2020: August Sales in Jackson Hole

What happened in August?

What Sold

While July 2020 was an explosive month in the Jackson Hole real estate market with 57 sales, it couldn’t hold a flame to August 2020, which saw an unprecedented level of sales in a real estate market that is arguably the hottest it’s ever been. There were 95 real estate sales in August, significantly more transactions than August of 2019 (50 sales) and August of 2018 (58 sales). This August had by far the highest monthly sales since I began tracking statistics back in January 2013. To put it in perspective, monthly sales have reached their previous peak of 61 monthly transactions only twice in the last 7.5 years. Total sales volume for the month of August was a staggering $278 million, shattering the monthly sales volume record reached last month of $164 million. Despite the global pandemic, 2020 so far has proven to be one of the strongest markets in Jackson Hole real estate history. Year-to-date sales volume has now topped $800 million (with 5 more months to go!), nearly hitting our annual total of $890 million in 2019, which was considered a very strong year.
The average sale price in August was just under $3 million, an uptick from July 2020, however the median sale price dipped slightly from last month, down to $1.65 million. The majority of sales in August were in the $1-3 million range with 70 of the 95 sales occurring over $1 million. Over half (54%) of the sales in August were for single family homes as many locals and out of towners purchased stand alone houses. Lot sales in August also spiked, with 16 transactions  – the highest monthly sales since September 2016. Properties in August sold on average at 97% of their list prices for a second month in a row and for the fifth time since January 2020. As an illustration of the unparalleled demand and competition, 28 properties sold at or above their listing price in August.
[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$278,698,182

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

160

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,657,500

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

54%

Single Family Home Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

74%

of property sales over $1M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

26

TRANSACTIONS OVER $3M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2020: July Sales in Jackson Hole

What happened in July?

What Sold

Jackson Hole Real Estate sales exploded in July recording 57 transactions, more than double the sales seen just last month and also topping sales levels from this time last year (49 sales in July 2019). What is even more impressive was the monthly sales volume – a staggering $165 million, far surpassing the previous monthly sales volume record of $118 million April 2018. There is no doubt about it – the Jackson Hole real estate market is on fire! The average sale price increased to $2.88 million in July, the highest level seen in the last 12 months. The median sale price also increased up to $1.9 million, the highest monthly level since I began keeping these stats back in 2013. Out-of-town buyers continue to come to Jackson Hole, putting added demand on an already tight market. July sales occurred, on average, at 97% of their listing prices. Fourteen properties (25% of all sales) sold at or above their asking prices, many a result of multiple offer situations. Single family homes made up more than two-thirds of July sales, also a high not seen in the last 7 years. Nearly 72% of July sales were for more than $1 million with the majority of sales (25) occurring in the $1 – 3 million range. A whopping 16 properties sold above $3 million, with three properties in excess of $10 million, including two large homes north of town and a home with 360 degree views atop Gros Ventre North.
[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$164,556,339

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

166

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,900,000

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

68%

Single Family Home Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

72%

of property sales over $1M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

16

TRANSACTIONS OVER $3M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2020: July New Listings in Jackson Hole

What happened in July?

New Listings

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.
[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$302,261,500

New Listing Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

19

Vacant Lot Listings

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$3,116,098

Average List Price

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,795,000

MEDIAN LIST PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

5

listings under $500,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

35

Listings over $3M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2020: Q2 Sales & New Listings

Transactions/Sales Volume – What Sold?

$2,303,461

Average Sales Price

[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$145,118,024

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

Market Analysis

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.
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

New Listings – What’s New?

$2,996,894

AvERAGE LIST PRICE

[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$605,785,000

LIST PRICE Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

Market Analysis

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.
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
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.

2020: June New Listings in Jackson Hole

What happened in June?

New Listings

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.
[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$366,867,000

New Listing Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

18

Vacant Lot Listings

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$3,335,155

Average List Price

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$2,175,000

MEDIAN LIST PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

5

listings under $500,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

82

Listings over $1M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2020: June Sales in Jackson Hole

What happened in June?

What Sold

Real estate sales picked up in June – recording 26 sales – however sales are still below levels seen this time last year (36 sales). However, the total sales volume of $65 million is the highest monthly volume since January and slightly higher than dollar volume seen in June last year ($51 million). The average sale price was just above $2.5 million, a decrease from May but nearly $1 million higher than June last year. The median sale price picked up in June to $1.44 million, higher than the previous 12 month average of $1.3 million. Property selling in June sold more quickly than average, spending an average of 134 days on the market. While 6 properties sold at or above their listing prices, properties on average sold at a 5% discount to asking price, a drop from the 96-97% levels seen in the previous 4 months. Single-family homes made up the majority (62%) of sales in June, representing the highest monthly percentage in the past year. While 38% of sales occurred in the $500,000 – $1 million range, nearly 1 in 4 sales in June were in excess of $3 million including a Shooting Star cabin (listed for $5.5 million) and the historic 199 acre Gill Huff Ranch, located at the base of Teton Pass, listed for $8.9 million.
[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$34,116,499

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

134

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,440,000

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

62%

Single Family Home Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

58%

of property sales over $1M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

1

TRANSACTIONS UNDER $500,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2020: May Sales in Jackson Hole

What happened in May?

