26TH ANNIVERSARY DAVID VIEHMAN
DEVON VIEHMAN
LUKE SMITH
JOSIE DANIEL
2021 CONTINUES TO BREAK RECORDS While the number of overall sales this quarter was 14% higher than Q3 2020, the 646 sales that occurred were nowhere close to the all-time high of 839 sales in 2005. What was record-breaking was the overall dollar volume spent in the first nine months of 2021 ($2.166 billion). Up until 2020, Jackson Hole had never reached the $1 billion dollar volume mark in the first nine months of any given year. In mid-July, 2021 surpassed that level and is projected to exceed $3 billion by year’s end. To break this record, however, other records had to fall. We have broken down those records throughout this newsletter. Inventory level breaks another record: The overall numbers of available listings are at another record breaking low—down 26% from this period in 2020. For the past 11 years, we have watched available inventory shrink from 801 listings in 2010—the height of The Great Recession—to only 157 in 2021. NOTE: The highest overall number of active listings in the history of Jackson Hole happened back in 1996 with 1,596 active listings at year’s end. Of those, 529 were single-family homes versus the mere 75 single-family homes currently on the market.
KARA PEARSON
Q 3 2021
So, where’s the demand coming from? As discussed in our Q1 and Q2 2021 reports, COVID-19 continues to affect our local real estate market. While the number of local working-class Buyers continues to dwindle as inventory in their price range becomes nonexistent, the amount of Zoom Town telecommuters, second home Buyers and early retirees continues to increase. We are also seeing several investors snapping up homes and condos in the locals’ price range ($400,000 to $1.8 million) for rental income. One investor has purchased 25 such rentals in the last two years, while others are tearing down the old and building new 4,000+ sq. ft. homes in the Town of Jackson. Is the “Feeding Frenzy” over? With inventory levels at an all-time low, we continue to see multiple offers when a well-priced listing hits the market. However, we are not witnessing offers sight unseen. Instead, many out-oftown Buyers who were unable to find the right property last year have moved to Jackson Hole and are renting. This gives them the opportunity to jump on a well-priced property as soon as it hits the market. NOTE: As we go into our fall and winter selling seasons, expect inventory levels to decrease continuously until Spring 2022.
DATA- D RI VEN REPORT FO R T HE FIR ST N INE M ON T H S OF 2 02 1 The Jackson Hole Report is the oldest, most accurate, and comprehensive real estate market report in Teton County, Wyoming. We derive our statistics from a privately maintained database that tracks every single sale, not just the transactions reported through MLS. NOTE: Only 59% of sale prices valley-wide in 2021 were reported to MLS. If you would like an assessment of the current value of your Jackson Hole property, please contact us for a free comparative market analysis by calling 307-690-4004 or emailing david@jhreport.com.
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