M I D -Y E A R
2017
JACK SO N HOLE R EAL E STAT E M A R K ET R EP ORT
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 independent affiliate networks, Christie’s International Real Estate and Leading Real Estate Companies of the World, we are able to offer the ideal balance of local expertise and global reach.
Jackson Hole Real Estate Associates THE REGION’S LARGEST REAL ESTATE COMPANY
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 are committed to being the leading luxury real estate brand in the Teton region. By staying on top of market trends and continually striving to offer cutting edge marketing and advertising services we deliver extraordinary experiences to clients and exceed their expectations. 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. It is this value-driven philosophy that has helped to guide the successful growth of our organization. There is no real estate company in the region that provides more exposure for listings or more choices for buyers.
* 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. * Statistics are cumulative. Cover Image: SOLD | List Price: $2,595,00 | South of Jackson, Snake River Sporting Club
M A RK E T H IGH LIGHTS
5% AVERAGE SALE PRICE
-12% MEDIAN SALE PRICE
13% TOTAL DOLLAR VOLUME
10% NUMBER OF TRANSACTIONS
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. Jackson Hole tourism numbers continue to increase as does the real estate market. As Jackson Hole continues on this growth trajectory, do not hesitate to contact a real estate professional for a market report in your area.
M A RK E T H IGH LIGHTS SALES DISTRIBUTION BY SEGMENT
136
SINGLE FAMILY
35%
TRANSACTIONS UNDER $1 MILLION
CONDO/TOWNHOME
38%
VACANT LAND
16%
83
13
OTHER
10%
TRANSACTIONS $1-5 MILLION
SALES DISTRIBUTION BY PRICE
TRANSACTIONS $5 MILLION+
UNDER $500K
19%
40%
25%
HIGHEST SALE $53,000,000 (list price) LOWEST SALE $273,423
11%
6%
$500K-$1M
$1M-$2M
$2-$5M
OVER $5M
MID-YEAR 2017 Overall 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%.
292
TOTAL NUMBER OF TRANSACTIONS MID-YEAR 2017
10% increase compared to mid-year 2016
$1,526,938
AVERAGE SALE PRICE MID-YEAR 2017
$780,000 -12% decrease compared to mid-year 2016
5% increase compared to mid-year 2016
MEDIAN SALE PRICE MID-YEAR 2017
-12%
DECREASE IN INVENTORY
SOLD | List Price: $2,295,000 | North of Jackson
MID-YEAR 2017 Single Family
# of Single Family Transactions 103
While the number of single family home transactions remained close to the same as mid-year 2016, the average and median sale prices increased, 22% and 7%, respectively. There were only 2 single family home transactions in the under $500,000 price segment. The majority of single family transactions were in the $1 million-$2 million price segment, about 41%. Single family inventory remained about the same as the first half of 2016.
% Change in Transactions from 2016 2% Minimum Price Sold $449,900 Maximum Price Sold $53,000,000 (list price) Average Sale Price $2,203,309** Median Sale Price $1,219,000
2%
NUMBER OF TRANSACTIONS
23%
TOTAL DOLLAR VOLUME
22%
AVERAGE SALE PRICE
2%
INVENTORY
Average Days on the Market 236 # Pending Transactions 29 ** The average sale price was skewed by a luxury home transaction in Wilson, Wyoming listed at $53 million.
MID-YEAR 2017 Condominium & Townhome
# of Condominium/Townhomes Transactions 110
The condominium/townhome segment remained incredibly strong with increased transactions and increased average and median sale prices, up 34% and 4%, respectively. Teton Village and Town of Jackson had the most transactions. Approximately 47% of transactions occurred in the $500,000-$1 million price segment. The number of transactions in the under $500,000 price segment decreased 10%, but still, there were 26 transactions in this price segment. Approximately 65% of condominium/ townhome transactions were conventional loan transactions.
12%
NUMBER OF TRANSACTIONS
39%
TOTAL DOLLAR VOLUME
34%
AVERAGE SALE PRICE
SOLD | List Price: $1,600,000 | Town of Jackson
-7%
INVENTORY
% Change in Transactions from 2016 12% Minimum Price Sold $280,000 Maximum Price Sold $6,000,000 Average Sale Price $1,074,994 Median Sale Price $600,000 Average Days on the Market 142 # Pending Transactions 21
SOLD | List Price: $695,000 | South of Jackson
MID-YEAR 2017 Vacant Land
# of Vacant Land Transactions 48
Vacant land transactions increased significantly in the first half of 2017, up 30%. Town of Jackson and Hoback areas showed the largest increase in transactions. About 55% of the transactions occurred in the $500,000-$1 million price segment, which pulled the average sale price down. Vacant land inventory remained about the same as the first half of 2016.
% Change in Transactions from 2016 30% Minimum Price Sold $273,423 Maximum Price Sold $7,025,000 Average Sale Price $1,121,053 Median Sale Price $680,000
30%
NUMBER OF TRANSACTIONS
-6%
TOTAL DOLLAR VOLUME
-30% AVERAGE SALE PRICE
2%
INVENTORY
Average Days on the Market 472 # Pending Transactions 9
MID-YEAR 2017 Luxury
# of Luxury Transactions 18
The luxury segment, defined as transactions over $3 million, had about 5 transactions fewer when compared to the first half of 2016. While the average sale price increased by 40%, this figure was skewed by a luxury home transaction in Wilson, Wyoming listed at $53 million. There were 4 luxury vacant land transactions and 14 luxury single family transactions. Luxury property buyers used cash for transactions significantly more than any other segment of the market, about 60% were cash transactions. Note: In the luxury segment, the small number of transactions
% Change in Transactions from 2016 -22%
affects any comparison on a percentage basis.
Average Days on the Market 353
Maximum Price Sold $53,000,000 (list price) Average Sale Price $6,719,786 Median Sale Price $3,350,000
# Pending Transactions 3
-22%
NUMBER OF TRANSACTIONS
8%
TOTAL DOLLAR VOLUME
40%
AVERAGE SALE PRICE
2%
INVENTORY
SOLD | List Price: $3,750,000 | Wilson, Wyoming
307 733 6060 tel 307 733 3483 fax
www.JHREA.com
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PO Box 4897 Jackson, WY 83001 80 West Broadway Jackson, WY 83001 270 W. Pearl Jackson, WY 83001 Snake River Sporting Club Jackson, WY 83001 Snow King Resort Hotel Jackson, WY 83001 PO Box 3225 46 Iron Horse Drive Alpine, WY 83128 307 654 7575 tel PO Box 846 235 S Main St Thayne, WY 83127 307 883 7575 tel 65 S Main St Driggs, ID 83422 208 354 7325 tel