2020 Mid-year Market Report

Jackson Hole Real Estate

MARKET REPORT Mid-Year 2020

Jackson Hole Real Estate MID-YEAR MARKET HIGHLIGHTS MEDIAN SALE PRICE

AVERAGE SALE PRICE

38

51 %

VACANT LAND AVERAGE SALE PRICE

32%

SINGLE FAMILY HOME TOTAL $ VOLUME

VACANT LAND TRANSACTIONS

PENDING

62 94%

Single Family Home Pending Transactions

116 Transactions

40% Increase

164% INCREASE Average

>$5M 13%

Days

MARKET -7%

On

$2M$5M 23% $1M$2M 28% $500K$1M 29%

UNDER $500K 7%

Sales Distribution By Price

$1,275,000

$2,540,152

IN PENDING LUXURY LISTINGS

Condo/Townhome

Inventory 60% jhrea.com | Pg. 1

Why Our Report Tells The Full Story: Our decades-old proprietary data base of historical sales in Teton County, gives us greater insight into the market. Most, but not all sales, are reported in the Teton County MLS (Multiple List Service) system. Typically, it is the higher-end sales that go unreported vastly skewing the accuracy of MLS data alone. This has been particularly true in Q2 2020, where many of the sales went unreported. Our internal database accounts for ALL sales in our market, providing the most comprehensive overview of Jackson Hole Real Estate Market.

In this detailed report, you will find information on the market segments making up the Jackson Hole region.

As the leading brokerage in Jackson Hole, we have developed this comprehensive report to help analyze the trends that are shaping our real estate market, empowering our clients with current data as they navigate Jackson Hole real estate opportunities. *Cover: SOLD | List Price: $5,995,000* | North of Town *MAXIMUM LIST PRICE SOLD

Summer is the new Spring in Jackson Hole. The market uncertainty created by the impacts of COVID kept buyers and sellers on the sidelines this spring, but uncertainly can offer opportunity and Jackson Hole Real Estate Associates quickly shifted to doing business a new way.

As a leader in the business community, we were one of the first to develop and implement initiatives to keep our team and the community safe, while also being a source of stability and information for our clients. Through a remote work plan we continued to convene our weekly office meetings via ZOOM, we moved our traditional open houses to a custom virtual tour website and we rolled out plans to increase traffic to our website. We supported local restaurants and businesses with company-wide gift card contests, helped organizations that work to alleviate food insecurity and sponsored the local hospital Community Mask Program, quickly bringing 10,000 much needed masks to Jackson Hole. Our live State of Real Estate Community Forums led by forward thinkers and progressive leaders provided sound, data driven information on the economy, both locally and nationally and were the first of their kind in the Jackson Hole.

MID-YEAR 2020 | HIGHLIGHTS

Welcome to our mid-year market report for 2020

As we head into summer, the slower season we felt in early spring has been replaced with robust real estate activity and an excitement in the air. We look forward to sharing our insights with you and strive to remain your trusted advisor as we head into the summer and fall of 2020. jhrea.com | Pg. 2

What an unprecedented year 2020 has been so far. After a record breaking first quarter for Jackson Hole Real Estate Associates and a 30% increase in the overall Teton County market in Q1, the world was suddenly upended by an international pandemic. In response, our firm ramped up its operations with an understanding that it was critical for our clients to closely track market information.

The Teton County real estate market “hit pause� as the uncertainty of the pandemic rippled through the region starting mid-March 2020, when the shut down began. According to MLS data, overall transactions lagged nearly every week through the first week of June, 2020 vs. 2019. In the same period, new listings and pending listings were also down. But beginning in June 2020, the local real estate market started heating up.

Single Family home pending listings, those that are under contract and slated to close, are up 62% YTD 2020 vs. 2019. Buoyed by a recent, significant demand in the second home market, Luxury Listings, those priced above the $3M mark, reports a 164% increase in pendings YTD 2020 vs. 2019. This is a strong indicator the local market has quickly bounced back due to pent up demand created by the pandemic.

