3RD QUARTER

2017

NUMBER OF OVERALL SALES CONTINUES TO FALL

2017marksthefourthyearofdwindlingsalesinourvalley.Whencomparedto2013,theoverall numbers of sales are down 13%, home sales are down 27%, and single-familylotsalesaredown15%.Theonlysegmentofthemarketwherenumberofsaleshasnotfalleniscondos/townhomes,wherethenumberofsaleshashoveredatthesamelevelforfiveyearsrunning.Forthepastfewyears,wehavepointedtodwindlingavailableandaffordableinventoryasthereasonfortheslowdown.Thisyear,weseeaslight increase inaffordable inventory,yetthenumberofsalescontinuestofall.What’sgoingon?First,let’stakealookatthedifferentsegmentsofourmarket:Whilethecondo/townhomemedian sale price increased 40% since 2013, inventory in this segment continues toreplenishitself.Ontheflipside,whilethesingle-familyhomemediansalepriceincreased47%since2013,thenumberofoverallhomesalesisdown27%.Thisdropinthenumberofhomesalescanbedirectlyattributedtothedropinhomesalesunder$1million(down57%).Thenumberofsingle-familylotsalessince2013isalsodown,havingdropped15%,yet themediansaleprice isup18%. While itappearssingle-family landsalesare faringbetter than homes, please keep inmindwe are down 54% in the number of land saleswhencomparedto2007,ortheheightofourmarket.WHY THE SLOW DOWN IN NUMBER OF SALES?Twofactorsareplayingabigpart—theageofavailablesingle-familyhomes,andthecostofnewconstructionandremodeling.Lookingatcurrenthomeinventoryunder$1million,69%ofthehomesare30+yearsold,withmostinneedofmajorremodeling.DuringtheGreatRecessionmanylocalssavedtheirmoneyandwereabletopurchaseahomewith20%downandstillhadmoneytoupgradeorremodelbeforethefamilymovedin.Today,withtheaveragesalepriceofasingle-familyhomebeing$1.86million(or24%higherthan2013),localscannolongeraffordthe20%downandhavemoneyleftovertoremodel.Whileremodelingcostishardtogauge,newconstructionpricesarebeingquotedfrom$400persq.ft.tomorethan$1,000persq.ft.Combinethenewconstructioncostwiththemediansalepriceofsingle-familyvacantlotin2017($795,000)andanewlybuilt2,000sq.ft.modesthomewillcostyou$1,595,000.Thispricerangeisimpossibleformostlocalbuyers.

Istheslowdownaffectingpropertyvalues?Basedontheever-increasingmediansalesprices,itdoesnotappearso.Since2013,themediansalepriceofasingle-familyhomeisup47%,thecondo/townhomemediansalepriceisup40%andthesingle-familyvacantlandmediansalepriceisup18%.Another indication of increasing home values; Q-3 2017 marks the first time in the history of Jackson Hole real estate where we tracked more homes sold in the $1 to $2 million price range (68) than homes in the under $1 million price range (61). TosubscribetoourJacksonHoleReport,pleaseemailusatdavid@jacksonholereport.com,orvisitourwebsiteatwww.JacksonHoleReport.com.DATA-DRIVEN REPORT FOR THE FIRST NINE MONTHS OF 2017 TheJacksonHoleReportistheoldest,mostaccurateandcomprehensiverealestatemarketreportinTetonCounty,WY.Wederiveourstatisticsfromaprivatelymaintaineddatabasethattrackseverysinglesale,notjustthetransactionsreportedthroughtheMLS.NOTE:Only68%ofsalepricesvalley-widein2017isreportedtoMLS.

