2019 Jackson Hole Real Estate Summary & 2020 Forecast

Summary: Jackson Hole Real Estate & 2020 Forecast

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Market Analysis

Real Estate Sales in Jackson Hole – Past 5 years

We all remember 2018 in the Jackson Hole real estate market, right? An explosive year where everything was up, way up! Transactions increased 13%, while overall sales volume jumped a staggering 38%, and the average sale price was up 22%. What a year! Could it continue? Surely this level of appreciation wasn’t sustainable? Many predicted a recession, or a the very least a stabilization after such a wild year. Well, the 2019 market in Jackson Hole did slow down, but just a bit. While not a significant correction like many were hoping / predicting, the numbers show that 2018 was most likely a “peak” year. With a similar level of sales in 2019, dollar volume decreased 6% and the average sale price dropped 4.5%. The median sale price increased, recording its highest mark in the last 5 years but that is more likely an indication of the “Virginian Village effect” (see sales section above) then a result of increasing sale prices. New this year, I analyzed properties that sold at or above their listing prices, which can help us understand overall demand, as these sales are usually a result of multiple and/or quick offers. In each year since 2016, more and more properties have sold at or above the asking price, peaking in 2018 at 114 property sales (nearly 1 in every 4 sales!). In 2019, with a similar level of overall sales, 87 properties sold at or above their listing price (or roughly 1 in every 6 properties). While not a drastic change, this is another indicator of demand slowing down from the highs of 2018.

Inventory Trends – Past 5 years

After peaking in 2015 (739 new listings), the amount of new inventory entering the market constricted in 2016, down 16% percent. New listing levels have been increasing year-over-year since 2017, recently up 10% from 2018 to 2019 (696 new listings) – marking the most significant increase in over 5 years. After seeing what the market did in 2018, sellers may have wanted to take advantage and cash out, listing their property for sale in 2019. When more inventory (supply) enters the market, this can put downward pressure on pricing, perhaps explaining the slight decline in both sales volume and average sales prices in 2019. Obviously this isn’t true for the entire market, as certain pockets (Town under $1.3 million for example) continue to see high demand (and increasing prices). However, even though there were more listings in 2019, we saw the same amount of sales as 2018 (with fewer new listings), perhaps as some potential buyers sat on the sidelines waiting for a larger market correction.

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2020 Forecast

After a exceptionally strong 2018, I predicted that the unprecedented rate of market acceleration could not continue (see my 2019 forecast). After seeing things slow a bit in 2019, what will 2020 bring? Will things continue to slow or plateau like 2019 or will high demand for Jackson Hole properties once again push pricing upward?

Talks of a pending recession still abound, but will it happen in Jackson? It seems unlikely. Jackson Hole remains a highly desirable place to live for year round families and second homeowners alike. As more and more people can work remotely, many want to make living the dream in Jackson Hole a reality. That will probably never change. As people continue to move here, they will continue to compete for properties with the local buyers. Unfortunately, this can lead to the local working people getting squeezed – beaten out by cash offers and buyers willing to pay over market value to get their spot in Jackson Hole. I predict it getting continually harder and harder for local buyers to enter the market, and increasingly difficult to move up in the market (without taking on a higher mortgage in the process).

There is always uncertainty with an election year. Add to that global trade talks and impeachment hearings and many people are holding their breath and watching the market closely. That being said, many investors are cash heavy, waiting for any recession induced opportunities, suggesting that any slight down turn will be immediately buoyed by an increase in demand.

In a unique market like Jackson Hole, where the supply of land is permanently limited due to publicly held land and  conservation easements, it’s hard to imagine we will see enough new supply (or a decrease in demand) to result in any significant downtown. Happy 2020!


Advice for Sellers in 2020:

Know how your property’s “micro-market”. Certain segments of the market are seeing different levels of demand. Be familiar with recent comps, but even more importantly, current inventory / competition in your segment.

Be prepared for multiple or quick offers in certain segments. Think about what terms are most important to you. Focus on buyer’s enthusiasm and ability to preform.

Prepare your home for sale: de-clutter, clean up, work on deferred maintenance items, etc. Move in ready and remodeled properties are receiving the most attention. Discuss which (if any) updates will produce a higher return.

