market review dec 14' 4th qrt
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Jackson HoleMLS Areas 1 - 10
4th Quarter & Year to Date2014 Vs. 2013
4th Quarter Ending
December 31, 2014
Average sales prices fell 14% as sales volume declined 25% and unit volumes dipped 12%.
Source: TBOR MLS
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$270.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Units SoldSales Volume
Teton County, WYComparison of the
4th Quarter Ending December, 2005 - 2014(dollars in millions)
Sales Volume Units Sold
Source: TBOR MLS
South of Town reported the only increases quarter over quarter which included 4 propertiesselling in excess of $3 million vs. none last year.
2013 Sales No. of Town were driven by six properties selling over $5 million vs. two duringQ4-2014.
Source: TBOR MLS
2014 2013 Amount Percent
Sales Volume ($000)
Teton Village 17,969.4$ 21,722.5$ (3,753.1)$ -17.3%
West of Snake River 32,042.3 63,944.5 (31,902.3) -49.9%
North of Town 39,305.0 92,412.5 (53,107.5) -57.5%
Town of Jackson 25,681.7 29,694.9 (4,013.1) -13.5%
South of Town 54,143.5 17,393.2 36,750.3 211.3%
Total Teton County 169,141.9$ 225,167.6$ (56,025.7)$ -24.9%
Unit Sales
Teton Village 14 15 (1) -6.7%
West of Snake River 21 32 (11) -34.4%
North of Town 21 26 (5) -19.2%
Town of Jackson 38 48 (10) -20.8%
South of Town 34 26 8 30.8%
Total Teton County 128 147 (19) -12.9%
4th Quarter Than 2013
Teton CountySales by Area
4th Quarter Ending December 2014 Vs. 2013
2014 Higher/(Lower)
Source: TBOR MLS
Average prices reflect not only fewer sales above $3.0 million but a lower ASP (-10%) forproperties selling between $850k and $1.5 million.
Days on market improved in all areas except West of the Snake and South of Town whichincluded properties on the market more than five years.
Source: TBOR MLS
2014 2013 Amount Percent
Average Sales Price
Teton Village 1,283.5$ 1,448.2$ (164.6)$ -11.4%
West of Snake River 1,525.8 1,998.3 (472.4) -23.6%
North of Town 1,871.7 3,554.3 (1,682.7) -47.3%
Town of Jackson 675.8 618.6 57.2 9.2%
South of Town 1,592.5 669.0 923.5 138.0%
Total Teton County 1,321.4$ 1,531.8$ (210.3)$ -13.7%
Days on Market
Teton Village 519 609 (90) -14.7%
West of Snake River 428 344 84 24.3%
North of Town 278 404 (126) -31.2%
Town of Jackson 108 191 (83) -43.6%
South of Town 399 249 150 60.3%
Total Teton County 310 315 (4) -1.4%
Teton CountyAverage Sales Price and Days on Market
4th Quarter Ending December 2014 Vs. 2013
2014 Higher/(Lower)
4th Quarter Than 2013
Decline in single family home sales West of the Snake (down 57%) North of Town (down66%) fueled the 36% decline in sales volume.
