J AC K S O N H O L E R E A L E S TAT E
MARKET REPORT
THIRD QUARTER 2019
MARKET HIGHLIGHTS
13%
SINGLE FAMILY HOME AVERAGE SALE PRICE
-10%
TOTAL DOLLAR VOLUME
THIRD QUARTER 2019
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive Market Report for Third Quarter 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. Our longstanding proprietary data base of historical sales in Teton County gives us a greater insight into the market. Most, but not all sales are reported in the Teton County MLS system. Typically, it is the higher-end sales that go unreported, making the MLS reporting inaccurate. Jackson Hole Real Estate’s internal database accounts for sales in our market report, providing the most accurate data regarding the Jackson Hole Real Estate Market. Please do not hesitate to contact our experienced team of professionals for more information specific to your area. *Cover: SOLD | List Price: $8,995,000 | West of Town
Pg. 1
T H I R D Q U A R T E R 2 0 1 9 M A R K E T I N S I G H T
The greater Jackson Hole market in general continues to show stability in single family homes. At the end of the third quarter of 2019, despite a 20% drop in number of homes sold the average sale price rose 13% year over year. During the same period in 2018, the average sales price gained 7% over prior year indicating a sustained period of steady, consistent growth. The median price also grew by 17% indicating that the higher-end sector was more active. Once again, the market at the mid-to low end of the price spectrum is negatively impacted by the lack of inventory. This lack of inventory also impacted the $2-5M range. Nationally, prices grew at a relatively flat 4%. The overall year-over-year housing statistics for the greater Jackson Hole market continue to show a modest cooling off vs. the banner year of 2018. Using our proprietary database accounting for sales that were not reported through the Teton County MLS, the total dollar volume dipped 10% over prior year through the end of Q3. This is an improvement over mid-year numbers where total sales volume dipped 16%.
8%
JHREA TOTAL DOLLAR VOLUME
Once again Jackson Hole Real Estate Associates is proud to report that while overall sales volume in Teton County dropped, Jackson Hole Real Estate sales volume grew 8% YTD through Q3. This increase indicates Jackson Hole Real Estate Associates’ growing market share as our team proudly represented the most buyers and sellers of any brokerage in the region. Pg. 2
THIRD QUARTER 2019 MARKET OVERVIEW
The condo/townhome market remained level as the inventory of the highly successful JHREA
TETON COUNTY MARKET SNAP SHOT
represented new development, Virginian Village, was fully absorbed into the market. The number of transactions increased 7% and the average sales price lowered by 7% as well.
$1,787,599
AVERAGE SALE PRICE -4% Decrease YTD
Vacant land transactions were slightly up at 3%
$1,050,000
but traded at a lower price point 2018 to 2019. Last
MEDIAN SALE PRICE
year, several large land sales in Shooting Star Ranch
6% Increase YTD
pushed the average sales price up in this segment. The “Luxury” segment of the market, properties that sold above the $3M mark, posted a modest 5% increase in average sales price with the number of transactions decreasing by 22%. This decrease is again due, in part, to the lack of Shooting Star closings that occurred last year.
Pg. 3
488
TOTAL TRANSACTIONS -6% Decrease YTD
THIRD QUARTER 2019 MARKET OVERVIEW INVENTORY STORY
9%
INCREASE IN INVENTORY
Teton county will always struggle with high demand for real estate and a chronic lack of inventory. With 97% of Teton County permanently protected in national park, forest, BLM and conservation lands, the scarcity of available land will remain in perpetuity. Overall in Teton County Q3 2019 posted a 9% increase in inventory hopefully offering much needed relief for buyers who have been struggling to find the perfect home. Inventory in Single Family Homes is up 37% however, pending listings are up 10%, and days-on-market is down 22% indicating good activity in the Single-Family Homes sector. The Condo/Townhome inventory is up 31%, and pending listings are down 4%. This category is also seeing a shorter time on market with days on market down 20%.
OVERALL TETON COUNTY YEAR TO DATE END OF Q3 2019 VS. Q3 2018
Both the “Luxury� market (listings that sold over the $3M mark) and Vacant Land segments are down in available inventory 6% and 11%, respectively.
Pg. 4
THIRD QUARTER 2019 MARKET OVERVIEW SALES DISTRIBUTION BY SEGMENT
196
39%
39%
TRANSACTIONS UNDER $1 MILLION
28
COMMERCIAL & OTHER
8%
SALES DISTRIBUTION BY PRICE
TRANSACTIONS $1-5 MILLION
TRANSACTIONS $5 MILLION+
OVER $5M
7%
$2 - $5M
18%
29%
HIGHEST SALE $17,750,000* LOWEST SALE $500,000 Pg. 5
CONDO/TOWNHOME
VACANT LAND
14%
202
SINGLE FAMILY
30%
16%
$1M-$2M
$500K - $1M
UNDER $500K
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
$2B
$20
0M
B
$1.5
$15
$1B
$10
0M
0M
M
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mar.
