M I D -Y E A R
2018
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: CLOSED | List Price: $4,950,000 | Wilson, Wyoming
M A RK E T H IGH LIGHTS
10%
AVERAGE SALE PRICE
22%
MEDIAN SALE PRICE
33%
TOTAL DOLLAR VOLUME
11%
TOTAL TRANSACTIONS
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 mid-year 2018. 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. Do not hesitate to contact a real estate professional for a market report in your specific area.
M A RK E T H IGH LIGHTS SALES DISTRIBUTION BY SEGMENT
140
41%
TRANSACTIONS UNDER $1 MILLION
CONDO/TOWNHOME
35%
VACANT LAND
14%
115
23
OTHER
10%
TRANSACTIONS $1-5 MILLION
SALES DISTRIBUTION BY PRICE
TRANSACTIONS $5 MILLION+
UNDER $500K
13%
37%
24%
HIGHEST SALE $14,995,000 LOWEST SALE $290,000
SINGLE FAMILY
*List Price
18%
8%
$500K-$1M
$1M-$2M
$2-$5M
OVER $5M
MID-YEAR 2018 Overall Market
Jackson Hole’s real estate market started
325
very strong
TOTAL NUMBER OF TRANSACTIONS
in the first half of 2018 with number of transactions up 11% and average sale price up 10%. Even more important to note was the
increase in median sale price, a more accurate indicator, up 22% from a year ago. The majority of transactions were in
11% increase compared to 2017 Mid-Year
$1,678,313
AVERAGE SALE PRICE 10% increase compared to 2017 Mid-Year
the $500,000 - $1 million price segment, however, there was a sharp increase over last year in transactions
over $5
million, an increase of 77%. This sharp increase drove total dollar volume up by 33% compared to a year ago. The
$949,000 MEDIAN SALE PRICE 22% increase compared to 2017 Mid-Year
single family home segment was the most popular among buyers achieving 41% of the mid-year market share. Inventory continued to decrease as did well-priced new inventory, which was a contributor to the 23% decrease in active listings and 13% decrease in average days on market.
-23%
DECREASE IN INVENTORY
SOLD | List Price: $1,395,000 | Town of Jackson
MID-YEAR 2018 SINGLE FAMILY
# of Transactions 134
30%
Total Dollar Volume 40%
The single family segment grew rapidly in the first half of 2018 with a
Minimum Price Sold $440,000
30% increase in transactions and 12% increase in median sale price.
Maximum Price Sold $14,995,000 *List Price
The majority of transactions were in the $1-2 million segment. The
Average Sale Price $2,160,518
-2%
Median Sale Price $1,360,358
12%
Average Days on the Market 221
-6%
homes currentlyn the market in Jackson Hole dropped about 37%
# Pending Transactions 25
-14%
compared to a year ago, when inventory was already at record lows.
Inventory 128
-37%
$2-$5 million segment experienced the largest increase in sales when compared to the first half of 2017, up 158%. The area of the valley referred to as the Westbank was especially popular. The number of
MID-YEAR 2018 CONDOMINIUM AND TOWNHOME Condominium/townhome transactions increased slightly when compared to the single family segment with the number of transactions up 4% and median sale price up 6%. About half of all condominium/townhome transactions were in the $500,000-$1 million segment. The majority of
# of Transactions 114 Total Dollar Volume 2% Minimum Price Sold $290,000 Maximum Price Sold $6,900,000 Average Sale Price $926,847
transactions occurred in Town of Jackson and Teton Village, however, the
Median Sale Price $635,000
areas known as The Aspens and Teton Pines had remarkable increases,
Average Days on the Market 135
transactions up nearly 90% from a year ago. Inventory in this category
# Pending Transactions 19
dropped dramatically, down 45%, when compared to this time last year.
4%
Inventory 42
*List Price
-14% 6% -5% -10% -45%
SOLD | List Price: $795,000 | Town of Jackson
SOLD | List Price: $1,425,000 | North of Jackson
MID-YEAR 2018 VACANT LAND Transactions were down slightly from 2017, down by 4 transactions, but average and median sale prices increased dramatically due to a few large acreage parcels, particularly in the Fall Creek Road area. The areas with the
-8%
# of Transactions 44 Total Dollar Volume 39% Minimum Price Sold $360,000 *List Price
Maximum Price Sold $10,500,000 *List Price Average Sale Price $1,598,383
43%
Gros Ventre Butte, up 200%. The majority of transactions took place in the
Median Sale Price $817,500
20%
$500,000-$1 million segment. Once again, inventory continued to decline,
Average Days on the Market 450
-5%
down 27%. Also, worth noting, about 73% of sales were cash transactions,
# Pending Transactions 5
-44%
which was significantly higher than any other segment of the market.
Inventory 131
-27%
largest increase in transactions were near Jackson Hole Golf & Tennis and
MID-YEAR 2018 LUXURY The first half of 2018 was remarkably strong for the luxury segment of Jackson’s real estate market. The number of transactions over $3 million increased 144% compared to last year. The median sale
# of Transactions 44
144%
Total Dollar Volume 91% Minimum Price Sold $3,000,000 Maximum Price Sold $14,995,000 *List Price Average Sale Price $4,827,533
-28%*
While every area of the valley had luxury transactions, the majority
Median Sale Price $4,250,000
27%
of the transactions were located in Teton Village and the area north
Average Days on the Market 285
-19%
of Wilson. There were 7 vacant land transactions and 37 residential
# Pending Transactions 8
167%
transactions.
Inventory 102
-18%
price of these luxury properties increased about 27% to $4,250,000.
**Note: In the luxury segment, the small number of transactions affects any comparison on a percentage basis.
*average sale price decreased due to a large transaction in 2017.
SOLD | List Price: $5,500,000 | Gros Ventre West
307 733 6060 tel 307 733 3483 fax
www.JHREA.com
www.starvalleyrealestate.com www.tetonvalleyidahorealestate.com www.westernranches.com
80 West Broadway Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 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