Condo/townhome sales hit a 12-year high with 136 sales so far in 2019 (up 14%). In contrast, the average sale prices decreased 9%, when compared to 2018. The decrease in the average sale price is due to an increase in the number of sales under $500,000. The number of sales under $500,000 is up 42%, whereas the number of sales between $500,000 and $1 million is down 9%. The release of 21 Virginian Village Condos, all listed below $400,000, greatly contributed to the under $500,000 increase.
Condo/townhome hot spot: Town of Jackson, where the number of sales is up 61% to 87 sales. Of the 87 sales, 21 were Virginian condos and 11 were the new One Town Hill Condos.
The number of condos/townhomes under contract has decreased with 36 properties currently in negotiations (down 14%), and an average list price of $2.3* million (down 27%). The decrease reflects the luxury market ($3+ million) where only 9 townhomes— all in Shooting Star— are under contract (down 55%).

Available inventory of condos/townhomes has seen a drop of 4% (50 listings). The average list price hit an all-time high at $1.4 million (up 39%), due to the increase in listings over $3 million (up 350%). Based on mid-year results, current inventory offers a little than two months of condo/townhome stock.

NOTE: Of the current available inventory, 54% is listed for less than $1 million, and 8% under $500,000.
  • Currently there are 2,986 free-market condos/townhomes in Jackson Hole. They break down as follows: Westbank (1,145 with 679 in Teton Village); Town of Jackson (1,493); North of the Gros Ventre River (92); South of Gros Ventre River to County line (256)—all free-market (not deed restricted or timeshare).
  • There are 155 luxury condos/townhomes worth at least $3 million throughout the valley. All are located in Teton Village, with the exception of one in the Town

*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.

© Copyright 1995 – 2019 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.