FIRST QUARTER
2019
JACKSON HOLE REAL ESTATE MARKET REPORT
The Market Report Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive database. Our Market Report, unlike others in the area, is derived from this proprietary, fortyyear old database (not just MLS data) and draws on our brokerage’s decades of success, making it the most trusted and accurate real estate report in the region. No other brokerage or agent has the resources available to offer this depth of expertise or insight into 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, allows us 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 strategies we deliver extraordinary experiences that exceed our clients’ 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: 1200 S. Creamery Lane | List Price: $17,775,000 | Town of Jackson
M A RK E T H IGH LIGHTS
FI R ST Q UARTER 20 19
79%
AVERAGE SALE PRICE
73%
MEDIAN SALE PRICE
39%
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 First Quarter of 2019. In this detailed report, you will find information on the market segments making up the region. As the leading brokerage in Jackson Hole, we have developed a dynamic report that sheds fresh light on the trends that are shaping our real estate market.
Please do not hesitate to contact our experienced team of professionals for more information specific to your area.
M A RK E T H IGH LIGHTS
F I R ST Q UARTER 20 19 SALES DISTRIBUTION BY SEGMENT
43
40%
TRANSACTIONS UNDER $1 MILLION
11
SINGLE FAMILY
44%
CONDO/TOWNHOME
VACANT LAND
9%
54
OTHER
7%
SALES DISTRIBUTION BY PRICE
TRANSACTIONS $1-5 MILLION
UNDER $500K
19%
TRANSACTIONS $5 MILLION+
$500K-$1M
20%
28%
HIGHEST SALE $17,000,000 LOWEST SALE $300,000
22%
10%
$1M-$2M
$2-$5M
OVER $5M
FIRST QUARTER 2019 Market Overview The Jackson Hole real estate market is off to a strong start through the first quarter of 2019, buoyed by continued demand for high-dollar properties. Although the number of transactions fell 11% in the first quarter compared to the same period a year
$2,156,778
AVERAGE SALE PRICE 79% increase over Q1 2018
earlier, the average sale price increased 79%.
$1,385,000
That jump was driven primarily by sales between
MEDIAN SALE PRICE 73% increase over Q1 2018
$2 – $5 million, which jumped 71%, and sales above $5 million, which grew 83%, compared to the first quarter of 2018. The acceleration on the upper end of the market pushed up the overall average and median sale prices, which emphasizes the need to
126 TOTAL TRANSACTIONS 11% decrease from Q1 2018
consider each segment independently. Single-family homes made up the lion’s share of transactions, 44%, followed closely by condominiums and townhomes, which accounted for 40%. Overall, inventory dropped again, down 10% from the first quarter of 2018. Properties are also continuing to sell faster, with the average time on market down to 176 days.
-10%
DECREASE IN INVENTORY
SOLD | List Price: $2,900,000 | Bar Y Estates
FIRST QUARTER 2019 SINGLE-FAMILY Single-family homes made up the most sales in the first quarter at a transaction volume comparable to Q1 2018. A home that sold south of Jackson listed at $17,775,000 skewed the average sale price in this
# of Transactions 56
0%
Total Dollar Volume
73%
Minimum Price Sold $567,500
29%
Maximum Price Sold $17,000,000
89%
Average Sale Price $3,028,767
109%
family homebuyers gravitated to the more spectacular properties in the
Median Sale Price $2,127,500
100%
valley; the $2 million+ properties accounted for more than half (51%) of
Average Days on the Market 204
segment, resulting in a 109% increase. Mirroring the overall market, single-
sales. In turn, the median sale price doubled compared to Q1 2018. The Aspens and Teton Pines areas experienced the largest increase in sales, up 300%. The number of active single-family home listings increased 27%. Homes sold about 13% slower than a year ago.
# Pending Transactions 12 Inventory 107
13% -63% 27%
FIRST QUARTER 2019 CONDOMINIUM & TOWNHOME The condominium and townhome market received a small bump in the number of transactions, up 6%, due in part to new inventory at the Virginian Village in the Town of Jackson. While this entry-level product boosted the under $500,000 price segment, up 46%, the $1 – $2 million segment had 200% more sales compared to the same period in 2018. The popularity of
# of Transactions 51
6%
Total Dollar Volume
32%
Minimum Price Sold $300,000
0%
Maximum Price Sold $7,075,000
9%
Average Sale Price $1,051,835
47%
Median Sale Price $587,500
-2%
this segment drove up the average sale price 47% compared to Q1 of 2018.
Average Days on the Market 93
The number of active listings dropped about 18%, and these properties
# Pending Transactions 16
are selling about 28% faster than a year ago.
Inventory 37
-28% 0% -18%
SOLD | List Price: $495,000 | Town of Jackson
SOLD | List Price: $775,000 | North of Town
FIRST QUARTER 2019 VACANT LAND
# of Transactions 11
-54%
Total Dollar Volume
-5%
Minimum Price Sold $425,000
18%
Maximum Price Sold $7,700,00
10%
only 11 sales, a few high dollar transactions pushed the average sale
Average Sale Price $2,662,500
132%
price up 132%. The number of properties under contract was up 100%,
Median Sale Price $1,875,000
134%
Average Days on the Market 323
-42%
# Pending Transactions 10
100%
Record snowfall in February may have kept vacant land buyers indoors, or perhaps they were too busy on the slopes. The number of transactions in this segment dipped about 54% from the same period in 2018. With
and the properties are selling about 42% quicker than Q1 2018. Even with an 8% drop in active listings available, this segment of the market is not considered to have a shortage of inventory, and as the snow melts this segment is sure to see more activity.
Inventory 95
-8%
FIRST QUARTER 2019 LUXURY
# of Transactions 20
33%
Total Dollar Volume
71%
Following trends from the end of 2018, the first quarter saw an abundance
Maximum Price Sold $17,000,000
89%
Average Sale Price $5,741,944
48%
period a year earlier. The average and median sale prices in this segment
Median Sale Price $4,532,500
33%
increased 48% and 33%, respectively. The Westbank area consumed 60%
Average Days on the Market 274
20%
# Pending Transactions 6
-57%
Inventory 101
28%
of luxury sales (properties listed for $3 million or more). There were 33% more luxury sales in the first quarter of 2019 compared to the same
of these luxury sales. Residential properties accounted for 90% of luxury sales. The remaining 10% were vacant lots. Inventory of these high-dollar properties received a boost in the first quarter, up about 28% compared to the same time in 2018.
SOLD | List Price: $7,950,000 | Wilson
307. 733. 6060 tel 307. 733. 3483 fax
www.JHREA.com
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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