THE NEVILLE GROUP’S 2018 YEAR END REAL ESTATE MARKET ANALYSIS JACKSON HOLE’S MOST COMPREHENSIVE REAL ESTATE MARKET REPORT
THE JACKSON HOLE 2018 YEAR END MARKET REPORT PROUDLY BROUGHT TO YOU BY THE LUXURY PROPERTY EXPERTS AT THE NEVILLE GROUP
2018 was a banner year across the board for Jackson Hole’s real estate market, with total sales reaching approximately $1.2B. Statistics show this trend has cause to continue and The NeVille Group is strategically poised to represent all of your buying, selling and property management needs utilizing our global network.
The Market Report Our team exclusively owns and maintains the valley’s oldest and most comprehensive database. This market report is derived from Jackson Hole Real Estate Associates’s 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 experise or insight regarding current or previous market conditions. The unmatched
resources and knowledge of our team, the largest and most dynamic real estate company in the region, combinedwith the largest global luxury real estate network, Christie’s Internation Real Estate, we are able to offer the ideal balnce 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.
TABLE OF CONTENTS LISTING PRICE: $7,800,000 SOLD BY THE NEVILLE GROUP
I.
Market Hightlights
PG 1-2
JHREA’s overall market details for 3rd Quarter, 2018.
II. Detailed Statistics By Sub-Market
PG 3-12
The NeVille Group’s exclusive detailed market summary on each of the 7 sub-markets in Jackson
Hole using MLS information only
III. Summary
NEW LISTING $8,500,000
PG 13-18
Our overall market details summary.
INDIAN SPRINGS RETREAT $9,295,000 307.690.3209
2
thenevillegroup.com
MARKET HIGHLIGHTS
MARKET HIGHLIGHTS THE NEVILLE GROUP HEADQUARTERS
16%
AVERAGE SALE PRICE
ON
KS @ JAC EARL
P
11%
MEDIAN SALE PRICE
35%
TOTAL DOLLAR VOLUME
10%
TOTAL TRANSACTIONS
1
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive Market Report for year-end 2018. In this detailed report, you will find information on the market segments making up the region. As the leading brokerage in Jackson Hole, we have developed a dynamic report that sheds fresh light on the trends that are shaping our real estate market. Please do not hesitate to contact our experienced team of professionals for more information specific to your area.
MARKET HIGHLIGHTS
YEAR-END 2018 vs. 2017 SALES DISTRIBUTION BY SEGMENT
288
44%
34%
TRANSACTIONS UNDER $1 MILLION
47
OTHER
8%
SALES DISTRIBUTION BY PRICE
TRANSACTIONS $1-5 MILLION
UNDER $500K
12%
TRANSACTIONS $5 MILLION+
36%
26%
HIGHEST SALE Snow King Hotel *Undisclosed LOWEST SALE $288,000 307.690.3209
2
thenevillegroup.com
CONDO/TOWNHOME
VACANT LAND
14%
273
SINGLE FAMILY
$500K-$1M
$1M-$2M
$2-$5M
19%
8%
OVER $5M
2
DETAILED STATISTICS BY SUB-MARKET THIS SECTION’S DATA HAS BEEN RETRIEVED ONLY THROUGH TETON COUNTY MULTIPLE LISTING SERVICE.
