Jackson Hole Real Estate Associates - Quarter One 2020 Market Report

Jackson Hole Real Estate

MARKET REPORT Quarter One 2020

Jackson Hole Real Estate Q1 MARKET HIGHLIGHTS MEDIAN SALE PRICE

AVERAGE SALE PRICE

Inventory 11%

29

+31 %

SINGLE FAMILY HOME AVERAGE SALE PRICE

+27%

SINGLE FAMILY HOME TOTAL $ VOLUME

VACANT LAND TRANSACTIONS

129

SOLD

Single Family Home

Total Transactions 3% Increase

$2M$5M 22% $1M$2M 28% $500K$1M 28%

UNDER $500K 9%

PENDING LUXURY LISTINGS

287 8%

Active Listings

Sales Distribution By Price

$1,270,000

$2,623,716

>$5M 13%

UP 33%

Condo/Townhome

Inventory 54% jhrea.com | Pg. 1

Our most comprehensive proprietary data base of historical sales in Teton County gives us a 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 leaving MLS ONLY reports lacking. Our internal database accounts for ALL sales in our market, providing the most accurate data regarding the Jackson Hole Real Estate Market.

Please do not hesitate to contact our experienced team of professionals for more information specific to your area. *Cover: SOLD | List Price: $5,400,000* | West of Town *MAXIMUM LIST PRICE SOLD

As we head into unprecedented territory due to the uncertainly of the market caused by the COVID-19 outbreak, we understand that the next few months will be unique to each home buyer and seller. Our continued goal remains to be a source of information and stability for our clients and friends.

Jackson Hole Real Estate Associates posted a record breaking first quarter in 2020 and the overall Teton County market was up nearly 30% in total dollar volume sold. Armed with the knowledge we gained in the first part of this year and the collective experience our team has navigating all market conditions we will continue to be a resource for you in these ever-changing times.

QUARTER ONE 2020 | HIGHLIGHTS

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive Market Report for Quarter One 2020. In this detailed report, you will find information on the market segments making up the region. As the leading brokerage in Jackson Hole, we have developed this comprehensive report to shed fresh light on the trends that are shaping our real estate market.

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Dine Locally with Take Out

Many of our local restaurants need our help. Consider ordering take out for your family or purchasing meals for our hard working health care and other essential workers. Click here for a list of “Open for Business” Don’t forget to tip!

Shop Local Businesses Online

Many local business owners are getting creative with online shopping such as MADE Jackson Hole with their “Quarantine Care Package”, Jackson Hole Toy store and local florists are open virtually to brighten one’s day . Click here for a list of businesses that are “open”.

Join Us in Supporting Local Food Needs

Supporting local food organizations is more important than ever. Four that we have supported so far include: • Jackson Hole Food Cupboard • School Meals for Kids in Teton Valley, ID • Afton Food Pantry • Thayne Community Food Bank

Join the “Community Mask Program”

Along with First Republic Bank, Jackson Hole Real Estate Associates and our agents sponsored a new program to bring masks to the local community that will NOT impact the availability of protective gear to health care workers. Through St. John’s Hospital Foundation, Yellowberry Inc. is sourcing and producing the 10,000 masks needed for residents of Teton County.

Keep Up With Local Real Estate Trends Digitally

Visit JHREA.com/open-houses/ to view our virtual open houses and track the latest market conditions. Visit our blog for tips and news regarding real estate during these ever changing times. To keep up-to-date on local real estate offerings, our website receives real time information directly from the MLS, so it’s always current, accurate and reliable.

COMMUNITY SUPPORT - COVID-19

This is an unprecedented time for all industries, and real estate is no different. We will fulfill our duties to our clients and community in the safest manner possible, that minimizes in-person contact and risk of exposure or transmission. This is temporary, and we will get through this together.

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While it is not business as usual, Jackson Hole Real Estate Associates is open for business. We are leveraging remote technology to fully operate and ensure our clients are supported. We understand our clients continue to transact business for many reasons and during these unprecedented times tracking market conditions is critical.

The Teton County real estate market for Q1 2020 showed steady growth as Total Sales Volume increased by 29%, in a year-todate comparison. The Average Sale Price for all properties in Teton County also grew by 25% and the number of transactions grew a modest 3%.

While Teton County and the Jackson Hole region will always struggle with a high demand for real estate and a lack of inventory, Q1 of 2020 reports an 8% increase in active listings over Q1 2019, offering an increase in selection for those ready to buy. However, with over 97% of Teton County permanently protected in national park, forest, BLM, and conservation lands, the scarcity of available land will remain in perpetuity.

Although there are uncertainties ahead, the market’s strength over the past three months is a positive indicator that Teton County will still be a good place to buy and sell homes throughout 2020 and beyond.

