jackson hole real estate market report | 2016 quarter 1
DESCRIPTION
On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the newly redesigned 2016 first quarter comprehensive market report for the Jackson Hole area.TRANSCRIPT
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16JACKSON HOLE REAL ESTATE MARKET REPORT
QU
AR
TE
R 1
Jackson Hole Real Estate AssociatesTHE REGION’S LARGEST REAL ESTATE COMPANY
Last year Jackson Hole Real Estate Associates was named 2014 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 their 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.
14%AVERAGE SALE PRICE
25%MEDIAN SALE PRICE
-15%TOTAL DOLLAR VOLUME
MARKET HIGHLIGHTS
On behalf of our team of dedicated professionals at Jackson
Hole Real Estate Associates, we are pleased to present the newly
redesigned 2016 first quarter comprehensive market report for 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 quarter of 2016, transactions decreased, but average and
median sales prices continued to increase.
Jackson Hole Real Estate AssociatesTHE REGION’S LARGEST REAL ESTATE COMPANY
35 TRANSACTIONS
UNDER $1 MILLION
41TRANSACTIONS
$1-5 MILLION
5TRANSACTIONS
$5 MILLION+
CONDO/TOWNHOME
VACANT LAND
OTHER
SINGLE FAMILY
37%
16%
12%
35%
$500K-$1M
$1M-$2M
$2-$5M
OVER $5M
UNDER $500K
27%
33%
17%
6%
16%
SALES DISTRIBUTION BY PRICE
SALES DISTRIBUTION BY SEGMENT
HIGHEST SALE $10,250,000
LOWEST SALE $264,000
MARKET HIGHLIGHTS
Q1 2016 Overall Market
AVERAGE SALE PRICEQ1 2016
$1,635,095
TOTAL NUMBER OF TRANSACTIONS Q1 2016
10223% decrease
compared to Q1 2015
4%INCREASE
ININVENTORY
The overall market in the first quarter of 2016 experienced a decrease in the number of transactions, down about 23% over the first quarter of 2015. While the number of transactions fell, the average and median sale prices continued to increase. The average sale price increased by about 14% and the median sale price increased about 25%, to $1,025,000. The increase in average and median sale prices can be attributed to supply and demand forces, and a shift in the price point of transactions, a trend experienced throughout 2015. Approximately 1/3rd of the transactions in the first quarter took place in the $1 million-$2 million range, up about 17% compared to the first quarter of last year. In contrast, the number of transactions under $500,000 fell over 50%, and transactions between $500,000 and $1 million were down nearly 30%.
The inventory shortage throughout 2015 did not show much change in the first quarter of 2016, with the number of active listings slightly up 4%. Without a large increase in inventory, supply will likely continue to be a contributing factor in the 2016 real estate market. Currently, there are 72 properties pending in the market setting up the next quarter to easily exceed the first quarter’s transactions.
MEDIAN SALE PRICEQ1 2016
$1,025,000
Q1 2016 Single Family
# of Single Family Transactions 36
% Change in Transactions from 2015 -3%
Minimum Price Sold $620,000
Maximum Price Sold $10,250,000
Median Sale Price $1,350,000
Average Sale Price $2,374,891
Average Days on the Market 270
# Pending Transactions 19
The single family segment of the market experienced roughly the same number of transactions when compared to the first quarter of 2015. The average and median sale prices increased 13% and 15%, respectively. There were no single family home sales under $500,000 and nearly half of the transactions took place in the $1 million - $2 million range. Single family homes located in the Town of Jackson, where the majority of single family home sales took place, produced a 13% increase in average sale price.
-3%NUMBER OF
TRANSACTIONS
7%TOTAL DOLLAR
VOLUME
13%AVERAGE
SALE PRICE
14%INVENTORY
SOLD | 15-2437 | List Price: $1,795,000
Q1 2016 Condominium & Townhome
# of Condominium/Townhomes Transactions 38
% Change in Transactions from 2015 -22%
Minimum Price Sold $264,000
Maximum Price Sold $3,750,000
Average Sale Price $832,837
Median Sale Price $605,000
Average Days on the Market 156
# Pending Transactions 17
The number of transactions in the condominium/townhome segment of the market decreased about 22% compared to the first quarter of 2015. The average sale price also decreased significantly, down about 26% from this time last year. These decreases can 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 quarter of 2016 were in the $500,000-$1 million range.
-22%NUMBER OF
TRANSACTIONS
-33%TOTAL DOLLAR
VOLUME
-26%AVERAGE
SALE PRICE
12.5%INVENTORY
SOLD | 15-2997 | List Price: $1,250,000
SOLD | 15-2437 | List Price: $1,795,000
Q1 2016 Vacant LandThe vacant land segment of the market struggled to keep pace with the first quarter of 2015, with about 54% fewer transactions. One substantial ranch sale contributed to the average sale price increase, up about 52%. However, the median sale price, a more accurate indicator, increased about 13%. The majority of vacant land transactions took place in the Teton Village area spurred by the success of the Shooting Star development.
-54%NUMBER OF
TRANSACTIONS
-51%TOTAL DOLLAR
VOLUME
52%AVERAGE
SALE PRICE
-9.5%INVENTORY
# of Vacant Land Transactions 16
% Change in Transactions from 2015 -54%
Minimum Price Sold $360,000
Maximum Price Sold $7,990,000 (ranch property)
Median Sale Price $875,000
Average Sale Price $1,818,333
Average Days on the Market 465
# Pending Transactions 15
SOLD | 14-564 | List Price: $14,200,000
Q1 2016 Luxury The luxury segment of the market, defined as transactions over $3 million, followed overall market trends, producing about 20% fewer transactions. The market share of luxury transactions kept pace at about 11% of the total market. Overall, the luxury market was comparable to the first quarter of 2015.
-21%NUMBER OF
TRANSACTIONS
-21%TOTAL DOLLAR
VOLUME
15%AVERAGE
SALE PRICE
-1%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 11
% Change in Transactions from 2015 -21%
Minimum Price Sold $3,000,000
Maximum Price Sold $10,250,000
Average Sale Price $5,901,875
Median Sale Price $5,462,500
Average Days on the Market 468
# Pending Transactions 4
SOLD | 14-564 | List Price: $14,200,000
SOLD | 15-2269 | List Price: $7,900,000
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