Jackson Hole’s latest quarterly real estate report looks pretty familiar. Continuing trends of the past several years, the first three months of 2019 saw scarcer home inventory and greater buyer demand, leading to a higher average sales price.
Despite an 11 percent decrease in units sold due to the inventory shortage, overall real estate sales volume in Teton County, Wyoming, rose by 53 percent compared to the first quarter of a record-breaking 2018.
So, what were the most active property types and areas in Jackson Hole? Let’s dive into the top 5.
1. Single-Family Homes Led the Charge
The sales volume of single-family homes in Teton County increased by 97 percent year-over-year in the first quarter of 2019, and the number of units sold rose by 9 percent despite that figure decreasing across most other property types.
Total sales volume from single-family homes was more than $146 million, with the average sales price jumping by 81 percent.
2. Commercial Sales Were Strong Too
Though only one additional commercial property sold in the first quarter compared to the same period last year, a 177 percent boost in average sales price increased the sales volume to $13.4 million. That represents a 136 percent jump in sales volume for commercial real estate in Jackson Hole.
3. North of Jackson Was the Hottest Area
Including homes in the growing community of Kelly and popular subdivisions like Jackson Hole Golf & Tennis and Bar B Bar Meadows, the North of Jackson area saw an eye-popping 223 percent rise in sales volume in the first quarter.
Ten single-family homes sold for a total of $41.5 million, and overall unit sales rose by 45 percent.
4. West of Snake River Held Its Own as Well
Benefiting from an 84 percent increase in average sales price, sales volume rose by 65 percent West of the Snake River, which includes Teton Village real estate, popular subdivisions like Teton Pines and the Aspens in West Bank North, and Crescent H Ranch and Indian Paintbrush in West Bank South.
5. Condo Sales Increased in the Town of Jackson (While Decreasing in Avg. Sales Price)
In one of the few areas or categories where average sales price actually dropped, condos in the Town of Jackson rose by $1.4 million in sales volume, thanks to total units sold increasing by 47 percent.
The average sales price of condos in Jackson, WY, fell by 21 percent to about $661,000, representing a potential opportunity for buyers seeking value relative to the broader market.
The prolonged and steady increase in average sales price shows that buying property near Jackson Hole’s protected natural beauty remains a sound investment.
While the limited inventory can be daunting for buyers, we can introduce you to homes before they are listed, or identify properties with the best mix of value and quality as the market changes.