When compared to 2017, the number of sales increased 33%, and the dollar volume increased 63%, totaling $749 million. Following suit, the average and median sale prices both increased, 23% and 24% respective- ly. NOTE: The average sale price of $2.44 million and the median sale price of $1.61 million in 2018 are the highest average and median sale prices ever. Also noteworthy is 29 of the 307 sales were newly built spec homes (up 81%).

The under $1 million market is slowly slipping away, representing only 26% of all home sales in 2018. The year ended with 79 home sales under $1 million. Current inventory represents a slim 6 homes in this price range, with only 3 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. 90 homes sold (up 40%) South of the Town of Jackson. In town, 93 homes sold (up 37%). These two areas represent 60% of all homes sold in 2018. The area reporting the greatest increase in home sales was north of WYDOT to the Town of Jackson (South Park area), where 69 sales occurred, an increase of 47%.

Within the single-family home market, the $1 million-plus segment reported 228 transactions in 2018 (up 50%). Meanwhile, the average and the median sale prices were up 15% and 18% respectively. All told in 2018, there were 76 single-family home sales above $3 million (up 105%) and 34 above $5 million (up 89%).

Homes currently under contract: As of year’s end, there were 31 homes under contract (up 24%) with an average listing price of $3.68 million (up 142%) and a median list price of $2.395 million (up 145%). The increase in the average list price is the result of increased activity in the upper-end segment, where 12 homes under contract are listed for more than $3 million (300%).

Homes currently on the market: The open market currently lists 105 homes (down 18%) with an average list price of $5.56 million (up 31%) and a median list price of $3.495 million (up 32%)— the highest average and median list prices ever logged in JH. Of the 105 single-family homes currently on the market, 6 are listed for under $1 million (down 57%), while 41 are listed for over $5 million, which means 55% of the existing inventory falls between $1 and $5 million.

Current demand continues to outpace supply for homes under $1 million. At the 2018 absorp- tion rate, we have 1 month of available inventory under $1 million. Currently only three 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 was only 1 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: $26.7 million for a private estate south of Jackson on 20 acres with a 7,654 sq. ft. home (5 bedrooms, 8 baths), large ponds, and an outdoor pool.

Jackson Hole Mountain Resort (Teton Village): 8 sold (up 60%) for an average sale price of $6.53 million and a median sale price of $5.28 million. Total dollar volume: $52.3 million.

Jackson Hole Racquet Club (The Aspens): 2 homes sold for an average sale price of $2.99 million (up 34%) and a median sale price of $2.145 million (up 57%). Total dollar volume: $5.98 million

2a. Teton Pines: 12 homes sold for an average sale price of $2.97 million (up 19%) and a median sale price of $2.95 million (up 22%). Total dollar volume: $35.6 million.

Westbank, North of Wilson (excluding resort areas zoned vacation rentals): 30 homes sold (up 20%) for an average sale price of $2.83 million and a median sale price of $1.81 million (down 6%). Total dollar volume: $84.9 million.

Westbank, South of Wilson: 21 homes sold (up 24%) for an average sale price of $2.5 million (down 24%) and a median sale price of $1.61 million (up 34%). Total dollar volume: $52.3 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 18 homes sold for an average sale price of $3.16 million (up 50%) and a median sale price of $2.6 million (up 53%). Total dollar volume: $56.9 million.

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: 6 homes sold for an aver-  age sale price of $4.2 million (up 57%). Total dollar volume: $25.3 million.

North of Gros Ventre Junction/Kelly/Moran: 19 homes sold for an average sale price of $3 million (up 49%) and a median sale price of $1.85 million (up 54%). Total dollar volume: $57.1 million.

Town of Jackson: 93 homes sold for an average sale price of $1.34 million (up 23%) and a median sale price of $1.09 million. Total dollar volume: $124 million. NOTE: Both the average and median sale prices are the highest ever registered in the Town of Jackson.

South of Jackson to the Snake River Bridge: 69 homes sold (up 47%) for an average sale price of $2.96 million (up 36%) and a median sale price of $1.36 million (up 18%). Total dollar volume: $204 million.

South of the Snake River Bridge to County Line: 29 homes sold (up 26%) for an average sale price of $1.88 million (up 20%) and a median sale price of $1.67 million (up 12%). Total dollar volume: $54.7 million.

If you are a property owner in Jackson Hole and would like a free comparative market analysis, please email David or Devon at david@jacksonholereport.com or devon@jacksonholereport.com, or call 307-690-4004. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.

*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.