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.
Seasons greetings from Jackson Hole! I am pleased to deliver our latest Catalog of Fine Properties just before the holidays. In addition to the catalog below, you will find a quick market recap of 2017, information on my new listing in the Aspens, and a featured listing video.
As 2017 comes to a close, I would like to thank all of my friends and clients for your continued support and referrals. I look forward to helping buyers stay in front of new listings in a competitive market, continued innovation in marketing my listings for sellers, and my ongoing role with the Teton Board of Realtors as Treasurer / Vice President of the board.
If I can ever be of any help, please do not hesitate to reach out!
2017 QUICK FACTS FOR THE JACKSON HOLE MARKET
183 – Number of single family homes sold.
6% – Increase in average sales price for all property types.
$1,892,997 – Average sales price of a single family home.
22 – Number of single family homes available under $1,000,000.
190 – Residential listings available currently.
118 – Vacant land listings available.
$549,000 – Lowest priced single family home currently listed.
$28M – Highest priced single family home currently listed.
If you would like additional details, a more in-depth report, or information specific to your property please contact me! The above data is from the the Teton Board of Realtors MLS for Teton County, Wyoming only, as of 12/22/2017.
December 22, 2016
2016 has been quite a year! Lots of things happening in Jackson Hole, the U.S. and around the world.
From a real estate perspective, we saw a “new norm” in the level of activity being established, with total residential transactions down 6% and 8% fewer single family home sales. Without new developments, inventory is down and consequently so are the number of transactions – not a surprise given market trends over the past two years. The lack of inventory in Teton Village demonstrated this very clearly with 24% fewer transactions year to date.
However, opportunity abounds for both Buyers and Sellers. Jackson Hole is having another great year! We helped the National Parks celebrate 100 years, St. John’s Medical Center celebrated 100 years of existence, the new Sweetwater Gondola just opened at Jackson Hole Mountain Resort, snowfall year-to-date is the deepest in the past 40 years, and our town is right on the centerline for the solar eclipse on August 21st.
The economy is getting stronger; equity markets are at an all-time high and Wyoming continues to be rated the most tax friendly state in the country.
On a personal note, I was asked to join the Board of Directors for our local MLS starting in 2017. I look forward to providing additional leadership within the real estate industry in the coming years.
After a very robust real estate year in 2015, we are seeing a quieter 2016. Contributing to the fewer number of sales this year are the instability in the equity markets, uncertainty about election outcomes, and lower inventory in our area.
For properties within Teton County, Wyoming, the first six months of the year resulted in 17% fewer residential transactions and the 41% fewer building site sales. Overall sales volume is also lower compared to last year with total residential volume down 22%. The residential volume drop is partially a result of 50% fewer home sales greater than $5 million year over year.
For all property types within the Town of Jackson, the sales volume and and average sales prices continue to increase. For example, the average sales price of a condo increased 36%, vacant land was up 38%, and the dollar volume of single family homes increased 28%.
If you are considering buying or selling in Jackson Hole, you will find three political action items below.
- Backed by the National Association of Realtors, the U.S. Senate just passed the “Housing Opportunity Through Modernization Act”, moving the FHA’s owner-occupancy requirements from 50% down to 35%. This creates more inventory options for those requiring financing.
- The Jackson Town Council unanimously approved accessory residential units in four additional zoning areas within city limits. This opens up more land use possibilities for current owners, and makes purchasing certain properties more feasible for some buyers.
- The new LDR’s for the Town of Jackson are nearing a conclusion. Adjustments include increased density in District 2 (commercial/housing), providing 2 free-market to every 1 deed restricted property.
Spring is here in Jackson Hole! Temperatures in the valley are rising into the 50’s and 60’s and the snow is melting quickly, making way for all of your favorite summer activities.
With the turn of our seasons comes the end of the first quarter. The real estate market in Jackson Hole remains steady when comparing dollar volume sold year-to-date within this same time frame last year. The interesting flux in this is that although the dollar volume remained steady, the number of sold properties decreased by 19% – which means there have been fewer sales in 2016 but at higher prices compared to the first quarter of 2015. Consistent with the decline in property sales is a noticeable fall off of building permit applications with the Town of Jackson – with 33 last year at this time and only 17 this year.
