Jackson Hole Market Report | Year End 2015

MARKETREPORT OVERVIEW OF THE JACKSON HOLE REAL ESTATE MARKET | 2015 YEAR END

Christie’s International Real Estate

G LO B A L A F F I L I AT E O F T H E Y E A R 2011 | 2014

Quick Facts

Jackson Hole Real Estate Market Report 2015 Year End

719

Total Number of Transactions

17% Increase from 2014 Year End

Total Dollar Volume Increased

24%

AVERAGE SALE PRICE

MEDIAN SALE PRICE

4.7%

14%

6%

Decrease in Inventory

16%

fewer sales under $500K

38%

increase in sales over $5M

INTRODUCTION On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 year end comprehensive market report for the Jackson Hole area. The 50th anniversary of the Jackson Hole Mountain Resort is in full swing this winter season, and we can say the same for the Jackson Hole real estate market. Every segment of the market experienced growth in 2015. The overall trends of 2015 continued to show increased transactions, rising sale prices and decreased inventory.

Overall Market Overall, the number of transactions increased approximately 17% and the total dollar volume increased nearly 25%. In fact, 2015 marked the first year since 2007 that the total dollar volume exceeded over $1 billion. Average and median sale prices both increased as well; the median sale price went from $750,000 to $855,000 in the past year. A shift in the price range of transactions was a continued trend through 2015 year end. There were 16% fewer transactions under $500,000 and 38% more transactions over $5 million. In fact, each price section of the market above $1 million increased significantly when compared to 2014. The one price range that remained steady was the $500,000-$1 million. The New Year is poised to begin strongly, evidenced by the 45 properties under contract at the end of 2015. Overall inventory at the end of 2015 decreased by approximately 6% compared to a year ago. The inventory drought will likely continue to be a factor in the growth of the real estate market. To compare market reports from previous years please visit the all-new JHREA.com.

MARKET OVERVIEW BY SEGMENT Single Family Segment The single family segment of the market experienced healthy growth in 2015; the number of transactions increased approximately 5%, and total dollar volume increased approximately 14%. The average sale price of a single family home increased by 5%, compared to last year. The median price for a single family home in Jackson Hole was $1,175,000, up approximately 9%. At the end of 2015, there were 5 single family transactions under $500,000, a near 65% decrease from last year. Additionally, there was only one single family home on the market listed for under $500,000 at the end of 2015. The over $5 million segment experienced a large increase in transactions, up approximately 36%. The Town of Jackson, where the majority of single family home transactions took place, experienced a modest increase in transactions, up 5%, and the average sale price in the Town of Jackson increased approximately 10%. One area in particular, the area from the South Park bridge, south to the edge of Teton County, experienced a notable decrease in transactions, approximately 57% fewer transactions when compared to 2014.

Visit the all-new www.JHREA.com | 888.733.6060 | 80 W. Broadway, Jackson, WY

MARKET OVERVIEW BY SEGMENT (continued) Condominium & Townhome Segment The condominium/townhome segment finished the year with substantial gains when compared to 2014. The number of transactions increased by 27% and the total dollar volume increased over 75%. This can be attributed to the average sale price and median sale price which increased 32% and 14%, respectively. The distribution of transactions has shifted dramatically over the past year; nearly 15% decrease in transactions under $1 million, a 533% increase in transactions between $2 million-$3 million, and a 100% increase in transactions over $3 million. These increases in the higher price ranges can be attributed in large part to the sellout of the new Shooting Star townhome development as well as several other transactions in Teton Village. In fact, Teton Village had 76% more transactions when compared to 2014. The Town of Jackson, a hotspot for condominum/townhome activity, experienced about 35% more transactions and an approximate 23% increase in average sale price when compared to last year.

Vacant Land Segment Vacant land in Jackson Hole showed continued growth in 2015 with an approximate 14% increase in the number of transactions.

Total dollar volume also increased by 9% when compared to 2014. The median sale price for vacant land in Jackson Hole was $831,000, over 10% higher compared to last year. Similar to other segments of the market, there was a shift in the price range of transactions in the vacant land segment. Transactions under $500,000 were down over 25% and transactions between $500,000-$1 million decreased nearly 15%. Conversely, transactions between $1 million-$2 million increased dramatically, up approximately 73%.

