Budge Realty Group is proud to present our comprehensive Market Report for the First Quarter of 2019. Assembled from Jackson Hole Real Estate Associates’ proprietary database, the most extensive source of information about the region’s real estate market, and insight from our dedicated team of professionals, the report provides valuable insight into the market segments that make up the Jackson Hole area.
The Jackson Hole real estate market is off to a strong start through the first quarter of 2019, buoyed by continued demand for high-dollar properties. A jump in luxury property sales significantly pushed up the overall average and median sales prices, including one notable property listed above $17 million, even though the number of transactions fell compared to the first quarter of 2018.
The number of sales recorded fell 11% in the first quarter compared to the same period a year earlier, but the average sale price increased 79%. That jump was driven primarily by transactions between $2 – $5 million, which jumped 71%, and sales above $5 million, which grew 83%, compared to the first quarter of 2018. Sales in the luxury market (above $3 million) grew 33 percent. The acceleration on the upper end of the market skews the overall average and median sale prices, which emphasizes the need to consider each segment independently.
Single-family homes made up the lion’s share of transactions, 44%, followed closely by condominiums and townhomes, which accounted for 40%. Overall, inventory dropped again, down 10% from the first quarter of 2018. Properties are also continuing to sell faster, with the average time on market down to 176 days.
Inventory fell 10 percent compared to the first quarter of 2018, continuing a trend of tightening supply in the Jackson Hole market. There were 126 transactions recorded in the first quarter of 2019, which marks an 11 percent decline from a year earlier.
While this report outlines the general trends of real estate in Jackson, WY, each neighborhood and property type can vary greatly from these general trends. Consequently, be sure to contact the experienced professionals at Budge Realty Group for specific market information in your neighborhood. Additionally, we are happy to provide a private consultation about your property. Email us at email@example.com or call (307) 413-1364.