M I D -Y E A R
2016
T ETON 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 Teton Valley real estate market, however, each neighborhood and property in the Teton 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 newly redesigned comprehensive market report for the first half of 2016. In this detailed report, you will find information on the market segments making up the Teton Valley area. As the market leader in the Jackson Hole area, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.
VACANT LAND HIGHLIGHT
-2%
AVERAGE SALE PRICE
26%
MEDIAN SALE PRICE
* The statistics used in this report are from the Teton Multiple Listing Service (MLS) for the following areas (including resorts): Victor, Driggs, Tetonia and West Side of Teton Valley. Alta, Wyoming is included in its own segment. * 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. Cover Image: Sold | List Price: $769,000 | Victor, Idaho
M A RK E T H IGH LIGHTS
The overall market in the first half of 2016 experienced a decrease in the number of transactions, down about 6% over the first half of 2015. The average and median sale prices decreased as well in the fist half of 2016. The average sale price decreased by about 3% and the median sale price decreased about 33%, but the single family home segment average sale price increased by 11%.
$204,908 AVERAGE SALE PRICE
$108,000 181
MID-YEAR 2016 Overall Market
MEDIAN SALE PRICE
The inventory shortage did not show much change in the first half of 2016, with the number of active listings decreasing by 5%. Without a large increase in inventory, supply will likely continue to be a contributing factor in the 2016 real estate market.
TOTAL NUMBER OF TRANSACTIONS
-5%
HIGHEST SALE $1,475,000 (single family) LOWEST SALE $60,000 (commercial)
DECREASE IN INVENTORY
SOLD | List Price: $369,000 | Victor, Idaho
MID-YEAR 2016 Single Family
MID-YEAR 2016
The single family segment continues to be strong. The average sale price was up 11% from $360,495 in 2015 to $403,443 in the first half of 2016, and the median sales price was up 15% from $280,500 in 2015 to $323,000 in 2016.
This segment of the market continues to show growth in 2016 with number of transactions up 9%. The median sale price increasing as well, up 26%. The average sale price was $67,558 and the median sale price was $57,500.
# of Transactions 63 (down -13%)
# of Transactions 93 (up 9%)
Total Dollar Volume $25,416,900
Total Dollar Volume $6,282,900
Inventory 317 (up 2%) Average Sale Price $403,443 Median Sale Price $323,000
Vacant Land
15%
MEDIAN SALE PRICE
Inventory 641 (down -7%) Average Sale Price $67,558 Median Sale Price $57,500
26%
MEDIAN SALE PRICE
MID-YEAR 2016 Commercial
MID-YEAR 2016 Alta, Wyoming
Commercial transactions and total dollar volume were down in the first half of 2016 with average and median sale prices down as well. The average sale price was $201,750 and the median sale price was $123,500.
Alta, Wyoming showed an increase in number of transactions when compared to the first half of 2015 as well as an increase in number of new listings, up 5%. Majority of transactions were vacant land sales, and majority of new listings were single family homes.
# of Transactions 6 (down -40%)
# of Transactions 8 (up 33%)
Total Dollar Volume $1,210,500
Total Dollar Volume $1,886,000
Inventory 41 (down -22%) Average Sale Price $201,750 Median Sale Price $123,500
-47% MEDIAN SALE PRICE
Inventory 68 (up 8%) Average Sale Price $235,750
-29% MEDIAN SALE PRICE
Median Sale Price $225,000
SOLD | List Price: $499,000 | Tetonia, Idaho
307 733 6060 tel 307 733 3483 fax www.JHREA.com www.starvalleyrealestate.com www.jhreatetonvalley.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