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Advice for Buyers in 2020:

Know and follow the market. What are the recent comps? How are current inventory levels? What types of properties are selling quickly?

Recognize a good/fair deal and be ready to act quickly as inventory in certain segments remains low. Know that there are many buyers for the same property. How will you position yourself to be the best candidate in a multiple offer situation?

If you need to sell to buy, prepare your home now so that you will be ready to list as soon as you find the right property. Be prepared for things to move quickly when that happens.

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

New Listing: Spacious condo in East Jackson

Quick Stats:

  • 2 bedrooms, 1.75 baths
  • 921 square feet
  • Large Deck
  • Vaulted Ceilings
  • Bamboo Floors
  • Covered Parking
  • List Price: $435,000

2 bed / 2 bath condo in East Jackson

Conveniently located in East Jackson, this 2 bed/2 bath condo enjoys a large semi-private deck with filtered Teton views through the trees. Great in-Town location adjacent to the new May Park and steps away from the hospital, Elk Refuge and Cache Creek trail system. Additional features include: vaulted ceilings, bamboo flooring, track lighting, additional lofted storage, built-in entertainment cabinets/shelving and a barnwood accent wall. Owner occupied and well maintained, this property includes covered parking, laundry on site and is dog-friendly. New roof in 2012 and new decking underway.






Additional Information:

  • 755 E Hansen Ave #203, Jackson, WY 83001
  • MLS: 16-2483 
  • HOA Fees: $396.85/month
  • 2016 Taxes: $1,741.17/year

Click HERE for more information/photos

Listed by Katie Colbert Brady, Owner/Associate Broker 



New Listing: Multi-Family Investment Opportunity in E Jackson

Quick Stats:

  • Multi-family
  • 4 units, 2,880 sq ft total
  • Each unit: 2 bed /1 bath
  • Good Rental Income
  • Long term tenants
  • Listing Price: $975,000

Great Investment Opportunity

Great turn-key investment opportunity in desirable East Jackson. Four units (each with 2 bdrm/1 bath) provide great rental income from long term tenants. Current owner has made many updates to the 4-plex including: new windows, new washer/dryers, new water heaters and new carpet. Storage units and adequate off-street parking on site. Grandfathered use – you could not build this under current zoning. Great employee housing opportunity. 



Additional Information:

  • 370 E Pearl Ave, Jackson, WY 83001
  • MLS#: 16-350 (Click HERE for the MLS link)
  • Gross Rental Income: $57,600
  • No HOA or CC&Rs
  • Storage units and 8+ off-street parking spaces on site


Listed by Katie Colbert Brady, RE/MAX Obsidian Real Estate


New Listing: Affordable 1 bdrm condo in East Jackson

Just Listed: One bedroom condo in E Jackson – $225,000

755 E Hansen Ave #104, Jackson WY 

Kitchen&Barstools (Medium)

Quick Stats: 

  • 581 sq feet
  • 1 bedroom / 1 bath
  • New Bamboo flooring and paint in 2014
  • Bathroom/Kitchen remodeled in 2004
  • Refrigerator, range, microwave included
  • Carport assigned parking
  • Washer/Dryer & Storage on Site

BedroomtoBath (Medium)      Vanity (Medium)

Convenient location in East Jackson close to St. John’s hospital, the National Elk Refuge, Cache Creek trail system and across the street from the proposed May Park and a Start Bus Stop. This one bedroom condo was recently updated with new bamboo flooring, new carpet and new paint. This well-maintained property is currently the most affordable condo in the Town of Jackson. Laundry and bike storage on premise.

Exterior.FrontDoor (Medium)      Exterior.HansenMeadows (Medium)

Additional information: 

  • HOA Fees: $145/month
  • 2014 Taxes: $761.98
  • Entertainment Center, bookshelf, desk and bar stools included in the purchase
  • Monthly mortgage payment (based on 20% down and 3.75% interest): $833/month – cheaper than rent!

EntertainmentCenter.LivingRoom (Medium)     Desk&Bookshelf (Medium)

Visit the MLS Link for more photos and additional information.

Please contact Katie for more information or to set up a showing.


