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M I D -Y E A R

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: CLOSED | List Price: $4,950,000 | Wilson, Wyoming


M A RK E T H IGH LIGHTS

10%

AVERAGE SALE PRICE

22%

MEDIAN SALE PRICE

33%

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 mid-year 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

140

41%

TRANSACTIONS UNDER $1 MILLION

CONDO/TOWNHOME

35%

VACANT LAND

14%

115

23

OTHER

10%

TRANSACTIONS $1-5 MILLION

SALES DISTRIBUTION BY PRICE

TRANSACTIONS $5 MILLION+

UNDER $500K

13%

37%

24%

HIGHEST SALE $14,995,000 LOWEST SALE $290,000

SINGLE FAMILY

*List Price

18%

8%

$500K-$1M

$1M-$2M

$2-$5M

OVER $5M


MID-YEAR 2018 Overall Market

Jackson Hole’s real estate market started

325

very strong

TOTAL NUMBER OF TRANSACTIONS

in the first half of 2018 with number of transactions up 11% and average sale price up 10%. Even more important to note was the

increase in median sale price, a more accurate indicator, up 22% from a year ago. The majority of transactions were in

11% increase compared to 2017 Mid-Year

$1,678,313

AVERAGE SALE PRICE 10% increase compared to 2017 Mid-Year

the $500,000 - $1 million price segment, however, there was a sharp increase over last year in transactions

over $5

million, an increase of 77%. This sharp increase drove total dollar volume up by 33% compared to a year ago. The

$949,000 MEDIAN SALE PRICE 22% increase compared to 2017 Mid-Year

single family home segment was the most popular among buyers achieving 41% of the mid-year market share. Inventory continued to decrease as did well-priced new inventory, which was a contributor to the 23% decrease in active listings and 13% decrease in average days on market.

-23%

DECREASE IN INVENTORY


SOLD | List Price: $1,395,000 | Town of Jackson

MID-YEAR 2018 SINGLE FAMILY

# of Transactions 134

30%

Total Dollar Volume 40%

The single family segment grew rapidly in the first half of 2018 with a

Minimum Price Sold $440,000

30% increase in transactions and 12% increase in median sale price.

Maximum Price Sold $14,995,000 *List Price

The majority of transactions were in the $1-2 million segment. The

Average Sale Price $2,160,518

-2%

Median Sale Price $1,360,358

12%

Average Days on the Market 221

-6%

homes currentlyn the market in Jackson Hole dropped about 37%

# Pending Transactions 25

-14%

compared to a year ago, when inventory was already at record lows.

Inventory 128

-37%

$2-$5 million segment experienced the largest increase in sales when compared to the first half of 2017, up 158%. The area of the valley referred to as the Westbank was especially popular. The number of


MID-YEAR 2018 CONDOMINIUM AND TOWNHOME Condominium/townhome transactions increased slightly when compared to the single family segment with the number of transactions up 4% and median sale price up 6%. About half of all condominium/townhome transactions were in the $500,000-$1 million segment. The majority of

# of Transactions 114 Total Dollar Volume 2% Minimum Price Sold $290,000 Maximum Price Sold $6,900,000 Average Sale Price $926,847

transactions occurred in Town of Jackson and Teton Village, however, the

Median Sale Price $635,000

areas known as The Aspens and Teton Pines had remarkable increases,

Average Days on the Market 135

transactions up nearly 90% from a year ago. Inventory in this category

# Pending Transactions 19

dropped dramatically, down 45%, when compared to this time last year.

4%

Inventory 42

*List Price

-14% 6% -5% -10% -45%

SOLD | List Price: $795,000 | Town of Jackson


SOLD | List Price: $1,425,000 | North of Jackson

MID-YEAR 2018 VACANT LAND Transactions were down slightly from 2017, down by 4 transactions, but average and median sale prices increased dramatically due to a few large acreage parcels, particularly in the Fall Creek Road area. The areas with the

-8%

# of Transactions 44 Total Dollar Volume 39% Minimum Price Sold $360,000 *List Price

Maximum Price Sold $10,500,000 *List Price Average Sale Price $1,598,383

43%

Gros Ventre Butte, up 200%. The majority of transactions took place in the

Median Sale Price $817,500

20%

$500,000-$1 million segment. Once again, inventory continued to decline,

Average Days on the Market 450

-5%

down 27%. Also, worth noting, about 73% of sales were cash transactions,

# Pending Transactions 5

-44%

which was significantly higher than any other segment of the market.

Inventory 131

-27%

largest increase in transactions were near Jackson Hole Golf & Tennis and


MID-YEAR 2018 LUXURY The first half of 2018 was remarkably strong for the luxury segment of Jackson’s real estate market. The number of transactions over $3 million increased 144% compared to last year. The median sale

# of Transactions 44

144%

Total Dollar Volume 91% Minimum Price Sold $3,000,000 Maximum Price Sold $14,995,000 *List Price Average Sale Price $4,827,533

-28%*

While every area of the valley had luxury transactions, the majority

Median Sale Price $4,250,000

27%

of the transactions were located in Teton Village and the area north

Average Days on the Market 285

-19%

of Wilson. There were 7 vacant land transactions and 37 residential

# Pending Transactions 8

167%

transactions.

Inventory 102

-18%

price of these luxury properties increased about 27% to $4,250,000.

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

*average sale price decreased due to a large transaction in 2017.

SOLD | List Price: $5,500,000 | Gros Ventre West


307 733 6060  tel 307 733 3483  fax

www.JHREA.com

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

80 West Broadway Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 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

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Jackson Hole Real Estate Market Report | 2018 Mid-Year  

Jackson Hole Real Estate Market Report | 2018 Mid-Year  

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