307.690.3209
2
thenevillegroup.com
TETON VILLAGE LEAST EXPENSIVE SINGLE FAMILY HOME IN TETON VILLAGE IS NOW OVER $4M • NEW 4-LOT SUBDIVISION’S FIRST LOT COMES ON THE MARKET AT OVER $5M Single Family Homes
2017 Q1 - Q3
2018 Q1 - Q4
%
2017 Totals
Active
8
11
37.50%
8
Low Sale
Pending
5
0
-100.00%
0
Med Sale
Curtis Drive Holly Drive
$3,100,000 $3,200,000
Units Sold
5
3
-40.00%
5
High Sale
Granite Ridge
$10,750,000
Avg Sold Price
$4,742,600
$5,683,333
19.84%
$4,742,600
2017 Top Sale
McCollister
$7,268,000*
Median Sold price
$4,500,000
$3,200,000
-28.89%
$4,500,000
10
11
10.00%
10
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
23
13
-43.48%
21
Low Sale
Teton Mountain Lodge
$425,000
Pending
3
3
0.00%
3
Med Sale
SR Lodge & Spa
$925,000
Units Sold
28
45
60.71%
30
High Sale
Lodge @ Granite Ridge
$6,348,000*
$1,417,042
$1,459,172
2.97%
$1,417,042
2017 Top Sale
Lodge @ Granite Ridge
3,200,000
$975,000
$990,000
1.54%
$975,000
New Listings
43
48
11.63%
43
Building Sites
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
5
3
-40.00%
5
Pending
1
0
-100.00%
1
Units Sold
5
4
-20.00%
5
Avg Sold Price
$2,619,400
$3,759,750
43.53%
$2,619,400
2017 Top Sale
Median Sold price
$2,622,000
$4,189,500
59.78%
$2,622,000
9
1
-88.89%
9
New Listings Multi Family Homes
Avg Sold Price Median Sold price
New Listings
2018 Highlights
2018 Highlights
(Realtor Multi-Listing Service Statistics)
2018 Highlights Low Sale
Old Village
$1,600,000
Med Sale
Old Village
$3,825,000
High Sale
Sublette Woods
$5,060,000*
Shooting Star
$3,800,000
HIGHEST TETON VILLAGE SINGLE FAMILY SALE IN 2018 $10.75M AT GRANITE RIDGE MULTI-FAMILY SEGMENT SHOWS HOME SALES INCREASING 60% WHILE INVENTORY DECREASES BY 43% * Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
3
307.690.3209
2
thenevillegroup.com
NORTH OF WILSON (EXCLUDING TETON VILLAGE, Realtor Multi-Listing Service Statistics)
SINGLE FAMILY HIGH SALE - LAKE CREEK RANCH - $9M BUILDING SITE HIGH SALE - JOHN DODGE - $3.25M Single Family Homes
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
27
27
0.00%
27
Low Sale
Downtown Wilson
$355,500
Pending
3
1
-66.67%
30
Med Sale
Teton Pines Timbers
$2,300,000
Units Sold
29
42
44.83%
29
High Sale
Lake Creek Ranch
$9,085,000*
Avg Sold Price
$2,841,991
$2,895,215
1.87%
$2,841,991
2017 Top Sale
John Dodge
$6,580,000
Median Sold price
$2,417,750
$2,650,000
0.73%
$2,417,750
48
55
14.58%
48
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
11
5
-54.55%
11
Low Sale
Spruces Building
$390,000
Pending
3
0
-100.00%
26
Med Sale
Spruces Building
$555,000
Units Sold
23
33
43.48%
23
High Sale
Lodges at Teton Pines
$1,650,000
Avg Sold Price
$697,729
$632,688
2.26%
$697,729
2017 Top Sale
Aspens
$1,475,000
Median Sold price
New Listings Multi-Family Homes
2018 Highlights
2018 Highlights
$657,000
$542,500
-4.87%
$657,000
New Listings
40
27
-32.50%
40
Building Sites
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
5
10
100.00%
5
Low Sale
Pending
0
0
0.00%
7
Med Sale
Units Sold
8
2
-75.00%
8
Avg Sold Price
$1,772,688
$2,325,000
31.16%
$1,772,688
Median Sold price
$1,231,250
$2,325,000
88.83%
$1,231,250
14
14
0.00%
14
New Listings
2018 Highlights
Wilson
$1,400,000
High Sale
John Dodge
$3,250,000
2017 Top Sale
John Dodge
$4,000,000
SINGLE FAMILY HOME SALES UP 44% MULTI-FAMILY HOME SALES INCREASE BY 43% AS NUMBER OF AVAILABLE PROPERTIES DECREASES BY 55% * Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
307.690.3209
2
thenevillegroup.com
4
SOUTH OF WILSON SINGLE FAMILY HIGH SALE - TEAL TRACE - $12.8M
BUILDING SITE HIGH SALE - FALL CREEK ROAD - $9.6M
Single Family Homes
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
12
17
41.67%
12
Low Sale
Red Top
$600,000
Pending
2
1
-50.00%
17
Med Sale
Hidden Hills
$1,530,000
Units Sold
15
16
6.67%
15
High Sale
Teal Trace
$12,880,000*
Avg Sold Price
$2,652,000
$3,265,744
23.14%
$2,652,000
2017 Top Sale
Crescent H
$16,560,000*
Median Sold price
$1,200,000
$1,673,500
39.46%
$1,200,000
26
32
23.08%
26
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
New Listings Multi-Family Homes Active
2018 Highlights
2018 Highlights
There are rarely any Mutli-Family units sold in this area. Due to lack of active Multi Family units South of Wilson, there were no sold units publically reported.
