jackson hole real estate market report | 2016 mid-year
DESCRIPTION
The Jackson Hole region's most trusted and accurate market report.TRANSCRIPT
2016JACKSON HOLE REAL ESTATE MARKET REPORT
MID
-YE
AR
Jackson Hole Real Estate AssociatesTHE REGION’S LARGEST REAL ESTATE COMPANY
In 2014, Jackson Hole Real Estate Associates was named Global Affiliate of the
Year by Christie’s International Real Estate. We have twice been recognized for
this award, 2011 and 2014. This top honor recognizes network-wide excellence
in branding, marketing and innovation. 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 produced
more than double the number of listings and 40% more transactions than our
nearest competitor in 2015.
Jackson Hole Real Estate Associates is committed to being the leading luxury
real estate brand in the Teton region. By staying on top of market trends and
continuing to offer cutting edge services we deliver extraordinary experiences
to clients and exceed their expectations. Please do not hesitate to contact any
of our real estate professionals for a consultation or a market update in your
area.
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 global luxury real estate network, Christie’s International Real Estate, we are able to offer the ideal balance 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.
* 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. Statistics are cumulative.* All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
9%AVERAGE SALE PRICE
10%MEDIAN SALE PRICE
-12%AVERAGE DAYS ON MARKET
MARKET HIGHLIGHTS
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 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.
In the first half of 2016, average and median sale prices increased
and average days on market decreased, conveying the continued
health of the Jackson Hole real estate market.
Jackson Hole Real Estate AssociatesTHE REGION’S LARGEST REAL ESTATE COMPANY
78TRANSACTIONS
UNDER $1 MILLION
50TRANSACTIONS
$1-5 MILLION
4TRANSACTIONS
$5 MILLION+
CONDO/TOWNHOME
VACANT LAND
OTHER
SINGLE FAMILY
37%
13%
12%
38%
$500K-$1M
$1M-$2M
$2-$5M
OVER $5M
UNDER $500K
39%
25%
13%
3%
20%
SALES DISTRIBUTION BY PRICE
SALES DISTRIBUTION BY SEGMENT
HIGHEST SALE $10,250,000
LOWEST SALE $264,000
MARKET HIGHLIGHTS
MID-YEAR 2016 Overall Market
AVERAGE SALE PRICEQ2 2016
$1,451,6759% increase
compared to Q2 2015
TOTAL NUMBER OF TRANSACTIONS Q2 2016
26514% decrease
compared to mid-year 2015
1%INCREASE
ININVENTORY
The overall market in the first half of 2016 experienced a decrease in the number of transactions, down about 14% compared to the first half of 2015. While the number of transactions fell, the average and median sale prices were still higher in the first half of 2016 than in the first half of 2015. The average sale price increased by about 9% and the median sale price increased about 10%. The average and median sale prices were higher than in 2015, but lower than in the first quarter of 2016. The difference may be attributed to the shift in the distribution of sales in the $500,000-$1 million price range, 39% of total sales. There were 78 transactions under $1 million. Properties also sold more quickly than in the first half of 2015. The average number of days on market decreased by 12%, and by over 18% in the single family and vacant land segments.
The inventory shortage throughout 2015 did not change much in the first half of 2016, with the number of active listings up only 1%. Without a large increase in inventory, low supply will likely continue to be a contributing factor in the balance of 2016.
MEDIAN SALE PRICEQ2 2016
$887,00010% increase
compared to mid-year 2015
MID-YEAR 2016 Single Family
# of Single Family Transactions 101
% Change in Transactions from 2015 -5%
Minimum Price Sold $405,900
Maximum Price Sold $10,250,000
Median Sale Price $1,140,000
Average Sale Price $1,802,924
Average Days on the Market 239
# Pending Transactions 31
The average and median sale prices decreased -5% and -1%, respectively. There were only two single family home sales under $500,000 and these homes were located north of town in Moran, Wyoming. Single family homes located in the Town of Jackson, where the majority of single family home sales took place, remained roughly the same as this time last year, however, the second highest area for single family sales, located just south of the Town of Jackson, experienced a large decrease in transactions, down about 37%.
-5%NUMBER OF
TRANSACTIONS
-10%TOTAL DOLLAR
VOLUME
-5%AVERAGE
SALE PRICE
1%INVENTORY
SOLD | 15-22 | List Price: $3,700,000 | Wilson, WY
MID-YEAR 2016 Condominium & Townhome
# of Condominium/Townhomes Transactions 98
% Change in Transactions from 2015 -10%
Minimum Price Sold $264,000
Maximum Price Sold $3,750,000
Average Sale Price $804,537
Median Sale Price $575,000
Average Days on the Market 175
# Pending Transactions 19
The number of transactions in the condominium/townhome segment decreased about 10% compared to the first half of 2015. The average sale price also decreased, down about 10% from this time last year. These decreases may primarily be attributed to the high-end condominium/townhome transactions that took place in the Teton Village area last year. Nearly half of all condominium/townhome transactions in the first half of 2016 were in the $500,000-$1 million price range.
-10%NUMBER OF
TRANSACTIONS
-18%TOTAL DOLLAR
VOLUME
-10%AVERAGE
SALE PRICE
9%INVENTORY
SOLD | 16-863 | List Price: $1,375,000 | Town of Jackson
SOLD | 15-22 | List Price: $3,700,000 | Wilson, WY
MID-YEAR 2016 Vacant LandThe vacant land segment of the market struggled to keep pace with the first half of 2015, with about 45% fewer transactions. One substantial ranch sale contributed to the average sale price increase, up about 39%. However, the median sale price, decreased about 22%. The majority of vacant land transactions took place in the Teton Village area, spurred by the velocity in the Shooting Star development.
-45%NUMBER OF
TRANSACTIONS
-40%TOTAL DOLLAR
VOLUME
39%AVERAGE
SALE PRICE
-10%INVENTORY
# of Vacant Land Transactions 37
% Change in Transactions from 2015 -45%
Minimum Price Sold $355,000
Maximum Price Sold $7,990,000 (ranch property)
Median Sale Price $625,000
Average Sale Price $1,594,857
Average Days on the Market 347
# Pending Transactions 11
SOLD | 15-2037 | List Price: $3,300,000 | Teton Village
MID-YEAR 2016 Luxury The luxury segment of the market, defined as transactions over $3 million, followed overall market trends, producing about 12% fewer transactions. Majority of transactions, about 65%, took place in the $3 million - $5 million price range.
-12%NUMBER OF
TRANSACTIONS
-25%TOTAL DOLLAR
VOLUME
-13%AVERAGE
SALE PRICE
12%INVENTORY
* It is important to note in the luxury segment, the small number of transaction size affects any comparison on a percentage basis.
# of Luxury Transactions 23
% Change in Transactions from 2015 -12%
Minimum Price Sold $3,100,000
Maximum Price Sold $10,250,000
Average Sale Price $4,793,158
Median Sale Price $3,850,000
Average Days on the Market 516
# Pending Transactions 4
SOLD | 16-796 | List Price: $4,900,000 | Town of Jackson
307 733 6060 tel307 733 3483 fax
www.JHREA.comwww.starvalleyrealestate.com
www.tetonvalleyidahorealestate.comwww.westernranches.com
PO Box 4897Jackson, WY 83001
80 West BroadwayJackson, WY 83001
270 W. PearlJackson, WY 83001
Snow King Resort HotelJackson, WY 83001
PO Box 322546 Iron Horse Drive
Alpine, WY 83128307 654 7575 tel
PO Box 846235 S Main St
Thayne, WY 83127307 883 7575 tel
65 S Main StDriggs, ID 83422
208 354 7325 tel