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2020: October New Listings in Jackson Hole

November 16, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

Despite the continued RED HOT SALES side of the market, new listings dropped off again this month, with just 41 new listings hitting the market. The gap continued to widen between the 98 sales transaction, and this month’s new listings being less than half of that number. The dollar volume also dropped off, with just under $140M in new inventory, which is just about half the dollar volume that hit the market in September. The average list price of this new inventory also corrected itself somewhat, but still boasted a staggering $3.34M in average price, down almost $1M from September’s $4.26M. The median list price significantly corrected itself, dropping to $1.95M after September’s incredible $3M price point.

While we saw 36 new listings over $1M enter the market this month, there were no new listings in the under-$500,000 market. There were only 9 new building sites that hit the market which is the least we’ve seen per month since February of this year. With the amount of land transactions that have been listed and sold this year, it begs the question, how much is actually left to sell? The 23 single family homes that came on the market in October continue to be the dominant property type in highest demand so if you’ve ever considered selling, this certainly seems to be the right time to list!

2020: Q3 Sales & New Listings

October 9, 2020/in Asking Prices, Average Sales Price, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Update, Multi-family, Over $1 million, Past Sales, Properties under $500, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, The Jackson Hole Report, Town of Jackson, Townhome, Under $500, WY/by Molly Stewart

If you’ve been following the Jackson Hole real estate market at all this summer then it will come in no surprise to hear that we’ve had one of the most explosive third quarters in market history. All market statistics were up in Q3 2020, many significantly so. The 3rd quarter of 2020 (July-Aug-Sept) recorded nearly 100 more sales than Q3 last year, which was considered a strong quarter/year. Monthly sales exceeded 2019 in every month, nearly doubling last year’s numbers in August and September specifically. Even more dramatic, overall sales dollar volume in Q3 2020 dwarfed numbers seen last year, up a staggering $448 million. Monthly sales volume in Q3 2020 was over double that of 2019.

As expected, the average sales price of the third quarter this year increased significantly, up more than $1 million over Q3 2019. The median sales price also increased, up an average of $500,000 over the 3 months of the third quarter, and far outpacing median sales prices in each month. Similar to 2019, the majority of sales in Q3 2020 occurred in the $1-3 million price point, however in 2020 there were 36 more sales in this price point. The largest shift from last year was in the luxury high-end segment ($3+ million) where 48 more sales recorded this year vs Q3 2020, no doubt a contributor to the historic sales volume seen this summer in Jackson Hole. Over half of the sales in the third quarter were for single family homes, an increase from 2019. Interestingly, 2020 saw fewer condo / townhome sales and more land sales as many out-of-town buyers looked to purchase land as existing inventory continued to dwindle.

It’s no doubt that demand for Jackson Hole real estate was up significantly this past summer, but how did things look on the supply/listing side? Overall new listings in Q3 2020 were up only slightly from 2019, mirroring monthly levels seen last year. While reporting a similar number of new listings as last year, the overall dollar volume of these listings increased dramatically, recording $200+ million more in volume in Q3 2020. Much of this increase can be attributed to a very strong September where a similar number of new listings hit the market but accounted for nearly $185 million more in listing volume than in Q3 2019. As a result, the average listing price for the third quarter increased nearly $1 million from this time last year. The average median list price for the quarter was also up, topping $2 million from $1.45 million in Q3 2019. Again, both helped by a very strong September which saw a monthly average list price over $4 million and a median list price of more than $3 million.

In an interesting flip from Q3 2019, the majority of new listings this summer were in the high-end luxury market with nearly 100 listings coming online priced above $3 million (compared to 46 new listings in Q3 2019). We saw significantly fewer new listings in the $1-3 million range while maintaining similar levels for price points under $1 million. As a response to the increased sales of building sites in Q3 2020, we saw an influx of vacant land listings, as many landowners saw this summer as a great opportunity to capture the new demand of out of town buyers frustrated by a lack of existing inventory.

2020: September New Listings in Jackson Hole

October 9, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

Despite the hot real estate SALES market, new listings dropped off in September, with only 65 properties hitting the market, effectively replacing only 2/3 of the properties sold in September. This marks only the third time this year where monthly new listings have been LESS than monthly sales, and definitely the most dramatic difference. While September saw 25 fewer sales then August, the listing dollar volume was significantly more, reaching $20 million higher than last month. This resulted in an average listing price in excess of $4.2 million as 33 properties came onto the market priced over $3 million and a staggering 9 new listings in excess of $10 million! The median listing price was also up, nearly doubling from August ($1.6 million) and topping $3 million for the first time since I’ve been recording these statistics.

