Jackson Hole Market Report | 2016 Quarter 1

QUARTER 1

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

Last year Jackson Hole Real Estate Associates was named 2014 Global Affiliate of the Year by Christie’s International Real Estate. We have twice been recognized for this award, 2011 and 2014. This top honor recognizes networkwide 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 their nearest competitor in 2015.

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.

M A RK E T H IGH LIGHTS

-15%

TOTAL DOLLAR VOLUME

14%

AVERAGE SALE PRICE On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the newly redesigned 2016 first quarter comprehensive market report for 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.

25%

MEDIAN SALE PRICE

In the first quarter of 2016, transactions decreased, but average and median sales prices continued to increase.

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

35

35%

TRANSACTIONS UNDER $1 MILLION

37%

5

OTHER

12%

TRANSACTIONS $1-5 MILLION

SALES DISTRIBUTION BY PRICE

TRANSACTIONS $5 MILLION+

UNDER $500K

16%

$500K-$1M

27%

33%

HIGHEST SALE $10,250,000 LOWEST SALE $264,000

CONDO/TOWNHOME

VACANT LAND

16%

41

SINGLE FAMILY

17%

6%

$1M-$2M

$2-$5M

OVER $5M

Q1 2016 Overall Market

The overall market in the first quarter of 2016 experienced a decrease in the number of transactions, down about 23% over the first quarter of 2015. While the number of transactions fell, the average and median sale prices continued to increase. The average sale price increased by about 14% and the median sale price increased about 25%, to $1,025,000. The increase in average and median sale prices can be attributed to supply and demand forces, and a shift in the price point of transactions, a trend experienced throughout 2015. Approximately 1/3rd of the transactions in the first quarter took place in the $1 million-$2 million range, up about 17% compared to the first quarter of last year. In contrast, the number of transactions under $500,000 fell over 50%, and transactions between $500,000 and $1 million were down nearly 30%.

The inventory shortage throughout 2015 did not show much change in the first quarter of 2016, with the number of active listings slightly up 4%. Without a large increase in inventory, supply will likely continue to be a contributing factor in the 2016 real estate market. Currently, there are 72 properties pending in the market setting up the next quarter to easily exceed the first quarter’s transactions.

102

TOTAL NUMBER OF TRANSACTIONS Q1 2016

23% decrease

compared to Q1 2015

$1,635,095

AVERAGE SALE PRICE Q1 2016

$1,025,000

MEDIAN SALE PRICE Q1 2016

4%

INCREASE IN INVENTORY

SOLD | 15-2437 | List Price: $1,795,000

Q1 2016 Single Family

# of Single Family Transactions 36

The single family segment of the market experienced roughly the same number of transactions when compared to the first quarter of 2015. The average and median sale prices increased 13% and 15%, respectively.

There were no single family home sales under $500,000 and nearly half of the transactions took place in the $1 million - $2 million range. Single family homes located in the Town of Jackson, where the majority of single family home sales took place, produced a 13% increase in average sale price.

-3%

NUMBER OF TRANSACTIONS

7%

TOTAL DOLLAR VOLUME

13%

AVERAGE SALE PRICE

14%

INVENTORY

% Change in Transactions from 2015 -3% Minimum Price Sold $620,000 Maximum Price Sold $10,250,000 Average Sale Price $2,374,891 Median Sale Price $1,350,000 Average Days on the Market 270 # Pending Transactions 19

Q1 2016 Condominium & Townhome

# of Condominium/Townhomes Transactions 38

The number of transactions in the condominium/townhome segment of the market decreased about 22% compared to the first quarter of 2015.

The average sale price also decreased significantly, down about 26% from this time last year. These decreases can primarily be attributed to the high-end condominium/townhome transactions that took place in the Teton Village area last year. Nearly half of all condominium/townhome transactions in the first quarter of 2016 were in the $500,000-$1 million range.

-22%

NUMBER OF TRANSACTIONS

-33%

TOTAL DOLLAR VOLUME

-26% AVERAGE SALE PRICE

12.5% INVENTORY

% Change in Transactions from 2015 -22% Minimum Price Sold $264,000 Maximum Price Sold $3,750,000 Average Sale Price $832,837 Median Sale Price $605,000 Average Days on the Market 156 # Pending Transactions 17

SOLD | 15-2997 | List Price: $1,250,000

SOLD | 14-564 | List Price: $14,200,000

Q1 2016 Vacant Land

# of Vacant Land Transactions 16

The vacant land segment of the market struggled to keep pace with the first quarter of 2015, with about 54% fewer transactions. One substantial ranch sale contributed to the average sale price increase, up about 52%. However, the median sale price, a more accurate indicator, increased about 13%. The majority of vacant land transactions took place in the Teton Village area spurred by the success of the Shooting Star development.

% Change in Transactions from 2015 -54% Minimum Price Sold $360,000 Maximum Price Sold $7,990,000 (ranch property) Average Sale Price $1,818,333 Median Sale Price $875,000

-54%

NUMBER OF TRANSACTIONS

-51%

TOTAL DOLLAR VOLUME

52%

AVERAGE SALE PRICE

-9.5% INVENTORY

Average Days on the Market 465 # Pending Transactions 15

Q1 2016 Luxury

# of Luxury Transactions 11

The luxury segment of the market, defined as transactions over $3 million, followed overall market trends, producing about 20% fewer transactions. The market share of luxury transactions kept pace at about 11% of the total market. Overall, the luxury market was comparable to the first quarter of 2015. * It is important to note in the luxury segment, the small number of transaction size affects any comparison on a percentage basis.

% Change in Transactions from 2015 -21% Minimum Price Sold $3,000,000 Maximum Price Sold $10,250,000 Average Sale Price $5,901,875 Median Sale Price $5,462,500

-21%

NUMBER OF TRANSACTIONS

-21%

TOTAL DOLLAR VOLUME

15%

AVERAGE SALE PRICE

-1%

INVENTORY

Average Days on the Market 468 # Pending Transactions 4

SOLD | 15-2269 | List Price: $7,900,000

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 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