QUARTER 3
2016
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 competitor in 2015. 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.
M A RK E T H IGH LIGHTS
3%
AVERAGE SALE PRICE
6%
MEDIAN SALE PRICE
-15%
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 third quarter. 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 has continued on trend this year with decreased transactions and increased average and median sale prices.
M A RK E T H IGH LIGHTS SALES DISTRIBUTION BY SEGMENT
210
40%
TRANSACTIONS UNDER $1 MILLION
CONDO/TOWNHOME
35%
VACANT LAND
16%
159
13
OTHER
9%
TRANSACTIONS $1-5 MILLION
SALES DISTRIBUTION BY PRICE
TRANSACTIONS $5 MILLION+
UNDER $500K
18%
37%
28%
HIGHEST SALE $18,500,000 LOWEST SALE $240,000 * Statistics are cumulative.
SINGLE FAMILY
14%
3%
$500K-$1M
$1M-$2M
$2-$5M
OVER $5M
Q3 2016 Overall Market
The Jackson Hole real estate market through the third quarter of this year continued the trends seen earlier in the year with a decrease in the number of transactions, down about 10%, compared to the third quarter of 2015. While the number of transactions were down, the average and median sale prices continued to rise with a 3% and 6% gain, respectively. The majority of transactions, about 37%, took place in the $500,000-$1,000,000 price range. Single family home transactions had the most growth this year, consisting of about 40% of all the transactions through the third quarter. This represented an approximate 16% increase compared to this time last year when the condominium/ townhome segment was more prevalent.
468
compared to Q3 2015
$1,321,478
AVERAGE SALE PRICE Q3 2016
$872,000 6% increase
compared to Q3 2015
The number of active listings dropped slightly this quarter, down about 6% compared to the third quarter of 2015. The persistent low supply will continue to be a contributing factor in the supply and demand in Jackson Hole’s real estate market.
TOTAL NUMBER OF TRANSACTIONS Q3 2016
10% decrease
3% increase
compared to Q3 2015
MEDIAN SALE PRICE Q3 2016
6%
DECREASE IN INVENTORY
SOLD | List Price: $3,395,000 | South of Jackson
Q3 2016 Single Family
# of Single Family Transactions 189
This segment of the market had the majority of transactions, about 40% of all the transactions, and an approximate 4% increase in transactions compared to this time last year. Nearly 75% sold this year have been in the $500,000-$2,000,000 price range. There were 4 transactions under $500,000, a 300% increase from 2015. The number sold over $5 million dropped significantly, down about 44%. The majority of transactions took place in the Town of Jackson, while south of town transactions increased by 125%, the largest gain.
4%
NUMBER OF TRANSACTIONS
* Statistics are cumulative.
-13%
TOTAL DOLLAR VOLUME
-8%
AVERAGE SALE PRICE
-4%
INVENTORY
% Change in Transactions from 2015 4% Minimum Price Sold $355,000 Maximum Price Sold $10,250,000 Average Sale Price $1,663,868 Median Sale Price $1,121,321 Average Days on the Market 229 # Pending Transactions 27
Q3 2016 Condominium & Townhome
# of Condominium/Townhomes Transactions 162
Condominium/townhome transactions decreased 15%. The majority of condominium/townhome transactions (about 45%) took place in the $500,000-$1,000,000 price range. This was a 33% increase when compared to the third quarter of last year. Conversely, transactions under $500,000 decreased about 30%. Condominium/townhome inventory decreased by over 25%. Currently, there are only 69 properties on the market and 19 under contract.
% Change in Transactions from 2015 -15% Minimum Price Sold $240,000 Maximum Price Sold $3,750,000 Average Sale Price $764,423 Median Sale Price $564,267
-15%
NUMBER OF TRANSACTIONS
-23%
TOTAL DOLLAR VOLUME
-7%
AVERAGE SALE PRICE
-26% INVENTORY
Average Days on the Market 216 # Pending Transactions 19
SOLD | List Price: $1,850,000 | Town of Jackson
SOLD | List Price: $1,250,000 | Town of Jackson
Q3 2016 Vacant Land
# of Vacant Land Transactions 76
The number of vacant land transactions decreased approximately 30%. The quantity of high-priced land transactions contributed to the average and median sale price increases, up 26% and 18%, respectively. Approximately 22% of the transactions took place in the over $2 million price range. Vacant land inventory increased slightly, up about 6%. The average days on market for vacant land remained relatively unchanged at 432 days.
% Change in Transactions from 2015 -30% Minimum Price Sold $300,000 Maximum Price Sold $7,990,000 (ranch property) Average Sale Price $1,395,036 Median Sale Price $945,000
-30%
NUMBER OF TRANSACTIONS
* Statistics are cumulative.
-31%
TOTAL DOLLAR VOLUME
26%
AVERAGE SALE PRICE
6%
INVENTORY
Average Days on the Market 432 # Pending Transactions 18
Q3 2016 Luxury
# of Luxury Transactions 34
Luxury properties, defined as transactions over $3 million, accounted for about 7% of the total number of transactions. Luxury transactions decreased nearly 25% compared to the third quarter of 2015. The majority of the transactions took place in Teton Village largely due to the success of the Shooting Star Development. Inventory of luxury properties remained high and accounted for over 25% of total inventory. * It is important to note in the luxury segment, the small number of transaction size affects any comparison on a percentage basis.
-24%
NUMBER OF TRANSACTIONS
-39%
TOTAL DOLLAR VOLUME
-7%
AVERAGE SALE PRICE
9%
INVENTORY
% Change in Transactions from 2015 -24% Minimum Price Sold $3,100,000 Maximum Price Sold $10,250,000 Average Sale Price $4,640,800 Median Sale Price $3,800,000 Average Days on the Market 398 # Pending Transactions 11
SOLD | List Price: $4,450,000 | North of Jackson
307 733 6060 tel 307 733 3483 fax
www.JHREA.com
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