2021 Mid-Year Market Report

JACKSON HOLE REAL ESTATE

Market Report | Mid-Year 2021

We are pleased to announce, Jackson Hole Real Estate Associates is now Compass Real Estate.

Compass is the fastest growing and most technologically advanced real estate organization in the world.

They are the benchmark for innovation, marketing prowess and programming. This translates to better exposure for our clients and more successful deals.

The real estate business has been rapidly evolving over the last few years. As a market leader in Jackson Hole, we strive to stay ahead of the competition by adopting and implementing forward thinking change.

Compass is home to more than 19,000 of the top agents in 150+ cities across the country; their network connects us directly with similar luxury brokerages and agents in many of the markets that are most important to us.

This season in Jackson Hole, our local team is even more equipped with the tools, information and insider insight that supports you in the process of buying or selling property.

Please enjoy our Year-To-Date Market Report. And, as always, we are here as your trusted advisor, armed with the tools needed to make your real estate experience a pleasant and successful process.

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Non-Reported Transactions on the Rise With 33% of real estate sales occurring outside of the MLS (Multiple-List-Service), it is important to manually track ALL Teton County real estate sales. Typically, it is the higher-end sales that go unreported, vastly skewing the accuracy of MLS data alone. Our market report accounts for all sales, providing a comprehensive overview and deeper insight into the market.

As the #1 Brokerage in the region in transaction volume, we monitor real estate data daily, closely watching trends that shape our real estate market. Our goal is to empower our clients with the most up-to-date information so we can assist in the navigation of their next real estate opportunity.

Cover: SOLD | List Price: $15,000,000 | Teton Village

Experience the Compass Real Estate difference by working with Jackson Hole’s truly local, leading real estate experts. We are a team of trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating legacy of excellence that honors and celebrates our people and the exceptional place we call home.

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To start your search of all active Teton County listings, scan the QR code.

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Welcome to our 2021 Mid-Year Market Report

The Jackson Hole lifestyle with its wide-open spaces, wildlife, scenery, recreation, safety, ease of travel and tax benefits, appears to be more desirable than ever. Real estate year-to-date numbers through Q2 show no signs of slowing down. When comparing YTD through the second quarter 2021 to 2020, the number of transactions in Teton County nearly doubled to 427 and total sales volume more than doubled to $1.2B. The continued exodus of individuals from cities in seek of a less-urban lifestyle, is pushing demand for local real estate to new heights. As a result, some sellers who own real estate in the area are taking advantage of this strong market. Inventory is down 56%, but that is a slight improvement from Q1 of 2021.

Increasing sales prices are resulting in more properties entering the Luxury Segment of the market (listings at the $3M mark and higher). The average and median sales price for Single Family Homes checked in at $4.1M and $2.9M, respectively.

There were no sales under $500K in the Single Family Home category and only 8 sales in the $500K to $1M range. With little already-built inventory, sales of vacant land more than doubled YTD 2020 vs. 2021, to 81. And even with historically low interest rates, more buyers are paying cash in this

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M I D -YE A R 202 1 | HI GHLI GHTS

The Jackson Hole Market competitive market. Overall, pending listings are down, possibly due to listings selling more quickly, but it will be interesting to watch how Q3 unfolds.

In this market, it is more important than ever to work with the #1 brokerage in the region in real estate transactions. Our team monitors real estate daily keeping our seller and buyer clients up to date with quickly changing information.

$1,193,581,378

$2,795,273

Total Dollar Volume

Average Sale Price

113% Increase YOY

10% Increase YOY

$1,635,000

427

Median Sale Price

Total Transactions

28% Increase YOY

93% Increase YOY

151 Active Listings -56% Decrease YOY

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Single Family

Highest Sale $27,000,000

39%

Condo/Townhome

*List Price

30%

Vacant Land

Lowest Sale $317,000

19%

Commercial

M I D -YE A R 202 1 | M AR KET OVERVI E W

Sales Distribution by Segment

7% 5%

Other

Sales Volume Year-to-Date $400M

2021 Data

$350M $300M

2020 Data

$250M $200M $150M $100M $50M Jan.

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Feb.

Mar.

April

May

June

July

Aug.

Sept

Oct.

Nov.

Dec.

