HOUSING VALUES START TO APPRECIATE
Data-driven report for the first three months of 2013
The Overall Market
The overall Market in Q1 2013 is kicking off the year with strong numbers. The number of sales are up 40% and the overall volume is up 36%. On the flip side, the average and median sales price were down 3% and 13% respectively. The drop in the median sale price, down 13% to $620,000, simply reflects the active price points in today's market (condos/townhomes under $400,000 and single-family homes under $750,000). The Town of Jackson, and south to the Teton County line, experience the most activity, which accounts for $53% of all sales in the valley.
Comparing properties under contract
In Q1 2012 versus Q1 2013; the overall number of properties under contract is up 96%, the dollar volume is up 275%, the average list price is up 87%, and the median list price is up 79%. This across-the-board increase of properties under contract is another indication appreciation is coming. NOTE: Single-family homes and condo/townhouses make up 74% of the properties under contract, and 64% of the under contract are listed below $1 million. Also noteworthy; 83% of the properties under contract, for under $1 million, are in the Town of Jackson or the South Park area…
Single Family Market
The single-family segment of the market is doing well with the number of sales up 20% compared to the same time period in 2012. Sold volume has also increased to 37%. Most sales continue to occur within the Town of Jackson, followed closely by the south of Jackson. The area with the most improvement (up 400%) is north of Jackson which includes properties near the airport along with Moran and Kelly.
This segment of the market continues to be very active with 32 sales so far this year. This is a 60% increase over the 1st quarter of 2012. The dollar volume of sales increased dramatically as well, up nearly 55%. Contrary to the trend from 2012, the most improvement occurred in the Teton Village area which improved by 150% over the same time period last year. The Town of Jackson also saw a great increase in sales compared to Q1 in 2012 with an increase of over 60%. The condo/townhome segment of the market is experiencing the greatest shortage of inventory with only 87 units currently available; that is only 15% of the entire available inventory.
Vacant Land Market
Building sites in Teton County continue to improve as well with the number of sales up about 25% over the 1st quarter of 2012. The Town of Jackson segment was the top area with 5 sales. The dollar volume of land sales reached over $16.6m which is about a 17% increase over the same time period last year. The vacant land segment of the market is the one sector without a shortage of inventory; however, buyers are not likely to find the bargains once seen, due to sellers holding firm on their pricing.
Acquiring real estate in the remarkable destination of Jackson Hole will always be desirable, but now seems to be the best opportunity for buyers and investors alike to get their foot in the door before higher prices. As inventory becomes scarce, the Jackson Hole real estate market appears to be heading toward more growth and appreciation through 2013.