We are proud to present our comprehensive Market Report 2019 Quarter 3. Assembled from Jackson Hole Real Estate Associates’ proprietary database, the most extensive source of information about the region’s real estate market, and insight from our dedicated team of professionals, the report provides valuable insight into the market segments that make up the Jackson Hole area.
The Jackson Hole real estate market continues to show stability particularly in the single family home segment. At the end of the third quarter of 2019, despite a 20% drop in number of homes sold, the average sale price increased 13% year-over-year. During the same period in 2018, the average sale price gained 7% indicating a sustained period of steady, consistent growth. The median price also grew by 17% indicating that the higher-end sector was more active. Once again, the market at the mid to low end of the price spectrum is negatively impacted by the lack of inventory. This lack of inventory also impacted the $2-5M range. Nationally, prices grew at a relatively flat 4%.
Overall in Teton County quarter 3, there was a 9% increase in inventory offering much needed relief for buyers who have been struggling to find their perfect home. Inventory in the single family segment is up 37%, pending listings are up 10%, and days-on-market is down 22% indicating good activity in this segment.
The overall year-over-year housing statistics for the greater Jackson Hole market continue to show a modest cooling off vs. the banner year of 2018. Using our proprietary database accounting for sales that were not reported through the Teton County MLS, the total dollar volume dipped 10% over prior year through the end of quarter 3. This is an improvement over mid-year numbers where total sales volume dipped 16%.
Once again Jackson Hole Real Estate Associates is proud to report that while overall sales volume in Teton County dropped, Jackson Hole Real Estate sales volume grew 8% YTD through quarter 3. This increase indicates Jackson Hole Real Estate Associates’ growing market share as our team proudly represented the most buyers and sellers of any brokerage in the region.
Jackson Hole Real Estate Associates owns and maintains the valley’s oldest and most comprehensive real estate database. No other brokerage or agent has the resources available to offer this depth of expertise or insight into market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates – the largest and most dynamic real estate company in the region – combined with the largest independent affiliate networks, Christie’s International Real Estate and Leading Real Estate Companies of the World, allows us to offer the ideal balance of local expertise and global reach.
To learn more about the Jackson Hole real estate market or for more information specific to your area, please don’t hesitate to contact us.