Just how finite is real estate in Jackson Hole? This is the question we will set out to answer in our upcoming 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. To approach an answer, we begin by tallying the current built inventory in the Town of Jackson.
Using the 2014 Teton County Regional Housing Needs Assessment as a baseline for comparison, we inventoried all existing Town of Jackson (TOJ) units 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 town development potential for additional deeded housing (homes and condo/townhomes) is 11%, meaning 417 more residential units could be built in the TOJ.
Even though our research proved our hypothesis – that the finite amount of land in the TOJ translates into slim development potential – the startling revelation of our study related not to land use, but rather development cost: Growth is hindered less by finite land and more by the extreme expense of buying and building in town. Now, more than ever, it seems the majority of residents will continue to rely on the current rental inventory – nearly half of the overall available TOJ units – and remain excluded from home ownership. The health of our community relies on our ability to retain and generate workforce housing; we can only hope our study sheds some light on this pressing community issue.
With far more data available than legible in this report, we have attached a “snapshot” of the total existing deeds and rental unit breakdown, and will release our TOJ comprehensive calculations online at jacksonholereport.com, which include a complete breakdown of TOJ residential rental inventory. Convinced by this first foray into the numbers that this is an important exercise, we will spend the rest of our 2016 quarterly reports considering the remaining segments of the valley market: the Westbank, South of Town and North of Town. To subscribe to our Jackson Hole Report, please email us at email@example.com.
The Year in Review: 2015 Sales and Trends
The year closed with the overall market – all home, lot, condo and commercial transactions or listings – reporting 12% more sales than 2014, for a total of 684 properties sold in 2015 in Teton County. The overall dollar volume followed suit, up 36% to $1.095 billion. The Luxury Market (over $3 million) fared even better than the overall market with a 39% increase in sales, and a 37% increase in dollar volume. The increase in overall sales reflects the diminishing available inventory; overall available inventory is at the third lowest level in 25 years.
The hot spot in 2015 was under $1 million, where 52% of all transactions closed. The steady surge of sales in this segment in tandem with the dearth of homes listed under $1 million (see Single-Family Homes below) suggests prices will continue to climb in 2016. 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 44 properties under contract (down 29%) with an average list price of $2.68 million (up 14%) and a median list price of $985,000 (down 30%). The bump in average list price reflects buyers’ willingness to pay more than the last comparable sale.
Current overall available inventory has increased 3% when compared to the close of 2014 – making year-end 2015 the third lowest level of overall available inventory in more than 25 years. The average and median list prices have dropped slightly, down 8% and 7% respectively. NOTE: Even though the under $1 million segment reported the greatest amount of currently active listings (139), the $1-$2 million segment comes in a close second with 97 listings. The $1-$2 million segment logged 164 sales in 2015.
We are very optimistic that the Jackson Hole market will continue to appreciate in every segment through the summer, particularly the under $1 million single-family home segment with its less-than two months of available inventory. For sellers who want to successfully sell their properties this summer, their properties must be priced correctly. Overpriced listings will not sell because the majority of today’s buyers continue to be motivated not by their emotions but by value. NOTE: Of all available inventory (homes, lots, condos/townhomes, commercial), 38% has been on the market before. Of those 180 listings, 162 (90%) have been on the market for more than a year and 68% for two-plus years. Talk to your Realtor about an effective pricing strategy and aggressive marketing plan. For sellers without representation, please know that Devon and I are here to help you. We know the market better than anyone. Lean on us for accurate, data-driven insight and advice to help you reach your real estate objectives. To receive a free no-obligation market analysis, and/or to list your property in 2015, contact us through JacksonHoleReport.com (email: firstname.lastname@example.org) or call 307-690-4004.
Jackson Hole Luxury Report
The market dynamics have changed drastically during the 21 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 created the Jackson Hole Luxury Report in 2013, a limited-edition newsletter focused exclusively on high-end properties, which we define as $3 million and above. The Jackson Hole Luxury Report is printed and mailed semi-annually to the owners of the 500 most valuable properties in Jackson Hole – a group we call the Luxury 500. The general public may receive the Jackson Hole Luxury Report digitally.
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. 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 updates.
While the Luxury Report focuses on luxury homes, condos and single-family vacant parcels, the Luxury 500 mailing list considers a wider lens inclusive of select commercial properties, large tracts of land, and ranches in Jackson Hole. We make special note of any Luxury 500 property sale.
If you would like to receive previous editions of the Luxury Report, or if you would like to know where your property ranks in the Luxury 500, please contact David Viehman at 307-690-4004 or email@example.com. 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 36 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 franchise or affiliate brokerage combined, which equated to more than 50 million visits in 2015. 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 firstname.lastname@example.org.
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 65-70% of the market), we track every single transaction 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 email@example.com.
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 2016, 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 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.