We are pleased to present the quarter 3 market report for the Jackson Hole area. Derived from our proprietary, forty-year old database (not just MLS data) and our team’s decades of combined experience, Jackson Hole Real Estate Associates’ Market Report is the most trusted and accurate real estate report in the region.
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 rose 13% year over year. During the same period in 2018, the average sale price gained 7% over prior year 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 was 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 Q3 2019 posted a 9% increase in inventory hopefully offering much needed relief for buyers who have been struggling to find thier perfect home. Inventory in Single Family Homes is up 37% however, pending listings are up 10%, and days-on-market is down 22% indicating good activity in the Single-family Homes sector.
The overall year-over-year housing statistics for the greater Jackson Hole market continued 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 Q3. 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 Associates’ sales volume grew 8% YTD through Q3. 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.