THE OVERALL MARKET 1 q When compared with the first nine months of 2016, the overall number of sales hasdecreasedby5%. Followingsuit, thedollarvolumedropped9%,and theaverageandmediansalepricesbothdroppedby3%.Thedeclineinthenumberofsalesreflectsthe decrease in the number of single-family home sales under $1million (down26%). Thedecline intheunder$1millionsegment isnothingnew,aswehaveseenasteadydropsincelate2013—thetail-endofthegreatrecession.Sincethen,thenumberofhomesalesunder$1millionhasdropped57%.NOTE: For the first time in the history of Jackson Hole, there were more home salesbetween$1and$2millionthanunder$1million.Overallpropertiesundercontractdecreasedby34%whencomparedtothistimelastyear. Dollar volume and the average list price are down 45% and 18% respectively.Buckingthetrend,themediansalepriceisup8%to$1,925,000.NOTE:Currently29%ofthepropertiesundercontractarelistedforunder$1million, andonly10%arelistedforlessthan$500,000. Theincreaseinthemedianlistpricesistheresultofthestrongupper-endofthemarket($2+million),where53%ofundercontractlistingshavecontributed78%ofthedollarvolume.

Overallinventoryofactivelistingsincreasedby1%to430,andthedollarvolumeisup4%. Following suit, the average andmedian listing prices have climbed 3% and 13%respectively. This increase in inventory ismostacutely felt in the$3+millionsegment,i.e. the “LuxuryMarket,”whereavailablehome inventory isup35%—thehighestlevelever.NOTE:Thenumberofactivehomelistingsunder$1millionisdown30%.

The upper end of themarket—properties priced at $2 million and above—reports a 14% drop in sales.Closerinspectionfindsthat18ofthe79high-endsalesclosedformorethan$5million—down18%fromlastyear—and only three sold for more than $10 million. NOTE: While the number of $2+ million salesrepresentedonly18%ofthetotal transactions, thissegmentaccountedfor53%oftheoveralldollarvolumefor the first nine months of 2017. To learn more about the upper end market, please visitwww.JacksonHoleLuxuryReport.com.

SINGLE FAMILY HOMES Single-familyhomesaleshaveslowedsomewhatthisyear. Whencomparedtothefirstninemonthsof2016,thenumberof saleswasdown18% and the dollar volume decreased 15%. Meanwhile, the average andmedian sale prices have increasedby4%and7% respectively. These increases in the average andmedianpricesreflectadropinunder$1millionhomesales(down26%). In 2017, the hot sale price for single-family homes hovers between $1 to $2-million, where 68 sales haveoccurred. The$500,000to$1millionmillion-pricerangefaredalmostaswell,with61salessofarthisyear,accountingfor37%ofoverallhomesales.Hotareasforhomesales:TheTownofJacksonleadswith32%oftotalsalesinthevalley,followedbySouthof Jacksonwith 21% of the sales. Rafter J Ranchwon the title of top subdivisionwith 11 homes sold,withCottonwoodParkcominginsecondwith8homessold.Single-familyhomesundercontractaredownby41%. Followingsuit,thedollarvolume,andaverageandmedianaskingpricesforhomesundercontractaredown52%,18%and10%respectively. Ofthe20homesundercontract,6arelistedforunder$1millionwhile5arelistedforover$3million.Available inventoryof listedhomes is currentlyupby18%with dollar volume up 30%.Meanwhile, theaverageandmedianlistingpricesareonceagainbreakingrecordsforthefirstninemonthsoftheyear. Theaveragelistingpricehasclimbed10%toreach$4.05million,andthemedianlistingpricejumped9%to$2.495million.NOTE:Ofthe197homescurrentlyonthemarket,only1islistedforunder$500,000.Intheunder$1millionsegment,thereare27homesforsale(secondlowestamountsince2007). Inthe$1-to$3-millionpricerangeinventoryisatparwhencomparedto2016,whilethe$3+millioninventoryisup34%to88listings.AsofOctober1,theleastexpensivehomeonthemarketis listedfor$465,000—a1,334sq. ft. twobedroom,one bath home inHoback Junction. On the flip side, themost expensive listing is $28million. This retreatNorthofJacksonfeaturesan11,500sq.ft.four-bedroom,five-bathmodernhomebuiltin1993.The40privateacresoffer3/4mileoftrout-filledspringcreeksandprivategolfundertheshadowoftheTetons.If you have plans to sell your JH property thiswinter, please call for a free comparativemarket analysis oremaildavid@jacksonholereport.com.

