J AC K S O N H O L E R E A L E S TAT E
MARKET REPORT
MID-YEAR 2019
MARKET HIGHLIGHTS
M I D -Y E A R 2 0 1 9
4%
AVERAGE SALE PRICE
5%
MEDIAN SALE PRICE
-16%
TOTAL DOLLAR VOLUME
-13%
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive Market Report for Mid-Year 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 this dynamic report to shed fresh light on the trends that are shaping our real estate market.
TOTAL TRANSACTIONS Please do not hesitate to contact our experienced team of professionals for more information specific to your area. Pg. 1
M I D - Y E A R 2 0 1 9 M A R K E T I N S I G H T
Following a strong start to the year, real estate sales throughout Jackson Hole cooled in the second quarter, which pulled down the mid-year sales volume compared to 2018. That dip is due in part, however, to an impressive second quarter in 2018, rather than a lackluster Q2 2019. Last year, year-over-year sales volume was down through the first quarter, but the market rallied in the second quarter to put midyear sales up 33% compared to the year prior (see graphs on page 5). This year, the market started off strong, with dollar volume up 39% in the first quarter, but fell in the second quarter to close out the mid-year down 16% year-over-year.
-16%
TOTAL DOLLAR VOLUME, TETON CO.
6%
TOTAL DOLLAR VOLUME, JHREA
While the overall sales volume was down in Teton County, Jackson Hole Real Estate Associates’ sales volume grew more than 6% through the mid-year point. That increase indicates Jackson Hole Real Estate Associates’ growing market share, and our team once again proudly represented the most buyers and sellers of any brokerage in the region.
Pg. 2
M I D -Y E A R 2 0 1 9 M A R K E T O V E R V I E W After a strong first quarter, real estate sales in Jackson Hole slowed down in the second quarter, with total dollar volume down 16% year-to-date at the mid-year compared to 2018. Following trends of the past two quarters, the number of transactions dipped again, down about 13%. However, the
$1,753,303
AVERAGE SALE PRICE 4% Increase over Mid-Year 2018
average sale price once again grew, up 4% compared to
$995,000
mid-year 2018. Properties under $500,000 received a boost this year with the near sell-out of the Virginian Village condominiums, which were listed by Jackson Hole Real Estate Associates. One of the few options in that price range, the Virginian
MEDIAN SALE PRICE 5% Increase over Mid-Year 2018
284
TOTAL TRANSACTIONS -13% Decrease from Mid-Year 2018
Village units pushed up sales under $500,000 by 38%. Most property sales this year have been in the $1 million to $2 million range. Condominiums and townhomes stole some market share from the single-family segment in the first half of the year, accounting for 42% of transactions. Inventory continues to tighten, down 2% compared to midyear 2018. Pg. 3
-2%
DECREASE IN INVENTORY
M I D -Y E A R 2 0 1 9 M A R K E T O V E R V I E W SALES DISTRIBUTION BY SEGMENT
120
42%
TRANSACTIONS UNDER $1 MILLION
14
SINGLE FAMILY
36%
CONDO/TOWNHOME
VACANT LAND
13%
112
SALES DISTRIBUTION BY PRICE
TRANSACTIONS $1-5 MILLION
TRANSACTIONS $5 MILLION+
COMMERCIAL & OTHER
9%
OVER $5M
6%
$2 - $5M
18%
28%
HIGHEST SALE $17,000,000* LOWEST SALE $281,000
28%
21%
$1M-$2M
$500K - $1M
UNDER $500K
* Listed by Jackson Hole Real Estate Associates Pg. 4
MARKET HIGHLIGHTS
H I S T O R I C A L DATA
Sales Volume by Year
Sales Volume Year-to-Date
2005 - 2018, Teton County
2018 vs. 2019, Teton County = 2018 Data
= 2019 Data 0M
$20
$2B
0M
B
$1.5
$15
$1B
$10
0M
0M
M
$50
Pg. 5
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mar.
Feb.
Jan.
18
17
16
15
14
13
12
11
10
09
08
07
06
2005
$50
SOLD | List Price: $4,750,000 | Town of Jackson
M I D -Y E A R 2 0 1 9 S I N G L E - F A M I LY Despite a dip in transactions, down 23% compared to last year, the average
# of Transactions 103
-23%
Total Dollar Volume
-12%
and median sale prices of single-family homes increased a strong 29%
Minimum Price Sold $500,000
14%
and 34%, respectively. Transactions under $500,000 are non-existent and
Maximum Price Sold $17,000,000
13%
in this segment occured in the Town of Jackson, which saw a 28% increase
Average Sale Price $2,797,337
29%
in average sale price. South of Town experienced the largest increase in
Median Sale Price $1,825,000
34%
Average Days on the Market 179
-19%
# Pending Transactions 32
28%
Inventory 180
41%
transactions between $500,000 - $1 million dropped 44%. The bulk of sales
average sale price, up 93%, which was spurred by several sales over $5 million. Inventory increased significantly, up over 40% compared to last year. The number of transactions may still be able to catch up to last year because, as of July 1, there were 28% more listings under contract, signaling ample activity in this segment. Homes are selling about 19% faster than a year ago.
