“The best advice I ever got was that knowledge is power and to keep reading.” David Bailey.
Our goal with the Jackson Hole Report has always been to provide our clients with market knowledge that will empower their real estate decisions. Supply and demand remains the most powerful dynamic in our real estate market. Demand has never been an issue in Teton County; supply is the problem. With 97% of Teton County barred from development as public or conserved land, tracking the remaining 3% should be relatively straight-forward. Not so: Our analysis requires monitoring the MLS on a daily basis—recording every single deed documented in Teton County—and then filling in the gaps through the Teton County Geographic Information System. Our meticulous process, for example, recently yielded a startling discovery regarding the overall development potential of Teton County: The county, by deeds, could support 2,169 (38%) more homes than currently exist. This includes the existing 1,292 platted residential single-family lots. NOTE: This does not include future affordable housing or the potential transfer of development credits from other parts of the valley. Based on the five-year average of new single-family home permits (45 per year), it will take almost 29 years to realize the current development potential.
We have spent the past 15 months inventorying every free-market deed in the entire valley, an exhaustive process that allows us to say, with complete confidence: We have the most comprehensive real estate database in the valley. Or simply put: We know this market better than anyone else. Our in-depth, unparalleled knowledge make us the most thorough and trusted advisors to buyers and sellers alike. So whether you are a buyer or seller, let our knowledge empower you in your next real estate transaction.
With far more data available than digestible in this report, we have included a snapshot of the total existing deeds and future potential development. This first foray into the numbers has convinced us that this is a crucial exercise, therefore we will continue to update our stats annually. All of our analysis is available online at jacksonholerealestatereport.com/inventory/. To subscribe to our Jackson Hole Report, please email us at email@example.com or click here.
To guarantee the most successful outcome in your next real estate transaction, call us today.
The Jackson Hole Report is the most widely-distributed and -anticipated quarterly newsletter in Jackson Hole.
The Year in Review: 2016 Sales and Trends
The year closed with the overall market—all home, lot, condo and commercial transactions or listings— reporting 10% less sales than 2015, for a total of 618 properties sold in 2016 in Teton County. The overall dollar volume followed suit, down 8% to $1.005 billion. The Luxury Market (over $3 million) also followed suit with an 8% decrease in sales. The decrease in overall sales can be attributed to two main factors; the sluggish vacant residential lot market, where sales slumped 43%, and the overall available inventory, which is at the second lowest level in 30 years.
The hot spot in 2016 was under $1 million, where 54% of all transactions occurred. The steady surge of sales in this segment—in tandem with the dearth of homes listed under $1 million (only 14 are available valley-wide)—suggests prices will continue to climb in 2017. We predict buyers will continue to flock to our market, but our underlying concern remains: How much well-priced inventory will be available for buyers?
Overall real estate currently under contract: At year-end, there were 63 properties under contract (up 43%) with an average list price of $3.8 million (up 42%) and a median list price of $3.2 million (up 224%). This across-the-board spike can be traced to the 23 Shooting Star properties under contract—a medley of homes, cabins and lots with an average list price of $4.4 million.
Current overall available inventory has decreased 5% when compared to the close of 2015, making year-end 2016 the second lowest level of overall available inventory in more than 30 years. The average and median list prices have jumped, up 12% and 5% respectively, and dollar volume is up 6% to $1.07 billion. NOTE: Even though the under $1 million segment reported the greatest amount of currently active listings (105), the $1-$2 million segment comes in a close second with 93 listings. The $1-$2 million segment logged 156 sales in 2016.
Jackson Hole Luxury Report
The market dynamics have changed drastically during the 22 years we have published the Jackson Hole Report. During our tenure tracking real estate, we marveled at the growth of the high-end market and came to realize this elite segment warranted special attention. For this reason, we launched the Jackson Hole Luxury Report nearly four years ago, a limited-edition newsletter focused exclusively on high-end properties, which we define as $3 million and above.
The purpose of this limited-edition report is to provide high-end buyers and sellers with a clear understanding of the luxury landscape in which they find themselves. Building upon the analysis of the Jackson Hole Report, we delve deeper into the dynamics of the market above $3 million. Since 2013, each semi-annual edition has garnered great response and feedback from our readers. Some clients request our property valuations for estate planning, or when considering to sell, and others simply seek more information about the overall luxury market. Many existing and future property owners also want more information about real estate-related services such as a Property Manager, Interior Decorator, Homebuilder, Architect, or Estate Planner.