The number of transactions declined 22% while the average sale price leaped up 52% further confirming a robust upper end of the market. The number of sales over the $2M mark increased dramatically YTD through 2020 vs. 2019. Transaction volume overall continues to decline, down 22%. Active listings are slightly down at 5% and average days on market declined.

As the world continues to carefully re-open, many are discovering the unique lifestyle benefits and quality of life that Jackson Hole offers to its residents.

Average Sale Price

52% Increase YTD

Total Transactions

22% Decrease YTD

$2,540,152

221

Active Listings

344

$1,275,000

5% Decrease YTD

$561,373,685

Total Dollar Volume

19% Increase YTD

MID-YEAR 2020 | HIGHLIGHTS

The Jackson Hole Market

Median Sale Price

28% Increase YTD jhrea.com | Pg. 3

2005 - 2019, Teton County

$2B $1.5B $1B

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

$500M

Sales Volume Year-to-Date 2019 vs. 2020, Teton County 2020 Data

2019 Data

$200M $150M $100M $50M Jan.

Feb.

Mar.

April

May

June

July

Aug.

Sept.

Oct.

Nov.

MID-YEAR 2020 | MARKET OVERVIEW

Sales Volume By Year

Dec. jhrea.com | Pg. 4

Teton Village : 27

Raquet Club/Teton Pines : 15

West Snake North of Wilson : 21

West Snake South of Wilson : 9

Skyline Ranch to Sagebrush Drive : 11

East Gros Ventre Butte : 5

North of Gros Ventre Junction : 15

Town of Jackson : 74

South of Jackson to Snake River Bridge : 33

South of Snake River Bridge to County Line : 11 *Totals are year-to-date

15

27

15 5 21 11 74 9

33

MID-YEAR 2020 | MARKET OVERVIEW

Transaction Distribution By Location:

11

jhrea.com | Pg. 5

Single Family

47%

Condo/Townhome

32%

Vacant Land Commercial

17% 3%

Highest Sale: $39,900,000 *MAXIMUM LIST PRICE SOLD

Lowest Sale: $315,000 *MINIMUM LIST PRICE SOLD

Sales Distribution by Price

7%

29%

28%

23%

13%

Under $500K

$500K-$1M

$1M-$2M

$2M-$5M

Over $5M

MID-YEAR 2020 | MARKET OVERVIEW

Sales Distribution by Segment

jhrea.com | Pg. 6

S I N G L E - F A M I LY With transactions remaining flat, the Single Family Home segment is performing well, showing a 32% increase in total dollar volume year over year. The average sale price is up 32%, as a significant number of sales through mid-year occurred in the $2-5M dollar price range including an off-market sale listed at $39.9M. With a drop in active listings of 18% and a significant increase of 94% for pending listings, demand continues to soar.

# of Transactions 103

0%

Total Dollar Volume $350,618,516

32%

Minimum Price Sold $675,000

35%

Maximum Price Sold $39,900,000

135%

Average Sale Price $3,404,063

32%

Median Sale Price $1,750,000

-5%

Average Days on the Market 239

34%

# Pending Transactions 62

94 %

Inventory 147

-18%

MID-YEAR 2020 | SINGLE - FAMILY

SOLD | List Price: $3,450,000* | West of Town

*LIST PRICE jhrea.com | Pg. 7

CONDOMINIUM & TOWNHOME Condominiums and townhomes had a decrease in transactions of 41% YTD 2020 vs. 2019 ticking down total dollar volume 6%.

The average sales price however, jumped 60%. The majority of sales occurred in the price segment of $500K to $1M, with four sales over the $5M mark.

Inventory is up 60% YTD 2020 vs. 2019 with the nearly half of these active listings located in the Town of Jackson. Pending listings have seen a bump of 18%.

