Jackson Hole Real Estate Q3 Market Report

Jackson Hole Real Estate

MARKET REPORT Quarter Three 2020

Jackson Hole Real Estate Quarter 3 MARKET HIGHLIGHTS SFH MEDIAN SALE PRICE

SFH AVERAGE SALE PRICE

90

75%

Total Dollar Volume

41%

Single Family Number of Transactions

VACANT LAND TRANSACTIONS

PENDING

87 102%

Single Family Home Pending Transactions

174 Transactions 96% Increase

137% INCREASE Average

>$5M 14%

Days

On

MARKET 199

$2M$5M 25% $1M$2M 28% $500K$1M 27%

UNDER $500K 6%

Sales Distribution By Price

$2,200,000

$3,642,661

IN LUXURY TRANSACTIONS

Single Family Home Total Dollar Volume 99% jhrea.com | Pg. 1

The most accurate report in Teton County:

Jackson Hole Real Estate Associates uses a database that tracks real estate activity for over 40 years in Teton County.

This 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 Q3 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 | Maximum List Price: $5,998,000* | Located North of Town

Experience the JHREA difference by working with Jackson Hole’s truly local, leading real estate experts. We are a team of locally owned 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.

Learn more about what it’s like to work with Jackson Hole’s premier real estate experts by scaning the QR code. We’re honored to share our story with you.

QUARTER THREE 2020 | HIGHLIGHTS

Welcome to our Q3 market report for 2020

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With pandemic related travel restrictions, temporary business closings and the uncertainty of the future, most people in Jackson Hole predicted a slow season for tourism and real estate for summer 2020, but instead, the opposite occurred. This summer, Jackson Hole experienced record levels of tourism and a record-breaking real estate market as people started leaving the city-life in search of open space, safety, and a more recreational lifestyle.

After a pause in the market in March and April 2020, the Teton County real estate activity started gaining momentum and it just didn’t stop. By the end of the third quarter of 2020, from January through September, the Jackson Hole real estate market closed over $1.5B of residential transactions, more than the entire year in 2019. Earlier this year no one would have predicted this incredible surge in the market.

The overall average sales price jumped 62% to $2.8M YTD Q3 2020 vs. 2019. In the Single-Family-Home category, the average sales price rocketed to $3.6M, pushed up by an explosion in the Luxury Segment of the market (listings trading at the $3M mark and higher). This market segment saw a 137% increase in the number of sales and a 175% increase in dollar volume.

As of this writing, active listings in Teton County YTD Q3 2020 vs. 2019 are down 43% while pending listings are up a whopping 96%, indicating 2020 will go on the books as a record breaking year.

As the pandemic continues to impact ways of life, it is clear that many people are discovering the incredible quality-of-life that Jackson Hole affords its residents.

Overall Average Sale Price 62% Increase YTD

Total Transactions

8% Increase YTD

$2,776,809

529 Median Sale Price

36% Increase YTD

231

Active Listings

-43% Decrease YTD

Total Dollar Volume

$1,425,000

$1,468,932,053

75% Increase YTD

QUARTER THREE 2020 | HIGHLIGHTS

The Jackson Hole Market

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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

$400M $350M $300M $250M $200M $150M $100M $50M Jan.

Feb.

Mar.

April

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

QUARTER THREE 2020 | MARKET OVERVIEW

Sales Volume By Year

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Teton Village : 46

Racquet Club/Teton Pines : 33

West Snake North of Wilson : 40

West Snake South of Wilson : 34

Skyline Ranch to Sagebrush Drive : 57

East Gros Ventre Butte : 12

North of Gros Ventre Junction : 43

Town of Jackson : 160

South of Jackson to Snake River Bridge : 72

South of Snake River Bridge to County Line : 32 *Totals are year-to-date

43

46

33 12 40 57 160 34

72

32

QUARTER THREE 2020 | MARKET OVERVIEW

Transaction Distribution By Location:

