JH Market Report Year-End

YEAR-END

2017

JACK SO N HOLE R EAL E STAT E M A R K ET R EP ORT

The Market Report 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 the region. 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 independent affiliate networks, Christie’s International Real Estate and Leading Real Estate Companies of the World, we are able to offer the ideal balance of local expertise and global reach.

Jackson Hole Real Estate Associates THE REGION’S LARGEST REAL ESTATE COMPANY

As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable destination. We are committed to being the leading luxury real estate brand in the Teton region. By staying on top of market trends and continually striving to offer cutting edge marketing and advertising services we deliver extraordinary experiences to clients and exceed their expectations.

As a market leader in Jackson Hole, we believe the success of our company is based on the value that we provide for our clients, community and agents. It is this value-driven philosophy that has helped to guide the successful growth of our organization. There is no real estate company in the region that provides more exposure for listings or more choices for buyers.

“

Jackson Hole Real Estate Associates represented and closed the most expensive residential transaction in 2017.

Cover Image: SOLD | List Price: $16,950,000 | Crescent H Ranch

* 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. * Statistics are cumulative.

M A RK E T H IGH LIGHTS

15%

AVERAGE SALE PRICE

3%

MEDIAN SALE PRICE

15%

TOTAL DOLLAR VOLUME

1%

TOTAL TRANSACTIONS

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 2017 year-end. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.

Do not hesitate to contact a real estate professional for a market report in your specific area.

M A RK E T H IGH LIGHTS SALES DISTRIBUTION BY SEGMENT

295

SINGLE FAMILY

36%

TRANSACTIONS UNDER $1 MILLION

CONDO/TOWNHOME

36%

VACANT LAND

19%

213

34

OTHER

9%

TRANSACTIONS $1-5 MILLION

SALES DISTRIBUTION BY PRICE

TRANSACTIONS $5 MILLION+

UNDER $500K

18%

37%

26%

HIGHEST SALE $53,000,000 *List Price LOWEST SALE $270,000

13%

6%

$500K-$1M

$1M-$2M

$2-$5M

OVER $5M

2017 YEAR-END Overall Market Persistent demand and lean supply drove prices upward in 2017. Even though the number of transactions remained steady, average and median sale prices increased by 15%

631

and 3%, respectively. The south of Jackson area received

TOTAL NUMBER OF TRANSACTIONS

the largest increase in the number of transactions, up nearly

60% compared to last year. This is primarily due to the success of the Snake River Sporting Club development, which had 26 transactions in 2017. Properties in the $500,000- $1 million price range were the most

1% increase compared to 2016 year-end

$1,564,158

AVERAGE SALE PRICE

15% increase compared to 2016 year-end

popular representing

about 37% of total transactions.

$897,250 MEDIAN SALE PRICE

Active listings declined 23% compared to last year which

3% increase compared to 2016 year-end

caused an even more competitive environment for buyers.

With 50 properties under contract at 2017 year-end, the start to the new year is expected to follow much of the same pattern of 2017.

“

2017 marked the second year since 2007 that the total dollar volume exceeded over $1 billion.

-23%

DECREASE IN INVENTORY

SOLD | List Price: $1,400,000 | North of Jackson

2017 YEAR-END SINGLE FAMILY The single family segment was 36% of total transactions in 2017.

Nearly 40% of the transactions took place in the $1 million-$2

# of Transactions 230

-11%

Total Dollar Volume 7% Minimum Price Sold $449,900 Maximum Price Sold $16,950,000 *List Price Average Sale Price $2,145,353

25%

Median Sale Price $1,300,000

17%

and median sale prices. The median sale price increased to

Average Days on the Market 207

-4%

$1,300,000.

# Pending Transactions 24

26%

Inventory 127

-4%

million price range. Shrinking supply of single family homes on the market (down 4%) contributed to the increase in average

2017 YEAR-END CONDOMINIUM AND TOWNHOME

# of Transactions 229

5%

Total Dollar Volume 46% Minimum Price Sold $270,000

The number of condominium/townhome transactions increased 5% in 2017. The 45% increase in average sale price was attributed to several large transactions in the Shooting Star development in Teton Village. The majority of transactions took place in the

Maximum Price Sold $6,500,000 Average Sale Price $1,132,801 Median Sale Price $599,000

$500,000-$1 million price range. Inventory took a dramatic 60%

Average Days on the Market 115

drop compared to last year.

# Pending Transactions 15 Inventory 36

45% 5% -28% 200% -60%

SOLD | List Price: $1,465,000 | Town of Jackson

SOLD | List Price: $5,000,000 | Wilson, WY

2017 YEAR-END VACANT LAND As single family inventory decreased, vacant land transactions increased. This was evidenced by the 28% increase in vacant land transactions compared to 2016. The north of Jackson area had double the number of transactions, and the south of Jackson area had large increases as well.

# of Transactions 123

28%

Total Dollar Volume 7% Minimum Price Sold $273,423 Maximum Price Sold $7,025,000 Average Sale Price $1,283,957

-15%

Median Sale Price $850,000

-8%

Average Days on the Market 449

17%

# Pending Transactions 6

-33%

Inventory 99

-38%

2017 YEAR-END LUXURY

# of Transactions 56

Jackson Hole’s luxury market (defined as transactions over $3

Minimum Price Sold $3,000,000

million) remained strong through 2017 with a 12% increase in transactions as well as average and median sale price increases.

Teton Village was home to the vast majority of luxury transactions, yet other Westbank locales also had notable increases. Luxury

12%

Total Dollar Volume 28%

Maximum Price Sold $53,000,000 *List Price Average Sale Price $5,596,864

16%

Median Sale Price $4,272,500

12%

vacant land transactions increased 57%. Over 70% of the buyers in

Average Days on the Market 384

-10%

this segment purchased with cash.

# Pending Transactions 7

-13%

Inventory 107

5%

**Note: In the luxury segment, the small number of transactions affects any comparison on a percentage basis.

SOLD | List Price: $16,950,000 | Wilson, WY

SOLD | List Prices: $950,000-$1,425,000 | Teton Village, WY

2017 YEAR-END COMMERCIAL

# of Transactions 35

-13%

Total Dollar Volume 26% Minimum Price Sold $601,000

The number of commercial transactions decreased 13% compared to last year. Nonetheless, the total dollar volume increased 26%

Maximum Price Sold $5,500,000 *List Price Average Sale Price $2,149,300

-13%

majority of commercial transactions took place in the $1 million-$2

Median Sale Price $1,475,000

5%

million price range.

Average Days on the Market 231

-17%

# Pending Transactions 4

-20%

due to several large scale commercial lodging transactions. The

Inventory 19

19%

2017 YEAR-END FARM AND RANCH

# of Transactions 20

-20%

Total Dollar Volume 77% Minimum Price Sold $456,450

Farm and ranch transactions in Teton County decreased about 20% compared to last year. However, several large farm and ranch transactions with considerable infrastructures sold increasing total dollar volume by 77%.

Maximum Price Sold $53,000,000 *List Price Average Sale Price $5,791,381

121%

Average Days on the Market 294

-47%

# Pending Transactions 5 Inventory 121

no change

17%

SOLD | List Price: $19,995,000 | Centennial, WY

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 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