Market Update – November 1, 2015

With the fall season underway here in Jackson Hole, it is a good time to recap an exciting summer of real estate transactions around Teton County, Wyoming. Our local real estate market continues to show signs of steady recovery and strength at the end of the 3rd quarter. A year to date comparison between 2014 and 2015 shows positive growth for both residential and vacant land sales.

The number of single family home sales increased 13% from this same time last year. The median price of home sales so far this year is $1,150,000, compared to last year with an average of slightly above $1M. The dollar volume is up substantially this year – 41%. In Teton County, the lowest sales price increased nearly $100,000 year over year – the lowest priced property to sell so far this year was priced at $495K. The dollar volume increase can also be attributed to several estate sales this year with list prices in excess of $10M – last year there were only two, this year there have already been six.

The number of vacant land sales this year at the end of the 3rd quarter is up 16% from last year. This increase correlates to the lack of residential availability. The median sales price increased considerably, from $482,500 in 2014 to $750,000 at the end of the 3rd quarter this year. Dollar volume is also up in large part due to the total number of sold properties. At the end of the 3rd quarter in 2014, only 1 property with a list price over $5M had sold – in 2015, 5 properties above $5M have sold.

These trends indicate buyer activity in all areas of our market – high and low. In general, inventory remains limited and sales prices continue to steadily grow. If you are curious about specific properties or statistics, please let me know.

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