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Single Family

50%

Condo/Townhome

29%

Vacant Land Commercial

17% 3%

Highest Sale: $60,000,000 *MAXIMUM LIST PRICE

Lowest Sale: $315,000 *MINIMUM LIST PRICE

Sales Distribution by Price

6%

27%

28%

25%

14%

Under $500K

$500K-$1M

$1M-$2M

$2M-$5M

Over $5M

QUARTER THREE 2020 | MARKET OVERVIEW

Sales Distribution by Segment

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S I N G L E - F A M I LY

There is a new trend in the Single-Family-Home segment of the Teton County real estate market. Transaction numbers have historically remained flat while dollar volume has increased for the last several quarters. But data for YTD Q3 2020 posted a 41% increase in transactions over prior year, and an incredible 99% increase in dollar volume. Not surprisingly, the average sale price is up 42%, as transactions nearly doubled in Single-Family-Homes above the $5M mark. Inventory continues to decline, down 59% and pending listings are up significantly at 102%.

Days-on-Market is up due to older listings that are not priced correctly lingering on the market for months. Properly priced listings sold briskly.

# of Transactions 266

41%

Total Dollar Volume $968,947,852

99%

Minimum Price Sold $474,700

-5%

Maximum Price Sold $35,000,000

97%

Average Sale Price $3,642,661

42%

Median Sale Price $2,200,000

26%

Average Days on the Market 197

32%

# Pending Transactions 87 Inventory 84

102 % -59%

QUARTER THREE 2020 | SINGLE - FAMILY

SOLD | List Price: $2,495,000* | West of Town

*LIST PRICE jhrea.com | Pg. 7

CONDOMINIUM & TOWNHOME The condominium and townhome segment experienced a decrease in transactions of 21% YTD Q3 2020 vs. 2019, yet the total dollar volume grew 25%. Fueled by high-end sales, transactions in this segment increased over 100% in the $2M-$5M price range and an incredible 250% in the over $5M mark.

This pushed the average sales price up 59% to $1,418,823.

Inventory is down 27% Q3 YTD 2020 vs. 2019. Pending listings are up 46%.

*LIST PRICE

# of Transactions 151

-21%

Total Dollar Volume $214,242,340

25%

Minimum Price Sold $315,000

12%

Maximum Price Sold $7,950,000

12%

Average Sale Price $1,488,118

60%

Median Sale Price $818,949

30%

Average Days on the Market 144

41%

# Pending Transactions 38

46%

Inventory 43

-27%

QUARTER THREE 2020 | CONDO & TOWNHOME

SOLD | List Price: $1,900,000* | Town of Jackson

jhrea.com | Pg. 8

VAC A N T L A N D Vacant Land transactions increased 30% Q3 YTD 2020 vs.

2019, and dollar volume increased 74% with 10 transactions over the $5M mark. The highly successful Jackson Hole Real Estate represented Vogel Hill Development helped drive up this segment of the market, offering some of the finest view parcels in the area.

There are only 64 active listings in vacant land, down 14%, while pendings are up a whopping 242% Q3 YTD 2020 vs. 2019.

Days on market dropped dramatically down 48% Q3 YTD 2020 vs. 2019. *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%

QUARTER THREE 2020 | VACANT LAND

SOLD | List Price: $9,000,000* | West of Town

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# of Transactions 55

62%

Total Dollar Volume $355,023,831

91%

The Luxury Segment, listings that are above the $3M mark, also experienced a significant uptick with transactions up 137% Q3 YTD 2020 vs. 2019. Dollar volume spiked 175% due in part to a $39.9M off market sale. Average sales price rose 16%. Active listings are down 32%, pending listings are up dramatically, at 265%.

Maximum Price Sold $39,900,000*

135%

Demand in this sector of the market is primarily from people relocating or buying a property from out of state. Inventory is down and will likely continue in this trend.

# Pending Transactions 29

164%

Inventory 102

-21%

LUXURY

Average Sale Price $6,454,979

18%

Median Sale Price $4,900,000

8%

Average Days on the Market 296

22%

QUARTER THREE 2020 | LUXURY

SOLD | List Price: $11,900,000* | West 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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