Source: TBOR MLSSource: TBOR MLS
2014 2013 Amount Percent
Sales Volume ($000)
Residential
Condo 25,418.1$ 33,611.5$ (8,193.4)$ -24.4%
Single Family 81,941.3 127,527.1 (45,585.8) -35.7%
Total Residential 107,359.4 161,138.6 (53,779.2) -33.4%
Land / Farm & Ranch 59,352.5 56,225.0 3,127.5 5.6%
Commercial & Other 2,430.0 7,804.0 (5,374.0) -68.9%
Total Teton County 169,141.9$ 225,167.6$ (56,025.7)$ -24.9%
Unit Sales
Residential
Condo 41 59 (18) -30.5%
Single Family 53 62 (9) -14.5%
Total Residential 94 121 (27) -22.3%
Land / Farm & Ranch 32 20 12 60.0%
Commercial & Other 2 6 (4) -66.7%
Total Teton County 128 147 (19) -12.9%
Teton CountySales by Property Type
4th Quarter Ending December 2014 Vs. 2013
2014 Higher/(Lower)
4th Quarter Than 2013
Source: TBOR MLSSource: TBOR MLS
2014 2013 Amount Percent
Average Sales Price
Residential
Condo 620.0$ 569.7$ 50.3$ 8.8%
Single Family 1,546.1 2,056.9 (510.8) -24.8%
Total Residential 1,142.1 1,331.7 (189.6) -14.2%
Land / Farm & Ranch 1,854.8 2,811.3 (956.5) -34.0%
Commercial & Other 1,215.0 1,300.7 (85.7) -6.6%
Teton County Avg. 1,321.4$ 1,531.8$ (210.3)$ -13.7%
Days on Market
Residential
Condo 241 296 (54) -18.3%
Single Family 234 281 (47) -16.8%
Average Residential 237 288 (51) -17.7%
Land / Farm & Ranch 526 574 (49) -8.4%
Commercial & Other 558 159 399 250.6%
Teton County Avg. 310 315 (4) -1.4%
4th Quarter Ending December 2014 Vs. 2013
2014 Higher/(Lower)
4th Quarter Than 2013
Teton CountyAverage Sales Price and Days on Market
Only the $1.5 million to $3.0 million sales category reported sales or unit volume growth in thequarter.
Source: TBOR MLSSource: TBOR MLS
Condo sales in nearly all price categories were flat to down during the quarter.
Single family units selling between $850k and $3.0 million experienced 52% increase insales volume as units sold grew by 41%. – Town of Jackson & South of Town.
Over $3 million, unit volumes fell 62% and sales volume declined 70%.
Source: TBOR MLSSource: TBOR MLS
Year End
2014 Vs. 2013
Year to Date, sales volume declined 8% vs. 2013 on a less that robust 4th quarter.
Source: Teton County Multiple Listing Service
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Teton County, WYCumulative Totals - Twelve Months Ended December
2005 through 2014
2005
2006
2007
2008
2009
2010
2011
2012
2013
20142010
2011
2007
2006
2005
YTD Dec Sales Volume2005 748 $737.72006 664 726.12007 581 803.72008 282 480.12009 203 229.22010 261 387.82011 344 392.12012 430 596.22013 559 658.22014 498 608.2
2009
2008
2014
2013
2012
Despite slowing unit and sales volume in 2014, we have seen five straight years of growth.
Source: TBOR MLS
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Units SoldSales Volume
Teton County, WYComparison of the
Year to Date December, 2005 - 2014(dollars in millions)
Sales Volume Units Sold
The 13 month trend of unit sales is slightly positive thanks to a strong third quarter.
Source: TBOR MLS
$26,561.5
$33,538.5
$46,983.1
$36,586.7
$51,219.9
$32,814.4
$52,254.4$57,179.3
$101,958.1
$87,122.0
$44,163.9
$37,856.0
$26,420.2
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Units SoldSales Volume
Teton County, WYUnits Sold & Sales Volume
January, 2014 through January, 2015(dollars in thousands)
Sales Volume Units Sold Unit Volume Trend
Source: TBOR MLS
Teton Village included the sale of a $19 million home in 2013.West of the Snake reflects a renewed interest in sales of vacant land as units rose 44% andsales volume increased 114% North of Town included 3 sales over $5 million vs. 8 last year.