CONDO/TOWNHOMECondo and townhome sales to date are on par with 2016, with no change.Meanwhile, the dollar volume and average sale price are both up 6%, but themediansalepriceisdown3%.Whilecondosalesover$1millionaredown8%,do not readmuch into this as there are currently 29 condos listed for over $1millionundercontract.Overhalfoftheactivityinthe$1+millionsegmentisoccurringinTetonVillageandShootingStar,where64%ofallsalesover$1million occurred in 2017, and 63% of all listings over $1 million are undercontract.The hot spot for condo/townhome sales lies between $500,000 and $1millionwhere78 salesoccurred, accounting for47%ofall condo/townhomesales.Ofthose78sales,55%wereintheTownofJackson,and14%wereSouthofTown.Ofall the167condossoldso far in2017, theTownof Jackson ledwith57%oftotalsales,followedbyTetonVillagewith21%.NOTE:Withonly15salesunder$300,000 so far in 2017 and no condos currently listed in that price range, itappearsthewindowofopportunityinthispricerangehasclosed.The number of condo/townhomes under contract is down 21%. The dollar volume is down 20% and themedian list price isdown19%. Currently, there are38 condo/townhomesunder contract,with almosthalflocatedinShootingStarinTetonVillage.NOTE:Ofthecondosundercontract,21%arelistedunder$1million(down53%)and10%are listedunder$500,000. Because thegreatestdemandcontinues tobe forcondosunder $500,000, supply is steadily shrinking in this price range as new listings are gobbled up quickly.Currentinventoryindicatesthatthenumberofcondolistingsinthissegmentisdown82%whencomparedtothe2009high(96listingsversusthecurrent17).

Availableinventoryofcondos/townhomeshasinchedup5%sofarin2017.Thecurrentcondo/townhome inventory(67 listings)reflectsoneof the lowest in20years. Instarkcontrast,wehita20-yearhighbackin2009with200condosonthemarketatthecloseof the thirdquarter. While thenumberof listings is up slightly, the average andmedianlistpricesslipped12%and16%respectively. Here’showtheinventorybreaksdown:17under$500,000;31between$500,000and$1million;14between$1millionand$2million;and5over$2million.

SINGLE FAMILY VACANT LAND

Single-family vacant lots are seeing a reversal from 2016, with a 22% increase innumberofsalesinthefirstninemonthsof2017.Whilethenumberofsalesisup,theaverageandmediansalepricesaredown,31%and28%respectively. Thebigdropinthemediansaleprice($795,000)reflectsa73%increaseinthenumberofsalesunder$1million,with15ofthosesellingforunder$500,000.Twothingstonote:1)Therearecurrently11vacantlandlistingsunder$500,000onthemarket,or8%oftheavailableinventory;and(2)the82landsalessofarin2017is lessthanhalfthenumberof landsalesinthefirstninemonthsof2007,whichregistered177sales.

The2017hotspotsforvacantsingle-familylandsalesaretheTownofJackson,SouthofJackson(SouthPark),andNorthofJacksontoMoran,allexperiencingatleasta50%increaseinnumberofsaleswhencomparedtothefirstninemonthsof2016.Thenumberofsingle-familyvacantlotsundercontractisdown45% comparedtothis time last year. Following suit, the dollar volume is down, and the average listingprice isdown16%. NOTE:Of thevacant single-family lotsunder contract, onlyone islistedforunder$500,000.Available inventory of listed lots in the third quarter is down 12%. Dollar volume is down 15%, and theaveragelistpriceisdown4%.Basedonthe2017salespacethusfar,currentinventoryofsingle-familyvacantlandwillsustainthemarketfor16months. JACKSON HOLE LUXURY REPORT

