2018 First Quarter Market Report

QUARTER 1

2018

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.

* 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.

Cover Image: SOLD | List Price: $1,995,000 | North of Jackson

M A RK E T H IGH LIGHTS

-36%

AVERAGE SALE PRICE

-11

MEDIAN SALE PRICE

-2%

TOTAL DOLLAR VOLUME

22%

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 first quarter of 2018. 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

70

40%

TRANSACTIONS UNDER $1 MILLION

CONDO/TOWNHOME

34%

VACANT LAND

16%

43

6

OTHER

10%

TRANSACTIONS $1-5 MILLION

SALES DISTRIBUTION BY PRICE

TRANSACTIONS $5 MILLION+

UNDER $500K

17%

42%

24%

HIGHEST SALE $11,000,000 LOWEST SALE $299,000

SINGLE FAMILY

*List Price

12%

5%

$500K-$1M

$1M-$2M

$2-$5M

OVER $5M

Q1 2018 Overall Market

While the total dollar volume in quarter 1 of 2018 was

141

almost the same as 2017, number of transactions

increased significantly, up 22%. Average

TOTAL NUMBER OF TRANSACTIONS

sale price decreased by 36%, this figure was skewed by a large transaction in 2017. The median sale price decreased by 11% and was a function of the type of property transactions that took place in the beginning of

22% increase compared to 2017 Q1

$1,202,526

AVERAGE SALE PRICE

-36% decrease compared to 2017 Q1

2018. Nearly 60% of the transactions in quarter 1 were in the under $1 million price segment, a 40%

increase

$800,000

when compared to the same period last year. New

MEDIAN SALE PRICE

inventory remained very low driving average days on

-11% decrease compared to 2017 Q1

market down, decreased

15%.

-21%

DECREASE IN INVENTORY

SOLD | List Price: $1,495,000 | Town of Jackson

Q1 2018 SINGLE FAMILY The number of single family home transactions increased about 27%. The average sale price had a large decrease, however,

# of Transactions 56

27%

Total Dollar Volume -13% Minimum Price Sold $440,000 Maximum Price Sold $8,975,000

*List Price

Average Sale Price $1,449,116

-47%

Median Sale Price $1,062,750

-2%

better indicator of actual sale prices. As in years past, the $1

Average Days on the Market 180

-31%

million-$2 million price segment had the most market share.

# Pending Transactions 32

60%

Inventory 84

-32%

this figure was heavily skewed by a large single family home transaction in 2017. The median sale price remained steady, a

Q1 2018 CONDOMINIUM AND TOWNHOME

# of Transactions 48

50%

Total Dollar Volume 49% Minimum Price Sold $299,000

Transactions in the condominium/townhome market increased 50% compared to the same period last year. Condominiums/ townhomes that allow short-term rentals were particularly popular.

The smaller condominium/townhome transactions drove median

Maximum Price Sold $6,500,000

*List Price

Average Sale Price $714,928

-24%

Median Sale Price $599,000

-6%

sale price down. Transactions in the under $500,000 price

Average Days on the Market 130

-25%

segment increased 117% compared to quarter 1 of 2017.

# Pending Transactions 16

-16%

Inventory 45

0%

SOLD | List Price: $860,000 | Teton Village

SOLD | List Price: $2,100,000 | Gros Ventre North

Q1 2018 VACANT LAND Vacant land transactions remained flat when compared to the quarter 1 of 2017. Average and median sale prices also remained relatively unchanged. Vacant land inventory decreased over 20%, but average number of days on market increased 58%. Over 75% of vacant land purchases were cash purchases.

# of Transactions 24

0%

Total Dollar Volume 4% Minimum Price Sold $360,000

*List Price

Maximum Price Sold $7,00,000

*List Price

Average Sale Price $1,145,441

-3%

Median Sale Price $800,000

0%

Average Days on the Market 559

58%

# Pending Transactions 5

-44%

Inventory 103

-21%

Q1 2018 LUXURY

# of Transactions 15

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

Minimum Price Sold $3,000,000

million) remained strong in the beginning of 2018 with a 15% increase in transactions and a 10% increase in median sale price.

There were 3 luxury vacant land transactions and 12 residential transactions. The multitude of luxury transactions, about 80%,

25%

Total Dollar Volume -17%

Maximum Price Sold $8,975,000

*List Price

Average Sale Price $3,872,857

-48%

Median Sale Price $3,400,000

10%

took place in the area known as Westbank. About 2/3 of luxury

Average Days on the Market 228

purchases were cash transactions.

# Pending Transactions 14 Inventory 79

-27% 367% -23%

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

SOLD | List Price: $2,295,000 | Town of Jackson

307 733 6060 tel 307 733 3483 fax

www.JHREA.com

www.starvalleyrealestate.com www.tetonvalleyidahorealestate.com www.westernranches.com

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