Source: TBOR MLS
2014 2013 Amount Percent
Sales Volume ($000)
Teton Village 76,911.8$ 96,764.6$ (19,852.7)$ -20.5%
West of Snake River 184,051.9 155,624.0 28,427.9 18.3%
North of Town 91,799.8 192,212.7 (100,412.9) -52.2%
Town of Jackson 126,094.0 121,008.5 5,085.4 4.2%
South of Town 129,380.2 92,618.9 36,761.3 39.7%
Total Teton County 608,237.6$ 658,228.7$ (49,991.0)$ -7.6%
Unit Sales
Teton Village 60 65 (5) -7.7%
West of Snake River 113 94 19 20.2%
North of Town 63 78 (15) -19.2%
Town of Jackson 163 209 (46) -22.0%
South of Town 99 113 (14) -12.4%
Total Teton County 498 559 (61) -10.9%
Year to Date Than 2013
Teton CountySales by Area
Year to Date - December 2014 Vs. 2013
2014 Higher/(Lower)
Source: TBOR MLSSource: TBOR MLS
2014 2013 Amount Percent
Average Sales Price
Teton Village 1,281.9$ 1,488.7$ (206.8)$ -13.9%
West of Snake River 1,628.8 1,655.6 (26.8) -1.6%
North of Town 1,457.1 2,464.3 (1,007.1) -40.9%
Town of Jackson 773.6 579.0 194.6 33.6%
South of Town 1,306.9 819.6 487.2 59.4%
Total Teton County 1,221.4$ 1,177.5$ 43.8$ 3.7%
Days on Market
Teton Village 385 467 (82) -17.6%
West of Snake River 291 329 (38) -11.5%
North of Town 344 417 (73) -17.5%
Town of Jackson 188 250 (62) -24.9%
South of Town 515 299 216 72.4%
Total Teton County 320 322 (2) -0.6%
Teton CountyAverage Sales Price and Days on Market
Year to Date - December 2014 Vs. 2013
2014 Higher/(Lower)
Year to Date Than 2013
Source: TBOR MLSSource: TBOR MLS
Single Family unit sales fell 34% in the Town of Jackson and 44% North of Town while Westof the Snake sales rose 8%.
Land/Farm & Ranch includes a $19 million sale in the current year.
2014 2013 Amount Percent
Sales Volume ($000)
Residential
Condo 102,080.9$ 107,666.9$ (5,586.0)$ -5.2%
Single Family 315,319.4 407,133.9 (91,814.6) -22.6%
Total Residential 417,400.2 514,800.8 (97,400.5) -18.9%
Land / Farm & Ranch 150,088.0 122,847.4 27,240.6 22.2%
Commercial & Other 40,749.4 20,580.5 20,168.9 98.0%
Total Teton County 608,237.6$ 658,228.7$ (49,991.0)$ -7.6%
Unit Sales
Residential
Condo 188 199 (11) -5.5%
Single Family 190 255 (65) -25.5%
Total Residential 378 454 (76) -16.7%
Land / Farm & Ranch 95 85 10 11.8%
Commercial & Other 25 20 5 25.0%
Total Teton County 498 559 (61) -10.9%
Year to Date Than 2013
Teton CountySales by Property Type
Year to Date - December 2014 Vs. 2013
2014 Higher/(Lower)
Source: TBOR MLSSource: TBOR MLS
Single family prices rose principally West of the Snake, Town of Jackson and South of Town. Condo days on market reflects tight inventories which have declined 16% in the past year.
2014 2013 Amount Percent
Average Sales Price
Residential
Condo 543.0$ 541.0$ 1.9$ 0.4%
Single Family 1,659.6 1,596.6 63.0 3.9%
Total Residential 1,104.2 1,133.9 (29.7) -2.6%
Land / Farm & Ranch 1,579.9 1,445.3 134.6 9.3%
Commercial & Other 1,630.0 1,029.0 601.0 58.4%
Teton County Avg. 1,221.4$ 1,177.5$ 43.8$ 3.7%
Days on Market
Residential
Condo 242 305 (63) -20.6%
Single Family 270 274 (4) -1.6%
Average Residential 256 287 (32) -11.0%
Land / Farm & Ranch 512 476 36 7.6%
Commercial & Other 310 326 (15) -4.7%
Teton County Avg. 320 322 (2) -0.6%
Year to Date - December 2014 Vs. 2013
2014 Higher/(Lower)
Year to Date Than 2013
Teton CountyAverage Sales Price and Days on Market
Lower inventory (under $850k is down 20%) likely resulted in a 19% decline in unit sales.
On the other hand, inventory was steady in the $1.5 to $5.0 million categories, and unitsales rose 24%.
