Despite dwindling levels of inventory, real estate sales increased slightly in March with 48 transactions, more than double the number of sales last March 2020. While recording two more sales than February, total sales volume increased $18 million to $156 million. The average sale price topped $3 million for the third time in the last 5 months. The average number of days a property was on the market before closing dipped to 115, the lowest monthly average since September 2019, an illustration of the quick pace of homes going under contract soon after hitting the market. Demand remains high for Jackson Hole properties. Nearly half of all properties sold at or above their listing price in March – 13 sales at full listing price and 10 properties selling ABOVE the asking price, no doubt a result of multiple offers and bidding wars, a trend that is now becoming very common in our market. It’s interesting to note that 11 sales in March were undisclosed (marked a $0 in MLS), so applying the same rate, we could assume at least 5 more sales occurred at or above their listing prices, meaning that close to 60% of March sales were for full price or greater! As a result, after hitting a high of 99% in February, the average sale to list price ratio was 100% in March, a number never seen since I began tracking stats in 2013.

The majority (44%) of sales in March were for single family homes. With low available inventory, vacant lot sales remained strong, representing 23% of all transactions last month. Seventy (70%) percent of sales occurred above $1,000,000 in March, with half those sales occurring above $3 million, including a 7,400 sq ft 3 Creek house listed for $12.25 million, a ranch lot in Bar BC listed for $8.75 million and a 5 bedroom home in Teton Pines listed for $10.5 million.

New listings increased in March with 45 properties entering the market, the highest number of monthly listings in the last 6 months and slightly more than new listings in March of 2020. With an increase in listings came an increase in dollar volume with March’s new listings totaling more than $175 million. Not only is this the highest monthly listing volume since September 2020, it is also $114 million more than March 2020, which had only 5 fewer listings. Not surprising, the average listing price nearly reached $4 million in March 2021, up $2 million from March 2020! Thirteen new lot listings entered the market, the highest monthly total since September 2020, with an average listing price of $2.9 million.

Thirty-five of the 45 new listings were in excess of $1 million, while less than 1 in 4 properties entering the market in March was priced under the $1 million mark, including an 2 bedroom Elk Run townhome, a 1 bedroom condo in the Aspens and a 3 bedroom townhome in Cottonwood Flats, all of which received multiple offers pushing the contract price well over the listing price.

Currently there are just 46 total listings for residential property in Teton County. Available condos range from a Miller Park Loft unit for $549,000 to a 3 bedroom Four Seasons unit for $6,950,000. The least expensive single family home property is $3.1 million (a 1 bedroom ARU with room to build a main house). There are only 19 lots available for sale in Teton County, less than 2 months supply of inventory (based on last year’s 118 lot sales).