On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive market report for 2017 year-end. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.
Persistent demand and lean supply drove prices upward in 2017. Even though the number of transactions remained steady, average and median sale prices increased by 15% and 3%, respectively. The south of Jackson area received the largest increase in the number of transactions, up nearly 60% compared to last year. This is primarily due to the success of the Snake River Sporting Club development, which had 26 transactions in 2017. Properties in the $500,000- $1 million price range were the most popular representing about 37% of total transactions. Active listings declined 23% compared to last year which caused an even more competitive environment for buyers. With 50 properties under contract at 2017 year-end, the start to the new year is expected to follow much of the same pattern of 2017.