Pending Units Sold Avg Sold Price Median Sold Price New Listings Attrition
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
14
13
-7.14%
14
Low Sale
Pinegleen Subdivision
$416,000
Pending
0
2
200.00%
7
Med Sale
Indian Paintbrush
$810,000
Units Sold
7
9
28.57%
7
High Sale
Fall Creek Rd
$9,660,000*
$1,580,000
$3,099,478
96.17%
$1,580,000
2017 Top Sale
Crescent H Tract 9
$5,250,000
$795,000
$1,380,000
73.58%
$795,000
18
17
-5.56%
18
Building Sites
Avg Sold Price Median Sold price New Listings
2018 Highlights
SINGLE FAMILY HOME PRICE INCREASES 23% - $2.65M TO $3.62M AVAILABLE BUILDING SITES DECREASE WHILE MORE SITES ARE SOLD * Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
5
307.690.3209
2
thenevillegroup.com
CENTRAL VALLEY (SNAKE RIVER TO THE ELK REFUGE & HWY 22 NORTH TO SAGEBRUSH, Realtor Multi-Listing Service Statistics)
CENTRAL VALLEY SINGLE FAMILY 2018 HIGH SALE - WOODSIDE - $10.2M
Single Family Homes
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
22
14
-36.36%
22
Low Sale
N Bar Y
$1,150,000
Pending
1
3
200.00%
15
Med Sale
Gros Ventre North
$3,400,000
Units Sold
19
24
26.32%
19
High Sale
Woodside
$10,200,000
Avg Sold Price
$3,085,811
$4,650,139
50.69%
$3,085,811
2017 Top Sale
Indian Springs
$11,500,000*
Median Sold price
$2,600,000
$3,485,233
34.05%
$2,600,000
35
36
2.86%
35
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
0
4
400.00%
0
Pending
1
0
-100.00%
Units Sold
6
12
100.00%
Avg Sold Price
$995,833
$892,604
Median Sold price
New Listings Multi Family Homes
2018 Highlights
2018 Highlights Low Sale
Harvest Dance
$650,000
7
Med Sale
Harvest Dance
$800,000
6
High Sale
JHG&T Cabin
$1,700,000
-10.37%
$995,833
2017 Top Sale
JHG&T Cabin
$1,895,000
$707,500
$785,000
10.95%
$707,500
New Listings
5
4
-20.00%
5
Building Sites
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
34
27
-20.59%
34
Low Sale
Old JHG&T
$565,000
Pending
2
1
-50.00%
17
Med Sale
E Zenith
$1,000,000
Units Sold
18
16
-11.11%
18
High Sale
Ranch 1 Spring Creek Rd
$4,508,000*
$1,384,012
$1,511,625
9.22%
$1,384,012
2017 Top Sale
E Gros Ventre Butte
$5,520,000*
$925,000
$1,156,500
22.38%
$945,000
31
22
-29.03%
31
Avg Sold Price Median Sold price New Listings
2018 Highlights
SHRINKING SINGLE FAMILY HOME INVENTORY LEADS TO INCRERASE IN BOTH HOME SALES AND SALE PRICE - UP 50%: $3.08M IN 2017 TO $4.65M IN 2018 * Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
307.690.3209
2
thenevillegroup.com
6
NORTH VALLEY
(SAGEBRUSH DRIVE NORTH TO MORAN & SNAKE RIVER EAST TO KELLY, Realtor Multi-Listing Service Statistics)
SINGLE FAMILY HOME 2018 HIGH SALE - SPLIT CREEK RANCH - $7.6M Single Family Homes
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
17
14
-17.65%
17
Low Sale
Pending
0
1
100.00%
14
Units Sold
14
15
7.14%
Avg Sold Price
$2,212,821
$2,892,437
Median Sold price
$1,224,500
New Listings Multi-Family Homes
2018 Highlights Turpin Meadow
$438,000
Med Sale
Solitude
$2,050,000
14
High Sale
Split Creek Ranch
$7,619,048
30.71%
$2,212,821
2017 Top Sale
Solitude Home
$5,796,000*
$2,050,000
