The second quarter of 2014 continued the trend of the first quarter with sales off 2013 levels but still strong compared to the early post recession years. In looking at all MLS transactions in Jackson Hole, both transactions and volume are lower. After several years of robust growth and increases in both unit sales and volume, we have seen a different trend for the 2nd quarter of 2014 with unit sales and volume down 25.8% and 20.6%, respectively. Total first half 2014 unit sales are down 13.7% and volume down 13.8%. This is the first time in many years that we have seen unit sales and volume changes being so closely aligned.
Average sales prices increased 7.1% in the 2nd quarter bringing the 2014 year to date average up equal to that of 2013.
While the market is off slightly Jackson Hole Sotheby’s International Realty is growing despite the challenging times. Consistent with what we have done for so many years, Jackson Hole Sotheby’s International Realty is building market share. Although the overall market is down 20+%, we are down only 10%, much better than the overall market (and our competition). We are continuing to strengthen our strong #1 market position in Jackson Hole.
It seems to be a theme in many markets today that listings are down and that is consistent with what we are seeing in Jackson Hole. What we are also seeing is that new listings are generally selling faster and days on market are considerably less than what we have seen the past few years. In fact, days on market for sales in the 2nd quarter dropped anywhere from 14 to 53 percent depending on area.
When looking at areas of Jackson Hole or types of property, here are a few additional important facts —
– Between the 2nd quarter of 2014 and that same time last year, the median sales price for a single family home increased an astonishing 46% to $1,150,000, and 13% for condos/townhomes to $418,000.
– The average sales price increased most significantly in the Town of Jackson area.
– Unit sales for condos/townhomes increased more than any other property type, about 8% year over year.
We have seen the Town of Jackson lead the market in the Valley for the past couple of years but the lack of inventory has slowed that trend. However, interest in town living appears strong with building permits issued in the first half of the year up significantly. The number of permits increased by 62% and the value of those permits is more than 200% higher than permits issued in 2013.
Looking forward, we expect continued strong demand for both primary and second homes in our area. The appeal of Jackson Hole brings those looking for a good quality of life to our Valley. In addition, Wyoming’s continued favored tax status becomes a strong attraction to those looking for tax benefits on both current and estate income (no income tax, personal or corporate, low sales tax, low property tax, and no estate tax). These are important factors for many people when it comes to their business and state residency for the longer term.
Teton Canyon Ranch Auction
The Teton Canyon Ranch auction, with no reserve, has been postponed to July 30th. The current list price is $16 million. Please visit Concierge Auctions to follow auction updates and more information.
Start planning your trip to Jackson Hole now with the updated winter flight schedule, including more flight options and better connection times.