Average Sale Price

25% Increase YTD

Total Transactions

3% Increase YTD

$2,623,716

129

287

$1,270,000

Active Listings

8% Increase YTD

Median Sale Price

15% Decrease YTD

QUARTER ONE 2020 | HIGHLIGHTS

The Jackson Hole Market

jhrea.com | Pg. 4

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 2019 Data

2020 Data

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

Feb.

Mar.

April

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

QUARTER ONE 2020 | MARKET OVERVIEW

Sales Volume By Year

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Teton Village : 18

Raquet Club/Teton Pines : 8

West Snake North of Wilson : 13

West Snake South of Wilson : 4

Skyline Ranch to Sagebrush Drive : 9

East Gros Ventre Butte : 4

North of Gros Ventre Junction : 8

Town of Jackson : 39

South of Jackson to Snake River Bridge : 21

South of Snake River Bridge to County Line : 5

8

18

8 4 13 9 39 4

21

5

QUARTER ONE 2020 | MARKET OVERVIEW

Transaction Distribution By Location:

jhrea.com | Pg. 6

Single Family

43%

Condo/Townhome

31%

Vacant Land Commercial

22% 4%

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

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

Sales Distribution by Price

9%

28%

28%

22%

13%

Under $500K

$500K-$1M

$1M-$2M

$2M-$5M

Over $5M

QUARTER ONE 2020 | MARKET OVERVIEW

Sales Distribution by Segment

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S I N G L E - F A M I LY The average price of single-family homes continues to increase, up 31% along with total sales volume up 27%. As there were no transactions under $500,000 and the majority of sales were in the $2M to $5M price category, several higher-end transactions fueled this segment.

Days on Market for single family homes and inventory have increased, by 37% and 11% respectively opening up some much needed opportunities for buyers as we head into 2020.

# of Transactions 55

-4%

Total Dollar Volume

27%

Minimum Price Sold $505,000

-11%

Maximum Price Sold $39,900,000 Average Sale Price $3,905,075

31%

Median Sale Price $2,080,000

-3%

Average Days on the Market 280

37%

# Pending Transactions 24 Inventory 119

*MAXIMUM LIST PRICE SOLD

135%

100% 11%

QUARTER ONE 2020 | SINGLE - FAMILY

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

jhrea.com | Pg. 8

CONDOMINIUM & TOWNHOME Condominium and townhomes saw a notable increase in active listings of 54%. While the number of sales have decreased, the average sale price rose 17%. Transactions in the $500k-1M made up 45% of sales - a 38% increase Q1 2020 vs. Q1 2019. This could suggest movement towards a higher price point within the condo market.

The majority of transactions took place within the Town of Jackson followed by Teton Village indicating continued demand in product at Jackson Hole Mountain Resort and the growing popularity of in-town living. *MAXIMUM LIST PRICE SOLD

# of Transactions 40 Total Dollar Volume Minimum Price Sold $315,000

-20% -6% 5%

Maximum Price Sold $6,130,409

-13%

Average Sale Price $1,260,984

17%

Median Sale Price $767,500

28%

Average Days on the Market 139

49%

# Pending Transactions 10

38%

Inventory 57

54%

QUARTER ONE 2020 | CONDO & TOWNHOME

SOLD | List Price: $320,000* | Town of Jackson

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VAC A N T L A N D Vacant Land transactions increased 190% Q1 2020 vs. Q1 2019, following a 220% increase in pending transactions for the previous quarter. Though relatively stable, average sale price rose by 3% reflecting the majority of land sales landing in the $1M-2M price segment.

Active listings remain stable with a slight 4% drop. The majority of available land listings heading into Q2 are located south of Jackson. *MAXIMUM LIST PRICE SOLD

# of Transactions 29

190%

Total Dollar Volume

198%

Minimum Price Sold $415,000

-2%

Maximum Price Sold $8,050,000

5%

Average Sale Price $2,022,762

3%

Median Sale Price $1,460,000 Average Days on the Market 372 # Pending Transactions 8 Inventory 91

-22% 15% -20% -4%

QUARTER ONE 2020 | VACANT LAND

SOLD | List Price: $1,645,000* | North of Town

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LUXURY The Luxury Segment, listings that sell above the $3M mark, saw an uptick in transactions of 36% Q1 2020 vs. Q1 2019. Following suit, total dollar volume increased by 58%. Average sales price increased by 16% while the median price saw no change.

Pending listings are up 33% showing continued demand, a positive indicator going in the Q2 for this segment. Inventory in the price category continues to remain limited.

*MAXIMUM LIST PRICE SOLD

# of Transactions 30

36%

Total Dollar Volume

58%

Maximum Price Sold $39,900,000 Average Sale Price $7,050,440 Median Sale Price $5,100,000

135% 16%

No Change

Average Days on the Market 341

24%

# Pending Transactions 8

33%

Inventory 90

-11%

QUARTER ONE 2020 | LUXURY

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

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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.

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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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