YEAR-END
2016
STAR VAL LE Y R EAL E STAT E M A R K ET R EP ORT
The Market Report This report gives a broad overview of the Star Valley real estate market, however, each neighborhood and property in the Star Valley area is unique and requires individual analysis for an accurate estimate of value and the market conditions which affect the value. Contact any of our professionals at Jackson Hole Real Estate Associates for a more in-depth analysis of a specific neighborhood or property. Jackson Hole Real Estate Associates exclusively owns and maintains the oldest and most comprehensive market database. 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 luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach.
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 2016 year-end. In this detailed report, you will find information on the market segments making up the Star Valley area. As the market leader, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market. In 2016, the average and median sales prices continued to increase.
14%
AVERAGE SALE PRICE
12%
MEDIAN SALE PRICE
* The statistics used in this report are from the Teton Board of Realtors Multiple Listing Service (MLS) * 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
The overall market in 2016 experienced a decrease in the number of transactions, down about 2% when compared to 2015 year-end. There were 417 transactions in 2015 compared to 407 transactions in 2016. While the number of transactions fell, the average and median sale prices increased. The average sale price increased by 14% and the median sale price increased by 12%. The total dollar volume increased 11%, from 91,697,183 in 2015 to 101,735,133 in 2016.
$249,963 AVERAGE SALE PRICE
$189,500 407
YEAR-END 2016 Overall Market
The inventory shortage showed only a slight change in 2016. The number of active listings increased 10%.
MEDIAN SALE PRICE
TOTAL NUMBER OF TRANSACTIONS
10%
INCREASE IN INVENTORY
HIGHEST SALE $7,250,000 (farm and ranch) LOWEST SALE $5,000 (lot in Star Valley Ranch)
SOLD | List Price: $774,900 | Smoot, Wyoming
YEAR-END 2016 Single Family
YEAR-END 2016 Condominium & Townhome
At 2016 year-end, single family transactions were down 14% compared to year-end 2015. There were 206 in 2016 and 241 transactions in 2015. Total dollar volume showed no change. However, the average sale price increased by 16% and median sale price increased by 10%.
This segment of the market showed increased activity compared to 2015 with 16 total transactions. Total dollar volume increased substantially partly due to a large transaction in Alpine Village. There were 18 new condominium & townhome listings on the market at the end of 2016. Condominium
Townhome
# of Transactions 206 (down -14%)
# of Transactions 9 (up 50%)
# of Transactions 7 (up 16%)
Total Dollar Volume $68,705,722
Total Dollar Volume $2,365,000
Total Dollar Volume $1,577,500
Inventory 5 (down -54%)
Inventory 13 (up 30%)
Average Sale Price $262,778
Average Sale Price $225,357
Median Sale Price $85,000
Median Sale Price $217,000
Inventory 390 (up 8%) Average Sale Price $333,523 Median Sale Price $264,500
16%
AVERAGE SALE PRICE
YEAR-END 2016 Commercial
YEAR-END 2016 Vacant Land
The average and median sale prices were down at the end of 2016, 27% and 61% respectively. Total dollar volume and number of transactions were also down.
Building sites experienced a 14% increase in number of transactions. This contributed to a 102% increase in total dollar volume, from $9,311,273 at the end of 2015 to $18,879,569 at the end of 2016.
# of Transactions 5 (down -44%)
# of Transactions 171 (up 14%)
Total Dollar Volume $933,900
Total Dollar Volume $18,879,569
Inventory 33 (up 32%) Average Sale Price $186,780 Median Sale Price $124,900
27%
AVERAGE SALE PRICE
Inventory 427 (up 14%) Average Sale Price $110,407
76%
AVERAGE SALE PRICE
Median Sale Price $59,450
SOLD | List Price: $724,900 | Bedford, Wyoming
307 733 6060 tel 307 733 3483 fax www.JHREA.com www.starvalleyrealestate.com www.tetonvalleyidahorealestate.com www.westernranches.com PO Box 4897 Jackson, WY 83001 80 West Broadway Jackson, WY 83001 270 W. Pearl 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