The Jackson Hole real estate market continues to show stability particularly in the single family home segment. At the end of the third quarter of 2019, despite a 20% drop in number of homes sold the average sale price rose 13% year over year. During the same period in 2018, the average sale price gained 7% over prior year indicating a sustained period of steady, consistent growth. The median price also grew by 17% indicating that the higher-end sector was more active. Once again, the market at the mid to low end of the price spectrum was negatively impacted by the lack of inventory. This lack of inventory also impacted the $2-5M range.
Overall in Teton County Q3 2019 posted a 9% increase in inventory hopefully offering much needed relief for buyers who have been struggling to find their perfect home.
Nationally, prices grew at a relatively flat 4%.
The overall year-over-year housing statistics for the greater Jackson Hole market continued to show a modest cooling off vs. the banner year of 2018. Using our proprietary database accounting for sales that were not reported through the Teton County MLS, the total dollar volume dipped 10% over prior year through the end of Q3. This is an improvement over mid-year numbers where total sales volume dipped 16%.