For the first month in 2020, not a single property entered the market priced under $500,000 and only 13 properties were listed between $500,000 – $1 million, 4 of which are already under contract or sold. While the majority of September’s new listings were for single-family homes, there was a significant number (23) of vacant lots coming onto the market, matching the recent uptick in demand for land as existing inventory continues to dwindle.

2020: August New Listings in Jackson Hole

September 10, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

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.

2020: July New Listings in Jackson Hole

August 10, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

The rate of new inventory entering the market remained strong in July with nearly 100 new listings coming online. Down from June’s high of 110, more properties hit the market this July than in July of 2019 (91 new listings). The total listing volume topped $300 million for only the second time since last July 2019 ($320 million). The average listing price remained above $3 million for the second month in a row, and the 4th time in 2020. The median list price dropped in July, down to just under $1.8 million from $2.175 million in June. Despite the declining median list price, the majority of new listings in July we’re in the $3+ million segment, the first time we’ve ever seen the majority of a month’s new listings in this price point. A staggering 35 new listings hit the market in excess of $3 million with 4 listings over $10 million, including homes in 3 Creek Ranch and up at the Amangani, and a slope side private residence at the Four Seasons. Nearly 30 properties hit the market in both the $500 – $1 million “locals market” and the $1-3 million segment. Over half of the new listings in July were for single-family homes, a section of the market that has seen healthy sale activity over the past few months. Nearly 60 new lot listings have entered the market since May, more than in the previous 9 months combined.

2020: Q2 Sales & New Listings

July 15, 2020/in Asking Prices, Average Sales Price, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Update, Multi-family, Over $1 million, Past Sales, Properties under $500, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, The Jackson Hole Report, Town of Jackson, Townhome, Under $500, WY/by Molly Stewart

The Jackson Hole real estate market saw 63 sales in the second quarter of 2020, a far cry from the 110 sales in the second quarter of 2019. While 2019 was a strong year all around, this decline of 43% is significant. Every month of the second quarter showed notably fewer sales with the largest gap happening in May, when 2020 sales were less than half of sales in May 2019. This decline suggests that the pandemic played a role (at least initially) in buyer’s collective willingness to make real estate purchases in Jackson Hole. That being said, it appears the gap may be closing, with only 10 fewer sales in June vs 2019, perhaps an early indication of increasing interest/sales as we move through the summer with the influx of out of town visitors and buyers. Despite 42% fewer sales, dollar volume was nearly identical ($145 million in Q2 2020 vs $148 million in Q2 2019). As a result, the average sale price jumped nearly $1 million from the second quarter last year to Q2 this year, outpacing 2019 in every month (twice as high in the month of May!). The median sales price followed a similar trend, exceeding 2019 median sales prices by roughly 40% in every month of the second quarter.

In looking at the breakdown by price point, the $500,000 to $1 million segment saw 20 fewer sales in Q2 2020, while only 4 sales occurred under $500,000 (vs. 28 sales in Q2 2019). On the other end of the spectrum, the luxury end remained strong with an identical number of sales over $3 million (despite overall sales being down). More than 3 out of every 4 sales in the second quarter of 2020 was for a single family home vs. 35% in Q2 2019, no doubt a contributing factor to the higher prices/values.

The number of new listings was down roughly 17% in the second quarter of 2020 with just over 200 properties hitting the market in April/May/June. Compare that to the second quarter of last year when 246 new properties entered the market. New listings in 2020 lagged 2019 in April and May, no doubt a result of sellers’ hesitation in the first few months of the COVID pandemic. Only in June of 2020 did new listings exceed 2019 with 6 more properties entering the market.

The dollar volume of new listings in Q2 2020 also declined, down 17% from Q2 2019. After seeing a similar listing dollar volume in April, both May and June under performed levels seen in 2019. The monthly average listing price fluctuated in 2020, from $3.3 million in April dropping to $2.3 million in May and jumping back up in June. The median list price followed a similar trend, but exceeded 2019 median list prices in every month of the second quarter, illustrating an overall increase in listing prices. The majority (46%) of new listings in Q2 2020 were in the $1-3 million range. Despite fewer listings, the luxury segment saw a similar number of new listings priced over $3 million (53 vs 56), while the entry level (under $500,000) dropped 50% from 16 to 8 new listings.