Pg. 6
M I D -Y E A R 2 0 1 9 CONDOMINIUM & TOWNHOME The condo and townhome segment of the market through the mid-year did not spring many surprises. The number of transactions increased modestly, up 4%. The average sale price remained flat, and the median sale price fell about 9%. This can be attributed to the near sell-out of the Virginian Village condos, which accounted for 21 transactions at a lower price point. These sales helped boost the under $500,000 market share to 40% of sales of condos / townhomes so far this year. The largest increase in average sale price occured South of Town, which was up 29%. These sales were predominantly located in the Rafter J subdivision. Inventory remained steady, and future sales appear strong with a 16% increase in properties
# of Transactions 119
4%
Total Dollar Volume
-4%
Minimum Price Sold $281,000
-3
Maximum Price Sold $7,075,000
3%
Average Sale Price $929,267
0%
Median Sale Price $575,000
-9%
Average Days on the Market 102 # Pending Transactions 22 Inventory 43
-24% 16% 2%
under contract, which are selling about 24% faster than a year ago.
SOLD | List Price: $725,000 | Town of Jackson
SOLD | List Price: $1,850,000 | Wilson, WY
M I D -Y E A R 2 0 1 9 VAC A N T L A N D
Vacant land transactions have struggled to keep pace for the past five quarters. This is partially due to the fact that there are simply fewer vacant lots than in the past. And, with no new development projects on the horizon, this trend is likely to continue. The number of vacant land transactions is
# of Transactions 36
-18%
Total Dollar Volume
-23%
Minimum Price Sold $312,500
-13%
Maximum Price Sold $7,700,000
-27%
Average Sale Price $1,558,816
-2%
Median Sale Price $900,000
10%
million price segment. The area north of Jackson and west of the Airport
Average Days on the Market 792
76%
experienced the largest gain in sales, with 300% more transactions than
# Pending Transactions 17
down 18% compared to mid-year of 2018. The average sale price of land dropped slightly, down 2%, relative to 2018, but the median sale price increased 10%. About 44% of land sales took place in the $500,000 - $1
a year ago. The vacant land segment may be picking up speed as fall approaches, with 17 parcels under contract (a 240% increase) as of July 1. Inventory declined about 18%.
Inventory 107
240% -18% Pg. 8
M I D -Y E A R 2 0 1 9 LUXURY The luxury segment of Jackson Hole’s real estate market continues to flourish. While the number of luxury sales decreased 25% compared to a year ago, the average price in this segment increased about 16%. South of Jackson achieved the most sales, followed closely by Teton Village. There were three luxury land sales (down 57% from a year ago) and 30 luxury home sales. Inventory in the luxury segment increased 26% compared to a
# of Transactions 33
-25%
Total Dollar Volume
-20%
Maximum Price Sold $17,000,000
13%
Average Sale Price $5,602,000
16%
Median Sale Price $4,507,500
6%
year ago. The coming months point to a continuation of the luxury market’s
Average Days on the Market 242
-15%
reign, with 38% more properties under contract and selling 15% quicker.
# Pending Transactions 11
38%
Inventory 129
26%
SOLD | List Price: $17,775,000 | Town of Jackson
J AC K S O N H O L E R E A L E S TAT E A S S O C I AT E S
THE MARKET REPORT
As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable
Jackson Hole Real Estate Associates
destination. We are committed to being the leading luxury real estate brand in
exclusively owns and maintains the valley’s
the Teton region. By staying on top of market trends and continually striving to
oldest and most comprehensive database.
offer cutting edge marketing and advertising services we deliver extraordinary
Our Market Report, unlike others in the
experiences to clients and exceed their expectations.
area, is derived from this proprietary, fortyyear old database (not just MLS data) and
As a market leader in Jackson Hole, we believe the success of our company is
draws on our brokerage’s decades of
based on the value that we provide for our clients, community and agents. It is
success, making it the most trusted and
this value-driven philosophy that has helped to guide the successful growth of our
accurate real estate report in the region.
organization. There is no real estate company in the region that provides more
No other brokerage or agent has the
exposure for listings or more choices for buyers.
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.
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