Jackson Hole Market Report Q1 2022

QUA RT E R O N E 2 0 2 2

Jackson Hole Real Estate Market Report

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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-Over-Year 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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Q1 / 2022

leader in Jackson Hole, we strive to stay

T H E M O S T A C C U R AT E R E P O R T I N T E T O N C O U N T Y.

Welcome to our 2022 Quarter One Market Report

NON-REPORTED TR ANSACTIONS ON THE RISE With 38% of real estate sales occurring

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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.

Q1 / 2022

As the #1 Brokerage in the region in transactions, 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: $4,950, 000 N O RT H O F TOW N

Experience the Compass Real Estate difference by working with Jackson Hole’s 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 a 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.

HIGHLIGHTS

The Jackson Hole Market

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Quarter One of 2022 is the first chapter in a different real estate landscape in Jackson Hole. The significant shortage of inventory we have been experiencing for the last two years has hit home, causing the number of transactions to drop over 50% and total dollar volume to drop 23% when comparing Q1 2022 to Q1 2021.

The total dollar volume for Q1 2022 checked in at nearly $460M including an off market hotel sale of over $100M. However, it is important to remember that Q1 of 2021 broke never-before-seen record highs in dollar volume. And while January and February of 2022 posted a lower sales volume than last year, decreased approximately $75M and $51M respectively, March 2022 experienced a rather profound uptick to approximately $142M. The town of Jackson was the MLS area hot spot, with 36 transactions totaling $95.6M. With regards to the condo segment, there are very, very few lower price condos left on the market, pushing the average sales price in this category to $2.1M. The story for land sales is the same; very few sales at all, with the average sales price in land reaching $3.2M.

Single family increasing sales prices have risen so much that the Luxury Segment of the market has a new threshold of $5M for 2022, up from $3M. The data has been updated to reflect this adjustment.

On the other end, the entry-level end of the market, Q1 reported only 4 sales under the $500K mark as inventory under $1M becomes nearly impossible to find. Overall, as new inventory hits, multiple offers within hours are becoming the new norm and real estate is selling nearly 3x faster when compared to Q1 2021.

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.

Total Dollar Volume 23% Decrease YOY

$4,425,413 Average SFH Sale Price 3% Increase YOY

$2,350,000 Overall Median Sale Price 45% Increase YOY

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Total Transactions 54% Decrease YOY

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Active Listings 16% Decrease YOY

Q1 / 2022

$459,722,187

Sales Volume

By Year 2 0 0 5 - 2 0 2 1 , Te t o n C o u n t y $3B $2.5B $2B $1.5B $1B

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

$500M

Sales Volume Year-to-Date $400M $350M $300M $250M $200M $150M $100M $50M Jan.

Feb.

Mar.

April

May

June

July

Aug.

Sept

Oct.

2022 Data

Nov.

Dec.

2021 Data

Single Family

46%

Condo/Townhome Vacant Land

Q1 / 2022

Sales Distribution

by Segment 28% 9%

Commercial

11% 6%

Other

HIGHEST SALE

$100M+ *Actual Sales Price Undisclosed But Accounted For, Commercial Listing

LOWEST SALE

$609,000 8

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Transaction Distribution by Location

Teton Village: 10 Racquet Club/Teton Pines: 4 West Snake North of Wilson: 7 West Snake South of Wilson: 4

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Skyline Ranch to Sagebrush Drive: 11 East Gros Ventre Butte: 8 North Gros Ventre Junction: 3 Town of Jackson: 36 South of Jackson to Snake River Bridge: 9 South of Snake River Bridge to County Line: 6

10

4 8 7 11

36

4

9

6

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SOLD LIST PRICE: $2 , 375,000 W E S T O F TOW N

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Single Family Sales volume in the single-family home category dropped 45% Q1 2022 vs. Q1 2021. And, not surprisingly, with lack of inventory as a marketwide concern, the single-family home category had less transactions, down 47%.

