When compared to 2015, the number of sales rose 13% and the dollar volume remained relatively unchanged, totaling $505 million. In contrast, the average and median sale prices both dipped, 9% and 10% respectively. The drop in prices is the result of a 10% decrease in sales over $5 million and the 14% increase in sales below $1 million in 2016.
The under $1 million market continued to be robust, representing 41% of all home sales. Even though the year ended with 113 home sales under $1 million (up 14%), the current inventory represents a slim 14 homes in this price range, with only 3 listed under $750,000. This segment continues to reflect brisk activity and the ever-intensifying appetite for properties priced below $1 million: When a well-priced home hits the market in this segment, a bidding war is sure to ensue within 72 hours.
Single-family home hot spot: The Town of Jackson and the Westbank shared the spotlight. In town, 77 homes sold (up 15%) and on the Westbank, 77 homes sold (up 17%), the latter of which represents 52% of all homes sold in 2016. The area reporting the greatest increase in home sales was south of WYDOT, where 19 sales occurred, a spike of 90%.
Within the single-family home market, the $1 million-plus segment reported 163 transactions in 2016 (up 13%). Meanwhile, the average and median sale prices slipped 9% and 10% respectively. All told in 2016, there were 45 single-family home sales above $3 million (up 15%) and 18 above $5 million (down 10%). If you are a property owner in Jackson Hole and would like a free comparative market analysis, please email David or Devon at firstname.lastname@example.org or call 307-690-4004. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.
Homes currently under contract: As of year’s end, there were 18 homes under contract with an average listing price of $1.85 million (down 43%) and a median list price of $1.125 million (up 14%). The decrease in the average list price is the result of decreased activity in the upper-end segment, where only 1 home under contract is listed for more than $3.5 million.
Homes currently on the market: The open market currently lists 129 homes (down 5%), with an average list price of $4.04 million (up 19%) and a median list price of $2.495 million—the highest median ever logged in JH. Of the 129 single-family homes currently on the market, 14 are listed for under $1 million (down 42%), while 35 are listed for over $5 million, which means 62% of the existing inventory falls between $1 and $5 million. Current demand continues to outpace supply for homes under $1 million. At the 2016 absorption rate, we have 1.5 months of available inventory under $1 million. Even more alarming: Only three homes are listed for under $750,000. NOTE: At the end of 2011, there were 40 homes on the market for under $750,000. Also noteworthy: At press time, there were only 5 single-family homes listed for under $1 million in the Town of Jackson.
Least expensive single-family home listing at year-end: A 2-bedroom, 1-bath, 1,016 sq. ft. home built in 1988 on a .14-acre lot in Cottonwood (Town of Jackson) listed for $565,000.
Most expensive single-family home listing at year-end: $28 million for a private estate north of Jackson with an 11,500 sq. ft. home (4 bedrooms, 5 baths), ¾ mile of trout-filled spring creeks, and a private golf course on 40 acres.
Single-Family Home Sales by Area:
1. Jackson Hole Mountain Resort (Teton Village): 7 sold for an average sale price of $4.88 million (down 28%) and a median sale price of $3.53 million (down 18%). Total dollar volume: $34.1million.
2. Jackson Hole Racquet Club (The Aspens): 6 homes sold (up 100%) for an average sale price of $1.56 million (down 29%) and a median sale price of $1.365 million (down 12%). Total dollar volume: $9.3 million
2a. Teton Pines: 9 homes sold (down 36%) for an average sale price of $2.6 million (down 7%) and a median sale price of $2.25 million (up 3.5%). Total dollar volume: $23.3 million.
3. Westbank, North of Wilson (excluding resort areas zoned vacation rentals): 34 homes sold (up 31%) for an average sale price of $2.2 million (down 23%) and a median sale price of $1.55 million (down 5%). Total dollar volume: $74.9 million.
4. Westbank, South of Wilson: 21 homes sold (up 16%) for an average sale price of $1.87 million (down 24%) and a median sale price of $1.475 million. Total dollar volume: $39.3 million.
5. Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 16 homes sold for an average sale price of $3.08 million (up 59%) and a median sale price of $2.35 million (up 74%). Total dollar volume: $49.3 million.
6. North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: 6 homes sold for an average sale price of $4.6 million (up 75%) and a median sale price of $3.2 million (up 135%). Total dollar volume: $27.6 million.
7. North of Gros Ventre Junction/Kelly/Moran: 24 homes sold for an average sale price of $1.92 million (down 22%) and a median sale price of $1.28 million (down 15%). Total dollar volume: $46.1 million.
8. Town of Jackson: 77 homes sold (up 15%) for an average sale price of $1.03 million and a median sale price of $901,000 – the highest median ever reported in the Town of Jackson.
9. South of Jackson to the Snake River Bridge: 56 homes sold for an average sale price of $1.84 million and a median sale price of $998,000 (up 16%). Total dollar volume: $102.9 million.
10. South of the Snake River Bridge to County Line: 19 homes sold (up 90%) for an average sale price of $1.2 million (up 16%) and a median sale price of $799,000 (up 18%). Total dollar volume: $22.7 million.
* 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.