JH 2017 Q3 Market Report

QUARTER 3

2017

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: SOLD | List Price: $2,200,000 | South of Town

M A RK E T H IGH LIGHTS

17%

AVERAGE SALE PRICE

0%

MEDIAN SALE PRICE

11%

TOTAL DOLLAR VOLUME

-1%

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 2017. 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

220

SINGLE FAMILY

36%

TRANSACTIONS UNDER $1 MILLION

CONDO/TOWNHOME

36%

VACANT LAND

19%

151

26

OTHER

10%

TRANSACTIONS $1-5 MILLION

SALES DISTRIBUTION BY PRICE

TRANSACTIONS $5 MILLION+

UNDER $500K

18%

37%

26%

HIGHEST SALE $53,000,000 *List Price LOWEST SALE $273,423 (14% increase) *statistics are cumulative Q1-Q3

12%

7%

$500K-$1M

$1M-$2M

$2-$5M

OVER $5M

Q3 2017 Overall Market

When comparing the first three quarters of 2017 to the same period in 2016, the Jackson Hole real estate market remained steadfast. With inventory in short supply (down 11%), the number of transactions kept pace with last year. Nonetheless, demand for property in Jackson Hole remained very strong, which contributed to the increase in average sale price. The price segment with the most market share was the $500,000 - $1 million price segment with 37% of total transactions. The Town of Jackson had a 7% increase in transactions. The area furthest south of Jackson experienced the largest increase in transactions, up about 50% over last year. Approximately 43% of the transactions this year were cash transactions.

463

compared to Q3 2016

$1,546,025

AVERAGE SALE PRICE Q3 2017

$875,000 0% change

compared to Q3 2016

The overall market continued to experience a lack of inventory, down 11%. New, realistically-priced properties sold the quickest. In fact, the average number of days a property was on the market dropped 28% when compared to a year ago.

TOTAL NUMBER OF TRANSACTIONS Q3 2017

-1% decrease

17% increase

compared to Q3 2016

MEDIAN SALE PRICE Q3 2017

-11%

DECREASE IN INVENTORY

SOLD | List Price: $2,200,000 | North of Jackson

Q3 2017 Single Family

# of Single Family Transactions 165

The number of single family home transactions dropped by about 13% when compared to the same period in 2016. However, prices continued to rise with the median home price reaching over $1,250,000. As home prices rise, buyers are looking toward comparatively priced vacant land. The majority of single family transactions (41%) were in the $1 million-$2 million price segment. The number of homes under contract was up 22% over last year.

% Change in Transactions from 2016 -13% Minimum Price Sold $503,000 Maximum Price Sold $53,000,000 *List Price Average Sale Price $2,086,799 Median Sale Price $1,252,500

-13%

NUMBER OF TRANSACTIONS

7%

TOTAL DOLLAR VOLUME

*statistics are cumulative Q1-Q3

25%

AVERAGE SALE PRICE

-1%

Average Days on the Market 211

INVENTORY

# Pending Transactions 33

Q3 2017 Condominium & Townhome

# of Condominium/Townhome Transactions 168

Condominium/townhome transactions increased modestly from last year, up about 4%. The average sale price experienced a large increase, up about 57%, primarily due to the completion of many pre-sold “cabins” in the Shooting Star development in Teton Village. The condominium/townhome segment was unquestionably the most competitive segment of the market. The perpetually low inventory coupled with the strong demand for affordable housing drove the average number of days on market down 43%. Based on the number of active listings at the time this report was written, there was less than 3 months’ worth of inventory on the market.

% Change in Transactions from 2016 4% Minimum Price Sold $280,000 Maximum Price Sold $6,500,000 Average Sale Price $1,202,390 Median Sale Price $600,000

4%

NUMBER OF TRANSACTIONS

55%

TOTAL DOLLAR VOLUME

57%

AVERAGE SALE PRICE

-22% INVENTORY

Average Days on the Market 123 # Pending Transactions 24

SOLD | List Price: $1,012,500 | Teton Village

SOLD | List Price: $1,295,000 | North of Jackson

Q3 2017 Vacant Land

# of Vacant Land Transactions 86

The number of vacant land transactions continued to out pace the previous year, up about 13%. The average and median sale prices were both down.

This was due to a shift in the price segment where transactions took place.

Over 43% of the transactions took place in the $500,000-$1 million price segment, which was more than double the amount when compared to this time last year. Following suit with the overall market, the number of active listings and average number of days on the market dropped.

% Change in Transactions from 2016 13% Minimum Price Sold $273,423 Maximum Price Sold $10,000,000 *List Price Average Sale Price $1,152,313 Median Sale Price $760,000

13%

NUMBER OF TRANSACTIONS

-6%

TOTAL DOLLAR VOLUME

*statistics are cumulative Q1-Q3

-17%

AVERAGE SALE PRICE

-21%

INVENTORY

Average Days on the Market 409 # Pending Transactions 16

Q3 2017 Luxury

# of Luxury Transactions 35

The luxury segment, defined as transactions over $3 million, remained steady through the first three quarters of 2017 compared to a year ago with only 1 additional transaction. While the average sale price appeared to have a 25% increase, this figure was skewed by a luxury home transaction in Wilson, Wyoming listed at $53 million. There were 6 vacant land transactions and 29 luxury home transactions.

The vast majority of transactions took place in Teton Village. In contrast to other segments of the market, buyers in the luxury market overwhelmingly prefer cash transactions. Over 68% of the buyers in this segment purchased with cash. There were 12 luxury listings under contract at the time this report was written. Note: In the luxury segment, the small number of transactions affects any comparison on a percentage basis.

3%

NUMBER OF TRANSACTIONS

26%

TOTAL DOLLAR VOLUME

25%

% Change in Transactions from 2016 3% Minimum Price Sold $3,050,000 Maximum Price Sold $53,000,000 *List Price Average Sale Price $5,821,210 Median Sale Price $4,050,000 Average Days on the Market 345 # Pending Transactions 12

AVERAGE SALE PRICE

SOLD | List Price: $3,995,000 | North of Town

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