Extremely low inventory levels continue to contribute to fewer sales, while pushing prices up in Teton County
My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. David’s report not only includes all the MLS sales, but he is also able to track sales happening outside of MLS. Below are some interesting statistics from his Year End Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the year end 2014 and are compared to 2013.
THE OVERALL MARKET
- All types of properties (single family homes, condos, land) saw fewer sales in 2014 (compared to 2013) as the total number of sales in Teton County decreased by 12%
- Overall sales volume was also down across the board, dropping 8% in 2014
- Overall available inventory is down 15% from last year, and is now at the second lowest level in 25 years – which obviously contributes to the low sales transactions and sales volume
- The shortage in supply has pushed prices up – the average sales price jumped 18% from 2013
SINGLE FAMILY HOMES
- Total Single Family Home sales volume is down 16% compared to 2013
- The average sale price rose by 5%
- Current available inventory is the lowest in 25 years
- In 2014, there were 123 sales under $1 million (representing 51% of all single family home sales) however only 19 homes are currently on the market in this price point (representing only 17% of all single family home listings)
- Of the 113 homes currently listed, the average listing price is $4.25 million
- Least expensive single family home listing: a 2 bedroom older home in Buffalo Valley for $465,000
- Most expensive single family home listing: a 7,583 sq ft private 72 acre estate on the Snake River for $24.75 million (pictured below)
- Total condo/townhome sales were down 10% compared to 2013, while sales volume fell by 9%
- Average sales price was UP by 9%
- Currently only 4 condos are available in Teton County for under $300,000
- 56% of all condos sales were under $500,000, however currently there are only 11 condos for sale in this segment
- Available inventory is down 23% compared to this time in 2013, marking the 3rd lowest condo inventory in the past 25 years
- Least expensive condo listing: a 558 sq ft, 1 bed/1 bath condo at Snake River Lodge & Spa in Teton Village for $270,000 (pictured below)
- Most expensive condo listing: a 2,240 sq ft, 3 bed/3 bath condo for $3.1 million at the Four Seasons Resort
- Total lots sales in 2014 dropped 14%
- The average sales price was up 4% compared to 2013
- The number of lots under contract has dropped by 40%, while the average listing price for lots under contract has jumped 180%
- Available lot inventory is down 12% compared to this time in 2013
- Average listing price for vacant lots in Teton County is $2.173 million
- Currently there are 5 lots for sale in Teton County priced under $300,000
- With home inventory at an all time low, we should see demand increase for vacant land
Best of Jackson Hole – JH Weekly’s Reader’s Poll – 2015
With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!
May I ask for your vote?
Visit www.jhweekly.com and click on the icon on the right hand side. After you enter your name/email you can start voting. Be sure to vote for all your other Jackson favorites. It’s fun!
I very much appreciate your support!