What Sold

While it appears that the COVID-19 pandemic has affected the number of real estate sales in Jackson Hole, it does not appear to be affecting pricing/values overall. May real estate sales looked a lot like April real estate sales in Jackson Hole, both well below sale levels seen last year at this time. May recorded only 19 transactions, less than half of the 41 sales in May 2019. However, despite seeing only half of the sales, the overall dollar volume was exceptionally strong, totaling nearly $54 million vs $59.6 million last May (with twice as many sales). As a result, and thanks to several high-end sales at the end of May, the average sale price jumped up to $2.8 million, the highest monthly average sale price in over 3 years! Interesting to note, 13 of the 19 sales in May were over $1 million, with 5 high-end sales over $3 million including: the penthouse at One Town Hill (listed at $3.975 million), two 35-acre Ranch Estates at the Snake River Sporting Club, a lot in Shooting Star (listed at $5.5 million) and a beautiful estate in Grand Teton Ranch north of town, listed for $16.9 million.
On average, properties sold for 97% of their listing prices in May (with 6 of the 19 sales selling at or above the asking prices). While this might suggest that sellers are not adjusting their prices due to the pandemic, upon digging further into the numbers, we see a second story emerge. Seven of the 19 sales sold between 85-91% of their listing prices (or at a 9-15% discount) suggesting that yes, some sellers are seemingly motivated to sell during this time. It’s also important to note one significant outlier. Ranch Estate #8 down in the Snake River Sporting Club sold for 30% over its listing price. This was a build-to-suit/ lot purchase combo and the buyer ended up doing many upgrades pushing the sale price above and beyond the stated list price. Removing this outlier drops the monthly sale-list price ratio down to 95%.
[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$53,797,394

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

185

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,402,500

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

53%

Single Family Home Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

31%

of property sales under $1M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

1

TRANSACTIONS UNDER $500,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2020: May New Listings in Jackson Hole

What happened in May?

New Listings

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.
[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$175,284,000

New Listing Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

20

Vacant Lot Listings

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$2,306,368

Average List Price

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,567,500

MEDIAN LIST PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

2

listings under $500,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

50

Listings over $1M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2020: April New Listings in Jackson Hole

What happened in April?

New Listings

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).

[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$63,634,000

New Listing Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

0

Vacant Lot Listings

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$3,349,158

Average List Price

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$2,297,500

MEDIAN LIST PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

1

listings under $500,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

16

Listings over $1M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.

2020: April Sales in Jackson Hole

What happened in April?

What Sold

Since COVID-19 shut down much of Jackson Hole in mid-March, real estate activity has definitely slowed. While March numbers were still strong thanks to a busy first half of the month, April sales numbers seem to better reflect the effects of the Coronavirus on our market. There were only 18 sales in April 2020, totaling $26 million in total sales volume. While April is considered the “off-season” in Jackson, with consistently slower real estate activity, it was much slower this year in particular, recording roughly half of the 33 sales seen in April 2019. Sales volume was also lower, with approximately $12 million less than in April 2019 and marking the lowest monthly sales volume since April 2016. After exceeding $2 million for each month of the first quarter this year, the average sale price dropped significantly in April, down to $1.4 million, the lowest monthly average sale price in the last 11 months. The median sale price was also down, dropping from $1.6 million in March 2020 to $1.323 million in April 2020, which was however, still nearly double the median sale price in April 2019 ($785,000). April’s lower average sale price can be explained by two other monthly stats.
1) Nearly half of April sales this year were under $1 million vs. Q1 2020, where sales in this segment accounted for 30-34% of all sales.
2) Only 2 sales occurred over $3 million, the lowest monthly number of high-end sales since April last year.
Properties that sold in April were not on the market long selling within an average of 133 days, the lowest days on market in the past 7 months. Sale prices remain strong seeing an average sale to list price ratio of 97%, with 5 properties selling at or above their asking price in April. Condo and townhome sales represented 50% of all sales in April, the highest monthly percentage since nearly a year ago in May 2019. Only 1 lot sold in April, the only time that has happened since I began tracking stats in 2013
[siteorigin_widget class=”Inked_Number_Counter_SO_Widget”][/siteorigin_widget]

$25,914,685

Total Sales Volume

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

133

Average Days on Market

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

$1,323,500

MEDIAN SALES PRICE

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

44%

Single Family Home Sales

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

44%

of property sales under $1M

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]

2

TRANSACTIONS UNDER $500,000

[siteorigin_widget class=”SiteOrigin_Widget_Image_Widget”][/siteorigin_widget]
[siteorigin_widget class=”SiteOrigin_Widget_Cta_Widget”][/siteorigin_widget]
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.