*LIST PRICE

# of Transactions 70

-41%

Total Dollar Volume $104,168,286

-6%

Minimum Price Sold $315,000

12%

Maximum Price Sold $7,950,000

12%

Average Sale Price $1,488,118

60%

Median Sale Price $785,000

37%

Average Days on the Market 125

23%

# Pending Transactions 26

18%

Inventory 69

60%

MID-YEAR 2020 | CONDO & TOWNHOME

SOLD | List Price: $800,000* | Town of Jackson

jhrea.com | Pg. 8

VAC A N T L A N D Vacant Land transactions increased 6% Q2 2020 vs. Q2 2019, and dollar volume increased 59% with several high-end parcels driving the uptick in volume along with average sales price.

Active listings are down 14% while, pendings increased 29% . The majority of available land listings heading into Q3 are located south of Jackson.

*LIST PRICE

# of Transactions 38

6%

Total Dollar Volume $87,270,861

59%

Minimum Price Sold $415,000

33%

Maximum Price Sold $11,000,000

43%

Average Sale Price $2,296,602

51%

Median Sale Price $1,545,000

69%

Average Days on the Market 327

-59%

# Pending Transactions 22

29%

Inventory 92

-14%

MID-YEAR 2020 | VACANT LAND

SOLD | List Price: $2,890,000* | North of Town

jhrea.com | Pg. 9

LUXURY The Luxury Segment, listings that are above the $3M mark, traded briskly up 62% YTD 2020 vs. 2019. Dollar volume spiked 91% due in part to a $39.9M off market sale. Average sales price rose 18%.

Although active listings fell 21%, pending listings are up dramatically, at 164%. While luxury land does not account for majority of luxury sales, it’s notable that luxury land sales are up 233% year over year.

# of Transactions 55

62%

Total Dollar Volume $355,023,831

91%

Maximum Price Sold $39,900,000*

135%

Average Sale Price $6,454,979

18%

Median Sale Price $5,000,000

8%

Average Days on the Market 296

22%

# Pending Transactions 29

164%

Inventory 102

-21%

MID-YEAR 2020 | LUXURY

SOLD | List Price: $11,750,000* | South of Town

*LIST PRICE jhrea.com | Pg. 10

J AC K S O N H O L E R E A L E S TAT E A S S O C I AT E S

THE MARKET REPORT

As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable

Jackson Hole Real Estate Associates

destination. We are committed to being the leading luxury real estate brand in

exclusively owns and maintains the valley’s

the Teton region. By staying on top of market trends and continually striving to

oldest and most comprehensive database.

offer cutting edge marketing and advertising services we deliver extraordinary

Our Market Report, unlike others in the

experiences to clients and exceed their expectations.

area, is derived from this proprietary, fortyyear old database (not just MLS data) and

As a market leader in Jackson Hole, we believe the success of our company is

draws on our brokerage’s decades of

based on the value that we provide for our clients, community and agents. It is

success, making it the most trusted and

this value-driven philosophy that has helped to guide the successful growth of our

accurate real estate report in the region.

organization. There is no real estate company in the region that provides more

No other brokerage or agent has the

exposure for listings or more choices for buyers.

resources available to offer this depth of expertise or insight into market conditions.

The unmatched resources and knowledge of Jackson Hole Real Estate Associates – the largest and most dynamic real estate company in the region – combined with the largest independent affiliate networks, Christie’s International Real Estate and Leading Real Estate Companies of the World, allows us to offer the ideal balance of local expertise and global reach.

jhrea.com | Pg. 11

307. 733. 6060 tel 307. 733. 3483 fax

www.JHREA.com

www.starvalleyrealestate.com www.tetonvalleyidahorealestate.com www.westernranches.com 80 West Broadway Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 270 W Pearl Jackson, WY 83001 Snake River Sporting Club Jackson, WY 83001 46 Iron Horse Drive Alpine, WY 83128 307. 654. 7575 tel 235 S Main St Thayne, WY 83127 307. 883. 7575 tel 65 S Main St Driggs, ID 83422 208. 354. 7325 tel

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GRAHAM-FAUPEL-MENDENHALL & ASSOCIATES Jackson Hole Real Estate Associates Christie’s International Real Estate 307 690 0204 307 690 0235 gfm@jhrea.com grahamfaupelmendenhall.com 80 W. BROADWAY JACKSON, WY 83001