What happened in August?
Inventory continued entering the market at a steady pace with 90 new listings coming online in August 2020. While down slightly from July (97 new listings) and June (100 new listings), a total of 297 new properties have entered the market this summer, exceeding the 288 new listings of the summer of 2019. Any fears about the global pandemic affecting real estate inventory in Jackson Hole seem to have been extinguished. Total volume of August listings topped $257 million, with an average list price of $2.85 million. After fluctuating for several months, the median list price settled in on $1.6 million in August, slightly below the average of $1.8 million during the previous 6 months. The slight majority of new listings were priced between $1-3 million, however 29 new properties entered the market in excess of $3 million in August. Four new homes were listed over $10 million, including a build-to-suit opportunity in Teton Village, a contemporary home in Spring Creek Ranch, and the 14 acre Piton Ranch near Teton Village, listed for $16.5 million and already under contract. Exactly half of August new listings were for single family homes however lot listings continued to flow into the market. Including August’s 15 new vacant land offerings (with an average listing price of $1.9 million), there have been 72 building sites newly available for sale since May 2020.