Data-Driven Report for the first three months of 2016
Just how finite is real estate in Jackson Hole?This is the question we have set out to answer in our 2016 reports.Knowing that 97% of Teton County will never be developed (as public or conserved lands), we want to see how much room remains for deeded future development. We began the year by looking at the Town of Jackson. Now, we have tallied the current built inventory and vacant parcels on the Westbank.
We inventoried all existing Westbank deeds by tracking the MLS on a daily basis—recording every single deed documented in Teton County—and then filling in gaps through the Teton County Geographic Information System.According to our research, the Westbank development potential for additional single-family deeded housing is 25%, which means 887 more single-family homes could be built on the Westbank.This does not include development potential for commercial vacant lots in the resort areas, where the number of units will be project-driven.
While our continued research proves our hypothesis—that the finite amount of land in the Westbank translates into minor development potential—the startling revelation of our study relates to the percentage of non-developable lands.Currently, 41% of the Westbank is protected by conservation easements and common parcels associated with large subdivisions.
With far more data available than legible in this report, we have attached a “snapshot” of the total existing deeds, and will release our Westbank comprehensive calculations online at JacksonHoleReport.com, which include a complete breakdown of single-family homes, condo/townhouses, vacant residential commercial lots, number of accessory residential units, and potential future development.Convinced by this continued foray into the numbers that this is an important exercise, we will report on South of Town in the upcoming mid-year report and will finish our valley assessment this fall by reporting on North of Town.To subscribe to our Jackson Hole Report, please email us at email@example.com.
THE OVERALL MARKET – affordable Inventory shortage blamed for slowdown
When compared with the first three months of 2015, overall market activity has decreased due to dwindling affordable inventory.The number of sales is down 26% and the overall dollar volume dropped by 27%.The demand for housing priced below $1 million forced the average andmedian sale prices to climb 11% and 17% respectively.The increase in the average and median sale price reflects the lack of sales under $1 million, down 36% when compared to Q1 2015.In terms of price point, the most activity continued to be between $1 and $3 million, where 40% of overall transactions occurred.Geographically, the Westbank experienced the most sales, which in total accounted for 45% of all sales in the valley.Almost half of those sales occurred in Teton Village.
The overall upper-end of the market—properties priced at $2 million and above—also experienced a decrease in sales, down 68%.While it may appear that upper-end activity is slowing down, a scan of properties under contract tells a different story.Currently 39 upper-end properties are under contract (up 34%) with an average list price of more than $4.5 million.Of those 39 properties, 87% are on the Westbank, with the majority in Shooting Star. The upper-end available inventory is up 20%, but the average and median listing prices are down 8% and 30% respectively.
Our complete 1st & 3rd quarter reports are not posted on this website, but instead are only available by email. To receive the rest of this third quarter report, and sign up for all four quarterly reports via email please sign up here.
* While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call Devon and David today. “We are the Experts”.
* All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
* All statistics quoted in this newsletter are based on sales in 2015 compared to sales in 2014.
* Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.
* Average sale price is the total combined dollar volume divided by the number of sales.
* In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, ranch), minus Alta, WY.
* The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.