The Jackson Hole Real Estate Market is heating up and buyers and sellers need to take notice before the summer selling season gets off to a start. This analysis of the 1st quarter of 2015 will give an overview of the market, however, every property is different. If you have a particular property or area you have questions about, please give us a call and we would be happy to help.
Overall Market: The number of transactions ramped up in the first quarter with an approximate 14% increase. The increase in the number of transactions was coupled with a healthy increase in the average sales price, up about 32%, which translated into a near 40% increase in the total dollar volume when compared to the first quarter of 2014. The distribution of sales over various price ranges continues in an upward trajectory with more transactions taking place at higher price brackets. For example, there were about 27% fewer sales under $1 million in the first quarter of 2015 than a year ago, and the over $5 million price segment increased 133% from a year ago. The lower inventory was evident with an 18% decrease as compared to this time last year. In fact, every property type has decreased in inventory since last year.
Single Family Segment: The single family segment of the market made healthy strides in the first quarter of 2015. The number of transactions compared to the first quarter last year remained level with the total dollar volume rising about 9%. A combination of the inventory shortage and fewer lower priced sales moved the average sales price to over $2 million, 20% higher than this time last year. There were only 121 single family homes for sale at the end of the first quarter – down about 11% from the end of the first quarter of 2014. Only two of those were priced under $500,000. In fact, there were NO sales of a single family home under $500,000 in the first quarter. The $1 million to $2 million price segment gained market share, garnering about 37% of the transactions. The shortage of single family homes for sale has translated to market participants purchasing vacant land where options in most locations were more plentiful.
Condominium & Townhome Segment: The condominium/townhome segment of the market experienced a tenacious beginning to the year. The number of transactions increased 11%, and the total dollar volume was up an astounding 67% due to rising prices and a shift in price level distribution. This large increase was directly related to the increase in number of transactions over $2 million, which accounted for 18% of the quarter’s sales, compared to only 5% in the first quarter of last year. This shift in the price level distribution has skewed the average sale price tremendously with calculations indicating an approximate 89% increase in the average sale price. A more meaningful calculation in this instance may be the median sale price which increased just 10%. Teton Village experienced a healthy number of sales during the first quarter of 2015 with 17 transactions, and the Town of Jackson remained level with 18 transactions. The condominium/townhome segment of the market has experienced the most extreme inventory shortage in the first quarter. The number of condominiums/townhomes for sale was down about 30%, when compared to the first quarter of 2014.
Vacant Land Segment: The shortage of existing single family homes and condominiums/townhomes has taken its toll on the real estate market and has accelerated the vacant land segment of the market. The number of transactions increased 46% over last year. The vacant land segment has also experienced a shift in price level distribution, similar to the other segments of the market. This has caused a nearly 25% increase in the average sale price. Properties over $1 million accounted for about 46% of the transactions in the first quarter. The effect of this shift translated into more than doubling the total dollar volume when compared to this time last year. The properties sold were located throughout the valley with no single area emerging as a focal point. The once sizable inventory of vacant land has continuously decreased with this quarter being no exception, decreasing about 17% when compared to the first quarter of 2014.
Luxury: The number of luxury sales increased about 27% from this time last year. Primarily driving this increase was the number of high priced vacant land sales, where at least 6 parcels were sold for over $3 million. The number of luxury homes to sell during the quarter remained about equal to the previous year, not only in the number of transactions but also in the average sale price. Nearly 80% of the luxury transactions were cash deals.
Record Sale (Q1): 11,250,000
Average Sale Price Above $3M: $5,575,000
Number of Sales Above $3M: 14
Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market 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 luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach.
* 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.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.