Driven by home sales in the Town of Jackson and the West Bank, the overall dollar volume for the first quarter of 2019 in Teton County jumped 53% over the same period last year (or $209.9MM this year vs. $137.4MM in 2018).
While individual homes accounted for nearly half of the transactions in Q1 2019, condos and townhomes represented another 38% of all sales. Together, 87% of all sales in the first three months of this year were residential properties; vacant land, commercial and fractional units accounted for only 13% of sales (mostly due to lack of inventory and also the scarcity of vacant land remaining in Teton County).
The Town of Jackson also continues to be hot spot posting 42% percent of all sales. The West Bank of the Snake River (including Teton Village after a record-setting ski season) was responsible for another 32%.
While statistically not a true reflection of individual property appreciation, the difference in median home price rose 103% year-over-year. Last year, the median Q1 home sale was a $1,050,000 home in the town of Jackson. For the first three months of 2019, that number grew to $2,130,000 for a home in Wilson. It should be noted too only 34.5% of the homes currently on the market in Jackson Hole fall below the Q1 median home sale price.
As has been the case for the last few years, overall inventory is down. This time last year, 424 properties were on the market. Today, that number hovers right around 400.
Please contact a Jackson Hole Sotheby’s International Realty Associate for more insight into our rapidly changing market!