The year closed with the overall market
—all home, lot, condo and commercial transactions or listings— reporting 3% less sales than 2018, for a total of 657 properties sold in 2019 in Teton County. The overall dollar volume was up to $1.336 billion (up 5%). The Luxury Market (over $3 million) also reporting 7% less sales in 2019. This decrease in overall sales can be attributed to the lack of affordable homes and condos. In 2013, there were 174 homes sold for under $1 million, whereas 45 homes sold in 2019 for under $1 million. In 2013, there were 137 condos sold for under $500,000, whereas only 73 condos sold in 2019 for under $500,000.

Vacant land sales still sluggish: While all other segments of the market have recovered from the recession, the number of residential vacant land sales still lag behind (218 sales in 2007 vs. 90 in 2019). While the average and median sale prices increased 19% and 25% respectively in 2019, the number of sales was unchanged, and the number of active listings at year’s end dropped 12% to 81 listings. NOTE: The 81 residential vacant land listings represent the lowest available inventory in over 30 years. This lack of inventory clearly helped values increase in 2019, especially in the under $1 million segment.

The hot spot in 2019 was under $1 million, where 44% of all transactions occurred. The steady demand in this segment—in tandem with the dearth of homes listed under $1 million (only seven are available valley-wide)— suggests prices will continue to climb in 2020. 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’s end, there were 77 properties under contract (up 10%) with an average list price of $2.7 million and a median list price of $1.35 million. Of the 77 properties under contract, 27 are in the Town of Jackson, with a combined list price of $29.5 million, and 15 are on the Westbank, with a combined list price of over $78.5 million.

Current overall available inventory has increased 2% when compared to the close of 2018, making year-end 2019 the “SECOND LOWESTlevel of overall available inventory in more than 30 years. The average and median list prices are up slightly, and dollar volume is at $1.033 billion. NOTE: The $1 to $2 million segment reported the most current active listings, with 76 (up 23%), and the under $1 million segment comes in second with 59 listings. The $1 to $2 million segment logged 193 sales in 2019 (up 4%). Also noteworthy, there are currently 85 single-family homes listed for $3+ million (up 47%).

*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 2019 compared to sales in 2018.

*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.

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