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JAC K S O N H O L E R E A L E S TAT E

MARKET RE PO RT

QUARTER 1

2 019


The Market Report Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive database. Our Market Report, unlike others in the area, is derived from this proprietary, fortyyear old database (not just MLS data) and draws on our brokerage’s decades of success, making it the most trusted and accurate real estate report in the region. No other brokerage or agent has the resources available to offer this depth of expertise or insight into 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, allows us 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 strategies we deliver extraordinary experiences that exceed our clients’ 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: 1200 S. Creamery Lane | List Price: $17,775,000 | Town of Jackson


M A RK E T H IGH LIGHTS

FI R ST Q UARTER 20 19

79%

AVERAGE SALE PRICE

73%

MEDIAN SALE PRICE

39%

TOTAL DOLLAR VOLUME

-11%

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 2019. In this detailed report, you will find information on the market segments making up the region. As the leading brokerage in Jackson Hole, we have developed a dynamic report that sheds fresh light on the trends that are shaping our real estate market.

Please do not hesitate to contact Christy and Garth Gillespie for more information specific to your area.


M A RK E T H IGH LIGHTS

F I R ST Q UARTER 20 19 SALES DISTRIBUTION BY SEGMENT

43

40%

TRANSACTIONS UNDER $1 MILLION

11

SINGLE FAMILY

44%

CONDO/TOWNHOME

VACANT LAND

9%

54

OTHER

7%

SALES DISTRIBUTION BY PRICE

TRANSACTIONS $1-5 MILLION

UNDER $500K

19%

TRANSACTIONS $5 MILLION+

$500K-$1M

20%

28%

HIGHEST SALE $17,000,000 LOWEST SALE $300,000

22%

10%

$1M-$2M

$2-$5M

OVER $5M


FIRST QUARTER 2019 Market Overview The Jackson Hole real estate market is off to a strong start through the first quarter of 2019, buoyed by continued demand for high-dollar properties. Although the number of transactions fell 11% in the first quarter compared to the same period a year

$2,156,778

AVERAGE SALE PRICE 79% increase over Q1 2018

earlier, the average sale price increased 79%.

$1,385,000

That jump was driven primarily by sales between

MEDIAN SALE PRICE 73% increase over Q1 2018

$2 – $5 million, which jumped 71%, and sales above $5 million, which grew 83%, compared to the first quarter of 2018. The acceleration on the upper end of the market pushed up the overall average and median sale prices, which emphasizes the need to

126

TOTAL TRANSACTIONS 11% decrease from Q1 2018

consider each segment independently. Single-family homes made up the lion’s share of transactions, 44%, followed closely by condominiums and townhomes, which accounted for 40%. Overall, inventory dropped again, down 10% from the first quarter of 2018. Properties are also continuing to sell faster, with the average time on market down to 176 days.

-10%

DECREASE IN INVENTORY


SOLD | List Price: $2,900,000 | Bar Y Estates

FIRST QUARTER 2019 SINGLE-FAMILY Single-family homes made up the most sales in the first quarter at a transaction volume comparable to Q1 2018. A home that sold south of Jackson listed at $17,775,000 skewed the average sale price in this

# of Transactions 56

0%

Total Dollar Volume

73%

Minimum Price Sold $567,500

29%

Maximum Price Sold $17,000,000

89%

Average Sale Price $3,028,767

109%

family homebuyers gravitated to the more spectacular properties in the

Median Sale Price $2,127,500

100%

valley; the $2 million+ properties accounted for more than half (51%) of

Average Days on the Market 204

segment, resulting in a 109% increase. Mirroring the overall market, single-

sales. In turn, the median sale price doubled compared to Q1 2018. The Aspens and Teton Pines areas experienced the largest increase in sales, up 300%. The number of active single-family home listings increased 27%. Homes sold about 13% slower than a year ago.

# Pending Transactions 12 Inventory 107

13% -63% 27%


FIRST QUARTER 2019 CONDOMINIUM & TOWNHOME The condominium and townhome market received a small bump in the number of transactions, up 6%, due in part to new inventory at the Virginian Village in the Town of Jackson. While this entry-level product boosted the under $500,000 price segment, up 46%, the $1 – $2 million segment had 200% more sales compared to the same period in 2018. The popularity of

# of Transactions 51

6%

Total Dollar Volume

32%

Minimum Price Sold $300,000

0%

Maximum Price Sold $7,075,000

9%

Average Sale Price $1,051,835

47%

Median Sale Price $587,500

-2%

this segment drove up the average sale price 47% compared to Q1 of 2018.

Average Days on the Market 93

The number of active listings dropped about 18%, and these properties

# Pending Transactions 16

are selling about 28% faster than a year ago.

Inventory 37

-28% 0% -18%

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


SOLD | List Price: $775,000 | North of Town

FIRST QUARTER 2019 VACANT LAND

# of Transactions 11

-54%

Total Dollar Volume

-5%

Minimum Price Sold $425,000

18%

Maximum Price Sold $7,700,00

10%

only 11 sales, a few high dollar transactions pushed the average sale

Average Sale Price $2,662,500

132%

price up 132%. The number of properties under contract was up 100%,

Median Sale Price $1,875,000

134%

Average Days on the Market 323

-42%

# Pending Transactions 10

100%

Record snowfall in February may have kept vacant land buyers indoors, or perhaps they were too busy on the slopes. The number of transactions in this segment dipped about 54% from the same period in 2018. With

and the properties are selling about 42% quicker than Q1 2018. Even with an 8% drop in active listings available, this segment of the market is not considered to have a shortage of inventory, and as the snow melts this segment is sure to see more activity.

Inventory 95

-8%


FIRST QUARTER 2019 LUXURY

# of Transactions 20

33%

Total Dollar Volume

71%

Following trends from the end of 2018, the first quarter saw an abundance

Maximum Price Sold $17,000,000

89%

Average Sale Price $5,741,944

48%

period a year earlier. The average and median sale prices in this segment

Median Sale Price $4,532,500

33%

increased 48% and 33%, respectively. The Westbank area consumed 60%

Average Days on the Market 274

20%

# Pending Transactions 6

-57%

Inventory 101

28%

of luxury sales (properties listed for $3 million or more). There were 33% more luxury sales in the first quarter of 2019 compared to the same

of these luxury sales. Residential properties accounted for 90% of luxury sales. The remaining 10% were vacant lots. Inventory of these high-dollar properties received a boost in the first quarter, up about 28% compared to the same time in 2018.

SOLD | List Price: $7,950,000 | Wilson


MARKET REPORT PRESENTED TO YOU BY:

DO NOT HESITATE TO CONTACT US FOR A MARKET REPORT IN YOUR SPECIFIC NEIGHBORHOOD OR AREA. JHEXPERTS.COM 307 413 5242 GILLESPIETEAM@JHREA.COM

Profile for The Gillespie Team

Jackson Hole Real Estate Market Report | 2019 Quarter 1  

Jackson Hole Real Estate Market Report | 2019 Quarter 1  

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