Jackson Hole Real Estate is on Fire

Where is the fire? Well, it has spread across the valley with hot spots everywhere. The first six months of 2018 ignited a total of 22 record breakers that we have never seen before in the market (see *). Teton Village is raging, with sales up 50%, and overall Westbank sales steaming (up 35%). South of the Gros Ventre River to the County line is seeing sales up 23%. While the overall number of sales inched up in the Town of Jackson, single-family home and the average sale price broke records—42* sales (up 17%) with an average sale price of $1.217* million (up 22%).

What is feeding the fire? (Supply & Demand) We have discussed this point in past issues and can say with certainty that this is fueling, and will continue to fuel our market well into the future. Overall available inventory is down for the eighth year in a row with 314* (down 21%) as of Q2 2018. Compared to Q2 2010, where 842 listings were active, with a 33-month absorbance rate. Q2 2018 has less than 6 months of inventory.

While most of the Jackson Hole real estate market is on fire, single-family vacant land sales have been slow, down 16% for Q2 2018. There is also an oversupply of available inventory under $1 million, where sales are down 38%. The $1+ million market is heating up with 33% more sales in 2018, and the $3+ million market is boiling with sales up 300%. Vacant land under contract is adding some fuel, up 18% for Q2 2018. The average and median list prices for vacant land under contract are breaking records with an average $3.09* million (up 187%) and median $3.45* million (up 254%).

Data-Driven Report for the first six months of 2017

The Jackson Hole Report is the most accurate and trusted real estate market report in Teton County, WY.  We derive our statistics from a privately-maintained database that tracks every single sale, not just the ones reported through MLS. NOTE: Only 63% of sale prices valley-wide in 2018 are reported to MLS.

If you would like an assessment of the current value of your Jackson Hole property, please contact us for a free comparative market analysis by calling 307-690-4004 or emailing david@jacksonholereport.com.

The Overall Market

When compared to the first six months of 2017, the overall market continues to heat up with 15% more sales. The dollar volume, average and median prices are up 34%, 16% and 25% respectively. The only segment where number of sales fell was single-family vacant land, down 16% when compared to Q2 2017. In terms of price point, for the FIRST TIME EVER the $1+ million segment is accountable for 51% of overall transactions. Geographically, the Town of Jackson experienced the most activity, accounting for 37% of all sales in the valley and 22% of the total dollar volume ($128 million).

The Luxury market—properties priced at $3 million and above—is intense with 60* sales (up 107%). Single-family homes claimed 62% of luxury sales (37* transactions), with 49% on the Westbank. The hottest segment overall is $5+ million where 24 sales closed (up 118%). Luxury listings under contract for more than $5 million continue to fuel the fire with 22* sales pending (up 144%). NOTE: There are 58 properties on the market in the $5+ million price range, down 18% from Q2 2017. The most expensive listing is north of Jackson, a home priced at $24.5 million spanning 40 acres with an 11,500 sq. ft. home. The property offers ¾ mile of trout-filled spring creeks with private golf under the shadow of the Tetons. To learn more about the Jackson Hole luxury market, please visit JacksonHoleLuxuryReport.com.

The overall number of properties under contract continues to fuel the fire with 106 properties currently in negotiations (up 33%). The dollar volume, average and median prices are all boiling —up 71%, 29% and 42% respectively. While all segments experienced an increase in properties under contract, the single-family home segment is the hot spot (up 68%). Single-family homes and condos/townhomes make up 80% of the properties under contract. 33% of the properties under contract are listed below $1 million.

Overall inventory of active listings is helping to fuel the fire with 314* (down 21%), and the dollar volume is down 15%, when compared to Q2 2017. This equates to the lowest overall available inventory in more than 35 years. The segment with the least amount of available inventory is condos/townhomes, where inventory remains at its lowest level since 2009. Homes for sale under $1 million continue to be scarce, with only 15* currently available, made all the more problematic when compared to July 1st of 2011 when 104 homes sold for under $1 million. Based on 2018 mid-year absorption rates in this segment, there is only two months of available inventory.

  • There are currently 11,785 free-market deeds in Jackson Hole. They break down as follows: Westbank (3,640); Town of Jackson (3,819); North of the Gros Ventre River (1,426); South of Gros Ventre River to County Line (2,897)—all free-market (not deed restricted or timeshare).
  • There are 1,656 deeds worth at least $3+ million (luxury properties) throughout the valley. Currently, the Westbank is home to half (822) of these luxury properties.
  • Q2 2018 marks the lowest level of overall available inventory since the early 1980s.

Jackson Hole Luxury Report

Market dynamics have changed drastically during the 23 years we have published the Jackson Hole Report. During our tenure tracking real estate, we have 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 purpose of this limited-edition report is to provide high-end buyers and sellers with a clear understanding of the local luxury landscape. Building on the analysis of the Jackson Hole Report, we delved deeper into the dynamics of the market above $3 million. Since 2013, each semi-annual edition has brought great response and feedback from our readers. Some seek our knowledge of their property value for estate planning, or when considering to sell. Others need more information about the overall luxury market. Many existing and future property owners also request more information about real estate related services such as Caretaking, Asset Management and Villa Rental opportunities.

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, our mailing list considers a wider lens inclusive of select commercial properties, large tracts of land, and ranches in Jackson Hole. Currently there are 1,620 properties worth $3+ million in Jackson Hole, and 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 david@jacksonholereport.com. To sign up for the digital version of the Luxury Report, visit JacksonHoleLuxuryReport.com.

The Clear Creek Group

The Clear Creek Group Real Estate Services, a division of The Clear Creek Group, LLC, is a full-service, Jackson Hole real estate agency conveniently located in Downtown Jackson. Catering to your specific real estate needs, our agents are seasoned, possess an intimate knowledge of the luxury market, and are poised to skillfully handle your next transaction.  Whether you are looking to purchase a family vacation home, relocate permanently, or trade up to a new Jackson property, we would be honored to represent you throughout the process and beyond.  

Should your property require services extending beyond the initial purchase, our parent company, The Clear Creek Group, offers a full suite of options, including Caretaking, Asset Management, and Villa Rental opportunities. If a repair is needed, our highly-qualified staff, in collaboration with the most trusted tradesmen in Jackson Hole, will work together in finding an expedient resolution. Our Asset Management group offers projections and recommendations (and executes on your direction) in the preservation of your home’s long-term integrity. Additionally, if you are interested in generating significant revenue during your time away, we offer Villa Rental Services. Catering to only the most discerning clients, and operating at your approval, we get to know your guests and act as their hosts, all in an attempt to keep a watchful eye over your property. When you return, you’ll find your home immaculate, with linens laundered, fires laid, and everything as you like it. 

Our decades-deep knowledge of the valley combined with The Clear Creek Group 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 david@jacksonholereport.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 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 david@jacksonholereport.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 2018, 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.

Sincerely,
David E. Viehman, Associate Broker
Devon Viehman, Associate Broker
“President, Wyoming Association of Realtors”
“Wyoming Realtor of the Year 2013”
Luke Smith, Sales Associate
The Jackson Hole Report
The Clear Creek Group
Direct: 307-690-4004
Toll-free: 855-690-4004
Fax: 855-722-2023
http://www.JacksonHoleReport.com
david@jacksonholereport.com

*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 2018 compared to sales in 2017.
*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.