Q1 Jackson Hole Market Report

Page 1

Jackson Hole Real Estate

MARKET REPORT Quarter One 2021


77%

SEGMENT HIGHLIGHTS SINGLE FAMILY HOME

Overall Teton County Total Sales Volume

Number of Transactions

55%

Total Dollar Volume

70%

Median Sales Price

40%

$4,291,938

14%

AVERAGE SALE PRICE

>$5M 12%

$2M$5M 31% $1M$2M 29% $500K$1M 20%

PENDING

Sales Distribution By Price

Overall Teton County Median Sales Price Overall Pending Listings

108 214 130% Increase

66% Increase

UNDER $500K 8%

59%

Number of Transactions

41%

Total Dollar Volume

238%

Pending Listings

AVERAGE SALE PRICE

VACANT LAND

$1,792,125

Overall Number of Sales

SALES

QUARTER ONE MARKET HIGHLIGHTS

Jackson Hole Real Estate

(307) 733-6060 | www.JHREA.com

LUXURY

PROPERTIES

Number of Transactions

80%

Total Dollar Volume

63%

Pending Listings

400%

$6,401,570

AVERAGE SALE PRICE


The most accurate report in Teton County.

Jackson Hole Real Estate Associates utilizes a database that manually tracks ALL Teton County real estate sales. Most, but not all sales are reported in the Teton County MLS (Multiple List Service). 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: $8,700,000 | North of Town

Experience the JHREA 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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QUARTER ONE 2021 | HIGHLIGHTS

Welcome to our 2021 First Quarter Market Report

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After a record breaking 2020, the Jackson Hole real estate market continues to break records for the first quarter of 2021. The number of transactions in Teton County spiked up 66% and total sales volume rose an incredible 77% when comparing Q1 2021 to Q1 2020. The attributes Teton County offers: wide-open spaces, wildlife, scenery, recreation, safety, ease of travel and tax benefits, seem to be more desirable than ever. As in the early summer of last year, Jackson Hole is still experiencing an exodus of individuals from cities in seek of a less-urban lifestyle, pushing demand for local real estate to new heights. In addition, sellers who own real estate in the area are taking advantage of this strong market to look for new opportunities. Notably, increasing sales prices are resulting in more properties entering the Luxury Segment of the market (listings at the $3M mark and higher). This category dominated in the first quarter, with transaction volume up an incredible 80% and sales volume up 77%. Conversely, in the entry-level end of the market, Q1 reported only 6 sales under the $500K mark as inventory under $1M becomes difficult to find. Overall, in Teton County, active listings at the time of this report are down 76% creating a dearth of inventory. Pending listings are up 130%, confirming the intense demand. Days-on-market are down and although a small amount of inventory lingers on the market, as new inventory hits, multiple offers within hours are becoming the new norm. With the dramatic increase in transactions, the overall average sales price for Single Family Homes grew 10% to $4.3M with the median sales price at $2.9M, up 40%. Even with historically low interest rates, more buyers are paying cash in this competitive market with conventional financing down 23% Q1 2021 vs. 2020. 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. Overall Average Sale Price 7% Increase YOY

Total Transactions

66% Increase YOY

$2,805,837

214 Median Sale Price

28% Increase YOY

69

Active Listings

76% Decrease YOY

Total Dollar Volume

$1,625,000

$600,449,165

77% Increase YOY

QUARTER ONE 2021 | HIGHLIGHTS

The Jackson Hole Real Estate Market

jhrea.com | Pg. 3


2020 vs. 2021, Teton County 2020 Data

2021 Data

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

Feb.

Mar.

April

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

The dramatic spike in the graph above illustrates the intensity of the real estate market in the first quarter of 2021. In a frenzy of activity, the market shattered records as sales volume shot up to a new high.

QUARTER ONE 2021 | MARKET OVERVIEW

Sales Volume Year-Over-Year

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Teton Village : 25

Racquet Club/Teton Pines : 7

West Snake North of Wilson : 14

West Snake South of Wilson : 11

Skyline Ranch to Sagebrush Drive : 14

East Gros Ventre Butte : 8

North of Gros Ventre Junction : 21

Town of Jackson : 79

South of Jackson to Snake River Bridge : 28

South of Snake River Bridge to County Line : 7

21

25

7 8 14 14

79

11

28

*Totals are year-to-date

7

QUARTER ONE 2021 | MARKET OVERVIEW

Transaction Distribution By Location:

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Single Family

40%

Condo/Townhome

24%

Vacant Land Commercial Other

21% 8% 7%

Highest Sale: $28,500,000*

Lowest Sale: $375,000

*List Price

Sales Distribution by Price

8%

20%

29%

31%

12%

Under $500K

$500K-$1M

$1M-$2M

$2M-$5M

Over $5M

QUARTER ONE 2021 | MARKET OVERVIEW

Sales Distribution by Segment

jhrea.com | Pg. 6


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

# of Transactions 85

55%

Sales volume in the single-family home category jumped 70% Q1 2021 vs. Q1 2020. Surprisingly, while lack of inventory is a market-wide concern, the single-family home category had more transactions, up 55%. Town of Jackson, North of Jackson and South of Jackson saw the most activity accounting for 52 of the 85 SFH transactions. Sellers in those regions are taking advantage of the strong market. Even with this transaction increase, average sales price rose 10% comparing Q1 2021 to Q1 2020.

