MARKETREPORT OVERVIEW OF THE JACKSON HOLE REAL ESTATE MARKET | 2015 MID-YEAR
Christie’s International Real Estate
G LO B A L A F F I L I AT E O F T H E Y E A R 2011 | 2014
Quick Facts
Jackson Hole Real Estate Market Report 2015 Mid-year
308
Total Number of Transactions
21% Increase from 2014 mid-year
→
26%
Decrease in Inventory
MEDIAN SALE PRICE
22%
→
AVERAGE SALE PRICE
12% 47%
Total Dollar Volume Increased
12%
fewer sales under $500K
160%
increase in sales over $5M
INTRODUCTION On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 mid-year comprehensive market report for the Jackson Hole area. The Jackson Hole real estate market continues with vigorous momentum. Summertime in Jackson Hole brings a plethora of new inventory to the market and despite this growth, supply is still not able to keep up with demand, and the shortage of inventory continues. With inventory levels very low and notable price increases in all segments, the market appears to be robustly positioned for continued growth.
Overall Market The number of transactions, when compared to the first half of 2014, increased more than 20%, with more than 300 transactions so far this year. Both the average and median sale price increased a notable amount, up 26% and 22% respectively. The upward trajectory in sale price coupled with more transactions has caused a significant increase in the total dollar volume, which is up nearly 47% from this time last year. Another factor in the amplified total dollar volume was a shift in the price segment of transactions. For example, there were 12% fewer transactions under $500,000 and 160% more transactions over $5 million. In fact, the $1 million-$2 million segment had approximately 63% more transactions and the $2 million-$5 million segment had over 30% more transactions. As of 2015 mid-year, there were 537 active listings on the market, an approximate 12% decrease when compared to 2014 mid-year.
MARKET OVERVIEW BY SEGMENT Single Family Segment The single family segment of the market had noticeable increases in the first half of 2015. The number of transactions increased over 35% with 106 sales. The average sale price of a single family home in the valley was approximately $1,888,000, more than a 20% increase from 2014 mid-year. Similar to the overall market, the single family segment experienced a powerful increase in total dollar volume, up 58% when compared to this time last year. This increase can be explained by a combination of rising sale prices and quantity of transactions, as well as a shift in the price segment in which most transactions occurred. There was only one single family home transaction for less than $500,000 (an 80% decrease) at mid-year, while the $1 million-$2 million segment had 57% more transactions and the over $5 million segment had 150% more transactions. The two areas with the most single family home transactions were the Town of Jackson and the area just south of Jackson, each representing over 25% of the total quantity of single family home transactions. The shortage of inventory in the single family segment of the market was not as pronounced as in other segments, but at mid-year, the number of single family homes on the market was down 4% compared to last year.
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MARKET OVERVIEW BY SEGMENT (continued) Condominium & Townhome Segment The condominium/townhome segment of the market experienced another strong quarter with transactions up 12%. Similar to the single family segment, the price level distribution shifted dramatically. This shift greatly increased the average sale price (a 53% increase) as well as the total dollar volume (a 57% increase) when compared to the first half of 2014. Condominiums/ townhomes in the over $1 million segment captured 25% of the transactions in the first half of 2015. This same over $1 million segment comprised 10% of the transactions this time last year. Most notable was the $2 million-$3 million segment, which included 9 transactions. The hotspot for condominium/townhome sales was Teton Village, which experienced an approximate 88% increase in transactions and nearly 30% of the total condominium/townhome market. The inventory shortage has been most pronounced in the condominium/ townhome segment, and inventory has continued to decrease - down 14% when compared to this time last year.
Vacant Land Segment The vacant land segment largely recuperated from the economic downturn and showed solid gains in the first half of 2015, with transactions up 18%. As with all other segments of the market, the vacant land segment experienced an upward shift in price level distribution, which pushed the average sale price up 15%, and the total dollar volume up nearly 48%. The number of vacant land transactions under $500,000 dropped 20% while the number of transactions over $1 million increased over 40%. In fact, there were 3 sales in the over $5 million segment. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting Star development. The active inventory for vacant land decreased 15% when compared to the same time last year, and there is currently about 16 months’ worth of inventory on the market.