Teton Village vacant land transactions doubled in 2015, primarily due to the popularity of the Shooting Star development. Other subdivisions that experienced significant increases were Gros Ventre North, Bar Y Estates, Bar BC and Skyline; transactions in these areas increased by 140% from the previous year.

SALES DISTRIBUTION BY SEGMENT

SALES DISTRIBUTION BY PRICE Over $5M 4%

Other 10%

Other 8% Vacant Land 21%

Vacant Land 20%

Single Family 39%

$2M - $5M 14% Single Family 35%

Condo/ Townhome 35%

Condo/ Townhome 32%

2015 Year End

2014 Year End

Under $500K 29% $1M - $2M 18% $500K - $1M 36%

2014 Year End

Over $5M 5%

$2M - $5M 16%

$1M - $2M 24%

Under $500K 22%

$500K - $1M 32%

2015 Year End

LUXURY MARKET SPOTLIGHT The luxury real estate market in Jackson Hole finished the year strongly with an approximate 15% increase in the number of luxury transactions. A notable shift occurred in the price range of transactions. There was an approximate 31% increase in the number of transactions over $7 million. The luxury segment of the market contributed 8% of the total transactions in 2015.

Record Sale (2015 3Q):

$22,000,000*

Average Sale Price Above $3M:

$4,951,000**

Number of Sales Above $3M:

60

*listing price **not including land sales

SOLD | 14-1246 | List Price: $11,000,000

Visit the all-new www.JHREA.com | 888.733.6060 | 80 W. Broadway, Jackson, WY

Jackson Hole Real Estate Associates T H E R E G I O N ’ S L A R G E S T R E A L E S TAT E C O M PA N Y

In this 2015-16 winter season, Jackson Hole Mountain Resort is celebrating its 50th anniversary. Over 50 years of operation, Jackson Hole Mountain Resort has evolved from a remote and rugged Wyoming outpost into a world-class adventure destination. While we salute the first 50 years of the resort, we also celebrate our ever expanding network and the success of our team of real estate professionals in 2015.

Last year Jackson Hole Real Estate Associates was named 2014 Global Affilate of the Year

by Christie’s International Real Estate. We have twice been recognized for this award, 2011 and 2014. This top honor recognizes network-wide excellence in branding, marketing and innovation. As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable destination.

We had more than double the number of listings and 40% more transactions than our nearest competitor in 2015. In addition, we are pleased to announce the launch of the allnew JHREA.com.

OUR LOCATIONS 307 733 6060 TEL 307 733 3483 FAX www.jhrea.com www.starvalleyrealestate.com www.jhreatetonvalley.com www.westernranches.com PO Box 4897 Jackson, WY 83001 80 West Broadway Jackson, WY 83001 270 West Pearl Jackson, WY 83001 Snow King Hotel 400 East Snow King Avenue Jackson, WY 83001 PO Box 3225 46 Iron Horse Drive Alpine, WY 83128 307 654 7575 TEL PO Box 846 235 South Main Street Thayne, WY 83127 307 883 7575 TEL

Jackson Hole Real Estate Associates is committed to being the leading luxury real estate brand in the Teton region. By staying on top of market trends and continuing to offer cutting edge services we deliver extraordinary experiences to clients and exceed their expectations.

Please do not hesitate to contact any of our real estate professionals for a consultation or a market update in your area.

The Market Report Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive 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 global luxury real estate network, Christie’s International Real Estate, we are able to offer the ideal balance of local expertise and global reach. As a market leader in Jackson Hole, we believe the success of our company is based on the value that we provide for our clients, community and agents. * 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. Statistics are cumulative. * All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

BRINGING THE WORLD TO JACKSON HOLE JANUARY 2016 Visit the all-new JHREA.com to find out how.

65 South Main Street Driggs, ID 83422 208 354 7325 TEL

Visit the all-new www.JHREA.com | 888.733.6060 | 80 W. Broadway, Jackson, WY