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M I D -YE A R 202 1 | M AR KET OVERVI E W

Transaction Distribution by Location Teton Village: 44 Racquet Club/Teton Pines: 16 36

West Snake North of Wilson: 34

44

West Snake South of Wilson: 17 Skyline Ranch to Sagebrush Drive: 31 East Gros Ventre Butte: 16 16

North Gros Ventre Junction: 36 Town of Jackson: 158 South of Jackson to Snake River Bridge: 49

16 34

South of Snake River Bridge to County Line: 26

31

158

17

49

26

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SOLD | List Price: $2,695,000 | South of Town

Sales volume in the single-family home category nearly doubled YTD 2021 vs. YTD 2020. Surprisingly, while lack of inventory is a market-wide concern, the single-family home category had more transactions, up 63%. Town of Jackson and North of Jackson saw the most activity accounting for 68 of the 168 singlefamily home transactions. Sellers in those regions are taking advantage of the strong market.

Even with this transaction increase, average sales price rose 21% YTD 2021 vs. 2020 to $4.1 million.

Active listings are down 48% to 77 listings in the single family home category. jhrea.com

Number of Transactions 168

63% ▲

Total Dollar Volume $694,117,037

98% ▲

Minimum Price Sold $579,000

45% ▲

Maximum Price Sold $27,000,000

-32% ▼

Average Sale Price $4,131,649

21% ▲

Median Sale Price $2,932,611

68% ▲

Average Days on the Market 148

-38% ▼

Number Pending Transactions 28

-55% ▼

Inventory 77

-48% ▼

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M ID -YE AR 202 1 | SI NGL E — FAM I LY

Single — Family

SOLD | List Price: $2,500,000 | Town of Jackson

Condominium and townhome transactions increased 81% YTD 2021 vs. 2020, yet dollar volume rose only 53%. While last year at this time we saw higher priced inventory dominate in condos, this year, more lower price condos are hitting the market. This impacted average sales price, which dropped 15% to $1.3M. Median sales price was up 22% to $959K. Most condo and townhome sales occurred in the Town of Jackson. At the time of this report, there are only 17 active condominium and townhome listings compared with 69 this time last year.

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Number of Transactions 127

81% ▲

Total Dollar Volume $159,863,229

53% ▲

Minimum Price Sold $317,000

1% ▲

Maximum Price Sold $5,350,000

-33% ▼

Average Sale Price $1,258,766

-15% ▼

Median Sale Price $959,500

22% ▲

Average Days on the Market 130

4% ▲

Number Pending Transactions 33

27% ▲

Inventory 17

-75% ▼

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M I D -YE A R 202 1 | COND O AND TOWNHO M E

Condo and Townhome

SOLD | List Price: $4,550,000 | West of Town

As buyers struggle to find single-family homes, many choose to build, driving up vacant land sales.

Transactions doubled to 81 and sales volume more than doubled to $192M YTD 2021 vs. 2020. Land sales in the $2M to $5M range experienced an uptick from 9 to 24 parcels.

Number of Transactions 81

113% ▲

Total Dollar Volume $192,206,268

120% ▲

Minimum Price Sold $345,000

-17% ▼

Maximum Price Sold $8,750,000

-20% ▼

Average Sale Price $2,372,917

3% ▲

There is a dramatic reduction in inventory at the time of this report down from 92 last year, to a mere 40 this year. Pending listings are down 50% at the time of this report.

Median Sale Price $1,500,000

-3% ▼

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Average Days on the Market 350

7% ▲

Number Pending Transactions 11

-50% ▼

Inventory 40

-57% ▼

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MI D -YE AR 202 1 | VAC ANT L A N D

Vacant Land

M I D -YEAR 202 1 | LU X URY

Luxury SOLD | LIST PRICE: $13,900,000 | South of Town

The luxury sector of the market, listings that sell above the $3M mark, nearly doubled. More homes entered this category as the average sales price increases. Luxury transaction growth YTD 2021 vs.

2020 is up 91% and total dollar volume increased by 91% as well. Nearly all MLS areas around Jackson spiked in transaction volume as list prices in those regions surpassed $3M. Pending listings are up 14%. Inventory in luxury price category continues to remain extremely limited, down 25%.

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Number of Transactions 105

91% ▲

Total Dollar Volume $678,433,876

91% ▲

Maximum Price Sold $27,000,000

-32% ▼

Average Sale Price $6,461,275

0% ▼

Median Sale Price $4,500,000

-10% ▼

Average Days on the Market 232

-22% ▼

Number Pending Transactions 33

14% ▲

Inventory 76

-25% ▼

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307.733.6060 COMPASS.COM JHREA.com starvalleyrealestate.com tetonvalleyidahorealestate.com 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 235 S Main Street Thayne, WY 83127 307.883.7575 65 S Main Street Driggs, ID 83422 208.354.7325 501 Huntsman Springs Driggs, ID 83422