Increases in Average Price and Number of Transactions Is
Indicative of Continued Market Health
Year-end statistics for 2015 reported an over 12% increase in sales volume (number of sales) when compared to data from the previous year. This represents a return to expanding sales numbers after a reported contraction in 2014. However, the decrease in volume of 2014 was directly related to the very strong sales numbers of the 2013 “rebound year.” When viewing previous six years sales numbers ignoring the 2013 spike, a generally increasing volume trend is noted beginning in 2009 that continued for the next five years. That said, 2015 numbers are very similar to that of 2013, indicating that the market may be currently in a stable period. Alternatively, it is a reasonable hypothesis that the lack of inventory is keeping sales volume suppressed (which also explains the continued appreciation trends).
The average price of the combined residential market (single-family, attached homes, and vacant land) is noted to have increased by nearly 23%. Many times the increase in the aggregated price of a sales sample in Teton County is skewed by the changing composition of the inventory of sales. However, in this case, the average indicated price growth of the sale sample is noted to be corroborated by many sales and resales comparisons that have been made with this recent data. Admittedly, appreciation rates can and do vary by market segments. Nevertheless, the aggregated data does appear to give a reasonable indication of price growth during 2015.
View the Full Market Report on Jackson Hole Real Estate Search
Andrew Cornish – Broker
PO Box 9467 | 155 E. Pearl,
Jackson, WY 83002
Data provided by Rocky Mountain Appraisals, Teton County’s leading valuation firm: www.rmappraisals.com