Jackson Hole Real Estate Market Report | Q2 2021

MARKET REPORT TETON COUNTY, WYOMING QUARTER 2

2021

TETON COUNTY, WYOMING — Q2 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

Comparing the first six months of the 2021 Jackson Hole real estate market to the same period last year feels like trying to compare a bull moose to a patch of sagebrush. Both have their place in the regional landscape, but the similarities end there.

One year ago, the valley–and the nation–was still wrestling with the effects of the global pandemic. Terms like “social distancing” and “sheltering in place” were still working their way into our lexicon. We had no idea what was to unfold in the months to come.

Twelve months later, the local scenery remains the same, but the regional real estate market barely resembles what was true pre-Covid.

In Teton County for the first six months of 2021, transactions

2013

2014

2015

2016

2017

2018

2019

2020

are up only 68.9%, mostly due to a lack of inventory and rapidly appreciating pricing. The complementing dollar volume year-over-year is up 114.5% to $789.4M. To put that into perspective, the total dollar volume for Teton County in all of 2019 was $927.8M. What has started to come into focus, however, is what twelve months of a post-lockdown market looks like. Totaling the sales and volume from July, 2020 (arguably when the real estate surge in Jackson Hole started to take shape) through June, 2021, we see transactions are up over the 2019 yearend total 52.6% (792 sales for the last 12 months vs. 519 sales in all of 2019). More pronounced still is the spike in dollar volume which grew 149.1% from the year-end 2019 total of $927.8M to a staggering $2.31B for the last 12 months.

SALES VOLUME BY AREA

SALES VOLUME BY PRICE CATEGORY

YTD 2020 VS. 2021

YTD 2020 VS. 2021

YTD 2020

YTD 2021

UNITS SOLD

YTD 2020

65

$240M

112

$400M

$160M

45

$120M

38

$80M

39

$320M $240M

34

21

24

77

$160M

57

16

41

19

29

$40M

$80M 41

TETON VILLAGE

UNITS SOLD

YTD 2021

$480M

$200M Cover Properties: #6FPBL5, MWZGR9

2012

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

59

< $850K

48

61

$850K-$1.5M

39

$1.5M-$3M

17

$3M-5M

>$5M

LAND & RANCHES

Featured Property: #SX47R4

SALES VOLUME BY AREA YTD 2020 VS. 2021

YTD 2020

YTD 2021

UNITS SOLD 26

$70M $60M $50M $40M

7

$30M $20M

3

$10M

AT A GLANCE

8

5 2

TETON VILLAGE

CURRENT AREA STATS

14

12

3

WEST OF SNAKE RIVER

Number of Land & Ranch Sites Sold YTD 2021

57

NORTH OF TOWN

TOWN OF JACKSON

2

SOUTH OF TOWN

The scarcity of raw land has always defined the Jackson Hole real estate story, and the regional market has seen a land grab across most of the valley during the last 12 months.

Portions of the valley where communities are nearly built out, like Teton Village, saw a plateau of activity within this segment.

Conversely, regions like North of Town and South of Town saw huge increases in both year-over-year sales and complementing dollar volume.

North of Town more than doubled its yearover-year sales and volume. South of town jumped from only two transactions in 2020 to 14 sales for the first six months of 2021.

Sales volume South of Town grew to more than $35M on the year-to-date, bolstered in part by one sizable eight-figure sale.

% Change in Average Sales Price from YTD 2020

2021 Average Land & Ranch Sites Sale Price

Average Days on Market

+18.9%

$2,788,958

328

CONDOMINIUMS/TOWNHOUSES Of the 93 condo and townhome sales in Teton County for the first six months of 2021, 64 occurred in the town of Jackson.

That also represented a 75% increase in this market segment for Teton County and a nearly 100% increase for condo and townhome sales in town.

While a “condo” in Jackson Hole can range from a 1-bedroom in town for $500,000 to a ski-in/ski-out penthouse in Teton Village for more than $5M, rapidly appreciating home prices have helped to fuel this segment of the market. Last year, the median condo sale was a 3-bedroom in town for $785,000 (approximately $580/sq.ft.). In 2021, the median condo sale in Jackson Hole was a 2-bedroom at Spring Creek Ranch for $940,000 ($790/sq.ft., or a 36.2% increase based on $/sq.ft. year-over-year).

SALES VOLUME BY AREA

AT A GLANCE

CURRENT AREA STATS

93

*excludes fractional units

YTD 2020 VS. 2021

YTD 2020

YTD 2021

UNITS SOLD

$100M $90M $80M

64

$70M $60M $50M $40M $30M

33 8

13

$20M $10M

6

TETON VILLAGE

Number of Condominiums Sold YTD 2021

Featured Property: #D95SP6

8 3

WEST OF SNAKE RIVER

5

NORTH OF TOWN

3

TOWN OF JACKSON

3

SOUTH OF TOWN

% Change in Average Sales Price from YTD 2020

2021 Average Condominiums Sale Price

Average Days on Market

+4.1%

$1,204,460

119

SINGLE FAMILY HOMES

Featured Property: #MKF9Y8

SALES VOLUME BY AREA YTD 2020 VS. 2021

YTD 2020

YTD 2021

UNITS SOLD

$200M $180M

34

$160M $140M $120M

27

$100M

6

$80M

26

19 25

9

$60M $40M

23

19

5

$20M

AT A GLANCE

CURRENT AREA STATS

TETON VILLAGE

WEST OF SNAKE RIVER

Number of Single Family Homes Sold YTD 2021

111

NORTH OF TOWN

TOWN OF JACKSON

SOUTH OF TOWN

Home sales—especially in the upperprice-points—have driven the Jackson Hole real estate market for the last 12 months.

While sales are only up 35.4% year-overyear (mostly stifled by a lack of inventory), dollar volume for home sales in Teton County grew 91.2% from $243.5M in 2020 to $465.7M in 2021. This jump in volume pushed the average Jackson Hole home price to more than $4M. The median sale price, however, grew from $1.82M in 2020 (for a 4-bedroom, 3,100 sq.ft. home in the Town of Jackson) to $2.91M in 2021 (for a 4-bedroom, 3,600 sq.ft home on West Gros Ventre Butte)—a 60% increase in median home price for the last 12 months.

At present, the least-expensive home in Teton County is $1.4M for a 2-bedroom on .48 acres south of the town of Jackson. The opening price point for a house in town is $1.5M for a 660 sq.ft. cabin on .17 acres.

% Change in Average Sales Price from YTD 2020

2021 Average Single Family Home Sale Price

Average Days on Market

+41.3%

$4,195,616

136

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.