The 2014 Jackson Hole real estate market can be defined by its transition from a continued recovering Buyers market, to a strong Sellers market. Increasing demand and historically low inventory levels have led to a significant surge in property values heading into 2015. This trend should continue for the foreseeable future, based on the current market conditions and the limited development potential in the valley.
When comparing 2013 with 2014, the overall number of sales dropped by 11% and sales volume fell by 8%. The decreases can be directly contributed to the decline in overall available inventory. As 2014 came to an end we saw inventory levels approaching 25-year low’s. The active number of listing were down 12% when compared to last year.
Lack of supply has had a direct correlation to rising prices in all segments of the real estate market. The median prices have jumped by 16% in the past year. Year-end absorption rates for remaining inventory was less than 12 months. The current trends should continue in 2015 with limited new inventory and increasing demand.
Single-family homes accounted for 40% of the overall sales in 2014. The median sales price rose by 10% to $835,000. The condo/townhouse market actually fell by 9% in sales volume in 2014 but the median sales price rose by 9%. Like all the other segments of the market, condo/townhouse inventories fell sharply in the past 12 months. This should create continued accelerated appreciation in 2015.
Vacant Land Market
The number of vacant land sales in 2014 were down 15% from the previous year. The median sales price however rose 7%. We should see a continued rise in pricing into 2015 as inventory levels decline. Many Buyers have shifted their focus and started looking to vacant land. This can be contributed to the lack of residential options to choose from.
For a complete breakdown on the 2014 Jackson Hole Real Estate Statistics, please contact us.