Jackson Hole Real Estate Market Report | Year End 2020

MARKET REPORT TETON COUNTY, WYOMING YEAR END

2020

TETON COUNTY, WYOMING — 2020 SALES VOLUME VS. UNITS SOLD YEAR TO DATE DEC. 2004-2020

SALES VOLUME

SALES VOLUME

UNITS SOLD

UNITS SOLD

$1.800B

700

$1.600B 600 $1.400B 500

$1.200B $1.00B

400

$800M

300

$600M 200 $400M 100

$200M

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

With the chaos of 2020 behind us, it’s difficult to recall with

Some noteworthy nuances:

perfect clarity all the twists and turns of the last 12 months.

• Q4 2020 dollar volume ($722.8M) was in range of the entire

The gross numbers speak volumes, with the single biggest

2019 dollar volume ($927.8M);

bellwether being dollar volume doubled in 2020 to nearly $2

• 2020 dollar volume for properties more than $5M ($873.5M)

billion.

also nearly exceeded the entire 2019 volume; and

What’s not immediately clear from the stats is the

• In the entire month of May, Jackson Hole closed only 19

roller coaster ride the Jackson Hole real estate market

sales for a total of $54M. By September, the monthly total had

experienced in 2020. While Teton County posted $1.89B

ballooned to more than 100 sales and a total volume of almost

in sales on 678 transactions, this leveling-up of our

$300M. That surge carried forward into Q4 as well resulting in

regional market occurred mostly in the final six months

the biggest year the Jackson Hole real estate market has

of the year.

ever seen.

SALES VOLUME BY AREA

SALES VOLUME BY PRICE CATEGORY

2019 VS. 2020

2019 VS. 2020

2019

2019

UNITS SOLD

2020

2020

UNITS SOLD

159

$600M $500M

$750M

145

$400M Cover Properties: #RBFN7H, WRYDPK

94

$900M

$600M 194

$300M 54

93

$200M

126 84

$450M $300M

$100M

$150M

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

35

129

84

49

TETON VILLAGE

104 163

209

181 138

< $850K

130

179

$850K-$1.5M

44

$1.5M-$3M

$3M-5M

>$5M

LAND & RANCHES

Featured Property: #T7EGZK

NUMBER OF UNITS SOLD 2019 VS. 2020

2019

Inventory has historically been an issue in the

2020

Jackson Hole real estate market. This was

64

acutely true in 2020, especially when it came to vacant land. Despite the physical constraints in a market where more than 98% of the land is permanently protected, land sales nearly doubled in 2020 with 125 sales (and where 55 of those sales occurred in Q4).

32

23

2020 Average Land & Ranch Sites Sale Price

125

$2,461,432

% Change in Average Sales Price from 2019

Average Days on Market

+30.9%

307

17 13

12

7

5 1

TETON VILLAGE

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

AT A GLANCE

Number of Land & Ranch Sites Sold Year End 2020

CURRENT AREA STATS

20

CONDOMINIUMS/TOWNHOUSES Four out of five sales in Teton County involve a residential property. Due to a lack of inventory,

Featured Property: #3Q9EVN

SALES VOLUME BY AREA

*excludes fractional units

2019 VS. 2020

condo and townhome sales in Jackson Hole

2019

actually fell in 2020 (posting only 194 sales in 2020

2020

UNITS SOLD

110

compared to 208 sales in 2019). The high demand in a sellerâ&#x20AC;&#x2122;s market resulted in a spike in condo/

$100M

townhome pricing. In 2019, the average sale price in this segment of the market was $821,950; for 2020, the average condo/townhome price had

$80M

increased 46.6% to $1,204,790.

$70M

AT A GLANCE

CURRENT AREA STATS

$60M Number of Condominiums Sold Year End 2020

2020 Average Condominiums Sale Price

12

128

$90M

29

41

$50M

7

$40M

194

$1,204,790

29

$30M

21

$20M % Change in Average Sales Price from 2019

+46.6%

Average Days on Market

143

14 11

$10M

TETON VILLAGE

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

SINGLE FAMILY HOMES SALES VOLUME BY AREA

Featured Property: #BW7H58

*excludes fractional units

2019 VS. 2020

2019

2020

Home sales—especially at higher price points—

UNITS SOLD

defined the Jackson Hole market in 2020. 344 sales (up from 223 sales in 2019) accounted for more than $1.26B in sales volume, for an average

$500M

home price of $3.68M. 72 homes listed for $5M

$450M

or more accounted for more than $655M in sales

81

volume; in 2019, only 28 homes sold in excess of

94

$400M

$5M.

$350M $300M

88

$250M

$100M

41

61

62

59 6

$50M

TETON VILLAGE

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

344

$3,676,898

% Change in Average Sales Price from 2019

Average Days on Market

+39.5%

186

AT A GLANCE

20

$150M

2020 Average Single Family Home Sale Price

CURRENT AREA STATS

55

$200M

Number of Single Family Homes Sold Year End 2020

MAIN OFFICE

SNAKE RIVER LODGE & SPA

TETON PINES RESORT

185 WEST BROADWAY JACKSON, WYOMING 83001

7710 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

3415 NORTH PINES WAY WILSON, WYOMING 83014

EAST BROADWAY

TETON MOUNTAIN LODGE

JACKSON HOLE RACQUET CLUB

110 EAST BROADWAY JACKSON, WYOMING 83001

3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025

3535 NORTH MOOSE-WILSON ROAD WILSON, WYOMING 83014

HOTEL TERRA

DRIGGS NORTH

3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025

10 NORTH MAIN STREET DRIGGS, IDAHO 83422

FOUR SEASONS RESORT 7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

DRIGGS SOUTH JHSIR.COM

ONE SOUTH 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.