Jackson Hole Real Estate Market Report 2023 Q3

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MARKET REPORT JACKSON HOLE Q3 2023

MEET KELLER WILLIAMS JACKSON HOLE As the world's largest brokerage, Keller Williams dominates the landscape in real estate with its global reach. With a marketing platform that touches hundreds of thousands of potential clients each day, our clients can be assured that their listings are reaching qualified buyers around the globe.

Yet, what matters most when selling and buying real estate is in-depth market knowledge, market history and trends that only informed, local real estate professionals can provide. Our Keller Williams office is the fastest growing brokerage in Jackson Hole. Why? We are locally owned with seasoned local leadership and a dedicated support team. Our agents all share a passion for empowering their clients with up-to-date information and guidance that allows them to make the best real estate decisions possible.

EXPLORE THE JACKSON HOLE MARKET Welcome to our Q3 2023 Jackson Hole Market Report! Our local team has pulled and analyzed the following data, providing insight not only on the past year but historical data that helps identify local trends in the market. For a deeper insight into these numbers, our local team here at Keller Williams Jackson Hole is always available to discuss.

MARKET OVERVIEW Q3 2023

YEAR OVER YEAR

Three quarters of the way through 2023 the real estate market in Jackson Hole is holding firm. It has been over a year since the real estate market experienced a shift in buyer sentiment, triggered by increasing mortgage rates and threats of a national recession. While many buyers have decided to put their purchasing plans on hold driving transactions down, pricing has remained robust compared to a year ago with the average sale price increasing 14%.

Since the market shift began over a year ago, the number of transactions has been decreasing vastly compared to the spikes seen during the COVID-19 era. However, those decreases have leveled off with only a slight (-6%) decrease in transactions compared to a year ago. The number of properties available for sale ticked up 24% and so did the average time to sell, up 42%. This data indicates buyers are still buying when the price and circumstances align but there is little urgency to snag a property as soon as it hits the market.

Number of Sales 272

6%

Average Sale Price $3,826,659*

14%

THE MARKET CHANGES WE EXPERIENCED FROM 2021 TO 2022 WERE PRETTY DRASTIC VERY QUICKLY. I BELIEVE THAT TRANSITION WAS SO MARKED BECAUSE WE WENT FROM CHAOS TO MORE NORMALCY. NOW COMPARING 2022 TO 2023, THERE IS LESS VOLATILITY AND THE MARKET IS LEVELING ITSELF OUT AFTER THE PANDEMIC CRAZE.

REBEKKAH KELLEY, ASSOCIATE BROKER

Active Listings 261

Total Dollar Volume $1,039,703,304

24%

All data is for Teton County, Wy areas 1-10 and is sourced through Teton Board of Realtors MLS and internal proprietary data. All data is deemed reliable but is not guaranteed. Each office is independently owned and operated. *Excludes outlying off-market commercial transaction

4%

SINGLE FAMILY HOMES

905 E Willow Drive, List Price: $5,495,000

Single family home sales remained mostly unchanged compared to the same period a year ago with just three fewer transactions. Conversely, the average and median sale prices of homes continued to trend up with a 16% and 10% increase, respectively. This is largely due to the tenacious luxury segment of the market which has shown little interest in waning despite the national economic headwinds. Most homes are generally sold in the Town of Jackson and South of Jackson areas, but this year a standout area is South of Wilson with a 142% increase in homes sold. The number of homes for sale at the end of the 3rd quarter increased modestly, up 15% compared to a year ago, however inventory levels are still near historic lows. Homes are sitting on the market slightly longer than last year at an average of 139 days, a 15% increase.