In Teton County, Wyoming, the average price of a sold property this year so far is approximately $1.78M, whereas the first quarter of 2015 was $1.47M. This increase in average sales price can be attributed to the strong single family home sales, with average sales prices up 24.5% and time on market decreasing by 32%. Additionally, the available inventory for all types listings is down by 7% compared to this same time last year.
We expect to see an increase in listings before summer consistent with the historical increase we have seen in previous years. An eight year study by Zillow, Inc. shows that nationwide, listing a property for sale in early May can be most productive for sellers. Although summer comes a little later in Jackson Hole and our market does not always follow national trends, we do see more available inventory in the summer and more buyers visiting the area during that time.
Bottom line, the number of sales is down compared to 2015 but there is reason to expect more purchase opportunities based on both historical trends and seasonality. I am ready to help you if you are a seller or a buyer. Please reach out and let me know how I can be of assistance.
Greetings and Happy Holidays from Jackson Hole –
Below you will find a brief market recap.
The year of 2015 was captivating for the real estate market around Teton County, Wyoming – for buyers and sellers, timing was absolutely everything this year. Although each micro-niche of the market performed differently throughout the year, here are a few overall numbers when comparing 2015 to 2014 in Teton County, Wyoming:
- For all property types, the total dollar volume sold was $775.5M, up 26% from 2014. The total number of
properties sold only increased 3% – indicating a strong rise in values and lack of inventory.
- The average price of a single family home sale was up 27%, from $1.7M to $2.2M in 2015. There were
approximately 35 more single family home sales this year compared to last.
- Vacant land values also increased, up 15% with an average sales price of $1.7M. However, vacant land
experienced an 8% decrease in the total number of properties exchanging hands this year.
- The number of condos and townhomes sold remained steady year over year, but the average sales
price of each increased 19% and 44% respectively.
Recap data included is per the Teton Board of Realtors MLS, from January 1st to December 14th, 2015 for Teton County, Wyoming only. If you are curious how the above numbers affect or pertain to your specific property, I can provide more specific information.
On a personal note, the Teton Board of Realtors has named me as the Chair to the Political and Legislative Affairs Committee. I am humbled that my peers have asked me to take the lead for this committee starting in 2016, and I look forward to elevating our local industry’s awareness of political matters that directly affect your property rights.
Please let me know if you would like a more detailed market report or have any questions about real estate, a specific property, or the community of Jackson Hole.
Jackson Hole is still #1! … Forbes has once again (for the 5th year in a row) ranked Jackson Hole Mountain Resort as the best ski resort in the country. Grand Targhee was ranked #9, giving our area two of the top 10 resorts in the country!
Jackson Hole has something for everyone, and a recent publication indicates we are primed to meet the needs of the top 1%. A study by Wealth-X, a global authority on wealth intelligence, focused on Homes as Opportunity Gateways. A few key findings from the report bode well for the market in Jackson Hole. The first is that for many high net worth individuals, buying a second or third home is often motivated by lifestyle fit (for example, owning a residence near a ski resort, being on a golf course, or close to fly fishing). In addition to lifestyle, these individuals often buy for short and long term investment potential, to stabilize and diversify their traditional portfolios – in Wyoming, our tax climate makes owning property here an opportunistic purchase for many.
Along with the esthetic appeal of Jackson Hole, the State of Wyoming remains king for a business tax climate, a #1 ranking the state has held since 2012, according to the Tax Foundation’s 2016 study. This study analyzes 100 tax variables with each state’s tax code. The Wyoming Business Report goes on to say that the ranking has traditionally been high because the state does not tax personal or corporate income, largely because the energy economy pays most of the bills. The state mandated sales tax is only 4%, allowing purchases to stay local and enabling Wyoming companies to do business with one another without outsourcing.
The ski season is underway with Grand Targhee opening last weekend, and Jackson Hole Mountain Resort opening for it’s 50th season on Thanksgiving Day. One of Wyoming’s largest businesses and lifestyle allures is Jackson Hole Mountain Resort. Ranked #1 by Forbes for 2016 as previously noted, the resort’s 50th anniversary season offers a multitude of special events beginning with Flashback Friday which includes $6 all-day lift tickets priced as they were on the grand opening in 1965, opening of the new Teton Quad lift on December 19th, and other activities throughout the season.
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.