67.42%
$1,224,500
30
27
-10.00%
30
2017 Q1 - Q3
2018 Q1 - Q3
%
2017 Totals
Active
2018 Highlights
There are rarely any Mutli-Family units sold in this area
Pending Units Sold Avg Sold Price Median Sold Price New Listings Attrition 2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
19
29
52.63%
19
Low Sale
Pacific Creek
$480,000
Pending
1
0
-100.00%
12
Med Sale
Solitude
$925,000
Building Sites
Units Sold
2018 Highlights
12
6
-50.00%
12
High Sale
Split Creek Rd
$2,405,952
Avg Sold Price
$983,646
$1,150,575
16.97%
$983,646
2017 Top Sale
Bar B Bar
$3,000,000
Median Sold price
$877,500
$1,006,250
14.67%
$877,500
16
39
143.75%
16
New Listings
BUILDING SITE INVENTORY JUMPS FROM 19 TO 29 PARCELS AND AVERAGE SOLD PRICE INCREASES
$983K TO $1.15M
* Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
7
307.690.3209
2
thenevillegroup.com
TOWN OF JACKSON SINGLE FAMILY HOME 2018 HIGH SALE - ELK REFUGE - $6.4M MULTI-FAMILY HIGH SALE - TOWN SQUARE CONDO AT MARIOTT - $1.95M Single Family Homes
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
19
13
-31.58%
19
Low Sale
Cottonwood
$607,500
Pending
10
4
-60.00%
62
Med Sale
Hidden Ranch
$1,139,250
Units Sold
58
69
18.97%
58
High Sale
Elk Refuge
$6,400,000
$1,135,581
$1,474,998
29.89%
$1,135,581
2017 Top Sale
Gill Addition
$4,800,000
$986,950
$1,155,000
17.03%
$986,950
80
75
-6.25%
80
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
16
26
65.50%
16
Low Sale
Meadowbrook
$300,000
Pending
10
5
-50.00%
97
Med Sale
Cottonwood Park
$612,500
Units Sold
85
93
9.41%
85
High Sale
Town Square Condo
$1,950,000
Avg Sold Price
$627,182
$753,428
20.13%
$627,182
2017 Top Sale
Pine Glades
$1,850,000
Median Sold price
Avg Sold Price Median Sold price New Listings Multi-Family Homes
$535,000
$613,750
14.72%
$535,000
New Listings
110
78
-29.09%
110
Building Sites
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
3
6
100.00%
3
Active
2018 Highlights
2018 Highlights
2018 Highlights Low Sale
Karns Hillside
$504,000
Pending
10
0
-100.00%
11
Med Sale
Snow King Estates
$550,000
Units Sold
10
9
-10.00%
10
High Sale
Cache Creek
$1,400,000
Avg Sold Price
$902,180
$730,667
-19.01%
$902,180
2017 Top Sale
Gleenwood St
$2,346,000*
Median Sold price
$657,800
$621,000
-5.59%
$657,800
15
19
26.67%
15
New Listings
•
TOWN OF JACKSON 2018 LISTING PRICES RANGE FROM $607K - $6.4M
•
MULTI-FAMILY PRE-SALE COMING ON THE MARKET SPRING 2019 - $1200/SQFT •
NEW MULTI-FAMILY PRODUCT - PINE GLADES OFFERED AT $3.2M
* Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
307.690.3209
2
thenevillegroup.com
8
SOUTH OF JACKSON MOST DIVERSE MARKET IN TETON COUNTY WITH THE LOWEST AND HIGHEST SALE PRICES MULTI-FAMILY UNIT - $290K - DEER DRIVE / SINGLE FAMILY HIGH SALE - $21M* - BOYLES HILL ROAD SINGLE FAMILY HOME SALES UP 48% AVERAGE SOLD PRICE UP 40%
Single Family Homes
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
26
23
-11.54%
26
Low Sale
Rogers Point
$440,000
Pending
9
3
-66.67%
55
Med Sale
Single Tree Ranches
$1,375,400
Units Sold
50
74
48.00%
50
High Sale
Boyles Hill Rd.