2020: June New Listings in Jackson Hole

July 13, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

New listings exploded in June, exceeding the highs seen during last year’s busy summer listing season. It’s the first time we’ve seen this many new monthly listings in over 4 years! The total list volume of $366 million was the highest since last June 2019, which saw a record volume of $439 million. While the average listing price was down vs last June, the median list price was up, topping $2 million for only the second time since I began tracking this stat in April 2017. Three out of every 4 new listings in June was above $1 million. A staggering 36 new homes entered the market above $3 million, beating out last June’s high of 30 properties in this price point. High end new listings in June included a 65 acre property with a 4,700 sq ft home in Dairy Ranches for $18.9 million, a 6,700 sq ft home in Indian Springs for $13.9 million and a 120 acre ranch with live water and panoramic mountain views, listed for just under $16 million. Only 5 properties entered the market under $500,000 in June, including 3 condos in town, all of which are already under contract. Over half of June’s new listings were for single family homes. After seeing 0 lot listings in April, vacant land has been entering the market at a fast pace with 20 new listings in May and 18 in June.

2020: May New Listings in Jackson Hole

June 8, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

While the COVID-19 pandemic no doubt kept new listings quiet in April, it appeared many sellers were feeling more confident in May, collectively putting 76 new properties on the market in Jackson Hole. These new listings represent 75% of the new listings seen in May of 2019, a strong number considering our current economic environment. Overall listing volume was $175 million in May, the highest monthly volume since August 2019. The average listing price of $2.3 million was down from April’s high of $3.3 million, but in line with the average listing price seen last year in May ($2.22 million). The median listing price dropped significantly, down $800,000 from April to $1.56 million in May, which is slightly below the average median list price seen throughout the last year. Why did the average and median price listing price drop in May? While the majority (39) of new listings were priced between $1-3 million, 26 new listings came on line under $1 million (2 of those under $500,000), the highest monthly inventory seen in this price range since Aug 2019.

Twenty condo / townhomes were listed in May, with 15 of those priced under $1 million, a great selection for local buyers and second homeowners looking for a Jackson Hole getaway. Surprisingly, 20 vacant lots were listed in May, the highest number of monthly lot listings in the past year. Thirteen of the 20 new lots were listed over $1 million, including a large 21 acre redevelopment parcel on the Westbank, currently home to the Bar J Chuckwagon, listed for $14 million. The least expensive new lot listing is a .32 acre lot on Snow King Ct with stunning Teton views over the Elk Refuge.

2020: April New Listings in Jackson Hole

May 7, 2020/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

While April is typically a slow month for new real estate listings, this April was particularly slow with only 19 new properties entering the market. Compare that to April of last year, when more than double (41) the listings came online, suggesting that the Coronavirus may be affecting sellers’ plans to list this year. Whether people are taking a “wait-and-see approach” to the larger market or have legitimate concerns about other buyers and Realtors entering their home, we are starting to see the effects of COVID-19 on our inventory levels for Spring. Interestingly, despite recording only half of the new listings seen last April, the total dollar volume of April’s new listings this year is similar ($63 million this year vs. $65 million last April 2019).

The unusually high dollar volume can be explained by the fact that 16 of April’s 19 new listings were priced over $1 million, with 6 high-end listings entering the market over $3 million, including a 5-bedroom ski-in ski-out house in Teton Village, a 9,000 sq ft home on 18 acres in Bar-B-Bar and the historic Gill Huff Ranch, consisting of 160 acres at the base of Teton Pass, which is already under contract. Only 3 new listings entered the market under $1 million in April, including a 1,200 sq ft house in Hoback, a trailer in Evans Trailer Court, and a 4 bedroom remodeled Creekside townhome, the latter two of which are already under contract. As a result, the average listing price for April topped $3.3 million! The median list price was also up significantly, jumping to $2.3 million vs. the previous 12-month average of $1.5 million. Over 60% of April’s new listings were for single-family homes. Strangely, not one new vacant lot entered the market in April, an interesting stat considering 10 vacant lots were listed last month and 8 lots came online in April of last year.

May and June are traditionally the busiest months for new listings with over 100 properties entering the market in both May and June of 2019. It will be interesting to see the number of new listings over the next few months, which will help determine the true effects of COVID-19 on our inventory levels this spring (which will no doubt have an effect on pricing and values).

2020: Q1 Sales & New Listings

April 10, 2020/in Asking Prices, Average Sales Price, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Luxury Property, Market Report, Market Reports, Market Statistics, Monthly Market Update, Multi-family, Over $1 million, Past Sales, Properties under $500, Real Estate Sales, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, The Jackson Hole Report, Town of Jackson, Townhome, Under $500, WY/by Molly Stewart

Real estate sales in Jackson Hole in the first quarter of 2020 were slightly lower than sales in the first quarter last year. After just barely outpacing 2019 in January and February, a slower than usual March (with 7 fewer sales) contributed to an overall drop in sales from Q1 2019 to this year. Despite having 4 fewer sales, overall dollar volume was up about $15 million in Q1 2020, with higher monthly sales volume in all 3 months of the first quarter this year (even in March which had the 7 fewer sales). After seeing consistent average prices in January and February, the average sale price in March 2020 was up 44% versus March 2019, thanks to several high-end sales last month. As a result, the overall average sale price of Q1 2020 was up 12.5% versus Q1 2019. In looking at the median sale price, we see a somewhat similar trend. After falling short in both January and February, the median sales price in March was significantly higher, recording the highest median sale price in over a year and pulling the overall average of Q1 median sale prices in line with Q1 2019 ($1.415 million vs $1.453 million).

