Tag Archive for: jackson hole real estate stats

2021: February Sales in Jackson Hole

What SOLD in February?

$138M

Total Sales Volume

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Market Analysis

After a slow start to 2021, monthly sales picked up in February, recording 9 more sales than January. While February’s 46 sales may not seem like much compared to the busy months of 2020 (where close to 100 properties sold in every month in Aug/Sept/Oct), there were 20 more sales in Feb 2021 than in Feb 2020 and Feb 2019. February dollar volume was also much higher with $138 million in sales – more than February 2020 and February 2019 COMBINED. At least 3 out of every 4 sales were over $1,000,000 in February, with 14 sales over $3 million, accounting for 30% of all monthly sales. As a result, the average sale price topped $3 million for only the second time since the pandemic’s real estate boom hit Jackson Hole. The median sale price was also up topping $2 million for the second time in the past 6 months.

While the average days on market for February was 130 days, the reality was properties were selling very quickly and very close to the asking price. Nearly half of all sales in February or at or above the listing prices, resulting in an average sale to list price ratio of 99% – the first time since I started keeping stats in 2013. Vacant land sales accounted for nearly a third of all February sales – by far the highest monthly representation since I began tracking stats. The spike in lot purchases is a telltale sign of extremely low inventory levels. When buyers can’t find what they want already built, they resort to purchasing land and building their own home. As a result, Teton County’s land inventory is the lowest it’s ever been.

30%

Land Sales

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$2,137,500

MEDIAN SALES PRICE

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76%

of property sales over $1M

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14

TRANSACTIONS OVER $3M

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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.

2021: January Sales in Jackson Hole

What happened in January?

What Sold

After an unforgettable 2020, the first month of the New Year saw a decline in both real estate sales and dollar volume. Transactions were down 43% from December and marked the first time monthly sales dipped below 40 since June 2020, which was a slow month due to the COVID shut down in March and April. While January (and winter) is typically a slower month of the year, there were 4 fewer sales this past month than in January 2020. Total dollar volume was down nearly 50% from December, with just under $100,000,000 in January sales. Again, the first time we’ve seen dollar volume below $100 million since June 2020. Compared to last January 2020, sales volume was up slightly ($5 million), despite seeing 4 fewer sales. The decline in sales and volume is not an indication of a slowing market – quite the contrary, with demand for Jackson Hole properties far outweighing the available inventory levels (see below). The average sales price dipped in January, but was above $2.5 million for the 9th month in a row. The median sales price held steady at $1.65 million, nearly $400,000 higher than in January 2020. Demand for Jackson Hole properties remains very strong, with January sales closing, on average, at 97% of list price. Ten sales were at or above the listing prices in January, as more buyers seem to be circling than there are available listings. Single family homes accounted for just over half of all sales in January, a trend we’ve seen carry through from the second half of 2020. After 5 months of higher than usual land sales, that saw an average of 18 sales a month, vacant lot transactions dropped off in January, with only 5 sales. While nearly 3 out of every 4 sales in January occurred over $1 million, sales over $3 million declined with only 8 sales in January (after an average of 25 per month since July 2020).

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$95,111,162

Total Sales Volume

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138

Average Days on Market

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$1,649,217

MEDIAN SALES PRICE

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51%

Single Family Home Sales

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73%

of property sales over $1M

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8

TRANSACTIONS OVER $3M

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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.

2020: Year End Review – Five Year Trends and 2021 Forecast

Jackson Hole Real Estate Trends – Past 5 years

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Market Analysis

Real Estate Sales – Past 5 years

Well, 2020 was a year for the record books as statistics from this past year dwarfed all previous years. MLS sales had not exceeded 500 per year over the last 5 years and almost reached 650 in 2020 (a 37% increase over the previous 4 year average). Sales volume experienced even bigger gains in 2020. Looking back, we saw annual sales volume increasing from $634 million to $676 million from 2016 to 2017. The market took a jump in 2018, when sales volume increased more than $250 million from the previous year – a staggering 38% increase (with only a 13% increase in sales). The market stayed steady in 2019, with a similar level of sales and slightly less sales volume (about a 5% drop), a healthy sign after a very strong 2018. Enter 2020, where sales volume skyrocketed – up to $1.8 billion – more than DOUBLE the average annual sales volume of the previous 4 years. To put it in perspective: 2020 saw as much sales volume as 2018 & 2019 COMBINED!