$21,068,000*
Avg Sold Price
$1,558,942
$2,174,663
39.50%
$1,558,942
2017 Top Sale
3 Creek Ranch
$4,750,000
Median Sold price
$1,350,000
$1,367,879
1.32%
$1,350,000
93
93
0.00%
93
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
11
2
-81.82%
11
Low Sale
Deer Dr
$290,000
Pending
0
0
0.00%
8
Med Sale
Deer Dr
$305,000
Units Sold
11
6
-45.45%
11
High Sale
Rafter J SE 40
$635,000
Avg Sold Price
$548,942
$449,663
-18.01%
$548,409
2017 Top Sale
Waldon Pond
$700,000
Median Sold price
Hoback River Rd
$425,000
New Listings Multi-Family Homes
2018 Highlights
2018 Highlights
$577,500
$437,240
-24.29%
$577,500
New Listings
9
9
0.00%
9
Building Sites
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
25
21
-16.00%
25
Low Sale
Pending
3
0
-100.00%
13
Med Sale
SR Sporting Club
$680,000
Units Sold
29
20
-31.03%
29
High Sale
3 Creek Ranch
$3,220,000*
Avg Sold Price
$929,241
$900,255
-3.12%
$929,241
2017 Top Sale
3 Creek Ranch
$3,036,000*
Median Sold price
$750,000
$685,000
-8.67%
36
28
-22.22%
$750,000 36
New Listings
2018 Highlights
SNAKE RIVER SPORTING CLUB HAD A SUCCESSFUL 2018 WITH SALE TOTALS OVER $34M MULTI-FAMILY HOME SALES DOWN 45% LIKELY RESULTING FROM 81% DECREASE IN INVENTORY * Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
9
307.690.3209
2
thenevillegroup.com
Inventory maintains very low levels, “solds” continue to rise. All Properties Active Pending Units Sold Avg Sold Price Median Sold Price New Listings
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
286
275
-3.85%
286
46
24
-47.83%
481
435 $1,238,934
500 $1,772,329
14.94% 43.05%
435 $1,416,879
$894,500 676
$1,012,000 695
13.14% 2.81%
$900,000 676
ONLY SIX SALES UNDER $300K IN 2018 $290K DEER DRIVE SALE MARKS THE END OF UNDER $300K NON DEED-RESTRICTED TETON COUNTY INVENTORY
AVERAGE SOLD PRICES FOR THE COUNTY INCREASE 43% * Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
307.690.3209
2
thenevillegroup.com
10
ALL OF TETON COUNTY TETON COUNTY HAS BEEN FORTUNATE TO HAVE ROBUST INVENTORY, MAINTAINING A ROBUST INVENTORY WILL PROVE TO BE THE GREATEST CHALLENGE FOR 2019
Single Family Homes
13
12
$0 - $2M
$2M - $5M
$5M-$8M
$8M+
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
132
120
-9.09%
132
Low Sale
Town of Wilson
$355,500
Pending
30
13
-56.67%
198
Med Sale
SR Sporting Club
$1,673,250
Units Sold
190
244
28.42%
190
High Sale
Boyles Hill Road
$21,068,000*
Avg Sold Price
$2,001,566
$2,497,831
24.79%
$2,001,566
2017 Top Sale
Crescent H
$16,560,000*
Median Sold price
$1,387,500
$1,661,625
19.76%
$1,387,500
322
329
2.17%
322
New Listings
2018 Highlights
32
146
MULTI FAMILY HOMES Q4 2018
$0 - $1M
12
$1M - $2M
$2M+
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
Active
49
46
-6.12%
49
Low Sale
Deer Drive
$290,000
Pending
8
8
0.00%
191
Med Sale
Teton Shadows
$660,000
156
190
21.79%
156
High Sale
Granite Ridge
$6,348,000*
Avg Sold Price
$798,474
$912,837
14.32%
$798,474
2017 Top Sale
Shooting Star
$4,250,000
Median Sold price
$605,500
$657,500
9.13%
$602,500
215
255
4.65%
215
Multi-Family Homes
Units Sold
New Listings
2018 Highlights
39
BUILDING SITES Q4 2018
$0 - $1M
Building Sites
13
10
4
$1M - $2M
$2M - $5M
$5M+
2017 Q1 - Q4
2018 Q1 - Q4
%
2017 Totals
105
109
3.81%
105
Low Sale
Hoback River Rd
$425,000
Pending
8
3
-62.50%
92
Med Sale
Creek Ranch
$800,000
Units Sold
89
66
-25.84%
89
High Sale
$1,247,464
$1,564,467
25.41%
$1,247,464
2017 Top Sale
Fall Creek Rd Crescent H
$9,660,000* $5,250,000
$825,000
$840,000
1.82%
$825,000
139
141
1.44%
139
Active
Avg Sold Price Median Sold price New Listings
11
70
149
SINGLE FAMILY HOMES Q4 2018
2018 Highlights
* Sales price was “undisclosed”, 92% of list price was used. *Information herein is deemed reliable but not guarenteed. Data is relative to the whole market and may not reflect every sale.