Which price point saw the most sales in the first quarter? Property sales in the $1-3 million range represented the majority of sales in each of the first 3 months in 2020, accounting for 40 of the 91 sales in the first quarter (44%). This is slightly higher than 2019, where 40% of sales occurred in this price point. The first quarter of 2020 saw 3 more high-end sales (above $3 million) but 11 fewer sales in the under $500,000 segment, a decline of 61%. While single family homes made up a similar percentage of sales in Q1 2020 versus Q1 2019, the first quarter of 2020 saw 9 more lot sales and 9 fewer condo/townhome sales than the first quarter of 2019.

The number of new listings entering the market in the first quarter of 2020 was nearly identical to the first quarter of 2019, however the timing of these new listing entering the market was very different. January 2020’s 32 new listings paled in comparison to the 55 new listings in January 2019. This difference may be explained by the fact that after a dynamite 2018, many sellers were encouraged to put their properties on the market in early 2019. February 2020 saw an unusually high number of new listings with 20 more properties hitting the market compared to February 2019. Finishing out the first quarter, new listings in March 2020 were consistent with March 2019. Despite having a similar number of new listings as Q1 2019, the dollar volume of the new listings in Q1 2020 was significantly higher, recording $93 million more in listing volume, an increase of 44%! Even though January 2020 saw 23 fewer sales than Jan 2019, dollar volume was strong ($110 million). February 2020’s new listing volume surpassed January, recording $88 million more in listing volume than February 2019. Finally, March 2020 outpaced March 2019 by $14 million. The average listing price has been declining since a high in December of $3.9 million, dipping below $2 million for the first time since November 2019. Despite the declining trend, the average listing price for the entire quarter was still nearly $1 million higher than the average listing price in Q1 2019. The median list price followed a similar trend. After a high of $2.3 million in January, we’ve seen a significant drop in each of the last two months, down to just above $1 million in March, the lowest median list price in over a year. However, the average median list price of Q1 2020 was still approx. $600,000 higher than this time last year.

The majority (40%) of new listings entered the market between $1-3 million in the first quarter of 2020. February was the most popular month for this price point with 20 new listings hitting the market. Interestingly, March saw a surge of listings in the $500,000 – $1 million segment, when 19 new options entered the market. Comparing quarter to quarter, 2020 saw more new listings in all price points (including the high-end where 10 more listings hit the market) with the exception of the entry level. There were only 5 new listings under $500,000 in the first 3 months of 2020 vs. 24 new listings in Q1 2019. Note: 18 of the 24 new listings represented the newly remodeled Virginian Village Condos, new to the market during Q1 last year.

What happened in October?

New Listings

$138,836,500

New Listing Volume

9

Vacant Lot Listings

$3,386,256

Average List Price

$1,950,000

MEDIAN LIST PRICE

0

listings under $500,000

36

Listings over $1M

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.

Transactions/Sales Volume – What Sold?

$2,940,989

Average Sales Price

$735,247,347

Total Sales Volume

Market Analysis

New Listings – What’s New?

$3,410,444

AvERAGE LIST PRICE

$836,169,000

LIST PRICE Volume

Market Analysis

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.

What happened in September?

New Listings

$276,805,500

New Listing Volume

23

Vacant Lot Listings

$4,258,546

Average List Price

$3,075,000

MEDIAN LIST PRICE

0

listings under $500,000

33

Listings over $3M

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.

What happened in August?

New Listings

$257,102,000

New Listing Volume

15

Vacant Lot Listings

$2,856,689

Average List Price

$1,605,000

MEDIAN LIST PRICE

8

listings under $500,000

29

Listings over $3M

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.

What happened in July?

New Listings

$302,261,500

New Listing Volume

19

Vacant Lot Listings

$3,116,098

Average List Price

$1,795,000

MEDIAN LIST PRICE

5

listings under $500,000

35

Listings over $3M

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.

Transactions/Sales Volume – What Sold?

$2,303,461

Average Sales Price

$145,118,024

Total Sales Volume

Market Analysis

New Listings – What’s New?