For these reasons, the upcoming 2016 year-end Luxury Report is expanding to a 52-page luxury real estate magazine. We will be providing twice the luxury data, in addition to editorials focused on real-life experiences when buying and selling in Jackson Hole, helpful real estate tips, and a list of real estate-related services for quick reference.
The singular nature of luxury listings in Jackson Hole requires that each sale be examined in great detail and truly special properties must be considered incomparable. When pricing this type of property, you need a luxury data specialist to ensure success. As a courtesy to new clients, we provide a free confidential market analysis of their distinctive property, and continue to update the current value of the property for estate planning and/or trust revisions.
While the Luxury Report focuses on luxury homes, condos and single-family vacant parcels, our mailing list considers a wider lens inclusive of select commercial properties, large tracts of land, and ranches in Jackson Hole. Currently there are 1,526 properties worth $3+ million in Jackson Hole—all of which we include on our mailing list.
If you are not currently receiving the Luxury Report, or if you would like to know what your luxury property is worth in today’s market, please contact David Viehman at 307-690-4004 or firstname.lastname@example.org. To sign up for the digital version of the Luxury Report, visit www.JacksonHoleLuxuryReport.com
RE/MAX Obsidian Real Estate
A member of the RE/MAX Global Network, RE/MAX Obsidian Real Estate is a locally-owned and -managed boutique real estate sales brokerage. Our team of 38 seasoned realtors is supported by a powerful database that keeps daily track of every single real estate transaction in Jackson Hole. While the intimacy of our local firm guarantees personal service and attention, the global reach of RE/MAX is unmatched in Jackson Hole. When you combine the global presence of all other local brokerages, their collective reach does not equal half the number of worldwide offices and agents in the RE/MAX Global Network. Stateside, RE/MAX offers an equally impressive presence: Our U.S. franchises’ websites are visited by 10 times as many people as all the other local franchises or affiliate brokerages combined, which equated to more than 50 million visits in 2016. This marketing advantage is critical when selling a property; according to the National Association of Realtors, 95% of all buyers in the U.S. start their search online. Global.REMAX.com even allows potential buyers to look for properties in 30 languages, translate currencies, and find the latest international real estate news.
With nearly 90,000 agents in 89 countries, RE/MAX Obsidian Real Estate and the RE/MAX Global Network connect your property to potential customers virtually anywhere. In Jackson Hole, RE/MAX Obsidian is a vital, contributing member of the community. As a participant in 1% for the Tetons, RE/MAX Obsidian Real Estate donates 1% of our real estate sales commission to local sustainability initiatives.
Our decades-deep knowledge of the valley combined with the international reach of RE/MAX Global Network makes us your Local Real Estate Experts.
Whether you are pricing your property to sell in this competitive market or weighing the right time to buy, rest assured that when you are our client, you have the upper hand through access to current market statistics and our impeccable level of service and personal attention. For a free comparative market analysis, please contact us by calling 307-690-4004 or emailing email@example.com.
The JACKSON HOLE REPORT is published semi-annually, with additional email updates for the first and third quarters. While other Realtors attempt to report on our market with MLS statistics only (MLS historically tracks only 65-70% of the market), we track everysingletransaction in Teton County. This data-driven report is the oldest, most accurate and trusted real estate news source in Teton County, Wyoming. We are your “True North” of valley real estate reporting. If you would like to sign up for quarterly email updates, or need more detailed information about our local real estate market, please call 307-690-4004 or email firstname.lastname@example.org.
We hope this report has given you a snapshot of market trends. As always, we would be glad to discuss them further with you. Please contact us if you plan to list your property in 2017, would like a more detailed analysis of specific areas or back issues of THE JACKSON HOLE REPORT, or if you are scouting for a professional Realtor to represent you in your next real estate transaction. We look forward to working with you.
David E. Viehman, Associate Broker
Devon Viehman, Associate Broker
“Wyoming Realtor of the Year 2013”
The Jackson Hole Report
RE/MAX Obsidian Real Estate
* 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, Luke or 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 2016 compared to sales in 2015.
* 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.