Jackson Hole Real Estate Market Report | Q3 2021

Market Report TETON COUNTY, WYOM I NG

Quarter 3

2021

Teton County, Wyoming — Q3 2021 Sales Volume Vs. Units Sold 20 0 9-2020

SA L ES VO LU M E

U N ITS SO LD U N I TS SO L D

$1.8 0 0 B

700

$ 1.6 0 0B

600

$ 1.4 0 0 B 500 $1. 20 0B 400

$ 1.0 0 B $8 0 0 M

300

$60 0 M 200 $400M 100

$ 20 0 M

20 0 4

20 05

2006

20 07

2008

2009

2010

2011

With the first post-Covid summer behind us, the “new normal” for the Jackson Hole real estate market has come into focus.

And the picture that has been painted after the pandemic is startling.

Year-to-date transactions in Teton County are level with the same period in 2020 (432 vs. 430), and the complementing dollar volume is up 12.4% to more than $1.3B on the year to date. Keeping in mind 2020 was a rollercoaster (for example, April and May were down drastically, while August and September were the two biggest months in Jackson Hole history), so far in 2021, the Jackson Hole real estate market has seen a more consistent performance in the post-Covid world.

Even with a historic shortage of inventory in a strong Seller’s market, the last 12 months of sales activity (that is, October,

2012

2013

2014

2015

2016

2017

2018

2019

2020 through September, 2021) has seen more than $2B in sales volume on nearly 700 transactions.

All segments of the Jackson Hole market have seen a large uptick in the last 18 months. That said, the “upper end” real estate bracket (that is, more than $5M), has arguably been the most noteworthy. For the first nine months of 2021, the upper end of Teton County has posted 66 closings (or about 15% of the sales) that has equated to $635M in sales volume (or nearly 50% of the YTD dollar volume).

At present, more than $500M in listings are currently under contract in Teton County. As we head toward the year-end, it seems possible at the end of 2021 the Jackson Hole real estate market could exceed the jaw-dropping, end-year total from last year of nearly $1.9B.

Sales Volume By Area

Sales Volume By Price Category

Y TD 2020 VS. 202 1

YTD 2020 VS. 2021

Y TD 2020

Y TD 2021

U N ITS SO LD

2020

YTD 2020

YTD 202 1

UNITS SO LD 66

$4 8 0 M

$600M 98

$4 0 0 M

95

58

$ 50 0 M

Cover Properties: #S8CG3C, W6ZYKP

173

$3 20 M

$400M 89

$24 0 M

62

133

71

$ 30 0 M

128 64

110

$160 M

30

31

80

52

$ 20 0 M 117

$8 0 M

$ 10 0 M

TE TO N W EST OF NORTH V ILLAG E SNA KE RIVER O F TOWN

TOWN OF JAC KSON

SOUTH OF TOW N

93

93

81

< $ 850K

$ 850K$ 1 . 5M

$ 1 . 5$3M

$ 3 M -5 M

>$5M

Land & Ranches

Featured Property: #MHZWGN

Sales Volume By Area Y TD 2020 VS. 202 1 2020

2021

U N ITS SO LD

37

$70 M $60 M $50M

36 $40M $30M

11

$ 20 M

4

$10 M

CUR R E N T A R E A STATS

13

3

11

9

TE TON VIL LAGE

At A Glance

17

13

WEST OF N ORTH S N AK E R I V E R O F TOW N

TOW N O F JAC KSO N

SOUT H O F TOW N

The discussion of Teton County’s finite amount of vacant, privately held land is almost trite.

Somehow, however, both the number of sales and overall dollar volume in this segment of the market are up over 2020’s record levels (with 83 land sales totaling $262.9M in volume).

While the region north of town accounted for the lion’s share of the transactions (37), the Town of Jackson and area south of Town both saw significant gains over the same period in 2020 (with 13 and 17 transactions, respectively).