“What” sold in the Jackson Hole Real Estate Market in January 2014?

Monthly Market Update for January 2014

Jackson Hole, WY

What Sold in January 2014? 

  • 38% :: Percentage of single family home sales (down from last month’s 46%)
  • 29% :: Percentage of condo/townhome sales (down again from 36% last month)
  • 33% :: Percentage of Land Sales (more than double the typical month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in January)
  • 29% :: Percentage of residential properties selling for over $1 million (similar last month’s 27%)
  • 71% :: Percentage of residential properties selling for under $1 million (similar to 73% in Dec)
  • 38% :: Percentage of residential properties selling for under $500,000 (down from 42% in Dec)

What it means: When analyzing “what” sold in Teton County in Jan 2014, the most unique statistic was the high percentage of land sales. There were 8 lot sales in January which represented 1/3 of all transactions. The amount of land sales isn’t that uncommon (in the past 12 months there have been 6 months with at least 8 land sales), however what is unique about this month is that while overall sales dropped (see Summary Blog) land sales remained steady (between 6 and 10 sales per month). Overall, land tends to sell more in the spring/summer months, but there have been 17 lots sales in Teton County since the snow started flying. Notable land sales in January included a Granite Ridge homesite (listed at $2.95 million) and a lot at Shooting Star (listed for $3.3 million) in Teton Village, 2 lots in the new King Eider development in Rafter J and a lot out in Kelly (listed for $349,000).


The month of January did not include a short sale or a bank sale after 2-5 such sales every month since October. Currently there are only 2 distressed properties for sale under $1 million – a fixer upper 3 bedroom condo in E Jackson for $352,000 and a 2 bedroom condo in W Jackson for $249,900. Note there are two higher end short sales also on the market – Game Creek Ranch ($1.495m) and an interesting ‘castle’ like property down Fish Creek Rd, listed for $1,500,000, which is pictured below. Click HERE to view all 4 distressed properties.


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New Listing: 3 bdrm home with 2 car garage in E Jackson

Just listed:   This 3 bedroom / 2 bath home is located on a quiet cul-de-sac in desirable East Jackson within walking distance to St. John’s Hospital and the National Elk Refuge.  The home includes over 2,000 square feet on two different levels (with separate access), a pellet stove and a detached 2 car garage.

This home went through foreclosure and is now being offered for sale by the bank. The property needs some fixing up, but represents a great opportunity to own a single family home in E Jackson. Currently, this property is one of only 3 single family homes in the Town of Jackson priced under $450,000 and is by far the largest home in that price range.


Property Address: 80 Stormy Circle, Jackson, WY

Asking Price: $440,000   

Click HERE to see the full listing and more photos

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Office is one of several new “Character Zones” as part of the Comprehensvie Plan for Jackson, WY

Over the past few months, Town of Jackson leaders and the public have been reviewing a set of proposed zoning guidelines as part of the new Teton County Comprehensive Plan. These new “Character Zones” envisioned for downtown Jackson Hole include Office, Retail, Resort Connector, Residential and Gateway (see map below).

This blog will focus on the office zone discussing what the Town has planned for the area as well as public response and comment to the proposal. 

Character Zones

 PROPOSED OFFICE ZONE – E Broadway & Willow: This zone is an area running along E Broadway and south along Willow Street in E Jackson (brown area in the map above). This zone, which is not considered a “visitor destination” area would focus on supporting employment and “high-intensity” residential use (a.k.a multi-family residential complexes). Owners could build up to two stories with a density or Floor Area Ratio (FAR) of 1.00. This means that a 7,500 square foot lot (50′ x 150′) could hold up to 7,500 square feet of floor area. Owners would also benefit from a reduction in the parking requirement which the Town hopes will help spur the creation of new office spaces. To learn more about this proposed zone, please reference a recent article in the Jackson Hole News & Guide.

After recent public comment and Town Council discussion this past week, we may see certain sections of existing residential along S Willow Street excluded from the office zone. Since a major goal of the Comprehensive Plan to provide more housing in Town, this area seems like a “logical place to start” according to Town Councilman Jim Stanford.

An article in today’s Jackson Hole News & Guide outlines some additional public comment and discussion on the character zones.