Appreciation Continues to be Evident Amid Decreasing Inventory
When viewing data through the mid-point of December 2018 (a composite of single-family homes, attached homes, and single-family homesites), the Teton County Real Estate Market is noted to have reported a number of sales that is approximately 12% greater in 2018 than that of the previous year. This increase in demand, and an inventory of available properties that has decreased approximately 7% from last year’s numbers, combined to provide continued upward pressure on prices through 2018. Observing sales and resales of the same or similar properties, mid-tier-priced properties between $800,000 and $2,000,000 provided the indication of appreciation in excess of 10% when annualized. Upper-end Resort properties in excess of $3MM exhibited appreciation rates even greater than this range, although this indication was influenced by instances of investors successfully speculating that some developer initial offering prices were below-market. The most price conscious segment of the market (typically comprised of attached home less than $400,000) showed some indication of leveling off trend. It would be reasonable to assume that homes in this segment would have appreciation that would be more dependent on local wage earning potential rather than outside pressure, thereby moderating appreciation rates in this price category. That said, instances refuting this observation certainly existed. Increased activity in the higher-priced segments of the Teton County Real Estate Market served to skew composite averages upward with, as an example, the average price of all combined sales increasing over 25%, a figure that exceeds that of price growth as measured by the sale and resale of similar properties.
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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