YEAR-END
2016
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 global luxury real estate network, Christie’s International Real Estate, we are able to offer the ideal balance of local expertise and global reach. As the market leader in the Jackson Hole region, we believe the success of our company is based on the value that we provide for our clients, community and agents.
Jackson Hole Real Estate Associates THE REGION’S LARGEST REAL ESTATE COMPANY
Jackson Hole Real Estate Associates was named Global Affiliate of the Year by Christie’s International Real Estate, 2011 and 2014. We have twice been recognized for this award. This top honor recognizes network-wide excellence in branding, marketing and innovation. 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 produced more than double the number of listings and 40% more transactions than our nearest competitor in 2016. Jackson Hole Real Estate Associates is committed to being the leading luxury real estate brand in the Teton region. By staying on top of market trends and continuing to offer cutting edge services we deliver extraordinary experiences to clients and exceed their expectations. Please do not hesitate to contact any of our real estate professionals for a consultation or a market update in your area.
* 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. Statistics are cumulative. * All statistics are supplied by sources that have been deemed reliable but are not guaranteed. Cover Image: Sold | List Price: $3,395,000 | 3 Creek Ranch, South of Jackson
M A RK E T H IGH LIGHTS
3%
AVERAGE SALE PRICE
2%
MEDIAN SALE PRICE
-17%
TOTAL DOLLAR VOLUME
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 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. 2016 was another big year for the Jackson Hole real estate market. Average and median sale prices increased, and properties sold 10% faster.
M A RK E T H IGH LIGHTS SALES DISTRIBUTION BY SEGMENT
286
41%
CONDO/TOWNHOME
35%
TRANSACTIONS UNDER $1 MILLION
VACANT LAND
15%
212
21
COMMERCIAL
6%
OTHER
2%
TRANSACTIONS $1-5 MILLION SALES DISTRIBUTION BY PRICE
TRANSACTIONS $5 MILLION+
UNDER $500K
17%
38%
26%
HIGHEST SALE $18,500,000 LOWEST SALE $240,000 * Statistics are cumulative.
SINGLE FAMILY
15%
4%
$500K-$1M
$1M-$2M
$2-$5M
OVER $5M
YEAR-END 2016 Overall Market
The overall market trends continued in 2016. The average and median sale prices remained strong with a 3% and 2% gain, respectively. The decrease in number of transactions and increase in average and median sale prices can be attributed to the continued shortage of inventory, down about 13% when compared to 2015. Another indicator was the decrease in average days on the market; properties sold 10% faster in 2016 than they did in 2015. The number of transactions in 2016 decreased when compared to 2015, with about 13% fewer transactions. Transactions in the under $500,000 price segment were sporadic with about 31% fewer transactions. The majority of transactions took place in the $500,000-$1 million price segment. The number of active listings dropped in 2016, down 13% compared to 2015. Low inventory continued to be a factor in the supply and demand of Jackson Hole’s real estate market.
627
TOTAL NUMBER OF TRANSACTIONS YEAR-END 2016
13% decrease
compared to YEAR-END 2015
$1,356,101
AVERAGE SALE PRICE YEAR-END 2016
$875,000 2% increase
compared to YEAR-END 2015
3% increase
compared to YEAR-END 2015
MEDIAN SALE PRICE YEAR-END 2016
13%
DECREASE IN INVENTORY
SOLD | List Price: $3,700,000 | Wilson, Wyoming
YEAR-END 2016 Single Family
# of Single Family Transactions 259
This segment of the market remained stable in 2016. Only 6 more transactions in 2016 than in 2015, and a 3% decrease in average sale price. A 21% decrease in transactions over $5 million brought the average sale price down. Single family home inventory remained relatively low, down approximately 13%. This was about 6 months’ worth of inventory. The average days on market decreased as well, down about 7%. There was a 27% increase in the number of homes under contract at the end of 2016 setting up for a strong start to 2017.
% Change in Transactions from 2015 2% Minimum Price Sold $355,000 Maximum Price Sold $10,250,000 Average Sale Price $1,721,735 Median Sale Price $1,110,000
2%
NUMBER OF TRANSACTIONS
* Statistics are cumulative.
-8%
TOTAL DOLLAR VOLUME
-3%
AVERAGE SALE PRICE
-13%
INVENTORY
Average Days on the Market 215 # Pending Transactions 19
YEAR-END 2016 Condominium & Townhome
# of Condominium/Townhomes Transactions 219
Condominium/townhome segment had mixed results at the end of 2016. Number of transactions were down about 13%. Average sale price decreased slightly, but the median sale price increased nearly 10%. This can be attributed to the decrease in transactions in the over $5 million price segment, an 88% decrease, and the increase in transactions in the $500,000-$1 million segment, up 27%. Inventory increased about 7%, which equated to nearly 5 months’ worth of inventory. The Town of Jackson and Teton Village were the two primary areas for condominium/ townhome transactions, but both had fewer transactions when compared to 2015. The Spring Creek Ranch area had improved growth in 2016.
