Mid-Year Market Report - Jackson Hole

MID-YEAR 2022

Jackson Hole Real Estate Market Report

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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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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 Mid-Year Market Report

T H E J A C K S O N H O L E R E A L E S TAT E MARKET RE-BALANCES AFTER 24 M O N T H S O F H E AT E D D E M A N D A N D LOW I N V E N TO RY

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With 38% 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.

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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.

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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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The local real estate market is shifting, and quickly at that. In the past 2 years, the lack of inventory has drastically impacted total dollar volume, average sales price and days on market. In the first half of 2021 total dollar volume rocketed to $1.2B, an unprecedented level.

The demand for Teton County real estate was fueled by the pandemic driven desire for rural living and increased interest in the western mountain region. Multiple offers and over-asking price sales became commonplace and many listings were on the market for only a matter of days before they were snapped up by desperate buyers.

This year, in the first half of 2022, the market is showing signs of cooling. When looking at the market as a whole, total dollar volume decreased 8% to $1.02B. However, this seemingly modest decline was bolstered by significant commercial activity including the sale of Amangani and 2 other large hotels totaling $411M. It is important to note that in single family homes, dollar volume fell 42% and transactions dropped 44%. Raw land experienced a remarkable 71% drop in dollar volume and 75% in transactions.

Dollar volume midyear 2022 is still up 94% from midyear 2020 and 132% from midyear 2019. At the time of this report, including commercial transactions, Teton County real estate is experiencing its second best year in history from a dollar volume standpoint.

Overall transactions dropped in half to 213 deals. Not surprisingly, the overall average sales price rocketed to $4.6M. What is surprising is that the overall average sales price is actually higher than the single family home average sales price. The significant commercial deals are responsible for this increase. The single family home average sales price held flat, but the median increased 13%.

With the overheated appreciation of real estate in Teton County slowing along with rising interest rates, inventory in Teton County is finally showing some signs of life. At the time of this report, listings are up 16% compared to this time in 2021. At this point the average days on market has decreased, but with the uptick in inventory, this is expected to rise.

Overall, this re-balance of the real estate market is normal and necessary. Interest rates are still low compared to historical averages and with the trend of increasing inventory, sales prices may not accelerate at the extraordinary rate they have been for the last 24 months.

Today, sellers are taking advantage of continued buyer demand. Combine that with the natural market cycle and the result is an increase in inventory; good news for those looking to buy.

Total Dollar Volume 8% Decrease YOY

$4,319,254 Average SFH Sale Price 5% Increase YOY

$2,600,000 Overall Median Sale Price 59% Increase YOY

213

Total Transactions 50% Decrease YOY

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Active Listings 16% Increase YOY

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$1,099,679,674

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. 2022 Data

Sept

Oct.

2021 Data

Nov.

Dec.

2020 Data

Single Family

44%

Condo/Townhome

28%

Vacant Land

9%

Commercial

13% 5%

Other

HIGHEST SALE

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

LOWEST SALE

$595,000 *Condominium Sale 8

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Sales Distribution

by Segment

Transaction Distribution by Location

Teton Village: 21 Racquet Club/Teton Pines: 10 West Snake North of Wilson: 12 West Snake South of Wilson: 10

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Skyline Ranch to Sagebrush Drive: 16 East Gros Ventre Butte: 12 North Gros Ventre Junction: 10 Town of Jackson: 86 South of Jackson to Snake River Bridge: 21 South of Snake River Bridge to County Line: 15

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86

10

21

15

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SOLD LIST PRICE: $2 , 500, 000 TOW N O F JAC KS O N

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Single Family Dollar volume in the single-family home category dropped 42% Mid-Year 2022 vs. Mid-Year 2021.

And not surprisingly with lack of inventory and affordability, and an increase in interest rates, transactions fell 44% as well.

The Town of Jackson continues to be the hot-spot for home transactions and for the second quarter in a row, the single family average sales price was nearly flat at 5%. The median sales price increased 13%.

For the first time since 2019, active listings are up, at 10%. Pending listings are significantly down 39% Mid-Year 2022 vs. Mid-Year 2021 suggesting a much slower Q3 than last year.

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Number of Transactions 94

44% ▼

Total Dollar Volume $406,009,870

42% ▼

Minimum Price Sold $990,000

71% ▲

Maximum Price Sold $25,000,000

7% ▼

Average Sale Price $4,319,254

5% ▲

Median Sale Price $3,305,000

13% ▲

Average Days on the Market 142

4% ▼

Number Pending Transactions 17

39% ▼

Inventory 85

10% ▲

Condo & Townhome SOLD LIST PRICE: $2 ,950, 000 TOW N O F JAC KS O N

Similar to single-family homes, condominium and townhome transactions decreased Mid-Year 2022 vs. Mid-Year 2021 by 53%. But unlike single family homes, dollar volume only decreased by 11% due to several sales in Teton Village. Fourteen of the 60 condo sales occurred at Jackson Hole Mountain Resort, driving the average sales price up in this category.

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Inventory is up in condos as some sellers are taking advantage of the current market conditions, opening up some much needed additional inventory. At the time of this report, there are 38 active listings compared to only 17 in the same time period last year. Pending listings and days on market are down by half, suggesting that this segment of the market is remaining relatively strong.

Number of Transactions 60 Total Dollar Volume $141,867,126 Minimum Price Sold $595,000 Maximum Price Sold $16,000,000

53% ▼ 11% ▼ 87% ▲ 199% ▲

Average Sale Price $2,364,452

88% ▲

Median Sale Price $1,575,000

64% ▲

Average Days on the Market 75

42% ▼

Number Pending Transactions 17

48% ▼

Inventory 38

124% ▲

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SOLD LIST PRICE: $1 , 850, 000 W E S T O F TOW N

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Vacant Land In the land segment, there is less and less to buy and the numbers reflect that. Both dollar volume and transactions are down over 70%. The trend of the increasing average sales price continues to $2.8M Mid-Year 2022 vs. Mid-Year 2021 and the median sales price increased an incredible 43%.

Active listings are flat at 40 at the time of this report but there are only 7 under contract, a 36% decline from this time last year. Days on market are down 41% as land continues to trade briskly.

In the land category, cash is king with only 10% of sales using conventional financing. The scarcity of land will likely continue and transactions will likely continue to decline.

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Number of Transactions 20

75% ▼

Total Dollar Volume $55,829,038

71% ▼

Minimum Price Sold $610,000

77% ▲

Maximum Price Sold $10,100,000

15% ▲

Average Sale Price $2,791,452

18% ▲

Median Sale Price $2,150,000

43% ▲

Average Days on the Market 207

41% ▼

Number Pending Transactions 7

36% ▼

Inventory 40

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Luxury SOLD LIST PRICE: $8,950, 000 N O RT H O F TOW N

The criteria for the luxury segment of the market adjusted this year. 2022 is the first year the luxury threshold moved up to $5M from $3M. This category remains stable.

Luxury transactions Mid-Year 2022 vs. MidYear 2021 dipped only 20%. Total dollar volume decreased by 29% to $298M. Single family homes were the bulk of the luxury sales with only 3 sales in the land category.

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Surprisingly, more buyers are financing YTD 2022 vs. last year likely due to relatively appealing interest rates through much of Q2.

Number of Transactions 36

20% ▼

Total Dollar Volume $298,178,000

29% ▼

Maximum Price Sold $25,000,000

376% ▲

Average Sale Price $8,282,722

11% ▼

Median Sale Price $6,400,000

18% ▼

Average Days on the Market 163

39% ▼

Number Pending Transactions 8 Inventory 51

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