Demand for single-family homes has slowed, with 109 sales (down 23%) so far in 2019. Following suit, the dollar volume is $298 million (down 10%). In contrast, for the second year in a row, the average and median sale prices have once again reached all-time highs. The average sale price is $2.74* million (up 18%), and the median sale price is $1.83* million (up 29%).

The slowing of overall home sales can be directly linked to the slow down of sales under $1 million. By July 1, 2018, there were 42 closed sales under $1 million, versus 18 so far in 2019 (down 57%). As of July 1, 175 homes were listed for sale valley-wide (up 42%).

NOTE: In the first six months of 2019, only 17% of all home sales were under $1 million. Properly priced listings in this segment continue to receive multiple offers. The selling strategy is simple: To spark immediate interest, work with us to effectively price your property according to current market values.

Single-family homes under contract have also slowed with a 38% decrease of properties currently in negotiations, and $49 million in dollar volume (down 61%). Following suit, the average and median list prices decreased 37% and 17% respectively when compared to mid-year 2018. With the dearth of available inventory under $1 million, the above $1 million segment is now the most active in the valley. 81% of the homes are currently under contract in this segment.

The upper-end of the single-family home market has slowed slightly, as home sales for more than $1 million are down 9%.

NOTE: The Luxury segment ($3+ million) is also experiencing a slowdown, with 30 sales (down 19%) when compared to Q2 2018. Upon closer inspection, the $5+ million luxury home market has slowed with 13 home sales (down 19%). NOTE: Three sales closed for over $10 million.
The inventory of listed homes skyrocketed in June, pushing the number of listing up by 42% to 175 listings, with only 14 listed for less than $1 million. Following suit, the average list price of $5.28 million breaks last year’s all-time high by 16%. The number of listings over $10 million (up 64%) helped to push the average to this all-time high.

Current available inventory breaks down as follows: 14 homes between $749,000 and $1 million (down 7%); 52 homes between $1 and $2 million (up 100%); 25 homes between $2 and $3 million (no change); 28 between $3 and $5 million (up 12%); 33 homes between $5 and $10 million (up 74%); and 23 homes over $10 million (up 64%).
Currently, the least expensive single-family home, located in Hoback Junction, is listed for $749,000. The .23-acre property features a 1,073 sq. ft. two bedroom one bath Hoback Jct. home, built in 1985.
The most expensive home, located north of Jackson, is listed for $80 million. The main home, built in 2010, spans 7,984 sq. ft. with four bedrooms and seven baths. An adjoining parcel has a 3,618 sq. ft. guesthouse built in 2009. The total of 278 acres afford Snake River frontage, amazing spring creeks and superb views of the Grand Teton.

Currently there are 5,817 free-market, single-family homes in Jackson Hole. They break down as follows:

  • Westbank (1,690); Town of Jackson (1,414); North of the Gros Ventre River (887); South of Gros Ventre River to
  • County Line (1,826)—all free-market (not deed restricted or timeshare).
There are 1,062 single-family homes worth at least $3 million (luxury homes) throughout the valley. Currently, the Westbank is home to almost half of these luxury homes. 153 homes in the valley are situated on 35+ acres.

*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.