QUARTER 1
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 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 the market leader in the Jackson Hole region, we believe the success of our company is based on the value that we provide for our clients, community and agents.
Jackson Hole Real Estate Associates THE REGION’S LARGEST REAL ESTATE COMPANY
Jackson Hole Real Estate Associates was named Global Affiliate of the Year by Christie’s International Real Estate, 2011 and 2014. We have twice been recognized for this award. 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 produced more than double the number of listings and 40% more transactions than our nearest competitors in 2016. 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 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. Cover Image by Aaron Kraft | kraftyphotos.com SOLD | List Price: $1,750,00 | North of Town
M A RK E T H IGH LIGHTS
14%
AVERAGE SALE PRICE
-12%
MEDIAN SALE PRICE
20%
TOTAL DOLLAR VOLUME
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 first 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. The Jackson Hole real estate market remained strong at the start of the new year. The overall number of transactions increased about 14% and total dollar volume increased 20% when compared to the first quarter of 2016.
M A RK E T H IGH LIGHTS SALES DISTRIBUTION BY SEGMENT
53
SINGLE FAMILY
38%
TRANSACTIONS UNDER $1 MILLION
CONDO/TOWNHOME
28%
VACANT LAND
21%
38
3
OTHER
13%
TRANSACTIONS $1-5 MILLION
SALES DISTRIBUTION BY PRICE
TRANSACTIONS $5 MILLION+
UNDER $500K
14%
43%
26%
HIGHEST SALE $53,000,000 *List Price LOWEST SALE $300,000 (14% increase) * Statistics are cumulative.
15%
3%
$500K-$1M
$1M-$2M
$2-$5M
OVER $5M
Q1 2017 Overall Market
The Jackson Hole real estate market remained strong at the start of the new year. The overall number of transactions increased about 14% when compared to the first quarter of 2016. The vast majority of transactions took place in the $500,000-$1 million price segment. This was a change from the first quarter of 2016 when transactions were more evenly distributed between the $500,000-$2 million price segment. This change can be attributed to an increase in vacant land transactions, up about 50%. Inventory remained at historical lows, down about 13% when compared to the first quarter of last year.
116
TOTAL NUMBER OF TRANSACTIONS Q1 2017
14% increase
compared to Q1 2016
$1,870,992
AVERAGE SALE PRICE Q1 2017
$897,000 12% decrease
compared to Q1 2016
14% increase
compared to Q1 2016
MEDIAN SALE PRICE Q1 2017
13%
DECREASE IN INVENTORY
SOLD | List Price: $1,699,000 | Wilson, Wyoming
Q1 2017 Single Family
# of Single Family Transactions 44
The single family segment was strong in the first quarter with number of transactions up about 22% and average sale price up about 16%. However, this average was skewed by a luxury home transaction in Wilson, Wyoming listed at $53 million. The median sale price was down 20% which can be attributed to the popularity of home transactions in the $500,000-$1 million price segment. This price segment experienced twice as many transactions compared to the first quarter of 2016. The Town of Jackson area had the most single family home transactions.
22%
NUMBER OF TRANSACTIONS
* Statistics are cumulative.
42%
TOTAL DOLLAR VOLUME
16%
AVERAGE SALE PRICE
-10%
INVENTORY
% Change in Transactions from 2016 22% Minimum Price Sold $540,000 Maximum Price Sold $53,000,000 *List Price Average Sale Price $2,752,183 Median Sale Price $1,080,000 Average Days on the Market 262 # Pending Transactions 20
Q1 2017 Condominium & Townhome
# of Condominium/Townhomes Transactions 32
The number of condominium/townhome transactions was down about 16% compared to the first quarter of 2016. This was primarily due to an acute drop in inventory, down 38%, and an increase in price. The average sale price increased about 12% to $935,368, and the median sale price increased 5% to $635,000. There were only 6 transactions in the under $500,000 price segment. The second quarter is likely to be strong for this segment, with 19 condominium/townhomes currently under contract.
-16%
NUMBER OF TRANSACTIONS
-21%
TOTAL DOLLAR VOLUME
12%
AVERAGE SALE PRICE
-38%
INVENTORY
% Change in Transactions from 2016 -16% Minimum Price Sold $367,000 Maximum Price Sold $3,775,000 Average Sale Price $935,368 Median Sale Price $635,000 Average Days on the Market 174 # Pending Transactions 19
SOLD | List Price: $523,500 | South of Town
SOLD | List Price: $895,000 | South of Town
Q1 2017 Vacant Land
# of Vacant Land Transactions 24
Vacant land transactions improved in the first quarter of the year with double the number of transactions. The average sale price decreased about 35% due to the number of transactions in the $500,000-$1 million price segment. The Town of Jackson had the largest increase with 6 transactions. Historically, vacant land has the longest average days on market, but note, the vacant land average days on market decreased nearly 25% when compared to the first quarter of 2016.
% Change in Transactions from 2016 50% Minimum Price Sold $300,000 Maximum Price Sold $6,000,000 *List Price Average Sale Price $1,177,000 Median Sale Price $802,500
50%
NUMBER OF TRANSACTIONS
* Statistics are cumulative.
2%
TOTAL DOLLAR VOLUME
-35% AVERAGE SALE PRICE
Average Days on the Market 353
-14%
INVENTORY
# Pending Transactions 9
Q1 2017 Luxury
# of Luxury Transactions 12
The luxury segment, defined as transactions over $3 million, remained steady in the first quarter. There were 3 luxury vacant land transactions and 9 luxury home transactions. The average sale price appeared to have increased by 26%, but this figure was skewed by a luxury home transaction in Wilson, Wyoming listed at $53 million. At the end of the first quarter, there were 102 luxury properties on the market and 3 under contract. Note: In the luxury segment, the small number of transactions affects any comparison on a percentage basis.
9%
NUMBER OF TRANSACTIONS
42%
TOTAL DOLLAR VOLUME
% Change in Transactions from 2016 9% Minimum Price Sold $3,050,000 Maximum Price Sold $53,000,000 *List Price Average Sale Price $7,460,200 Median Sale Price $3,100,000
26%
AVERAGE SALE PRICE
Average Days on the Market 311 # Pending Transactions 3
SOLD | List Price: $2,180,000 | North of Town
307 733 6060 tel 307 733 3483 fax
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