Feb.
$50
Jan.
18
17
16
15
14
13
12
11
10
09
08
07
06
2005
$50
Pg. 6
SOLD | List Price: $3,095,000 | South of Town
THIRD QUARTER 2019 S I N G L E - F A M I LY Despite a dip in transactions, down 20% compared to last year, the average sale prices of single-family homes increased 13%. There were zero transactions under $500,000 and transactions between $500,000 - $1 million dropped 48%. As in Q2 2019, the majority of sales in the SingleFamily Home category occurred in the price point of $1M to $2M in Q3 2019. While there is tremendous demand for homes under $1M, the market simply has no supply, pushing even the most modest single-family homes toward $1M. The greatest average sales price increase occurred in MLS areas 3 and 4, West of the Snake River North, and West of the Snake River South, up 47% and 41% respectively. Inventory increased significantly, up 37% compared to 2018 year-to-date, hopefully allowing more future single-family options for those who have been searching. Homes sold about 22% faster Q3 2019 vs. 2018. Pg. 7
# of Transactions 188
-20%
Total Dollar Volume
-9%
Minimum Price Sold $500,000
14%
Maximum Price Sold $17,750,500
18%
Average Sale Price $2,730,825
13%
Median Sale Price $1,750,000
17%
Average Days on the Market 149
-22%
# Pending Transactions 43
10%
Inventory 203
37%
THIRD QUARTER 2019 CONDOMINIUM & TOWNHOME The condo and townhome segment of the market followed a similar pattern to that of the second quarter 2019. The number of transactions increased modestly, up 7%. The average sale price decreased 7%. The Town of Jackson continued to dominate in this segment of the market due to the highly sought-after Virginian Village condos in mid-town Jackson. Sales of condos in the resort markets of Teton Village and the Racquet Club/Teton Pines fell
# of Transactions 192
7%
Total Dollar Volume
0%
Minimum Price Sold $281,000
-3%
Maximum Price Sold $7,075,000
3%
Average Sale Price $921,793
-7%
Median Sale Price $630,000
0%
due to lack of inventory. Overall in Teton County, condos and townhomes in
Average Days on the Market 102
Q3 2019 ended with an increase of inventory of 31%, fueling more options
# Pending Transactions 26
-4%
Inventory 59
31%
for future condo buyers. Days on market are down 20% compared to a year ago.
-20%
SOLD | List Price: $1,895,000 | Town of Jackson
SOLD | List Price: $3,950,000 | North of Town
THIRD QUARTER 2019 VAC A N T L A N D
# of Transactions 68 Total Dollar Volume
-14%
Vacant Land transactions have finally seen an increase in sales for the first time in 6 quarters, up a modest 3%. The average sale price of land dropped 17%, relative to 2018, but the median sale price increased 45%. About 40% of land sales took place in the $500,000 - $1 million price segment. The areas north of Jackson and west of the Airport experienced the largest gain in sales along with the area south of Jackson. As winter approaches there is an 11% decrease in available inventory with 12 parcels under contract.
Minimum Price Sold $312,500
-13%
Maximum Price Sold $7,700,000
-78%
Average Sale Price $1,849,236
-17%
Median Sale Price $1,200,000
45%
Average Days on the Market 558
43%
# Pending Transactions 12 Inventory 119
3%
0% -11% Pg. 9
THIRD QUARTER 2019 LUXURY The Luxury Segment of Jackson Hole’s real estate market is relatively stable. There was a solid 5% increase in average sales price, yet the number of luxury sales decreased 22% compared to a year ago. Total dollar volume decreased 28%, partially due to a 49% decrease in the highest sale reported and partly due to the lack of Shooting Star Resort sales this year vs. last. With a 6% decrease in inventory over last year and 21% more pending listings, this segment of the Jackson Hole market is not seeing a slow-down as other parts of the county. Days-on-market fell 26% compared to Q3 2018.
# of Transactions 56
-22%
Total Dollar Volume
-28%
Maximum Price Sold $17,750,000
-49%
Average Sale Price $5,653,911
5%
Median Sale Price $4,365,000
-6%
Average Days on the Market 210
-26%
# Pending Transactions 17
21%
Inventory 119
-6%
SOLD | List Price: $10,200,000 | North of Town
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