Jackson Hole Real Estate Market Report | Q2 2019

MARKET REPORT TETON COUNTY, WYOMING QUARTER 2

2019

TETON COUNTY, WYOMING — 2019 SALES VOLUME VS. UNITS SOLD YEAR TO DATE JUNE 2002-2019

SALES VOLUME

SALES VOLUME

UNITS SOLD

UNITS SOLD

$450M

350

$400M 300 $350M 250

$300M $250M

200

$200M

150

$150M 100 $100M 50

$50M

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2018 was a record setting year for sales volume. Interestingly, 2018 sales volume was slow out of the starting gate but accelerated in April and never looked back. Conversely, 2019 had a strong first quarter but lost momentum in the 2nd quarter. In comparison to a very strong first half in 2018, unit and sales volume for the 6-month period in 2019 are slightly behind last year’s comparable period, down only 5%.

UNIT SALES BY AREA

SALES VOLUME BY PRICE CATEGORY

YEAR TO DATE JUNE 2018 VS. 2019

YEAR TO DATE JUNE 2018 VS. 2019

YEAR TO DATE 2018

YEAR TO DATE 2018

YEAR TO DATE 2019

YEAR TO DATE 2019

94

UNITS SOLD

$110M

50

76

12 41

$90M $80M

19

$70M 46

41 34

$60M

45 30

28

34

31

14

$100M

$50M

19

58 104 99

43

$40M $30M $20M $10M

TETON VILLAGE

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

< $850K

$850K-$1.5M

$1.5M-$3M

$3M-5M

>$5M

SINGLE FAMILY HOMES

Featured Property: #33B49R

3% on a 15.8% decrease in unit volume. Single family homes selling between $1.5 and $3.0 million are driving the market. Inventory is up slightly, 5% year over year. Under $1.5 million, inventory is up 10%, however units and sales

AT A GLANCE

total unit sales year to date. Sales volume is up

CURRENT AREA STATS

Single family home sales represent 38% of Number of Single Family Homes Sold Year to Date 2019

Average Single Family Home Sale Price

% Change in Average Sales Price from Year to Date 2018

Average Days on Market

85

$2,679,500

+22.5%

173

volume are down 51% and 50% respectively.

NUMBER OF UNITS SOLD

ACTIVE LISTINGS

YEAR TO DATE 2018

YEAR TO DATE 2017

YEAR TO DATE 2019

YEAR TO DATE 2018

*excludes fractional units

YEAR TO DATE 2019

61

25

54

18 13

33

15

48

46 46

33

29

2

7

1 WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

47 47 46

25

25

TETON VILLAGE

50

SOUTH OF TOWN

7 TETON VILLAGE

37 31

12

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

CONDOMINIUMS/TOWNHOUSES

Featured Property: #SFWKZ3

units sold soared 74% to 61 while sales volume jumped 33%. Under $850,000, average prices declined 14% the result of twelve sales at the Virginian. Average prices are $589,000. 2018 included a $4.0

AT A GLANCE

sented 42% of total unit sales year to date.

CURRENT AREA STATS

Condominiums and townhouses repreNumber of Condominiums Sold Year to Date 2019

Average Condominiums Sale Price

% Change in Average Sales Price from Year to Date 2018

Average Days on Market

94

$786,000

-23.6%

110

million sale.

NUMBER OF UNITS SOLD

*excludes fractional units

ACTIVE LISTINGS

*excludes fractional units

YEAR TO DATE 2017

YEAR TO DATE 2018 YEAR TO DATE 2019

YEAR TO DATE 2018 YEAR TO DATE 2019

61

35 25 18

26

5 TETON VILLAGE

28

28

16

WEST OF SNAKE RIVER

5

5

NORTH OF TOWN

3 TOWN OF JACKSON

5

SOUTH OF TOWN

9

8

TETON VILLAGE

6

9

6

10

WEST OF SNAKE RIVER

4

1 NORTH OF TOWN

2

0 TOWN OF JACKSON

0 SOUTH OF TOWN

3

LAND & RANCHES

Featured Property: #DEMN8G

and Commercial represent 2% of units sold.

Overall, inventory of vacant land declined nearly 14% in the past year. Significantly, the under $850,000 category inventory fell by 1/3. Fewer available properties at

AT A GLANCE

in the current period while Farm and Ranch

CURRENT AREA STATS

Vacant land increased to 12% of total sales Number of Land & Ranch Sites Sold Year to Date 2019

Average Land & Ranch Sites Sale Price

% Change in Average Sales Price from Year to Date 2018

Average Days on Market

27

$1,623,800

-16.4%

671

the lower end likely drove ASP up 16%.

NUMBER OF UNITS SOLD

ACTIVE LISTINGS

*vacant land <35 acres

YEAR TO DATE 2018

YEAR TO DATE 2017

YEAR TO DATE 2019

YEAR TO DATE 2018

*vacant land <35 acres

YEAR TO DATE 2019 70 65 51

47

28 21 7 2

1

TETON VILLAGE

9

10

WEST OF SNAKE RIVER

NORTH OF TOWN

20

8 4

4

TOWN OF JACKSON

SOUTH OF TOWN

3

2

25

23

6

4 TETON VILLAGE

8

4 WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

9

SOUTH OF TOWN

25

MAIN OFFICE 185 WEST BROADWAY

HOTEL TERRA 3335 WEST VILLAGE DRIVE

VILLAGE MARKET 3200 MCCOLLISTER DRIVE

TETON PINES RESORT 3415 NORTH PINES WAY

EAST BROADWAY 110 EAST BROADWAY

SNAKE RIVER LODGE & SPA 7710 GRANITE LOOP ROAD

WILSON 1230 NORTH IDA LANE

TETON VALLEY, IDAHO ONE SOUTH MAIN STREET

FOUR SEASONS RESORT 7680 GRANITE LOOP ROAD

TETON MOUNTAIN LODGE 3385 WEST CODY LANE

JACKSON HOLE RACQUET CLUB 3535 NORTH MOOSE-WILSON ROAD

Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas one through ten, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.