Jackson Hole Market Update Fall 2015
The Jackson Hole Real Estate Market has seen its best year since 2007. Through the third quarter we have experienced reduced inventory, increased number of transactions, and rising prices. Teton County saw significant increases in sales volume through the 3rd quarter of 2015 with dollar sales volume increasing by 28% for all property types. The number of transactions rose only 4% resulting in an increase of 23% in the average sales price. Overall sales volume is at an eight year high while the active inventory levels are at historic lows.
There were three segments of the market that stood out above all the others.
North of Jackson
Residential sales volume in the area North of Jackson saw an increase of 175% year over year. 59% more single-family homes have sold in the area. Like most of Jackson Hole, the luxury end of the market skewed average sales price dramatically higher year over year. Sales of larger parcels of the Bar BC and Bar B Bar Ranch contributed to an increase of 73% in the average selling price.
West of Snake River/Wilson
Luxury sales West of the Snake River were the primary driver of this segment of the market. As a result the average sales price was up 47% while the number of properties sold was down 7%.
Teton Village at the base of Jackson Hole Mountain Resort
Sales volume in Teton Village has increased over 68%. Much of the dramatic increase can be attributed to condominium and townhome sales. Condominium and townhome sales volume increased over 142%. The number of transactions increased over 22%.
Teton Village real estate sales are historically strongest during ski season, making the significant increase in sales activity through the 3rd quarter eye opening. Forbes recently named Jackson Hole Mountain Resort the 2016 #1 ski resort in the U.S. for the third consecutive year. Jackson Hole Mountain Resort’s private ownership group has dedicated over $110 million to continued capital improvements contributing to the success of the ski area. Inventory in Teton Village is at historic lows and there is little to no new development on the horizon. Increasing demand and low supply has set the stage for a strong real estate market in 2016.
The historic low inventory for single family homes is beginning to increase demand for vacant land. Buyers who are unable to find what they are looking for, are purchasing land with plans to build their ideal home. Sales volume of vacant land was up 24% year over year. Average sales price was up 10%. This trend will likely continue as long as residential inventory remains low.
The luxury segment of the market has seen a significant gain year over year. Through the third quarter of 2015, we have seen sales volume increase by 65% for properties listed at or above $5 million. The total number of transactions doubled from this time last year.
JH Property Group has over 35 years of combined experience in the Jackson Hole Real Estate Market. We are licensed in both Wyoming and Idaho. We have extensive knowledge of the existing inventory and often find opportunities off market for our clients. If you have any questions or would like a detailed breakdown of a specific segment of the market, please don’t hesitate to contact us.