Hello from your team at Spring Creek Ranch Realty,
The Jackson Hole Real Estate market had another tremendous year. In 2015 we saw an overall increase in the modalert number of sales and the volume sold. In spite of one of the lowest levels of inventory in 25 years, the overall market in Teton County was up over 35% in total volume as compared to 2014. This increase is driven by several areas and here are a few examples:
- Teton Village had a total volume of sales over $132 million including Shooting Star which accounted for nearly $70 million of that total. Shooting Star saw a 300% increase in dollar volume over 2014.
- The Town of Jackson continues to be the leader in total number of sales and volume with 153 sales and over $123 million in dollar volume. It is the busiest sector for sales.
- The under $1 million price range paced as the strongest sector for 2015 accounting for over 50% of the total number of sales in Teton County.
What does 2016 have in store for the Jackson Hole Real Estate market? While no one can accurately predict the future, we can look at the happenings around Jackson to see what types of events can impact the Real Estate market.
One of our biggest difficulties continues to be affordable housing, both rental housing and primary, due to the low inventory of homes and limited land that you are able to build on in Teton County. 97% of our land is National Park or Forest, Land Trusted, or dedicated open space. This limited supply of homes and land may send more of our population to Jackson’s emerging sub-markets. Places such as Star Valley, WY and Victor, ID are available with plenty of inventory and at reasonable prices. These emerging markets allow first time home buyers the opportunity to enter into the real estate market. Ask us about the 10 tax perks that Wyoming offers.
In addition to the outlying markets, there is a proposal on the books currently to add up to 250 more homes off of South Park Loop Rd. in a similar fashion to the neighborhood of Melody Ranch. This will provide some much needed inventory for the Buyers in our valley. Stay tuned for updates on this proposal.
With the creation of the tourism board, Jackson is seeing increased tourism. When once there were “shoulder seasons,” we are now seeing higher occupancy rates throughout the valley year round. This brings in more Buyers as they see what Jackson Hole has to offer; world class skiing and fishing, access to vast outdoor activities, 2 National Parks, cultural events, community events, award winning restaurants, clean air, and great schools. The airlines continue to improve service to and from Jackson Hole. With the increase of more direct flights, Jackson has never been easier to get to.
2015 was an incredible year for us with overall sales near $60 million. We appreciate all of the continued support from our friends and family. We believe that 2016 will continue to be a Seller’s market due to the inventory constraints. That said, there are many reasons to buy: extremely low interest rates, investment opportunities, tax purposes, and more. If you are thinking about listing your home or buying, please call or email anyone from our team for a no obligation consultation.
We are here for all of your real estate needs. No question is too big or small. We’d love to be a resource for you in any way.