Jackson Hole Real Estate Market Report | Q3 2020

MARKET REPORT TETON COUNTY, WYOMING QUARTER 3

2020

TETON COUNTY, WYOMING — Q3 2020 In early summer when local restaurants and other

SALES VOLUME BY AREA

businesses cautiously re-opened, no one could have

Q3 YTD 2019 VS. 2020

predicted what was in store for the regional real estate market.

Q3 YTD 2019

In all of 2019, and according to the Teton Board of

Q3 YTD 2020

Realtors MLS data, the valley saw $922M in sales

UNITS SOLD 98 89

$300M

volume on 514 sales (or an average overall sale price of about $1.8M). As of the end of September this year, the Teton County market now finds itself in new territory.

By the end of Q3, Jackson Hole sold volume posted nearly $1.15B (and with an average transaction price of more than $2.7M). By Labor Day this year, the Jackson Hole market had already eclipsed the 2019 annual total. In addition, more than $600M in listings

$250M 130

$200M

68 158

$150M

37

80

57 63

$100M

52

$50M

are currently under contract, which means the final total for 2020 sales volume could approach $1.8B in

TETON VILLAGE

sales (or nearly double the 2019 numbers).

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

UNIT SALES BY AREA

SALES VOLUME BY PRICE CATEGORY

Q3 YTD 2019 VS. 2020

Q3 YTD 2019 VS. 2020

Q3 YTD 2019

Q3 YTD 2019

Q3 YTD 2020

Q3 2YTD 020

SOUTH OF TOWN

UNITS SOLD

$600M 158

$500M

Cover Properties: #MN4ECW, VKPZQB

130

80

68

63

57

52

$400M

98

89

$300M

$100M

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

92

$200M

37

TETON VILLAGE

56

169 110

< $850K

84

100

116

$850K-$1.5M

52

23

29

$1.5M-$3M

$3M-5M

>$5M

LAND & RANCHES

Featured Property: #JVPB3Z

For the first three quarters of 2020, 83% of all sold listings were residential improved properties (a home, Number of Land & Ranch Sites Sold Q3 YTD 2020

Average Land & Ranch Sites Sale Price

% Change in Average Sales Price from Q3 2019

Average Days on Market

71

$2,215,331

15.6%

513

County is protected as National Park, National Forest or other conservation holding), vacant privately-held land is scarce.

The sale of a 1.42-acre parcel in Shooting Star listed for $5.3M (or approximately $3.7M-per-acre) was noteworthy, but the sale of a 0.2-acre parcel at the base of Snow King for $900,000 suggests the highest price-per-acre values reside in the Town of Jackson.

AT A GLANCE

terrain (where more than 98% of all land is Teton

CURRENT AREA STATS

townhome or condo). By the nature of the valleyâ&#x20AC;&#x2122;s

CONDOMINIUMS/TOWNHOUSES Of the 120 year-to-date condo or townhome sales in Jackson Hole, nearly two-thirds occurred in the town of Jackson. Compared to the same period in 2019,

Featured Property: #7S3QJR

NUMBER OF UNITS SOLD

*excludes fractional units

Q3 YTD 2019 VS. 2020

the median price increased 25% from last year at $625,000 (for a 4-bedroom, 1,632 sq.ft. townhome

Q3 YTD 2019

in East Jackson) to $780,000 (for a 2-bedroom,

Q3 YTD 2020

1,413 sq.ft. townhome also in East Jackson).

106

The average sale price in this market segment ballooned almost 50% to $1.15M in the last 12 months due to high-end sales in Shooting Star,

74

Granite Ridge and One Town Hill at the base of Snow King (and where values from sales this summer

AT A GLANCE

CURRENT AREA STATS

approached $1,400/sq.ft.)

Number of Condominiums Sold Q3 YTD 2020

Average Condominiums Sale Price

27 13

120

$1,147,107

% Change in Average Sales Price from Q3 2019

Average Days on Market

+46.6%

140

15

TETON VILLAGE

14

WEST OF SNAKE RIVER

9

6

12

NORTH OF TOWN

TOWN OF JACKSON

7

SOUTH OF TOWN

SINGLE FAMILY HOMES

Featured Property: #XCM42E

NUMBER OF UNITS SOLD

226 home sales generated sales volume of more than $800M for the first nine months of this year.

Q3 YTD 2019 VS. 2020

46 properties listed at $5M or more have sold so far this year, accounting for more than $420M in

Q3 YTD 2019

sold volume (and with an average price of $9.1M),

Q3 YTD 2020

compared to only 21 sales for the same period in 2019 (an increase of 119 percent).

While the upper-end of the home market helps to push the average sale price to more than $3.5M, the median price also jumped 38.5 percent from $1.75M

62

60

Ranch) to $2.425M this year (for a 4-bedroom, 4,100

50 40

38

in 2019 (for a 3-bedroom, 3,050 sq.ft. home in Melody

43

46

sq.ft. home in Wilson).

226

$3,593,227

% Change in Average Sales Price from Q3 2019

Average Days on Market

+37.1%

197

28

11 5 TETON VILLAGE

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

AT A GLANCE

Average Single Family Home Sale Price

CURRENT AREA STATS

Number of Single Family Homes Sold Q3 YTD 2020

MAIN OFFICE

FOUR SEASONS RESORT

TETON MOUNTAIN LODGE

185 WEST BROADWAY JACKSON, WYOMING 83001

7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025

EAST BROADWAY

SNAKE RIVER LODGE & SPA

TETON PINES RESORT

110 EAST BROADWAY JACKSON, WYOMING 83001

7710 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

3415 NORTH PINES WAY WILSON, WYOMING 83014

HOTEL TERRA

VILLAGE MARKET

JACKSON HOLE RACQUET CLUB

3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025

3200 MCCOLLISTER DRIVE TETON VILLAGE, WYOMING 83025

DRIGGS SOUTH ONE SOUTH MAIN STREET DRIGGS, IDAHO 83422

3535 NORTH MOOSE-WILSON ROAD WILSON, WYOMING 83014

DRIGGS NORTH JHSIR.COM

10 NORTH MAIN STREET DRIGGS, IDAHO 83422

Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas one through ten, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.