% Change in Transactions from 2015 -13% Minimum Price Sold $240,000 Maximum Price Sold $5,500,000 Average Sale Price $780,542 Median Sale Price $570,000
-13%
NUMBER OF TRANSACTIONS
-23%
TOTAL DOLLAR VOLUME
-3%
AVERAGE SALE PRICE
7%
INVENTORY
Average Days on the Market 160 # Pending Transactions 5
SOLD | List Price: $5,500,000 | Teton Village, Wyoming
SOLD | List Price: $1,775,000 | North of Jackson
YEAR-END 2016 Vacant Land
# of Vacant Land Transactions 96
Vacant land transactions decreased in 2016, down approximately 33%, when compared to the growth in 2015. However, the average and median sale prices increased 26% and 11%, respectively. This can be attributed to a shift in price segment of transactions. 50% of vacant land transactions took place in the $1 million-$5 million price segment. Simultaneously, the number of transactions in the under $500,000 price segment decreased nearly 50%. The average days on market decreased 21%. Inventory remained consistent with about 20 months’ worth of inventory, a number that will continue to impact the price of vacant land.
% Change in Transactions from 2015 -33% Minimum Price Sold $290,000 Maximum Price Sold $10,500,000 Average Sale Price $1,515,208 Median Sale Price $925,000
-33%
NUMBER OF TRANSACTIONS
* Statistics are cumulative.
-32%
TOTAL DOLLAR VOLUME
26%
AVERAGE SALE PRICE
2%
INVENTORY
Average Days on the Market 382 # Pending Transactions 9
YEAR-END 2016 Luxury Luxury properties, defined as transactions over $3 million, had about 18% fewer transactions when compared to 2015. Average and median sale prices remained roughly the same as last year. Luxury inventory dropped slightly, down about 5%. The average days on market was the highest when compared to the other segments of the market at 429. Teton Village had the most luxury transactions in 2016. The highest sale of the year was a 125-acre parcel of land located along the Snake River and was sold by Jackson Hole Real Estate Associates.
# of Luxury Transactions 50 % Change in Transactions from 2015 -18% Minimum Price Sold $3,200,000 Maximum Price Sold $10,500,000 Average Sale Price $4,842,486
* It is important to note in the luxury segment, the small number of transaction size affects any comparison on a percentage basis.
-18%
NUMBER OF TRANSACTIONS
-27%
TOTAL DOLLAR VOLUME
-1%
AVERAGE SALE PRICE
-5%
INVENTORY
Median Sale Price $3,800,000 Average Days on the Market 429 # Pending Transactions 8
SOLD | List Price: $7,900,000 | Wilson, Wyoming
SOLD | List Price: $1,950,000 | Dubois, Wyoming
YEAR-END 2016 Commercial
# of Commercial Transactions 40
Commercial properties in Jackson Hole, particularly in downtown Jackson, were in high demand in 2016. Although, the number of transactions was just shy of last year’s transactions (2015 was a huge year for the commercial segment), there were still 40 commercial transactions in 2016, a 13% decrease from 2015. Nonetheless, the average sale price increased approximately 34%. The majority of commercial transactions took place in the $2 million-$5 million price segment. There was only one transaction under $500,000. Commercial inventory decreased, down about 16% compared to the end of 2015.
% Change in Transactions from 2015 -13% Minimum Price Sold $495,000 Maximum Price Sold $18,500,000 Average Sale Price $2,457,696 Median Sale Price $1,400,000
-13%
NUMBER OF TRANSACTIONS
* Statistics are cumulative.
8%
TOTAL DOLLAR VOLUME
34%
AVERAGE SALE PRICE
-16%
INVENTORY
Average Days on the Market 279 # Pending Transactions 5
YEAR-END 2016 Farm and Ranch
# of Farm & Ranch Transactions 25
Farm and ranch transactions in 2016 increased by only 4 transactions when compared to 2015, however, the average sale price increased considerably, up about 57%. Several significant ranch sales took place in Teton County, Lincoln County, and Sublette County, Wyoming. However, Sublette County, Wyoming contributed to the majority share of the total dollar volume. With just 5 transactions, Sublette County’s dollar volume reached nearly $27 million. At year-end, there were 5 ranch properties under contract, one with a price tag of $53 million.
% Change in Transactions from 2015 19% Minimum Price Sold $248,500 Maximum Price Sold $10,500,000 Average Sale Price $2,619,904 Average Days on the Market 551
19%
NUMBER OF TRANSACTIONS
87%
TOTAL DOLLAR VOLUME
57%
AVERAGE SALE PRICE
-32%
INVENTORY
# Pending Transactions 5 * The statistics set forth in this report reach outside of Jackson Hole to encompass parts of Wyoming, Idaho, and Montana (all MLS areas) to convey the full scope of the farm and ranch real estate market.
SOLD | List Price: $14,200,000 | Wilson, Wyoming
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www.JHREA.com
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