307.690.3209
2
thenevillegroup.com
CHRISTIE’S ART & ARCHITECTURE
Established in London more than 240 years ago by James Christie, the auction house today is a renowned international organization that conducts some of the most important auctions in the world. The Christie’s brand exudes quality and prestige, while honoring the traditional values established throughout its illustrious history. An inventive lead-generation system between Christie’s and Christie’s International Real Estate creates a mutually beneficial synergy between art and real estate, building a world-class platform for the highly targeted marketing of distinguished properties. CHRISTIES.COM
Christie’s Education is unique in being wholly owned by Christie’s Auction House, signaling the importance Christie’s places on practical experience of art through education as the key to professional success. As the only major auction house to directly offer degree and non-degree programmes, Christie’s Education continue to follow the principles of hands-on exposure to art, immersing our students in the art world from the beginning of their studies.
CHRISTIE’S EDUCATION
CHRISTIE’S INTERNATIONAL REAL ESTATE
CHRISTIES.EDU
Supported by the esteemed art auction house, Christie’s International Real Estate is a global network offering exclusive home and luxury real estate services to buyers and sellers worldwide. The Christie’s brand is instantly recognizable to clients and distinguishes your property from others. We focus exclusively on luxury residential real estate and understand how to reach and serve discerning clientele. Along with this expertise, we offer you the tailored, trusted service that our clients have depended on for 250 years, collaboration with our auction house colleagues, and referrals from our network of the world’s top brokers. CHRISTIESREALESTATE.COM
Christie’s Travel in association with Abercrombie & Kent, is dedicated to connecting clients with the most important milestone events, masterpiece works and collections, as well as undiscovered artists and trends that comprise the multi-national world of Art today. This unique travel program is made possible through the powerful combination of Christie’s 250 years’ experience in the art market, and offices in 32 countries with leading experts in over 60 Art departments.
CHRISTIE’S TRAVEL
CHRISTIES.COM/TRAVEL
307.690.3209
2
thenevillegroup.com
12
SUMMARY
307.690.3209
2
thenevillegroup.com
2018 Market Overview Jackson Hole’s real estate market ended the year predictably strong. The draw of Jackson Hole’s
697
rugged beauty and active lifestyle continues to reflect in our real estate market, with 2018 bringing in 10% more transactions and a 35% increase in dollar volume. Average and median sale prices were
$1,818,767
also up, increasing 16% and 11%, respectively. Several
TOTAL NUMBER OF TRANSACTIONS 10% Increase over the prior year
AVERAGE SALE PRICE 16% Increase over the prior year
notable sales drove these figures, including the sale of the Snow King Hotel, a historic ranch property
$992,500
southeast of town, and a ranching / equestrian
MEDIAN SALE PRICE 11% Increase over the prior year
property on Spring Gulch Road. Properties under $500,000 have become even more difficult to find, evidenced by a 24% decrease in sales. That category made up only 12% of the year’s transactions. Most sales took place in the $500,000 – $1 million
-6%
segment, accounting for 36% of sales. Single family homes accounted for about 44% of all transactions
DECREASE IN INVENTORY
this year, a 20% increase over 2017. Overall, inventory dropped about 6% and properties are selling nearly 15% faster. 13
307.690.3209
2
thenevillegroup.com
SOLD | List Price: $1,395,000 | Town of Jackson
YEAR-END 2018 SINGLE FAMILY Single-family homes were the most purchased properties in 2018, accounting for 44% of all transactions. Average sale prices increased by 9%, and the median sale price rose 22% to $1,585,000. Home sales in
# of Transactions 304
32%
Total Dollar Volume
51%
Minimum Price Sold $438,000
-3%
Maximum Price Sold $14,995,000
-67% 9%
Teton Village more than doubled compared to last year. Another area with
Average Sale Price $2,341,574
a large increase in transactions was South of Jackson, which was up 46%.