Source: TBOR MLSSource: TBOR MLS
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< $850,000 $850K to $1.5 Million $1.5 to $3.0 Million $3.0 to $5.0 Million > $5.0 Million
Teton County, WYSales Volume by Price Category
Year to Date - December, 2013 & 2014(dollars in millions)
2013 2014
366
295
10098 55
67
19
12
Units Sold
Sales Vol-21%Units-19%
Sales Vol-6%
Units-3%
Sales Vol+28%Units+24%
Sales Vol+33%Units+30%
20
26
Sales Vol-36%Units-37%
Source: TBOR MLSSource: TBOR MLS
Overall sales volume declined 23% as unit volumes fell 26%. ToJ reported a 34% decline in units but only a 4% decline in sales volume due to 4 more unitssold over $1 million one of which exceeded $4 million. South of Town includes 6 homes selling in excess of $3 million vs. 1 last year.
2014 2013 Amount Percent
Sales Volume ($000)
Teton Village 28,267.5$ 54,465.0$ (26,197.5)$ -48.1%
West of Snake River 113,056.8 117,387.5 (4,330.7) -3.7%
North of Town 47,528.8 125,059.7 (77,530.9) -62.0%
Town of Jackson 43,468.6 45,282.1 (1,813.5) -4.0%
South of Town 82,997.7 64,939.7 18,058.0 27.8%
Total Teton County 315,319.4$ 407,133.9$ (91,814.6)$ -22.6%
Unit Sales
Teton Village 6 11 (5) -45.5%
West of Snake River 57 53 4 7.5%
North of Town 24 43 (19) -44.2%
Town of Jackson 45 68 (23) -33.8%
South of Town 58 80 (22) -27.5%
Total Teton County 190 255 (65) -25.5%
Average Sales Price
Teton Village 4,711.3$ 4,951.4$ (240.1)$ -4.8%
West of Snake River 1,983.5 2,214.9 (231.4) -10.4%
North of Town 1,980.4 2,908.4 (928.0) -31.9%
Town of Jackson 966.0 665.9 300.1 45.1%
South of Town 1,431.0 811.7 619.2 76.3%
Total Teton County 1,659.6$ 1,596.6$ 63.0$ 3.9%
2014 Higher/(Lower)
Year to Date Than 2013
Teton CountySingle Family Homes
Year to Date - December 2014 Vs. 2013
Under $850k unit sales fell 51% reflecting a 47% decline in inventory. On the other hand, in the $1.5 million to $3.0 million range, sold units were virtually
unchanged and inventory was down 4%.
Source: TBOR MLSSource: TBOR MLS
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< $850,000 $850K to $1.5 Million $1.5 to $3.0 Million $3.0 to $5.0 Million > $5.0 Million
Teton County, WYSingle Family Homes -- Sales Volume by Price Category
Year to Date - December, 2013 & 2014(dollars in millions)
2013 2014
136
67
51
60
3939
Units Sold
Sales Vol-46%Units-51%
Sales Vol+6%Units+6%
1617
Sales Vol+14%Units+18%
Sales Vol-55%Units-46%
13
7
West of the Snake River was the only area reporting increases in unit sales althoughvolume declined slightly.
Sales volume South of Town reflects six homes selling for over $3 million vs. one last year. Declines in all other areas resulted in lower volume and units of 30% and 34% respectively.
Source: TBOR MLSSource: TBOR MLS
$0.0
$20,000.0
$40,000.0
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$100,000.0
$120,000.0
$140,000.0
Teton Village West of Snake River North of Town Town of Jackson South of Town
Teton County, WYSingle Family Homes - Sales Volume & Units
Year to Date - December, 2014 & 2013(dollars in thousands)
2013 2014
11
6
5753
43
2468 45
80
58
Units Sold
Sales Vol-4%
Units+8%ASP-10%
Sales Vol-48%Units-46%ASP-5%
Sales Vol-62%Units-44%ASP-32%
Sales Vol-4%
Units-34%ASP+45%
Sales Vol+28%Units-28%ASP+76%
Source: TBOR MLSSource: TBOR MLS
West of the Snake, condo units jumped 38% and volume 70% in part reflecting the sale ofthree more units selling over $1 million in 2014 than in 2013.
