Lack of inventory, spike in median home price slows Jackson Hole real estate market

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.

Impeccable & Charming Home in Town—3 Bedrooms | 2 Full Baths | 2,457 Sq. Ft. | .34 Acres $1,495,000. #4TNF3Z.

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.

704 Rodeo Dr.—4 Bedrooms | 3 Full Baths, 1 Half Baths | 3,109 Sq. Ft. | .43 Acres
$1,995,000. #PV3PKC.

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!


July 3, 2019 Real Estate News

Featured: Inspiring Golf Properties

by Staff Writers

The greater Jackson Hole region provides outstanding opportunities for the golf enthusiast throughout the summer. The area’s residential golf course communities, coupled with the access and amenities of the region, provide hubs for year-round activity.

“Jackson Hole’s rich history doesn’t end with our national parks,” says Arthur Corontzes, a real estate agent for Jackson Hole Sotheby’s International Realty. “World class golfing opportunities are also at your fingertips in northwestern Wyoming and eastern Idaho. Teton County, Wyoming has five world-class golf courses designed by Tom Fazio and Arnold Palmer—among others.”

The member-owned, 3 Creek Ranch Golf Club is located in the heart of the Jackson Hole valley. While just minutes from the town of Jackson, 3 Creek Ranch’s award-winning, Rees Jones designed course highlights stunning views of the Cathedral Group of the Tetons south through Teton Pass and the Snake River Range.

This stunning masterpiece in 3 Creek Ranch enjoys the privacy of an included, adjacent lot and views over the 18th fairway.

This panoramic view is captured through site lines of the club’s premier real estate offering, 3115 Water Cress Lane, which overlooks the 18th fairway to views of  the Grand Teton beyond. South American stone and tile provide the palette for this five bedroom, fourteen thousand square foot home blending contemporary design elements with open, lodge-style influences.

On the western side of the valley, the Shooting Star subdivision of Teton Village focuses its summer activities around the Fazio designed golf course, as well as the amenities  at the base of the neighboring Jackson Hole Mountain Resort, and the southern entrance to Grand Teton National Park. In addition to access to its world-class golf course, membership at Shooting Star features a full clubhouse, pool, fitness and spa facilities, as well as a network of winter cross country ski trails and door-to-door shuttle service to the base of the ski area.

3350 Four Pines Road, Shooting Star at Teton Village.

Noteworthy among current offerings in Shooting Star is a highly-customized Lodge at 3350 Four Pines Road. Completed in 2018, this rustic contemporary home encompasses just over four thousand square feet of living space amidst its four bedroom floor plan. Reclaimed ceiling timbers, barn wood cabinets and Chief Cliff stone work are just a few of the design features incorporated into this iconic, year-round Teton Village golf and ski property.

The Headwaters Golf Course within Teton Springs provides the preeminent residential golf experience in Teton Valley and Eastern Idaho, and is conveniently located just thirty minutes from the town of Jackson via Teton Pass. The course design at Teton Springs was a masterful collaboration by Gary Stephenson as Master Course Architect, in conjunction with US Open Champion Steve Jones and golf legend Byron Nelson. The course earns its namesake for its location among the headwaters of the Teton River, which flows through the broad valley.

Western Elegance in Teton Springs.

15 Kearsley Lane is situated on Double Hall Lake, across from the fourth hole and features amazing views of the Teton Valley landscape from every room. The four bedroom home features three distinct living spaces, as well as a game room, bar and outdoor fire pit for entertaining.

Together, Jackson Hole and neighboring Teton Valley tee up more than ten area golf courses to suit  all abilities, and residential golf communities featuring designs by some of the world’s most esteemed course architects and a truly unbeatable backdrop.