Jackson Hole Real Estate Market Report | Q1 2021

MARKET REPORT TETON COUNTY, WYOMING QUARTER 1

2021

TETON COUNTY, WYOMING — Q1 2021 SALES VOLUME VS. UNITS SOLD 2004-2020

SALES VOLUME

SALES VOLUME

UNITS SOLD

UNITS SOLD

$1.800B

700

$1.600B

600

$1.400B 500

$1.200B

400

$1.00B $800M

300

$600M 200 $400M 100

$200M

2004

2005

2006

2007

2008

2009

2010

2011

2013

2014

2015

2016

2017

2018

2019

2020

2020 was unprecedented on so many levels, but nearly a year

In looking at the activity of the last 12 months, Teton

after phrases like “social distancing” and “sheltering in place”

County managed to build on its record-setting 2020 year-

became part of our vernacular, the Jackson Hole real estate

end numbers. For the last 12 months, the dollar volume for

market is nearly unrecognizable from its pre-COVID days.

the Jackson Hole real estate market has surged to nearly

Coming off a banner year, Teton County continued its

$2.1B (and up from $1.88B at the 2020 year-end).

upward trajectory in Q1 2021. Despite a very weighted

As the snow melts and the valley heads toward what

“seller’s market” and a dearth of properties listed for sale,

appears to be another very frenetic summer season, we’re

Jackson Hole managed to post 137 closings in the first

grateful—now more than ever—for Jackson Hole’s scenic

three months of 2021 (a 41% increase over Q1 2020) and

vistas, conservation-minded community and year-round

a complementing dollar volume of nearly $400M (a 84%

recreational outlets that made northwestern Wyoming such

increase over the same period last year).

a wonderful place to call “home.”

SALES VOLUME BY AREA

SALES VOLUME BY PRICE CATEGORY

Q1 2020 VS. 2021

Q1 2020 VS. 2021

Q1 YTD 2020

UNITS SOLD

Q1 YTD 2021

Q1 YTD 2020

$120M

UNITS SOLD

Q1 YTD 2021

$240M

57

34

$100M Cover Properties: #XJ99QZ, 3JK8MS

2012

$200M

$80M

18

$160M 20

10

$60M 13

20

$120M

16 16

41

32

$40M

16

$20M

23

$40M

27 26

TETON VILLAGE

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

22

11

$80M 33

10

23

< $850K

$850K-$1.5M

$1.5M-$3M

$3M-5M

>$5M

LAND & RANCHES

Featured Property: #ZSVCEV

SALES VOLUME BY AREA

Under all is the land. The statistic that

Q1 2020 VS. 2021

more than 97% of the land in Jackson Hole

2020

2021

UNITS SOLD

is protected as national park, national forest or some other conservation holding

$35M

is one of the pillars of Jackson Hole

$30M

real estate story. Despite the dwindling

14 5

$25M

number of vacant parcels left in the valley, the Teton County real estate market

$20M $15M

4

$10M

2

managed to post 31 vacant land sales in

8 6

2

$5M

AT A GLANCE

CURRENT AREA STATS

WEST OF SNAKE RIVER

Number of Land & Ranch Sites Sold Q1 2021

31

NORTH OF TOWN

Q1 2021 (up 72.2% from the first three months of 2020). While these sales vary

2

TETON VILLAGE

4 2

TOWN OF JACKSON

SOUTH OF TOWN

in property size and location, the average land sale rose to $2.37M (up from $1.8M for the same period last year).

% Change in Average Sales Price from Q1 2020

2021 Average Land & Ranch Sites Sale Price

Average Days on Market

+31%

$2,374,134

384

CONDOMINIUMS/TOWNHOUSES Of the different regions in the Jackson Hole real estate market, the town of

SALES VOLUME BY AREA

and condo and townhome sales helped to stoke the flames of the Town of

2020

transactions in the Town of Jackson

$35M

involved a condo or townhome. And

$30M

while the gamut runs from $500,000

$25M

townhome located at The Glenwood

$20M

30

7

$15M

(just off the Town Square), strong

$10M

activity in this market segment pushed

$5M

AT A GLANCE

CURRENT AREA STATS

$1.34M in Q1 2021.

2

TETON VILLAGE

41

16

4

the average condo/townhome price to

Number of Condominioms Sold Q1 2021

UNITS SOLD

$45M $40M

Jackson to nearly $5M for a luxury

2021

$50M

Jackson market. More than half of all

for a smaller 1-bedroom condo in east

*excludes fractional units

Q1 2020 VS. 2021

Jackson has seen the most activity in recent years. Q1 2021 was no exception,

Featured Property: #5V57Y4

3

WEST OF SNAKE RIVER

3

2

1

NORTH OF TOWN

TOWN OF JACKSON

3

SOUTH OF TOWN

% Change in Average Sales Price from Q1 2020

2021 Average Condominioms Sale Price

Average Days on Market

+9.8%

$1,342,117

95

SINGLE FAMILY HOMES

Featured Property: #KLRMFB

SALES VOLUME BY AREA

While

Q1 2020 VS. 2021

always be in high-demand in Jackson

2020

2021

ski-in/ski-out

condos

will

Hole, individual home sales are

UNITS SOLD

$100M

currently driving Teton County’s real

$90M

estate market. Fifty-seven homes 19

$80M

sold in Q1 2021, representing a 24% increase in transactions over

$70M

12

$60M $50M

4

inventory in the valley remains at an 14

$40M

8

4

all-time low, and was a contributing

14

5

$30M

the same period last year. Housing

11

12

$20M

factor that drove the average home price to $4.1M (a 32% increase from the average home price of $3.1M in

$10M

Q1 2020).

AT A GLANCE

CURRENT AREA STATS

TETON VILLAGE

WEST OF SNAKE RIVER

Number of Single Family Homes Sold Q1 2021

57

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

% Change in Average Sales Price from Q1 2020

2021 Average Single Family Home Sale Price

Average Days on Market

+32%

$4,183,576

172

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.