2019 Q2

2019 Q2

  • Chris Pigusch
  • 04/1/19

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive Market Report for Mid-Year 2019. In this detailed report, you will find information on the market segments making up the region. As the leading brokerage in Jackson Hole, we have developed this dynamic report to shed fresh light on the trends that are shaping our real estate market.

Following a strong start to the year, real estate sales throughout Jackson Hole cooled in the second quarter, which pulled down the mid-year sales volume compared to 2018. That dip is due in part, however, to an impressive second quarter in 2018, rather than a lackluster Q2 2019.

Last year, year-over-year sales volume was down through the first quarter, but the market rallied in the second quarter to put mid- year sales up 33% compared to the year prior (see graphs on page 5). This year, the market started off strong, with dollar volume up 39% in the first quarter, but fell in the second quarter to close out the mid-year down 16% year-over-year.

While the overall sales volume was down in Teton County, Jackson Hole Real Estate Associates’ sales volume grew more than 6% through the mid-year point. That increase indicates Jackson Hole Real Estate Associates’ growing market share, and our team once again proudly represented the most buyers and sellers of any brokerage in the region.

After a strong first quarter, real estate sales in Jackson Hole slowed down in the second quarter, with total dollar volume down 16% year-to-date at the mid-year compared to 2018. Following trends of the past two quarters, the number of transactions dipped again, down about 13%. However, the average sale price once again grew, up 4% compared to mid-year 2018.

Properties under $500,000 received a boost this year with the near sell-out of the Virginian Village condominiums, which were listed by Jackson Hole Real Estate Associates. One of the few options in that price range, the Virginian Village units pushed up sales under $500,000 by 38%.

Most property sales this year have been in the $1 million to $2 million range. Condominiums and townhomes stole some market share from the single-family segment in the first half of the year, accounting for 42% of transactions.

​​​​​​​Inventory continues to tighten, down 2% compared to mid- year 2018.
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Overall Average Sale Price

4% Increase YOY

$1,753,303

Median Sales Price

5% Increase YOY

$995,000

Total Transactions

-13% Increase YOY

284

Active Listings

76% Decrease YOY

Unknown

Total Dollar Volume

-16% Decrease YOY

SINGLE-FAMILY

Despite a dip in transactions, down 23% compared to last year, the average and median sale prices of single-family homes increased a strong 29% and 34%, respectively. Transactions under $500,000 are non-existent and transactions between $500,000 - $1 million dropped 44%. The bulk of sales in this segment occured in the Town of Jackson, which saw a 28% increase in average sale price. South of Town experienced the largest increase in average sale price, up 93%, which was spurred by several sales over $5 million. Inventory increased significantly, up over 40% compared to last year. The number of transactions may still be able to catch up to last year because, as of July 1, there were 28% more listings under contract, signaling ample activity in this segment. Homes are selling about 19% faster than a year ago.
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# of Transactions

-23%

103

Total Dollar Volume

-12%


Minimum Price Sold

14%

$500,000

Maximum Price Sold

13%

$17,000,000

Average Sale Price

29%

$2,797,337

Median Sale Price

34%

$1,825,000

Average Days on the Market

-19%

179

# Pending Transactions

28%

32

Inventory

41%

180

CONDOMINIUM & TOWNHOME

The condo and townhome segment of the market through the mid-year did not spring many surprises. The number of transactions increased modestly, up 4%. The average sale price remained flat, and the median sale price fell about 9%. This can be attributed to the near sell-out of the Virginian Village condos, which accounted for 21 transactions at a lower price point. These sales helped boost the under $500,000 market share to 40% of sales of condos / townhomes so far this year. The largest increase in average sale price occured South of Town, which was up 29%. These sales were predominantly located in the Rafter J subdivision. Inventory remained steady, and future sales appear strong with a 16% increase in properties under contract, which are selling about 24% faster than a year ago.​​​​​​​
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# of Transactions

4%

119

Total Dollar Volume

-4%


Minimum Price Sold

-3%

$281,000

Maximum Price Sold

3%

$7,075,000

Average Sale Price

0%

$929,267

Median Sale Price

-9%

$575,000

Average Days on the Market

-24%

102​​​​​​​

# Pending Transactions

16%

22

Inventory

2%

43

VACANT LAND

Vacant land transactions have struggled to keep pace for the past five quarters. This is partially due to the fact that there are simply fewer vacant lots than in the past. And, with no new development projects on the horizon, this trend is likely to continue. The number of vacant land transactions is down 18% compared to mid-year of 2018. The average sale price of land dropped slightly, down 2%, relative to 2018, but the median sale price increased 10%. About 44% of land sales took place in the $500,000 - $1 million price segment. The area north of Jackson and west of the Airport experienced the largest gain in sales, with 300% more transactions than a year ago. The vacant land segment may be picking up speed as fall approaches, with 17 parcels under contract (a 240% increase) as of July 1. Inventory declined about 18%.
​​​​​​​

# of Transactions

-18%

36

Total Dollar Volume

-23%


Minimum Price Sold

-13%

$312,500

Maximum Price Sold

-27%

$7,700,000

Average Sale Price

-2%

$1,558,816

Median Sale Price

-10%

$900,000

Average Days on the Market

76%

792​​​​​​​

# Pending Transactions

240%

17

Inventory

-18%

107

LUXURY

The luxury segment of Jackson Hole’s real estate market continues to flourish. While the number of luxury sales decreased 25% compared to a year ago, the average price in this segment increased about 16%. South of Jackson achieved the most sales, followed closely by Teton Village. There were three luxury land sales (down 57% from a year ago) and 30 luxury home sales. Inventory in the luxury segment increased 26% compared to a year ago. The coming months point to a continuation of the luxury market’s reign, with 38% more properties under contract and selling 15% quicker.
​​​​​​​​​​​​​​

# of Transactions

-25%

33

Total Dollar Volume

-20%


Maximum Price Sold

13%

$17,000,000

Average Sale Price

16%

$5,602,000

Median Sale Price

6%

$4,507,500

Average Days on the Market

-15%

242

# Pending Transactions

38%

11

Inventory

26%

129

JACKSON HOLE REAL ESTATE ASSOCIATES

As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable destination. We are committed to being the leading luxury real estate brand in the Teton region. By staying on top of market trends and continually striving to offer cutting edge marketing and advertising services we deliver extraordinary experiences to clients and exceed their expectations.

​​​​​​​As a market leader in Jackson Hole, we believe the success of our company is based on the value that we provide for our clients, community and agents. It is this value-driven philosophy that has helped to guide the successful growth of our organization. There is no real estate company in the region that provides more exposure for listings or more choices for buyers.

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Work With Chris

Chris is unlike other agents in the Jackson Hole area. He both lives and works in Jackson and is able to help you either sell or settle into your new home right away. An experienced negotiator and communicator.

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