VS. 2018

YEAR TO DATE 2017

YEAR TO DATE 2017

187

YEAR TO DATE 2018

UNITS SOLD

YEAR TO DATE 2018

164

31

$250M 110

$225M $200M 101

95

82 73

67

102

$150M

75

$125M

54

45

81

$175M 117

14

126

224 220

32

$100M

TETON VILLAGE

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

< $850K

$850K-$1.5M

$1.5M-$3M

$3M-5M

>$5M

SINGLE FAMILY HOMES

Featured Property: # 2CGKRP

For more information on the listing above, visit www.2350PrattRoad.com

current market. Sales volume of single family homes jumped 54% on a 26% increase in unit volume, driven primarily by higher-end homes.

Above $1.5 million, unit volumes increased 53%, while sales volume surged 72%.

NUMBER OF UNITS SOLD

AT A GLANCE

of total unit sales during 2018, driving the

CURRENT AREA STATS

Single family home sales represented 46% Number of Single Family Homes Sold Year End 2018

Average Single Family Home Sale Price

% Change in Average Sales Price from Year End 2017

Average Days on Market

243

$2,429,800

+22%

154

ACTIVE LISTINGS

YEAR END 2017

*excludes fractional units

END OF SEPT. 2016

YEAR END 2018

END OF SEPT. 2017

73

71

END OF SEPT. 2018

60 55

54

54 49

49

45

45

46

44

41 34

33

32

34

33

31 22

6

5

3

TETON VILLAGE

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

8

TETON VILLAGE

11

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

CONDOMINIUMS/TOWNHOUSES Condominiums

and

townhouses

AT A GLANCE

CURRENT AREA STATS

represented 35% of total unit sales during 2018. Five sales over $3 million helped to lift the condo market, which reported a 41% increase in sales volume and a 22% increase in unit volume year over year. Four of five sales over

Number of Condominiums Sold Year End 2018

Average Condominiums Sale Price

% Change in Average Sales Price from Year End 2017

Average Days on Market

187

$918,900

+13.4%

187

$3 million were within Teton Village.

NUMBER OF UNITS SOLD

*excludes fractional units

YEAR END 2017

*excludes fractional units

END OF SEPT. 2016

92

YEAR END 2018

ACTIVE LISTINGS

END OF SEPT. 2017

84

END OF SEPT. 2018

43

41

43

43

35 27 22

21 9

TETON VILLAGE

WEST OF SNAKE RIVER

12

NORTH OF TOWN

11

TOWN OF JACKSON

13 5

SOUTH OF TOWN

7 TETON VILLAGE

3

4

3

WEST OF SNAKE RIVER

6

1 NORTH OF TOWN

5

5 TOWN OF JACKSON

2 SOUTH OF TOWN

2

LAND & RANCHES

Featured Property: # VK9W76

For more information on the listing above, visit www.TetonParcel.com

and ranch unit volume fell 28% while sales volume was off by 21%. A $47 million sale in 2017 was partially offset by a $21.5 million sale duing 2018. Under $1.5 million, unit sales and sales volume of vacant land

AT A GLANCE

2017 to 11% of total sales in 2018. Land

CURRENT AREA STATS

Vacant land fell from 19% of total sales in Number of Land & Ranch Sites Sold Year End 2018

Average Land & Ranch Sites Sale Price

65

% Change in Average Sales Price from Year End 2017

Average Days on Market

+9.4%

380

$1,915,300

declined 39% and 41%, respectively.

NUMBER OF UNITS SOLD

ACTIVE LISTINGS

*vacant land <35 acres

YEAR END 2017

END OF SEPT. 2016

YEAR END 2018

END OF SEPT. 2017

*vacant land <35 acres

END OF SEPT. 2018 75

50

51 40 30

29 21 14

14 5

4

TETON VILLAGE

8

WEST OF SNAKE RIVER

NORTH OF TOWN

26

20 10

7

TOWN OF JACKSON

17 5

SOUTH OF TOWN

6 TETON VILLAGE

22

21 16 8

3 WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

7

SOUTH OF TOWN

Audrey L. Williams

Associate Broker in WY & ID

Audrey Williams is an Associate Broker at Jackson Hole Sotheby’s International Realty, licensed in both Wyoming and Idaho. Her marketing initiatives have taken her listings to the forefront with editorial features on the front page of the Wall Street Journal’s Mansion section, and within Mansion Global, The Washington Post, and more. Buyers enjoy Audrey’s contract negotiation skills and thoughtful due diligence process from start to finish. Audrey is passionate about marketing highly unique properties, providing counsel to individuals navigating Teton County’s land development regulations, and devoted to finding creative solutions for all properties and parties involved. Born and raised in the valley, her significant, life-long knowledge of the valley is paramount when it comes to navigating the real estate market in Jackson Hole. Professionally, she is a member of the Teton Board of Realtors, Wyoming Association of Realtors, Idaho Association of Realtors, and the National Association of Realtors.

For additional questions, help with your property, or more specific data, contact me today via phone, email, text, or stop by my office!

(307) 690-3044 | Audrey.Williams@jhsir.com 185 W. Broadway, Jackson Hole, WY 83001 www.AudreyWilliamsRealEstate.com

If your property is currently listed, or you have a Buyer’s Agency Agreement with another brokerage, this is not to be considered a solicitation for your business. Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas 1-10, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.