JACKSON — The available housing inventory in Jackson Hole is the lowest it has been in more than three decades, according to a recent report.
The Jackson Hole Report's year-end review, which compiles and analyzes data from every free-market real estate transaction in Jackson Hole each year, says there were 31 percent fewer sales in Jackson Hole than in the years before the Great Recession, and the median sale price was $1.3 million, tied for the highest ever.
The median list price for single-family homes was $2.65 million, highest on record.
"This combination of factors has created a limited supply, and prices have accelerated to the point where most local buyers can no longer afford to enter our market," the report reads. "After reviewing the 2017 stats, it's become very clear that we have entered into a new normal for Jackson Hole."
David Viehman, an associate broker at the Clear Creek Real Estate Group who produces the report with fellow brokers Devon Viehman and Luke Graham Smith, said the trend is going to worsen unless something changes.
While 55 percent of sales in 2017 were between $500,000 and $1 million, that segment of the market is slipping away as locals who already own real estate are no longer trading up or building new homes. The year ended with 79 home sales under $1 million, down 30 percent from the previous year. There are just 14 homes in that price range, with only five listed under $750,000.
The new tax law is likely to drive more high-end clients into the valley along with baby boomers willing to spend a little extra for a picturesque place to retire, David Viehman said.
Viehman said the county needs to open up for denser developments and new subdivisions.