2014 2013 Amount Percent
Sales Volume ($000)
Teton Village 32,179.3$ 37,249.6$ (5,070.2)$ -13.6%
West of Snake River 19,809.1 11,671.5 8,137.6 69.7%
North of Town 6,126.0 7,065.0 (939.0) -13.3%
Town of Jackson 40,749.0 49,445.2 (8,696.2) -17.6%
South of Town 3,217.5 2,235.7 981.9 43.9%
Total Teton County 102,080.9$ 107,666.9$ (5,586.0)$ -5.2%
Unit Sales
Teton Village 47 51 (4) -7.8%
West of Snake River 33 24 9 37.5%
North of Town 13 11 2 18.2%
Town of Jackson 87 106 (19) -17.9%
South of Town 8 7 1 14.3%
Total Teton County 188 199 (11) -5.5%
Average Sales Price
Teton Village 684.7$ 730.4$ (45.7)$ -6.3%
West of Snake River 600.3 486.3 114.0 23.4%
North of Town 471.2 642.3 (171.0) -26.6%
Town of Jackson 468.4 466.5 1.9 0.4%
South of Town 402.2 319.4 82.8 25.9%
Total Teton County 543.0$ 541.0$ 1.9$ 0.4%
2014 Higher/(Lower)
Year to Date Than 2013
Teton CountyCondos & Townhomes
Year to Date - December 2014 Vs. 2013
The Racquet Club/Pines reported the only increases in 2014.
Source: TBOR MLSSource: TBOR MLS
Source: TBOR MLSSource: TBOR MLS
Fractional sales as a percent of total condo/fractional units sold in 2014 was 47% vs 27% in2013. Fractional units jumped 57%, sales volume doubled.
2014 2013 Amount Percent
Sales Volume ($000)
Teton Village 32,179.3$ 37,249.6$ (5,070.2)$ -13.6%
Condo 30,007.4 36,207.1 (6,199.6) -17.1%
Fractional 2,171.9 1,042.5$ 1,129.4 108.3%
Unit Sales
Teton Village 47 51 (4) -7.8%
Condo 25 37 (12) -32.4%
Fractional 22 14 8 57.1%
Average Sales Price
Teton Village 684.7$ 730.4$ (45.7) -6.3%
Condo 1,200.3 978.6 221.7 22.7%
Fractional 98.7 74.5 24.3 32.6%
2014 Higher/(Lower)
Year to Date Than 2013
Teton VillageCondo & Fractional Sales
Year to Date - December 2014 Vs. 2013
Source: TBOR MLSSource: TBOR MLS
Area
# Area 2014 2013 % Chng 2014 2013 % Chng 2014 2013
1 Teton Village 684.7$ 730.4$ -6% 370.0$ 585.0$ -37% 47 51
2 Racquet Club/Pines 610.1 486.3 25% 500.0 422.5 18% 30 24
3 W.Snake N. Wilson 382.5 - 0% 382.5 - 0% 2 -
4 W.Snake S. Wilson 740.0 - 0% 740.0 - 0% 1 -
5 Skyline Rch/Sagebrush 503.4 519.2 -3% 510.0 495.0 3% 12 6
6 E. Gros Ventre Butte 85.0 890.0 -90% 85.0 660.0 -87% 1 4
7 N of Gros Ventre Jct - 390.0 -100% - 390.0 -100% - 1
8 Town of Jackson 468.4 466.5 0% 415.0 367.3 13% 87 106
9 So of Jackson to Bridge 402.2 319.4 26% 441.8 285.0 55% 8 7
10 So of S.R. Bridge - - 0% - - 0% - -
Area
# Area 2014 2013 % Chng 2014 2013 % Chng 2014 2013
1 Teton Village 4,711.3$ 4,951.4$ -5% 4,437.5$ 3,258.0$ 36% 6 11
2 Racquet Club/Pines 2,279.1 2,140.5 6% 2,050.0 1,512.5 36% 11 22
3 W.Snake N. Wilson 1,792.7 2,062.4 -13% 1,492.5 1,650.0 -10% 26 21
4 W.Snake S. Wilson 2,068.8 2,698.8 -23% 1,225.0 1,686.3 -27% 20 10
5 Skyline Rch/Sagebrush 2,040.6 3,287.3 -38% 1,800.0 1,900.0 -5% 9 26
6 E. Gros Ventre Butte 5,017.9 4,212.5 19% 5,017.9 4,212.5 19% 2 2
7 N of Gros Ventre Jct 1,471.4 2,077.7 -29% 1,200.0 1,100.0 9% 13 15
8 Town of Jackson 966.0 665.9 45% 810.0 565.0 43% 45 68
9 So of Jackson to Bridge 1,413.8 782.8 81% 937.5 705.0 33% 37 64
10 So of S.R. Bridge 1,461.2 927.5 58% 850.0 619.0 37% 21 16
Teton County, WyomingAreas 1 through 10
Residential - Condo & Townhome
Average Prices Median Prices Unit Totals
Year to Date - December 2014 Vs. 2013
Residential - Single Family
Average Prices Median Prices Unit Totals
Listings
Total listings fell 12% vs. January, 2014 as units priced: Less than $850k declined by 19%. Between $850k and $3 million fell 5% Above $3 million inventory declined 10%.
