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2020: July Sales in Jackson Hole

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

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.

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 Sales in Jackson Hole

July 12, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

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.

2020: May Sales in Jackson Hole

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

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%.

2020: April Sales in Jackson Hole

May 6, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

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

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.

2020: March Sales in Jackson Hole

April 8, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

Real estate sales in March dipped, down to 23 transactions for all of Teton County, 4 fewer sales than last month (Feb 2020) and 7 fewer sales than March 2019. This dip is most likely not a result of the coronavirus, as many properties that closed in March went under contract in February, prior the current COVID-19 pandemic effects. Despite seeing lower sales, overall dollar volume was up $3 million from February, reaching nearly $64 million. Thanks to 2 very high-end sales in March – a beautiful 103 acre tract along the Snake River adjacent to Grand Teton National Park (listed for $14.45 million) and a 6,700 square foot cabin at 3 Creek (listed for $11.75 million) – the average sale price jumped up to nearly $2.8 million, the highest monthly average sale price in the past 2 years. The median sale price in March (which is not as affected by the high-end / outlier sales) was also up in March, reaching just under $1.6 million, the highest monthly median sale price in the past year. The majority (60%) of property sales were single family homes in March. Only 5 condos/townhomes sold last month, the lowest monthly total since March 2017. Three vacant lots sold in March, including a 5-acre parcel on the Village Road owned by Teton County and originally earmarked for affordable housing. The majority (43%) of March sales occurred in the $1-3 million price point. In addition to the 2 high-end property sales listed above, another 4 properties sold above $3 million, with that segment accounting for 26% of all sales in March.

2020: February Sales in Jackson Hole

March 10, 2020/in Market Reports, Uncategorized/by Molly Stewart

Real estate sales were down in February, recording only 27 transactions – the lowest monthly total since last February 2019. Overall sales volume was also down $30 million after a strong January that saw nearly $90 million in sales volume. February volume was the lowest monthly volume since June 2019. Despite lower sales and volume, the average sale price remains strong, reaching close to $2,250,000 for only the first time in the past year. February saw several high end sales including 2 Granite Ridge homes in Teton Village, selling for a combined $15 million. The majority (56%) of sales in February were for single family homes. Not surprisingly given the snow levels, only 3 vacant lots sold in February. The $1-3 million price point was again the hot spot, with nearly half of last month’s sales occurring in this price range. There were 0 sales under $500,000 in February, the first month without a sale in the entry level market since I began tracking this stat in January 2018. The average days on market dropped down to 168 days after reaching 191 last month. Interestingly, the sale to list price ratio hit 97% for the first time since July 2019, illustrating that properties, on average, were selling closer to listing price in February, with nearly 1 in 4 properties selling at or above their listing price last month.

2020: January Sales in Jackson Hole

February 11, 2020/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

The New Year started out strong with 41 real estate sales in January 2020, an increase of 20% from December 2019. Those 41 sales translated to $90 million in sales volume, the highest monthly volume in the past 3 months. As a result, the average sale price for January 2020 reached $2.2 million, breaking $2 million for the first time since August 2019. The median sale price dropped $130,000 to $1.27 million in January with 34% of all sales occurring under $1 million and another 12 sales occurring between $1,000,000 – $1,300,000. Days on market increased slightly in January, with the average property selling in 191 days, however high demand and well priced listings are selling much more quickly. The sale to list price ratio remained at 95% for the third month in a row, with 7 of the 41 sales occurring at or above the listing price including a stand-alone townhome on East Hall, that received five offers in the first few days of listing, quickly selling for full price of $1,095,000 . The majority (41%) of the sales in January were single family homes, while townhomes accounted for 37% of all sales. Interestingly, there were 9 lot sales in January representing nearly 1 in every 4 sales last month, quite the increase considering that vacant land accounted for an average of 14% of all sales over the last 8 months. Nearly half (44%) of all sales occurred in the $1-3 million range, perhaps signalling a trend after representing 50% of all sales in Dec 2019. The high end segment started the New Year strong with 9 sales over $3 million in January, including several homes around Teton Village in Shooting Star, Granite Ridge, and Lake Creek Ranch.

2019: Q4 Sales & New Listings

January 13, 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, 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 4th quarter of 2019 looked a lot like the 4th quarter of 2018. Total sales increased ever so slightly, up from 130 in 2018 to 132 sales in 2019. In looking at numbers month-by-month, while 2019 saw a few more sales in October and December, it was balanced out by a few less sales in November. Dollar volume was also similar quarter to quarter, and actually dropped 1.7% from Q4 2018, recording a total of $254,800,000 in Q4 2019. Monthly dollar volume in 2019 outpaced 2018 most significantly in October, recording over $108 million in volume vs $91 million in October 2018. November was a bit slower in 2019 while December was identical at $66 million for the month. As expected, the average sale price was also consistent between 2018 and 2019 slipping down to $1.93 million from $1.99 million in 2018. In analyzing price points, sales in the $1-3 million range were up 15% while sales in the $500,000-$1,000,000 range dropped by 17% compared to Q4 2018. This upward shift in price point is reflected in the median sales price, which was higher in each month of Q4 2019. Sales under $500,000 stayed consistent, recording 12 sales in all of the 4th quarter. Townhomes and condos represented slightly more of the sales in 2019, while lot sales remained steady, representing 16% of all sales in Q4 2019. What does all this mean? While things aren’t necessarily slowing down, the rate of acceleration has appeared to slow. Will we see more of the same in 2020 or is this an indication of the market leveling off as we enter the next decade? Stay tuned!

New inventory was down, but listing prices were up in the 4th quarter of 2019, where 18 fewer properties hit the market – a drop of 17% from the same time in 2018. New listings were down every month in the 4th quarter with the biggest drop coming in October, when only 34 properties hit the market (vs. 46 in October 2018). Despite having 17% fewer options in 2019, buyers saw those options increase in price with total dollar volume jumping 12% from Q4 2018. October & December were big dollar months, recording $116 million and $117 million in new listings respectively. As a result, the average listing price jumped up dramatically in the 4th quarter, going from $2.3 million in Q4 2018 to above $3 million in Q4 2019. The median list price saw a more modest, yet still significant, increase from $1.26 million to $1.37 million – a jump of 9%. The spike in dollar volume and average listing price is supported by the price point of several high end listings in Q4 2019. While a similar number of these $3+ million listings hit the market in Q4 2019 and Q4 2018, this past year saw several ultra-high-end listings including: a contemporary home with stunning views atop Spring Creek Ranch for $15 million, a 3 lot estate on 20+ acres south of Wilson for $25 million, and a recently listed 18,000 sq foot home, guest home and barn on 215 acres in the heart of Jackson Hole for $35 million. For much of 2019, we saw higher priced inventory replace the lower price sales, a pattern that can’t be sustainable for long in our market. How will Q1 2020 compare? Will more high end listings continue to flood the market, while the “local’s market” sees fewer and fewer options? How will that affect demand in each of those segments? Stay tuned…

Tag Archive for: average sales price

What happened in July?

What Sold

$164,556,339

Total Sales Volume

166

Average Days on Market

$1,900,000

MEDIAN SALES PRICE

68%

Single Family Home Sales

72%

of property sales over $1M

16

TRANSACTIONS 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