Median Sale Price $1,585,000
22%
Average Days on the Market 177
-14%
The majority of homes sold in the Town of Jackson and in the $1 million – $2 million price segment. The amount of homes selling for over $5 million had a dramatic 107% increase over 2017. Inventory is down about 7% and homes are selling about 14% faster than last year. 307.690.3209
2
# Pending Transactions 24
0%
Inventory 118
-7%
thenevillegroup.com
14
YEAR-END 2018 CONDOMINIUM & TOWNHOME The condo and townhome segment of Jackson Hole’s real estate market has experienced strong appreciation over the past several years. However,
# of Transactions 238
4%
Total Dollar Volume
-6%
Minimum Price Sold 288,000
7% 6%
the most recent figures show growth leveling. The number of transactions
Maximum Price Sold $6,900,000
increased slightly, up 4%, but average sale prices are down 18%. This
Average Sale Price $933,658
-18%
Median Sale Price $645,000
8%
decrease can be contributed partly to a sell-out of townhomes in Teton Village’s Shooting Star development and a shift to lower-priced products such as condo-tels. The median price of condos / townhomes increased by 8%, up to $645,000. Other market indicators point toward stabilization, including growing inventory (+17%), fewer units under contract at year-end (-20%), and a greater time on market (+36%).
Average Days on the Market 156
36%
# Pending Transactions 12
-20%
Inventory 42
17%
SOLD | List Price: $1,395,000 | Town of Jackson
SOLD | List Price: $1,425,000 | North of Jackson
YEAR-END 2018 VACANT LAND
# of Transactions 96
The number of land transactions in Jackson Hole dipped by about 22% this year
Total Dollar Volume 4%
29%
Minimum Price Sold $360,000
32%
compared to 2017. Nonetheless, the top rule in real estate – location, location, location – rings true as ever. Land buyers in 2018 honed in on some of the most spectacular properties in the area, which is evidenced by a 28% increase in average sale price. Nearly 22% of the year’s land sales were over $3 million. Land inventory increased modestly, up 7%, but land sold 16% faster than in 2017. Also worth noting, about 75% of sales were cash transactions, which was significantly higher than any other segment of the market.
Maximum Price Sold $35,000,000*
2
398%
Average Sale Price $1,643,155
28%
Median Sale Price $800,000
-6%
Average Days on the Market 375
-16%
# Pending Transactions 5
-17%
Inventory 106 307.690.3209
-22%
thenevillegroup.com
7%
16
YEAR-END 2018 LUXURY 2018 was a remarkable year for luxury properties in Jackson Hole. The number of transactions valued at over $3 million increased 63% compared to 2017. The median sale price of luxury properties increased by 5% to $4,500,000. Just under half of the luxury transactions were over $5 million. Most luxury sales occurred in Teton Village, followed by the areas South of Jackson and North of Wilson. There were 18 luxury land sales and 73 luxury residential sales. Even more
# of Transactions 91
63%
Total Dollar Volume
65%
Maximum Price Sold $35,000,000*
-22%
Average Sale Price $5,432,839
Median Sale Price $4,500,000
-3% 5%
indication of the strength of the luxury market is the decrease in inventory (-4%),
Average Days on the Market 272
-29%
the dramatic increase in properties under contract (+143%), and the decrease in
# Pending Transactions 17
143%
time to sell a luxury property (-29%).
Note: In the luxury segment, the small number of transactions may affect comparisons on a percentage basis.
Inventory 103
-4%
*List Price
SOLD | List Price: $10,900,000 | North of Jackson
FUN FACTS ABOUT JACKSON HOLE
WE ALL KNOW JACKSON IS MORE THAN JUST A GREAT VACATION SPOT, BUT DID YOU KNOW: •
THE U.S. VOYAGER II SPACECRAFT, LAUNCHED IN 1977 TO EXPLORE UNKNOWN REACHES OF THE SOLAR SYSTEM, CONTAINS AN ANSEL ADAMS PHOTOGRAPH OF JACKSON HOLE AS PART OF ITS ARTIFACTS CARGO.
•
JACKSON HOLE WAS ORIGINALLY NAMED AFTER DAVEY JACKSON, A MOUNTAIN MAN WHO TRAPPED IN THE AREA DURING THE LATE 1800S. “HOLE” WAS A TERM USED IN THAT DAY TO DESCRIBE A HIGH MOUNTAIN VALLEY.
