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.
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. Click to view the full report.