As to be expected, the average sales price also experienced a record breaking increase, with the trend following that of sales volume: Average sales price hovered around $1.5 million in 2016 & 2017, jumped up to $1,892,000 in 2018 and cooled slightly in 2019 to just above $1.8 million. The average sales price in 2020 was $2.8 million, a $1,000,000 increase from 2019 and a 68% increase over the previous 4 year average. Wow! These record breaking increases were a result of unprecedented demand, as many out of town buyers flocked to Jackson Hole and competed with local buyers on property purchases. What resulted were many multiple offer situations, contributing to 170 properties selling at or above their listing prices in 2020 (more than 1 in every 4 sales). Compare that to the previous 4 years, where the highest percentage was 23% in 2018 (and only 17% last year). It’s interesting to track the various price points over the past 4 years. The $1-3 million segment follows the overall market growth, mirroring increases in overall sales and volume. In contrast, the luxury segment saw oversized growth in 2020. Back in 2017, there were just 42 sales in this high end segment. In 2018, sales in this segment jumped along with the overall market, recording 76 sales. After seeing a similar level of sales in 2019, this segment exploded in 2020 with 186 sales over $3 million, more than double the number of sales in the previous two years combined. On the other end of the spectrum, sales under $500,000 dropped off considerably in 2020, representing less than 5% of all sales.

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Market Analysis

Inventory Trends – Past 5 years

In a year of unprecedented demand, the Jackson Hole market saw a decline in inventory levels in 2020. Looking back over the past 5 years, new listings in 2016-2018 ranged between 613-632 per year. As a result of a busy 2018 in sales, sellers responded and new listings jumped in 2019, with nearly 700 new listings hitting the market. In 2020, inventory levels actually dropped, with barely enough new listings (685) to replace the 643 sales in 2020. It’s interesting to analyze the gap between sales and new listings over the past 5 years. In 2016 & 2017, new listings outpaced sales by 170 properties each year. In 2018, inventory tightened a bit, with 138 more listings than sales. In 2019, more listings hit the market, an increase in supply which held sales (and dollar volume) steady, as new listings outpaced sales by 203 properties. Compare those trends to 2020, where the gap between listings and sales was only 42, by far the lowest supply to demand (sales) we’ve seen yet.

Despite seeing fewer listings in 2020, the listing volume increased significantly from 2019, recording 17% more in volume (with 11 fewer listings). Looking back over the last 5 years, listing volume has increased each year, growing by roughly $250 million in the past 2 years in particular. The year 2020 saw a $325 million increase from 2019, pretty amazing considering there were actually fewer new listings in 2020! After increasing 12% in 2018, and holding steady in 2019 at just under $2.5 million, the average listing price jumped significantly in 2020 – up to more than $3.2 million, a 30% increase over 2019.

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2021 Forecast

By all accounts, 2020 in the Jackson Hole real estate market was one for the record books. Annual sales were up 30% and overall sales volume in 2020 was more than double that of 2019. The average sales price was $1 million higher than in 2019. Fewer listings came onto the market, but did so at higher prices as listing volume increased 17% and the average listing price nearly reached $3.2 million.

The global pandemic had buyers from all over the country, many of whom could now work remotely, escaping to less populated areas with access to the outdoors. Many had dreams to one day move to Jackson Hole, a favorite vacation spot, and the pandemic encouraged them to act. We saw buyers urgently shopping for Jackson Hole real estate at all price points, adding tremendous demand to a market with, for the most part, a permanently limited supply of properties.

Now with the vaccine rollout and a hint of normalcy on the horizon, do people still need to escape? Is it a permanent lifestyle change or just a temporary exodus? Do these buyers miss the city enough to move back? Even if they do move back, will we see that inventory come back on the market? Or, will many elect to keep their newly purchased property as a vacation home? How much inventory (supply) do we need to see a real effect on pricing? Right now, the Jackson Hole market has the lowest level of inventory in recent history. Pre-pandemic, demand for Jackson Hole properties was strong. Even if we go back to previous levels, there will still be enough demand to eat up existing low inventory levels. Regardless of the demand changes, we would need to see supply increase significantly for pricing to be affected.

Looking back over the past 30 years, Jackson Hole real estate has seen, on average, 6-8% annual appreciation, with a 5-10% correction every 5 years or so. The Jackson Hole market has been growing at a strong pace for the past 5+ years, with 2020 being an explosive year. For example a newly built home in Town sold for $675,000 in 2014, sold again for $1,050,000 in 2018 and was just listed for $2,150,000 – and is under contract! Some will argue that these levels of appreciation simply cannot continue and at some point we will see a correction. In larger markets and pockets in the nation that may be true, but will we see a correction in Jackson Hole? Again, to see any affect on pricing we need to see a sharp drop in demand or a significant increase in supply. At this point, it’s hard to imagine either of those happening.  We are still seeing buyers from across the country move their money from the stock market into real estate. Jackson Hole will continue to be a draw for many who value a sense of community, outdoor recreation and mountain living.

I think 2021 will be another strong year for Jackson Hole real estate. Record low inventory levels will make it challenging for all buyers, creating competition and multiple offers. We may see fewer sales because there are simply less options on the market, but pricing and values will remain strong.

