For the first six months of 2019, the ever-bullish Jackson Hole real estate market is down.
That’s not a typo. And if you were to drive around the town of Jackson, the number of new homes being built around the valley would probably cause you to question the above statement even more.
From a purely numerical standpoint, however, the year-to-date transactions and dollar volume in Teton County are down 5.5 percent and 5.0 percent, respectively. For the properties that have traded hands in the first half of 2019, the average time from putting a “For Sale” sign in the yard to closing also increased 7.8 percent (217 days in 2018 compared to 234 days for 2019).
Put simply, fewer properties are selling so far this year compared to last year, and–on average–it’s taking longer for the market to absorb the homes that have sold thus far in 2019.
Hidden in the overall numbers, however, is the larger truth: individual property values continue to rise.
For the first six months of last year, a total of 102 homes had sold in Teton County. The median sale (or middle sale if you were to rank the sales from least expensive to most expensive), was a 3-bedroom, 2,125 sq.ft. home in East Jackson. It sold for $1.42MM.
This year, only 85 homes have sold in the first half of 2019. The same median sale price, however, posted at $1.94MM (for a 3-bedroom, 3,184 sq.ft. home south of the town of Jackson). That’s a 36.6 percent increase year-over-year.
Furthermore and for the homes that are currently listed for sale, only about a third of those properties are priced below the year-to-date median home price of just under $2MM.
From a macro standpoint, the 2019 Jackson Hole real estate market lags behind the record-setting numbers of 2018. In drilling down into the data, scarcity of inventory and a steady demand has, on average, pushed individual property values to new heights.
Please contact a Jackson Hole Sotheby’s International Realty Associate for more insight into our rapidly changing market!