The Town of Jackson saw the most activity accounting for 11 of the 45 single family home transactions. Some sellers in town are taking advantage of the strong market. With this transaction decrease the average sales price rose a mere 3% yet the median sales price jumped 28% comparing Q1 2022 vs. Q1 2021.

Active listings are down and pending listings are also down predicting fewer transactions in 2022.

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Number of Transactions 45

-47% ▼

Total Dollar Volume $199,143,578

-45% ▼

Minimum Price Sold $990,000

71% ▲

Maximum Price Sold $25,000,000

-7% ▼

Average Sale Price $4,425,413

3% ▲

Median Sale Price $3,738,013

28% ▲

Average Days on the Market 129

-21% ▼

Number Pending Transactions 19

-51% ▼

Inventory 26

-4% ▼

Condo & Townhome SOLD LIST PRICE: $ 76 5 , 0 0 0 TOW N O F JAC KS O N

Similar to single-family homes, condominium and townhome sales decreased Q1 2022 vs. Q1 2021. Total sales volume decreased 23% and transactions decreased 48% indicative of higher pricing in this segment of the market. Fourteen of the 45 condo and townhome sales occurred in the Town of Jackson and a handful traded in Teton Village.

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Similar to the single-family home segment, some sellers are moving up, opening scant inventory which is nearly immediately placed under contract.

At the time of this report, there are only 6 active condominium and townhome listings compared with 13 this time last year.

Number of Transactions 27

-48% ▼

Total Dollar Volume $56,888,213

-23% ▼

Minimum Price Sold $609,000

62% ▲

Maximum Price Sold $10,300,000

93% ▲

Average Sale Price $2,106,971

47% ▲

Median Sale Price $1,407,500

36% ▲

Average Days on the Market 81

-15% ▼

Number Pending Transactions 22 Inventory 6

◀▶ -54% ▼

Q1 / 2022

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SOLD LIST PRICE: $ 3 ,70 0, 0 0 0 W E S T O F TOW N

Q1 / 2022

Vacant Land As buyers struggle to find single-family homes, many choose to build, driving up demand for vacant land. This has caused a dearth of inventory pushing transactions down 80% (only 9 transactions in Q1 2022) and sales volume down 65% Q1 2022 vs. Q1 2021. The transaction decrease impacted average sale price which rose an incredible 80% to $3.2M. Astoundingly, the lowest price land sale in Q1 of 2022 was $1,000,000. The median sales price jumped 183% to $2.8M There is still low inventory at the time of this report up only 6%, to a mere 19 this year. In addition, days-on-market dropped 66%. Nearly all buyers paid cash for land in Teton County in Q1 of 2022.

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Number of Transactions 9

-80% ▼

Total Dollar Volume $28,999,167

-65% ▼

Minimum Price Sold $1,000,000

311% ▲

Maximum Price Sold $9,500,000

31% ▲

Average Sale Price $3,222,130

80% ▲

Median Sale Price $2,825,000

183% ▲

Average Days on the Market 142

-66% ▼

Number Pending Transactions 11

-59% ▼

Inventory 19

6% ▲

Luxury SOLD LIST PRICE: $14, 500, 000 S O U T H O F TOW N

The criteria for the luxury sector of the market changed this year. 2022 is the first year that the luxury threshold moved up to $5M from $3M. Luxury sales Q1 2022 vs. Q1 2021 were down to only 19 transactions. Total dollar volume decreased by 37% to $153M. Single family homes were the bulk of the luxury sales with only 2 land sales in this category.

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Surprisingly, 53% were conventional loans vs. 42% cash, likely due to appealing interest rates.

Number of Transactions 19

-21% ▼

Total Dollar Volume $153,007,500

-37% ▼

Maximum Price Sold $25,000,000

-7% ▼

Average Sale Price $8,053,026

-21% ▼

Median Sale Price $6,625,000

-22% ▼

Average Days on the Market 150

-38% ▼

Number Pending Transactions 12 Inventory 21

Q1 / 2022

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