SALES DISTRIBUTION BY TYPE
SALES DISTRIBUTION BY PRICE Over $5M 2%
Other 8%
Other 9%
Vacant Land 22%
Single Family 31%
Vacant Land 22%
$2M - $5M 13% Single Family 34%
Condo/ Townhome 35%
Condo/ Townhome 38%
2015 Mid-year
2014 Mid-year
Over $5M 5%
$2M - $5M 15% Under $500K 33%
$1M - $2M 16%
$1M - $2M 22% $500K - $1M 36%
2014 Mid-year
Under $500K 25%
$500K - $1M 33%
2015 Mid-year
LUXURY MARKET SPOTLIGHT The luxury market segment experienced substantial activity in the first half of 2015. The number of luxury transactions increased approximately 37% and total dollar volume jumped an astonishing 73%. This large increase can be directly attributed to the abundance of transactions over $8 million, which in previous years had been low. The luxury segment of the market experienced 7% of the total transactions in the first half of 2015, compared to only 4% in the first half of 2014. Record Sale (mid-year):
$11,250,000*
Average Sale Price Above $3M:
$5,807,000**
Number of Sales Above $3M:
26
*listing price **not including land sales
SOLD | 14-1246 | List Price: $11,000,000
www.JHREA.com | 888.733.6060 | 80 W. Broadway, Jackson, WY
160
Jet Set Destination
Weekender
2 33
GLOBAL LUXURY REAL ESTATE AT A GLANCE
160
177 387
32
3
From Luxury Defined 2015, Christie’s International Real Estate Whitepaper on the global property market: The overall luxury residential BAL LUXURY REAL ESTATE real estate market experienced steady growth in 2014, with US$1 million plus home sales up by an average of 16% over 2013 in the GLANCE
Average price by luxury resort market type
269
269
80 luxury residential markets surveyed for the report. After an explosion in urban luxury home sales growth in 2012-2013, the story Weekender Lifestyle & Jet Set Je Weekender Lifestyle & in 2014 was that second-home resort markets were red hot, leading the growth in luxury property sales. ‘Jet Resort set destinations’ soared Regional Resort Destination Regional Dest $2.3M $2.2M 28% over the prior year, fueled by attractive investment opportunities, below market peak prices, and an emerging confidence that the market has bottomed and a recovery is well under way. Contact us for the Whitepaper or visit luxurydefined.com. he starting price for a luxury home around the world? by luxury housing market type Starting Price of a Luxury Home Luxury Resort Markets Up LuxuryLuxury resort markets heat up, while citythe simmers resort markets heat up, the while city Heat simmers Growth inhome the number home sales by -market in theofnumber of luxury sales (individual units) bytype, market type, 2013 2014 type Growth in Growth the number luxury home sales (individual units)ofbyluxury market 2013 - 2014
28%
Global onomic Hub
Jet Set Destinations Jet Set Destinations
Jet Set Destination
Lifestyle & Regional Resort
Weekender
25%
$2.3M
$1.1M
9%
$2.2M 19%
Primary Markets Primary Markets
19%
3%
3%
Suburban Suburban
Resort Markets Resort Markets
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 20 Rockefeller Plaza, New York, New York 10020 the region. No other real estate company or agent has the resources available to offer this depth of Tel. +1 212 468 7182, Fax +1 212 468 7141 Suburbs Lifestyle www.christiesrealestate.com Metropolitan expertise or insight regarding current or&previous market conditions. The unmatched resources and Regional Resort knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach. $1.5M
9%
Economic Global Global Economic Hub Hub
& Regional LifestyleLifestyle & Regional Resort Resort
$1.8M
15%
Metropolitan 25%
$1.5M
15%
Metropolitan Metropolitan
Weekender Weekender
$3.6M
28%
$1.1M
20 Rockefeller 20 Rockefeller Plaza, NewPlaza, York, N N Tel. +1 212 468 7
7182, Fax + w Our Locations Tel. +1 212 468 www.christie
307 733 6060 TEL 307 733 3483 FAX www.JHREA.com www.starvalleyrealestate.com www.JHREAtetonvalley.com www.westernranches.com 80 West Broadway PO Box 4897 Jackson, WY 83001 270 West Pearl
For more information on Jackson Hole Real Estate Associates or a market 20 Rockefeller Plaza, New York, New York 10020 update in your area, please Tel. +1 212 468 7182, Fax +1 212 468 7141 www.christiesrealestate.com do not hesitate to contact
one of our real estate professionals.
Jackson, WY 83001 Snow King Hotel Jackson, WY 83001 PO Box 3225 46 Iron Horse Drive Alpine, WY 83128 307 654 7575 TEL PO Box 846 235 South Main Street Thayne, WY 83127 307 883 7575 TEL
* 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.
65 South Main Street Driggs, ID 83422 208 354 7325 TEL
www.JHREA.com | 888.733.6060 | 80 W. Broadway, Jackson, WY