Hi Everybody,
Through the first nine months of the year, the Jackson Hole market has been robust, and we wanted to share with you what we see as the most significant trends:
- Our Market Is Strong. Total sales are up 12%, but are still less than their historic 2007 highs.
- Single Family Up, but Vacant Land Down. The 12% number is deceptive, as the number of single family home sales increased by over 40%, while vacant land sales decreased by over 20%, with the number of condo sales up slightly. The disparity between sales of improved and unimproved properties is likely due in some measure to rising construction costs and difficulty in scheduling construction, as many of the best contractors in the valley have more work than they can handle at the moment.
- Inventory Continues To Be Our Biggest Challenge. Inventory has continued to decline, is down 20% to 25% over 2017, and is currently less than 40% of historic 2007 highs.
- Prices Are Up. Since every property is different, a precise measure of price increases is impossible, but it’s safe to say that average sales prices for comparable properties have likely increased by at least 10% or so over the past year.
- The Moderate Priced Market Is Disappearing. While the largest number of sales has been in the $500,000 to $1,000,000 range, most of these were condominiums. As of this writing, there are 147 single family homes for sale on the east side of the Tetons, of which only one is listed for less than $500,000 and 16 are listed for under $1,000,000.
- Luxury Sales Are Booming. The number of sales over $3 million has more than doubled over 2018, and fully one third of all single family homes currently on the market are listed for over $5 million.
So there’s a quick snapshot of our market. If you’d like to dig a little deeper, just write or give me a call at (307) 690-3503. I’d enjoy talking with you.
And exciting news from The Clear Creek Group Real Estate ….we have just listed a gorgeous, six bedroom home in Jackson Hole’s centrally located Skyline neighborhood. Teton Skyline sits at the very end of a ridge on three forested acres, with 270 degree views of the surrounding mountains. It’s at once a home that appeals to those who value privacy and serenity, yet is also a wonderful property for entertaining, with a welcoming great room, custom bar, and expansive outdoor decks facing the Tetons. With a guest apartment, chef’s kitchen sized to host a crowd, and what has to be one of the best home theaters in the valley, this is truly a unique property, easily accessed just ten minutes from Jackson and fifteen minutes from Teton Village. And best of all, this luxury property is being sold turn-key and fully furnished, including substantive artwork. For more details, visit www.tetonskylinejh.com. And if you’re in town any time soon, we’d love to give you a tour.
Phil Stevenson
Partner and Broker
The Clear Creek Group
(307) 732-3400 Office
(307) 690-3503 Cell
120 West Pearl Avenue
Post Office Box 10609
Jackson, Wyoming 83002
www.tccgre.com