Market dynamics have changed drastically during the 22 years we havepublishedtheJacksonHoleReport.Duringourtenuretrackingrealestate,wemarveledatthegrowthofthehigh-endmarket,andcametorealizethiselitesegmentwarrantedspecialattention.Forthisreason,wecreatedtheJacksonHoleLuxuryReportin2013,a limited-editionnewsletterfocusedexclusively on high-end properties, which we define as $3 million andabove..The purpose of this limited-edition report is to provide high-end buyersand sellers with a clear understanding of the local luxury landscape.

BuildingontheanalysisoftheJacksonHoleReport,wedelveddeeperintothedynamicsofthemarketabove$3million.Since2013,eachsemi-annualeditionhasbroughtgreatresponseandfeedback fromourreaders.Someseekourknowledgeoftheirpropertyvalueforestateplanning,orwhenconsideringtosell.Othersneedmore information about the overall luxurymarket. Many existing and future property owners also requestmore information about real estate related services such as Caretaking, AssetManagement andVilla Rentalopportunities.Thesingularnatureof luxurylistingsinJacksonHolerequiresthateachsalebeexaminedingreatdetailandtruly special properties must be considered incomparable. When pricing this type of property, you need aluxury data specialist to ensure success. As a courtesy to new clients, we provide a free confidentialmarketanalysisoftheirdistinctiveproperty,andcontinuetoupdatethecurrentvalueofthepropertyfor estate planning and/or trust updates. .While the LuxuryReport focuses on luxuryhomes, condos and single-family vacant parcels, ourmailing listconsidersawider lens inclusiveof selectcommercialproperties, large tractsof land,andranches in JacksonHole.Currentlythereare1,593propertiesworth$3+millioninJacksonHole,andonourmailinglist.IfyouwouldliketoreceivepreviouseditionsoftheJacksonHoleLuxuryReport,pleasecontactusat307-690-4004 or david@jacksonholereport.com. To sign up for the digital version of the Luxury Report, visitwww.JacksonHoleLuxuryReport.com.

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• Our clients know what they want; we take the time to get it

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WHEN YOU CHOOSE TO RENT YOUR HOME, we will maximize revenue generating

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Call us today at 877-427-3400 or 307-732-3400 and discover how The Clear Creek Group will help you find the perfect property, take care of your current home or maximize rental revenue.

WANT TO LEARN MORE AND SUPPORT NEXT

YEAR’S TRIBAL YOUTH CORPS?

CALL 307-732-0629 OR VISIT WWW.GTNPF.ORG

Grand Teton National Park Foundation’s Tribal Youth Corps Helps Dreams Become Reality

“Being outdoors and working with a national park—this has been a dream I’ve always wanted. It seemed like a great op-portunity to get my foot in the door.” That’s how Kirkland Shakespeare summed up his experience last summer working

on Tribal Youth Corps (TYC) in Grand Teton National Park. The program brings Native American high-school students

from regional reservations into the park for multiweek internships. Participants improve historic properties and renew

trails while being immersed in the outdoors. The time also introduces National Park Service (NPS) careers and public

lands stewardship. Shakespeare, one of nine students from Wind River Reservation, powered through heat, rain, and dust

with teammates during long workdays. In off hours, the crew tested their mental and physical mettle by rock climbing,

rafting, and backpacking.

TYC began when a Foundation donor provided funding for improvements on Mormon Row, and Montana Conservation

Corps wanted to employ young Native American recruits. Grand Teton realized tribal students could do the job and hone

their skills all while exploring their ancestral lands. Two years and twenty students later, TYC has logged a growing list of

accomplishments.

What about the future? Shakespeare wants to work outdoors. Whatever path these young people choose, one thing is

certain: They are gathering experiences, skills, and contacts while developing a can-do attitude. Whether they pursue a

career in the NPS or something different, their summer has been one of self-discovery, confidence building, and a wider

view of the world.

