Star Valley Real Estate Market Report | 2016 Mid-Year

M I D -Y E A R

2016

STAR VAL LE Y R EAL E STAT E M A R K ET R EP ORT

The Market Report This report gives a broad overview of the Star Valley real estate market, however, each neighborhood and property in the Star Valley area is unique and requires individual analysis for an accurate estimate of value and the market conditions which affect the value. Contact any of our professionals at Jackson Hole Real Estate Associates for a more in-depth analysis of a specific neighborhood or property.

Jackson Hole Real Estate Associates exclusively owns and maintains the oldest and most comprehensive market database.

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 luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach.

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our newly redesigned comprehensive market report for the first half of 2016. In this detailed report, you will find information on the market segments making up the Star Valley area. As the market leader in the Jackson Hole area, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.

In the first half of 2016, average and median sales prices increased as inventory continued to decrease.

13%

AVERAGE SALE PRICE

9%

MEDIAN SALE PRICE

* The statistics used in this report are from the Teton Board of Realtors Multiple Listing Service (MLS) * 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.

MID-YEAR 2016 Overall Market

M A RK E T H IGH LIGHTS

The overall market in the first half of 2016 experienced a decrease in the number of transactions, down about 5% over the first quarter of 2015. While the number of transactions fell, the average and median sale prices increased in the fist half of 2016. The average sale price increased by about 13% and the median sale price increased about 9%. The total number of transactions decreased 5%, from 171 sales in the first half of 2015 to 163 sales in the first half of 2016. Sales volume increased from $34,561,148 to $37,107,906. up about 7%.

$227,656 AVERAGE SALE PRICE

$184,000 163

MEDIAN SALE PRICE

The inventory shortage did not show much change in the first half of 2016, with the number of active listings only increasing 4%. Without a large increase in inventory, supply will likely continue to be a contributing factor in the 2016 real estate market.

TOTAL NUMBER OF TRANSACTIONS

4%

HIGHEST SALE $4,000,000 (single family in Alpine) LOWEST SALE $5,000 (lot in Star Valley Ranches)

INCREASE IN INVENTORY

SOLD | List Price: $540,000 | Alpine, Wyoming

MID-YEAR 2016 Single Family

MID-YEAR 2016

As of mid-year 2016, single family transactions were down 17% compared to mid-year 2015. There were 82 transactions in the first half of 2016 and 99 in the first half of 2015. Total dollar volume was slightly up 2%. However, the average sales prices increased by 23% and median sales prices increased by 13%.

This segment of the market continues to show little activity with only 22 total transactions. There were 16 active condominium & townhome listings on the market at the end of the first half of 2016.

Condominium & Townhome

# of Transactions 82 (down -17%) Total Dollar Volume $28,373,519 Inventory 242 Average Sale Price $346,019 Median Sale Price $264,500

23%

AVERAGE SALE PRICE

Condominium

Townhome

# of Transactions 3 (up 200%)

# of Transactions 2 (down -50%)

Total Dollar Volume $415,000

Total Dollar Volume $323,000

Inventory 7

Inventory 9

Average Sale Price $138.33

Average Sale Price $232,000

Median Sale Price $85,000

Median Sale Price $323,000

MID-YEAR 2016 Commercial

MID-YEAR 2016 Vacant Land

Commercial transactions and total dollar volume were down in the first half of 2016, but average sales price was up 24% from $205,400 to $255,333.

Building sites experienced a 18% increase in number of transactions.

This contributed to a 51% increase in total dollar volume, from $4,003,173 in the first half of 2015 to $6,059,945 in the first half of 2016.

# of Transactions 3 (down -50%)

# of Transactions 71 (up 18%)

Total Dollar Volume $766,000

Total Dollar Volume $6,059,945

Inventory 35 Average Sale Price $255,333 Median Sale Price $200,000

24%

AVERAGE SALE PRICE

Inventory 410 Average Sale Price $85,351

27%

AVERAGE SALE PRICE

Median Sale Price $45,000

SOLD | List Price: $549,000 | Freedom, Wyoming

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