I am pleased to deliver our latest Catalog of Fine Properties for the summer of 2018. In addition to the catalog, you will find a quick market update, information on my new listing on Matheson Hill Road, and a few additional updates.
For the first half of 2018, the total number of residential sales (homes and condos) increased by 28% compared to the previous year. The increase was most noticeable in single family homes, up 37% compared to 2017. As of today, there are only 11 single family homes in Teton County, Wyoming priced under $1M. By area, Teton Village (excluding fractional sales) saw a 50% jump in the number of sales in the first half of the year. Many condo listings in the Teton Village area received multiple offers from 5+ buyers within the first day or two of coming onto the market.
The higher end of the residential market is also performing better than the previous handful of years. For luxury homes priced between $5-10 million, 11 sales have occurred in the first half of 2018, whereas only 4 sold last year. The same higher end result was evident with vacant land with the total number of sales down 9% compared to 2017. However, land with more than 1 acre saw an increase in transactions of 13% and for lots of 5 or more acres sales were up 28%. The trend indicates that luxury buyers are gravitating toward larger acreage properties with more privacy and unobstructed views.
Please contact me today if you would like a hard copy of the 2018 Summer Catalog mailed to you, or a more focused analysis on your property or a specific market segment of the Jackson Hole area. As always, I look forward to hearing from you!
My favorite report of the year – the Resort Report. For the forth year in a row, I’m pleased to deliver this content rich publication – a market report comparing the residential real estate sales of 12 ski towns across the West.
When looking at residential sales in Jackson Hole, our lack of inventory continues to drive the trend – properties spent fewer days on the market, and sold closer to asking price. Since the new tax plan was unveiled, Wyoming’s lack of state income tax has become an even larger deciding factor amongst buyers looking to purchase in resort communities (more on WY tax benefits). According to the Resort Report, the average price per square foot in Teton County, Wyoming was $618 – with only Aspen ($1,456) reporting a higher per square foot cost. The average sale price in Jackson Hole increased 7.3%, however, 7 of the 12 resort market areas experienced a more accelerated increase than Jackson Hole. To read more, please click the above document.
Please contact me today if you would like a hard copy of this report, or a more focused analysis on your property or a specific market segment of Jackson Hole.
Above you will find the 2017 real estate market report for Teton County, Wyoming. This report compares sales in 2017 to 2016 in a few different ways – sales volume (the total dollar value of sold properties) and unit sales (the number of sales). If you want more specific information, this report also delves into three large market segments – single family homes, condos / townhomes, and vacant land / ranch sites. Please let me know if you have questions, or would like more detailed information as it relates to a specific property type or price point.
TL;DR: Unit sales of condos and single family homes fell 8% in 2017, reflecting a decline in available inventory of nearly 11%. Our “middle” market ($1.5 to $3 million) was the most active segment, as unit volumes rose 5% and prices increased 6%. Demand and sales of higher end properties (above $3 million) pushed average prices up 7.3%, although weaker on unit sales. Selling prices have been consistently about 92% to 93% of the asking prices.