Thanks to all Tribal Youth Corps participants and our partners—Grand Teton National Park and Montana Conservation

Corps—for helping the Foundation make the 2017 program a huge success.

Ourdecades-deepknowledgeofthevalleycombinedwiththeinternationalreachofTheClearCreekGroupmakesusyourLocalRealEstateExperts.TheJACKSON HOLE REPORTispublishedsemi-annuallywithadditionalemailupdatesforthefirstandthirdquarters.WhileotherrealtorsattempttoreportonourmarketwithMLSstatisticsonly,wetrackeverysingletransactioninTetonCounty.Consider, for instance, thefirstninemonthsof2017:only68%ofsalespricesvalley-widehavebeenreportedtoMLS;incontrast,wehaveloggedinformationoneachandeverysaleonadailybasis.Ourdata-drivenreportisthemostaccurateandtrustedrealestatenewssourceinTetonCounty.Ifyou would like to sign up for these quarterly email updates, or needmore detailed information about ourmarket,feelfreetoeithercalloremaildavid@jacksonholereport.com.YoucanalsofindtheJacksonHoleReportonlineatwww.jacksonholereport.com.Whetheryouarepricingyourpropertytosellintheupcomingwinterseasonorweighingtherighttimetobuy,restassured thatasourclient,youwillhave theupperhandwithaccess tocurrentmarketstatisticsandanimpeccablelevelofserviceandpersonalattention.Ifyouareplanningtosellthiswinter,pleasecallforafreecomparativemarketanalysisoremaildavid@jacksonholereport.com.Wehopethisreporthasgivenyouasnapshotofmarkettrendsand,asalways,wewouldbegladtodiscussthedetails with you. If you would like a complete analysis of specific areas, back issues of the Jackson HoleReport, or a professional Realtor to represent you in your next real estate transaction, please call oremailoneofthenumbersbeloworwritetousatP.O.Box2431,Jackson,WY83001,Attn:DavidViehmanorDevonViehman.Sincerely,

DavidViehman,AssociateBrokerDevonViehman,AssociateBroker“2013WyomingRealtoroftheYear”“2018President-WyomingAssociationofRealtors”LukeSmith,SalesAssociateTheClearCreekGroupTheJacksonHoleReporttoll-free:(855)690-4004direct:(307)690-4004fax:(855)722-2023www.JacksonHoleReport.com*Thisthird-quarterreportisnotpostedontheJacksonHoleReportwebsite.Instead,itisprovidedexclusivelyviaemail,asaservicetoallourvaluedcustomersandclientshereatTheClearCreekGroup.Thedataiscollectedandanalyzedquarterlytohelpyoukeepupwithtrendsinourmarket.*WhileotherlocalRealEstateBrokeragesattempttoreportonthelocalrealestatemarket,wearetheonlyRealtorswhotrackeverysingletransaction.Therefore,ifyouwantthemostaccurateinformationtohelpguideyouthroughyournextrealestatetransaction,callustoday.WearetheExperts.*Allstatisticsaresuppliedbysourcesthathavebeendeemedreliablebutarenotguaranteed..*Allstatisticsquotedinthisnewsletterarebasedonsalesin2017comparedtosalesin2016..*Mediansalepriceisthecostofapropertythathasanequalnumberofsalesaboveandbelowitonthepricescale..*Averagesalepriceisthetotalcombineddollarvolumedividedbythenumberofsales..*Theword“Overall”inthisnewsletterreferstoallsalesinTetonCountycombined(homes,lots,condos,commercialandranch).*Alta,Wyomingisnotincludedinthisreport..*Theterm“MarketValue”means;thevalueofapropertyintermsofwhatitcanbesoldforontheopenmarket;currentvalue.©Copyright1995-2017byDavidViehmanandDevonViehman,dbaTheClearCreekGroup.Allrightsreserved.NopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeanswithoutexplicitlywrittenpermissionfromDavidViehman.