Number of Sales 133

Avg. Sale Price 5,363,441

Active Listings 126

3%

16%

15%

“CURRENTLY, BUYERS HAVE A UNIQUE OPPORTUNITY BECAUSE SELLERS ARE MORE OPEN TO NEGOTIATION, ADDRESSING INSPECTIONS OBJECTIONS AND EVEN HELP BUYERS PAY SOME OF THEIR CLOSING COSTS. HOWEVER, I BELIEVE THIS SITUATION WILL CHANGE WHEN INTEREST RATES START TO DECREASE.” DIANA DRAGANCIA, ASSOCIATE BROKER

Is the condo and townhome segment of Jackson’s real estate market beginning to show signs of stagnation? Pricing has remained strong so far in 2023 with the average sale price increasing about 13% compared to a year ago.

Like the single-family home segment, the average sale price is being propped up by a strong performance from higher priced condos and townhomes. This segment begins to show some softening when looking at other statistics. The number of transactions declined 12% (a larger decrease than any other segment) and the median sale price remained flat from last year. Buyers have a lot more options now than they did a year ago as inventory rose by over 60%.

Additionally, condos and townhomes are taking over 130% longer to sell with an average marketing time of over 5 months.

Number of Sales 83

Avg. Sale Price 2,075,637

Active Listings 50

12%

13%

61%

“I THINK A BIT OF THE SOFTENING THAT WE’VE SEEN IN THIS MARKET SEGMENT IS THE LACK OF INVESTOR BUYERS (ESPECIALLY COMPARED TO THE LAST 3 YEARS). AS PRICES HAVE REMAINED STRONG, INVESTOR’S RETURNS ARE CHALLENGED AND THE PROPERTIES HAVE STOPPED MAKING AS MUCH FINANCIAL SENSE.” KELSEY SPAULDING, ASSOCIATE BROKER

CONDO + TOWNHOMES

680 S Cache Street #502, List Price: $3,649,000

LAND + RANCHES

7675 S Hwy 89, List Price: $15,000,000

The land segment of Jackson’s real estate market is cruising right along with modest changes compared to last year. The number of transactions remained flat, indicating steady demand from buyers. This year the land sales have been more heavily distributed toward the lower priced parcels while last year saw more high-dollar parcels sell which brought down both the average and median sale prices compared to a year ago. The area with the most land sales was North of Jackson to Moran which includes the area around Jackson Hole Airport. Inventory increased about 23% compared to last year giving buyers more options. As the real estate market shifts land is taking a bit more time to sell. The average days on the market increased about 17% to 218 days, the longest marketing time of all segments.

Number of Sales 34

Avg. Sale Price 3,341,346

Active Listings 74

4%

9%

23%

“LAND INVENTORY IS INCREASING, AND IN MOST AREAS OF THE MARKET, AS SELLERS TRY TO FIND BUYERS AS WE HEAD INTO THE SHOULDER SEASONS AND THE WINTER MONTHS. SELLERS MAY FIND IT DIFFICULT TO ENTICE A STRONG OFFER UNLESS THEY GET AHEAD OF THE MARKET PRICING.” IAN OSLER, ASSOCIATE BROKER

The luxury segment of Jackson Hole’s real estate market, defined as residential properties selling over the $5 million mark, is pulling through the challenges of 2023 well. The number of transactions held steady compared to the same period last year. The average sale price, up an astonishing 24%, was bolstered by a handful of over $20 million dollar sales including a 109-acre ranch listed for $48 million. Following suit with all other segments, available inventory and days on the market increased. In contrast to other segments of the market, the number of properties under contract at quarter-end was up nearly 45%. All other segments of the market had decreases in pending sales.

Number of Sales 51

Avg. Sale Price 10,863,957

Active Listings 89

4%

24%

22%

“THE LUXURY MARKET IN JACKSON HOLE CONTINUES TO BE STRONG. THE INVENTORY’S DAYS ON MARKET FOR THE ACTIVE LISTINGS IS GROWING, YET THE HOMES OR PROPERTIES THAT ARE STRONG IN PRESENTATION AND PRICED WELL ARE SELLING AT OR ABOVE PACE.” DAVID NEVILLE, ASSOCIATE BROKER

LUXURY LISTINGS

9750 E Gros Ventre Road, List Price: $58,000,000

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