Source: TBOR MLS
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Teton County, WYActive Listings by Price Category
< $850,000 $850K - $1.5 M $1.5 M - $3.0 M $3.0 M - $5.0 M > $5.0 M
$3 - $5 million
> $5 million
< $850,000
Active Listings* & Absorption# Rate
Absorption#
Price Category Inventory Rate in Months
< $850 175 8 ( -2)
$850 - $1.5 M 107 12 (-10)
$1.5M - $3.0M 88 17 ( -8)
$3.0M - $5.0M 45 18 ( -8)
> $5.0M 59 51 ( +5)
Total 474 12 ( -4)Excludes Commercial Properties
* Listing data as of 1/31/15.# Avg. number of months to sell a property at current (12 month avg.) sales pace. (Change inabsorption rate (+/-) since September, 2014).
January listings fell 21% since the last report in October.
Teton County, WY
2015 2014 Amount Percent
Active Listings
Teton Village 105 101 4 4.0%
West of Snake River 96 131 (35) -26.7%
North of Town 110 125 (15) -12.0%
Town of Jackson 62 63 (1) -1.6%
South of Town 101 116 (15) -12.9%
Total Teton County 474 536 (62) -11.6%
#Includes: Residential, Building Sites, and Farm & Ranch.
Active MLS Listings#
January 2015 Vs. 2014
2015 Higher/(Lower)
End of Month - January Than 2014
Areas 1 thru 10
Summary
Teton County, WYYear End -- 2014 vs. 2013
• Total units sold fell 11% vs. 2013.
Condo units declined 5%. (Fractional units rose 57%)
Single family units fell 26%.
Commercial units rose 25%.
• Sales volume declined 8%.
Condos fell 5%.
Single family home sales volume declined 23%.
Land / Farm & Ranch rose 22%.
Commercial properties nearly doubled increasing 98%.
Teton County, WYYear End -- 2014 vs. 2013
• Average sales prices 4% higher.
Condo prices unchanged.
Single family up 4%.
• Median prices saw an overall rise of 16%.
Condo prices were up 4%.
Single family jumped 33%.
Vacant land was 8% higher.
Teton County, WYYear End -- 2014 vs. 2013
• Properties selling below $1.5 million:
Sales and unit volume each fell 15%.
• Properties selling over $1.5 million:
Sales volume fell 2%.
Unit volume increased 13%.
Teton County, WYYear End -- 2014 vs. 2013
• Condo market represented 50% of residentialunits sold -- up 6 percentage points vs. 2013.
The Town of Jackson, with 87 units, made up 46% ofcondo sales & the Racquet Club 18%.
Average prices in the Racquet Club gained 23%.
The Village reported an 8% decline in condo/fractionalsales. Fractional units rose 57% while condo units fell32%.
- Condo prices rose 23% fractional prices up 33%.
Teton County, WYYear End -- 2014 vs. 2013
• Active listings declined 12%.
The Village rose slightly, up 4%
West of the Snake – declined 27%.
North of Town and South of Town fell 12%
Town of Jackson declined 2%
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