Total Dollar Volume $364,814,768

70%

Minimum Price Sold $579,000

15%

Active listings are down nearly 80% with pending listings up 63%, predicting a robust start to Q2 2021.

*List Price

Maximum Price Sold $28,500,000*

-32%

Average Sale Price $4,291,938

10%

Median Sale Price $2,915,222

40%

Average Days on the Market 164

-41%

# Pending Transactions 39

63 %

Inventory 27

-77%

QUARTER ONE 2021 | SINGLE - FAMILY

SOLD | List Price: $2,475,000 | Town of Jackson

jhrea.com | Pg. 7


CONDOMINIUM & TOWNHOME Similar to single-family homes, condominium and townhome sales increased Q1 2021 vs. Q1 2020 as total sales volume increased 47% and transactions increased 30% indicative of higher pricing in this segment of the market. Over half of the condo and townhome sales occurred in the Town of Jackson and a handful traded in Teton Village. As in the single-family home segment, some sellers are moving up, opening up inventory which is nearly immediately placed under contract. At the time of this report, there are only 13 active condominium and townhome listings compared with 57 this time last year. *List Price

# of Transactions 52

30%

Total Dollar Volume $74,362,006

47%

Minimum Price Sold $375,000

19%

Maximum Price Sold $5,350,000*

-13%

Average Sale Price $1,430,039

13%

Median Sale Price $1,037,500

35%

Average Days on the Market 95

-32%

# Pending Transactions 22

120%

Inventory 13

-77%

QUARTER ONE 2021 | CONDO & TOWNHOME

SOLD | List Price: $849,000 | West of Town

jhrea.com | Pg. 8


VAC A N T L A N D

As buyers struggle to find single-family homes, many choose to build, driving up vacant land sales. Transactions rose 59% and sales volume increased 41% Q1 2021 vs. Q1 2020. The transaction increase impacted average sale price which declined 11% reflecting an uptick in land sales in the $55k to $1M range. There is a dramatic reduction in inventory at the time of this report down from 91 last year, to a mere 18 this year. In addition, pending listings in land are up a drastic 283% to 27 parcels vs. 8 last year.

# of Transactions 46

59%

Total Dollar Volume $82,437,739

41%

Minimum Price Sold $450,000

-41%

Maximum Price Sold $7,250,000

-10%

Average Sale Price $1,792,125

-11%

Median Sale Price $1,000,000

-32%

Average Days on the Market 414

11%

# Pending Transactions 27

238%

Inventory 18

-80%

QUARTER ONE 2021 | VACANT LAND

SOLD | List Price: $3,695,000 | South of Town

jhrea.com | Pg. 9


LUXURY

Pending listings are up 4 times what they were last year, from 8 to 40. Inventory in luxury price category continues to remain extremely limited, down 53% with only 42 listings at the time of this report.

80%

Total Dollar Volume $345,684,783

63%

Maximum Price Sold $28,500,000*

-32%

Average Sale Price $6,401,570

-9%

Median Sale Price $4,300,000

-16%

Average Days on the Market 243

-29%

# Pending Transactions 40 Inventory 42

400% -53%

LUXURY

The luxury sector of the market, listings that sell above the $3M mark, exploded as more inventory entered due to increasing prices. Luxury transaction growth Q1 2021 vs. Q1 2020 is up 87% and total dollar volume increased by 63%. The areas North of Jackson and Town of Jackson spiked in transaction volume as list prices in those regions surpassed $3M.

# of Transactions 54

QUARTER ONE 2021 |

SOLD | List Price: $5,650,000 | North 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 As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable destination. We are committed to being the leading luxury real estate brand in the Teton region. By staying on top of market trends and continually striving to offer cutting edge marketing and advertising services we deliver extraordinary experiences to clients and exceed their expectations. As a market leader in Jackson Hole, we believe the success of our company is based on the value that we provide for our clients, community and agents. It is this value-driven philosophy that has helped to guide the successful growth of our organization. There is no real estate company in the region that provides more exposure for listings or more choices for buyers.

THE MARKET REPORT Jackson Hole Real Estate Associates uses a database that tracks real estate activity for over 40 years in Teton County, drawing on our brokerage’s decades of success, making it the most trusted and accurate real estate report in the region. No other brokerage or agent has the 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

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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 Tributary 501 Huntsman Springs Dr Driggs, ID 83422