Of the different property types in the Jackson Hole market (that is, homes, condos/townhomes, vacant land and commercial), vacant land saw the greatest increase in average sale price (which grew 55% year-over-year to $3.167M… or more than the median home price in Teton County for 2021 of $3M).

Number of Land & Ranch Sites Sold Q3 2021

% Change in Average Sales Price from Q3 2020

Q3 2021 Average Land & Ranch Sites Sale Price

Average Days on Market

83

+55.3%

$3,167,111

263

Condominiums

Featured Property: #FW9XQ7

CU R R E N T A R E A STATS

At A Glance

“Condos” or “Townhomes” in Teton County can range from a 640-sq.ft., 2-bedroom, 1-bath in the town of Jackson listed for $785,000 to a 2,240-sq.ft., 3-bedroom, 3-bath slopeside unit at the Four Seasons Resort listed for nearly $7M. Despite a dearth of inventory in the regions that typically represent this market segment (that is, the town of Jackson, The Aspens and Teton Village), condo/townhome sales were up 21.7% year-over-year with the complementing dollar volume up 31.2% While there’s a range of diversity within this market segment, looking at the performance within the town of Jackson shows the median $/sq.ft. value for condos/townhomes at $650 in 2020. For the first nine months of 2021, that value grew 40% to $915/sq.ft.

While the average condo/townhome sale price approached $1.3M for 2021, the median sale price was a more modest at $850,000 for a 928-sq.ft., 2-bedroom, 1.5-bath townhome in the Town of Jackson.

Sales Volume By Area

* excludes fractional units

YTD 2020 VS. 2021 2020

2021

UNITS SOLD

92

$100 M $9 0 M $80 M 73 $70 M $6 0 M 16

$50 M

19

$4 0 M $30 M

15

$20 M

11

14 10

$10 M

TETON VILLAG E

WEST OF SNAKE RIVER

NORTH OF TOWN

7

TOWN OF JACKSON

9

SOU T H O F TOW N

Number of Condominiums Sold Q3 2021

% Change in Average Sales Price from Q3 2020

Q3 2021 Average Condominiums Sale Price

Average Days on Market

146

+7.85%

$1,285,964

111

Single Family Homes

Featured Property: #LBVSQ2

Sales Volume By Area Y TD 2020 VS. 202 1 2020

2021

U N ITS SO LD

$4 0 0 M $360M $3 20 M

52

$280M

47 62

$ 24 0 M $20 0 M

43 34

$160 M

60 44

9

$ 120 M

46 10

$8 0 M $40M

CU R R EN T A RE A STATS

At A Glance

T E TO N V I L L AG E

W EST O F S N AK E RIVER

N O RT H O F TOW N

TOWN OF JACKSON

SOUTH OF TOWN

Forty percent of all transactions in Jackson Hole involves an existing home. As the post-Covid market has exploded over the last 18 months, home sales have been responsible for nearly 60% of the $1.3B in volume in 2021.

Despite representing the majority of the sales volume in the Teton County market for 2021, the YTD home-sale performance represented a decline in transactions (down 23% to 177 sales) and dollar volume (down 5.5% to $764M).

Some of the drop in performance is availabile inventory (last September, 115 homes were on the market, while in 2021 that number fell to 83).

Rapidly appreciating home prices have also put added pressure on the velocity of home sales.

For the first nine months of 2021, the average home sale in Teton County posted at $4.31M (up from $3.5M for the same period last year).

While not as lofty a number, the median home price in Jackson Hole grew from $2.325M in 2020 (for a 3-bedroom Cluster home in Teton Pines) to $3M in 2021 (for an older 1,920 sq.ft. home in Wilson on 3 acres).

Number of Single Family HomesSold Q3 2021

% Change in Average Sales Price from Q3 2020

Q3 2021 Average Single Family Home Sale Price

Average Days on Market

177

+22.8%

$4,318,335

125

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.