•
THE FIRST PERSON TO SKI DOWN THE 13,770-FOOT GRAND TETON WAS LOCAL RESIDENT BILL BRIGGS IN 1971. HE IS CURRENTLY THE SKI SCHOOL DIRECTOR AT THE SNOW KING SKI AREA.
•
STARTING AT A MERE 6,311 FEET, JACKSON HOLE HAS ONE OF THE LOWEST BASE ELEVATIONS OF ANY SKI RESORT AREA IN THE ROCKY MOUNTAINS. MOST OTHER SKI RESORTS IN COLORADO, UTAH AND NEW MEXICO HAVE BASE ELEVATIONS BETWEEN 6,900 AND 9,500 FEET.
•
IN JUNE 1989, PRESIDENT GEORGE BUSH CHOSE TO DELIVER HIS FIRST MAJOR SPEECH ON THE IMPORTANCE OF THE ENVIRONMENT AND CLEAN AIR IN AN OPEN MEADOW IN FRONT OF THE TETONS IN GRAND TETON NATIONAL PARK.
•
YELLOWSTONE WAS THE WORLD’S FIRST NATIONAL PARK, CREATED IN 1872, 18 YEARS BEFORE WYOMING BECAME A STATE.
307.690.3209
2
•
GRAND TETON NATIONAL PARK WAS CREATED IN 1929 AND GREATLY EXPANDED IN 1950 DUE TO THE DETERMINED EFFORTS OF JOHN D. ROCKEFELLER, WHO PURCHASED AND THEN DONATED A GREAT DEAL OF THE LAND THAT IS UNDER PROTECTION TODAY.
•
THE NATIONAL ELK REFUGE, LOCATED JUST OUTSIDE THE TOWN OF JACKSON, IS THE LARGEST ESTABLISHED ELK PRESERVE IN NORTH AMERICA. UP TO 9,000 ELK WINTER ON THE REFUGE, AND VISITORS CAN ENJOY CLOSE-UP VIEWS ON DAILY SLEIGH RIDES FROM DECEMBER THROUGH APRIL.
•
WYOMING, THE PROFESSED “THE EQUALITY STATE,” HAS HOSTED MANY OF AMERICA’S FIRSTS INCLUDING THE FIRST ALL-WOMAN CITY COUNCIL (ELECTED TO OFFICE IN JACKSON IN 1920); THE FIRST WOMAN GOVERNOR ELECTED; AND THE FIRST GOVERNMENT IN WORLD HISTORY TO ALLOW WOMEN TO VOTE (IN 1869 — 51 YEARS BEFORE THE U.S. CONSTITUTIONAL AMENDMENT)
•
A WHOPPING 97% OF THE 3,826,407 ACRES IN TETON COUNTY ARE FEDERALLY OWNED OR STATE MANAGED, INCLUDING GRAND TETON NATIONAL PARK, BRIDGER-TETON NATIONAL FOREST, AND THE NATIONAL ELK REFUGE. ONLY 3% OF THE LAND IN THE JACKSON HOLE AREA IS PRIVATELY OWNED.
•
AMONG ALL 50 U.S. STATES, WYOMING RANKS NINTH IN SIZE AND 50TH IN POPULATION WITH ONLY FIVE PEOPLE PER SQUARE MILE.
thenevillegroup.com
18
The NeVille Group – Named Top Producing Sales Team of Jackson Hole Real Estate Associates, and Exclusive Affiliate of Christie’s International Real Estate, The NeVille Group is compromised of successful, dedicated and experienced professionals, backed by years of luxury sales success, global connections, and the largest real estate brokerage in the region. The NeVille Group understands the Jackson Hole market, is globally connected, and locally respected. Jackson Hole Real Estate Associates – The region’s largest and most progressing real estate brokerage in Jackson Hole and the area. The collection of properties, and expertise is unsurpassed and represents some of the most unique and soughtafter real estate in the world. Christie’s International Real Estate – A global network of top brokerages dedicated to the marketing and sale of luxury residential properties. Access covers a worldwide audience of more than 1,350 real estate offices in 47 countries and transactions resulting in over $113 billion in sales annually.
TOP PRODUCING TEAM, 2017 270 West Pearl Ave, Suite 101 Jackson, WY 83001 307.734.9949 | 307.690.3209
WWW.TNGJH.COM