When compared to 2016, the number of sales dropped 16%, and the dollar volume dropped 9%, totaling $460 million. In contrast, the average and median sale prices both increased, 7% and 15% respectively. NOTE: The median sale price of $1.3 million in 2017 ties with 2010 as the highest median sale price ever. Also noteworthy, the median list price for single-family homes at the end of 2017 was $2.65 million, which is the highest median list price ever.

The under $1 million market is slowly slipping away, representing only 34% of all home sales in 2017. The year ended with 79 home sales under $1 million (down 30%).  Current inventory represents a slim 14 homes in this price range, with only 5 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: South of Jackson to the County line, and the Town of Jackson shared the spotlight.  South of Jackson 70 homes sold (down 7%). In town, 68 homes sold (down 12%). These two areas represent 55% of all homes sold in 2017.  The area reporting the greatest increase in home sales was south of WYDOT, where 23 sales occurred, an increase of 21%.

Within the single-family home market, the $1 million-plus segment reported 152 transactions in 2017 (down 7%). Meanwhile, the average sale price did not change, and the median sale price slipped 6%.  All told in 2017, there were 37 single-family home sales above $3 million (down 18%) and 18 above $5 million (no change).

Homes currently under contract: As of year’s end, there were 25 homes under contract (up 39%) with an average listing price of $1.52 million (down 18%) and a median list price of $975,000 million (down 13%). The decrease in the average list price is the result of decreased activity in the upper-end segment, where only 2 homes under contract are listed for more than $3 million.

Homes currently on the market: The open market currently lists 128 homes (no change from 2016) with an average list price of $4.25 million (up 6%) and a median list price of $2.65 million—the highest median list price ever logged in JH.  Of the 128 single-family homes currently on the market, 14 are listed for under $1 million (no change), while 41 are listed for over $5 million (up 17%), which means 57% of the existing inventory falls between $1 and $5 million.

Current demand continues to outpace supply for homes under $1 million.  At the 2017 absorption rate, we have 2 months of available inventory under $1 million.  What’s even more alarming?  Only five homes are listed for under $750,000, and zero for under $500,000.  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 4 single-family home listed for under $1 million in the Town of Jackson.

Least expensive single-family home listing at year-end: A 2-bedroom, 1.5-bath, 1,388 sq. ft. home built in 1980 on a .17-acre lot in Rogers Point (Hoback Junction) listed for $575,000.

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)
5 sold for an average sale price of $6.72 million (up 39%) and a median sale price of $7 million (up 98%). Total dollar volume: $33.6 million.

2. Jackson Hole Racquet Club (The Aspens)
3 homes sold (down 50%) for an average sale price of $2.23 million (up 43%) and a median sale price of $2.145 million (up 57%). Total dollar volume: $6.7 million

2a. Teton Pines
8 homes sold for an average sale price of $2.5 million and a median sale price of $2.42 million (up 9%). Total dollar volume: $20 million.

3. Westbank, North of Wilson (excluding resort areas zoned vacation rentals)
23 homes sold (down 32%) for an average sale price of $2.79 million (up 27%) and a median sale price of $1.9 million (up 24%). Total dollar volume: $64.2 million.

4. Westbank, South of Wilson
17 homes sold (down 19%) for an average sale price of $3.28 million (up 75%) and a median sale price of $1.2 million (down 19%). Total dollar volume: $55.8 million.

5. Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch
16 homes sold for an average sale price of $2.1 million (down 32%) and a median sale price of $1.7 million (down 28%). Total dollar volume: $33.7 million.

6. North of Jackson, South of Gros Ventre Junction and East of Spring Gulch
4 homes sold for an average sale price of $2.68 million (down 42%). Total dollar volume: $10.7 million.

7. North of Gros Ventre Junction/Kelly/Moran
17 homes sold for an average sale price of $2.01 million (up 5%) and a median sale price of $1.2 million (down 6%). Total dollar volume: $34.2 million.

8. Town of Jackson
68 homes sold (down 12%) for an average sale price of $1.09 million (up 6%) and a median sale price of $885,000. Total dollar volume: $74 million.

9. South of Jackson to the Snake River Bridge
47 homes sold for an average sale price of $2.17 million (up 18%) and a median sale price of $1.15 million (up 15%). Total dollar volume: $102 million.

10. South of the Snake River Bridge to County Line
23 homes sold (up 21%) for an average sale price of $1.57 million (up 31%) and a median sale price of $1.5 million (up 90%). Total dollar volume: $36.1 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 2017 compared to sales in 2016.
*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.

© Copyright 1995 – 2018 by David E. Viehman and Devon Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.