Jackson Hole Real Estate Associates Market Report | Third-Quarter 2018

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

M ARK E T REPORT

THIRD Q UA RTER 20 18

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. With 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: Horse Creek Mesa | List Price: $4,950,000 | South of Jackson

M A RK E T H IGH LIGHTS

YE AR TO DATE 201 8 v s. 201 7

7%

AVERAGE SALE PRICE

13%

MEDIAN SALE PRICE

35%

TOTAL DOLLAR VOLUME

12%

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 third 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

YE AR TO DATE 201 8 v s. 201 7 SALES DISTRIBUTION BY SEGMENT

216

45%

34%

TRANSACTIONS UNDER $1 MILLION

35

OTHER

8%

SALES DISTRIBUTION BY PRICE

TRANSACTIONS $1-5 MILLION

UNDER $500K

13%

TRANSACTIONS $5 MILLION+

35%

25%

HIGHEST SALE $35,000,000 LOWEST SALE $290,000

CONDO/TOWNHOME

VACANT LAND

13%

202

SINGLE FAMILY

19%

*List Price 8%

$500K-$1M

$1M-$2M

$2-$5M

OVER $5M

First Three Quarters 2018 Overall Market

520

The real estate market in Jackson Hole so far in 2018

more sales and a 13% increase in median sale price

TOTAL NUMBER OF TRANSACTIONS

continues its strong path with 12%

compared to a year ago. Rising prices have caused supply of properties under $500,000 to dwindle, which is apparent in the 21% decrease in transactions under $500,000. The majority of transactions took place in the $500,000 - $1 million segment, accounting for 35% of the sales so far this year. The $2 million - $5 million segment had the largest

12% increase compared to 2017

$1,660,324

AVERAGE SALE PRICE 7% increase compared to 2017

$987,500

MEDIAN SALE PRICE 13% increase compared to 2017

increase in transactions, up 83% compared to a year ago.

The Town of Jackson continues it’s reign with the most

sales of any area, by far. Inventory continues to decrease, down about 19%, which has contributed to the 16% decrease in the average amount of days a property is on the market.

-19%

DECREASE IN INVENTORY

SOLD | List Price: $825,000 | South of Jackson

THIRD QUARTER 2018 SINGLE FAMILY The single family home segment of Jackson Hole’s real estate market has been tremendous so far in 2018. The number of transactions

# of Transactions 234

42%

Total Dollar Volume

63%

Minimum Price Sold $440,000 Maximum Price Sold $14,995,000

*List Price

and 19%, respectively. The Town of Jackson, where the majority of the

Average Sale Price $2,250,720

8%

home sales occurred, experienced a 28% jump in average sale price.

Median Sale Price $1,495,000

19%

Average Days on the Market 191

-9%

over $2 million. Inventory continues to decrease, down about 23%,

# Pending Transactions 39

18%

which has contributed to the 9% decrease in the average number of

Inventory 148

increased 42% with average and median sale prices increasing 8%

Most of the single family home sales occurred in the $1 million - $2 million segment, however, about 40% of single family homes sold for

days it takes to sell a property.

-23%

THIRD QUARTER 2018 CONDOMINIUM & TOWNHOME Mirroring the overall market, condos and townhomes experienced an increased number of transactions, up 7% compared to a year ago.

# of Transactions 179 Total Dollar Volume

7% -11%

Minimum Price Sold $290,000

About half of all condominium/townhome transactions were in the

Maximum Price Sold $6,900,000

*List Price

$500,000-$1 million segment. The majority of transactions occurred in

Average Sale Price $894,311

-26%

Median Sale Price $632,500

5%

Average Days on the Market 127

3%

the Town of Jackson and Teton Village, however, the areas known as The Aspens and Teton Pines had remarkable increases, with transactions up nearly 80% from a year ago. Inventory in this category dropped about 17%, and, with 27 properties under contract, the remainder of the year will be solid for condos/townhomes.

# Pending Transactions 27

13%

Inventory 45

-17%

SOLD | List Price: $599,500 | South of Jackson

SOLD | List Price: $2,500,000 | South of Jackson

THIRD QUARTER 2018 VACANT LAND

# of Transactions 66

-23%

Total Dollar Volume

40%

Minimum Price Sold $360,000

*List Price

soared, up 29% and 9% respectively. Teton Village doubled its number of

Maximum Price Sold $35,000,000

*List Price

land sales primarily due to the roll-out of the Shooting Star subdivision’s final

Average Sale Price $1,485,286

29%

In comparison to the first 9 months of last year, the number of land sales decreased about 23%. Nonetheless, average and median sale prices

phase. Most transactions occurred in the $500,000 - $1 million segment, making up about 36% of sales. Only 16% of sales were under $500,000 and

Median Sale Price $825,000

9%

9% were over $5 million. Once again, inventory continued to decline, down

Average Days on the Market 389

12%. Also worth noting, about 75% of sales were cash transactions, which

# Pending Transactions 12

-25%

Inventory 134

-12%

was significantly higher than any other segment of the market.

-5%

THIRD QUARTER 2018 LUXURY

# of Transactions 72

106%

2018 has been a remarkable year for luxury properties in Jackson Hole.

Total Dollar Volume

95%

The number of transactions over $3 million increased 106% compared to the first three quarters of last year. Most of these sales occurred in the Teton

Maximum Price Sold $35,000,000

*List Price

Average Sale Price $4,936,389

-15%

Median Sale Price $4,650,000

15%

listed for $35,000,000. There were 14 luxury land sales and 58 luxury

Average Days on the Market 284

-18%

residential sales. Inventory increased a slight 5% compared to a year ago,

# Pending Transactions 14

17%

Inventory 127

5%

Village area, followed closely by various neighborhoods north of Wilson. The highest sale so far in 2018 was a ranch property along Spring Gulch Road consisting of equestrian facilities and several developable residential parcels

however, the average number of days to sell a luxury listing fell about 18%.

*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 | $6,500,000 | Town of Jackson

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