Advice for Sellers in 2021:

Track your property’s value in today’s market. Be familiar with comparable sales, but also focus on current inventory levels, which may have more impact on market value. Properties that are priced with those two things in mind (vs. putting an unreasonable price tag on it) are receiving the most interest and selling quickly. (Talk to Katie about an aggressive yet accurate pricing strategy.)

Strategize for mass market exposure. There are many buyers out there with limited options to buy. As a seller, you will have the most success if you can reach them all at once. Finding one buyer will not be difficult, your goal should be to bring all the interested buyers to the table at the same time in order to achieve your desired terms of sale. (Talk to Katie about her unique strategies to obtain mass market exposure.)

Be prepared for multiple or quick offers. Think about what terms are most important to you: price? leaseback? quick closing? 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. (Have Katie join you for a tour of your home to discuss what you can do to increase your home’s value.)

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Advice for Buyers in 2021:

Know and follow the market. What are the recent comps? How are current inventory levels? Are you learning about properties before they hit the market? (Talk to Katie to make sure she is on the look out for soon to be listed properties for you.)

Determine what you want and be ready to act quickly. Know that there are many buyers for the same property. Get all your ducks in a row now. How will you position yourself to be the best candidate in a multiple offer situation? (Talk to Katie about proven strategies to “win” in these competitive situations.)

If you need to sell your home to buy something else, 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. Explore options that would allow you to purchase before selling (i.e. bridge financing, leasebacks, etc.) (Ask Katie to help you crunch numbers and brainstorm options.)

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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.

2020: Year End Listings Review – Jackson Hole

2020: New Listing/Inventory Analysis

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$2,175,597,500

LIST PRICE Volume

$3,176,055

AvERAGE LIST PRICE

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Market Analysis

New Listings in 2020

Slightly fewer new listings came onto the market in 2020 than in 2019. For many years, the Jackson Hole real estate market has suffered from low inventory levels (and high demand) and this year was no different. Through the first two quarters, new inventory trailed 2019 by 40 listings. After demand for Jackson real estate exploded in Q3, more sellers were encouraged to put their properties on the market for sale and new listings outpaced 2019 in the second half of the year. Despite seeing a total of 11 fewer new listings in all of 2020, the dollar volume of those 2020 listings was significantly higher.  New listing volume outpaced 2019 in 3 of the 4 quarters, finishing the year with $2.175 billion worth of new inventory – a staggering $323 million increase in new listing volume (with 11 fewer listings!). As a result, the average listing price jumped to over $3.1 million in 2020 (from $2.66 million in 2019). The median list price also increased in 2020, up over $2 million for the first time since I began tracking stats in 2013. An interesting thing happened in August of 2020: monthly sales started outpacing monthly new listings, meaning new properties hitting the market were not keeping pace with property purchases – further diminishing already low inventory levels and putting additional upward pressure on pricing.

Not surprising, 70% of new listings in 2020 were in excess of $1 million, with this segment seeing 32 more listings than in 2019. Breaking it down further, the largest shift occurred in the luxury market ($3+ million), which saw 83 more listings in 2020. All other segments under $3 million actually saw a decrease in new listings in 2020, with the $1-3 million price point seeing the largest drop (51 fewer listings than 2019). The breakdown in property type was consistent with 2019, so the shift in listing price can’t be explained by simply “more single family home listings” – prices were up across the board, with all property types seeing an increase in average listing prices.  That being said, we saw the largest spike in single family home listings come at the start of the third quarter, no doubt contributing to the record breaking sales numbers this past summer.

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$2,043,500

AvERAGE MEDIAN LIST PRICE

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70%

Listings over $1 million

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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.

2020: Year End Sales Review – Jackson Hole

2020: Transactions/Sales Volume – What Sold?

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$1,799,973,233

Total Sales Volume

$2,799,336

Average Sales Price

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Market Analysis

Real Estate Sales in 2020
2020 was a tale of two markets – pre-pandemic and the early stages of the shut down and the resulting Jackson Hole real estate boom that followed. The first two quarters of 2020 actually lagged the 2019 market, which was a very strong year. Sale transactions were down in Q1 and Q2, while sales volume kept pace with 2019 through the second quarter. In mid-June, the Jackson Hole real estate market started to pick up and then exploded in the summer. The second half of 2020 saw 200 more sales than in the second half of 2019, an increase of 70% over 2019. Sales volume skyrocketed, dwarfing sales volume levels from 2019, recording $898 million MORE in sales volume in the second half of the year vs. 2019, an increase of 165%! After a modest increase in Q1, the average sales price was roughly $1 million higher each quarter through the end of 2020, ending at $2.8 million for the year 2020. The median sales price was also up in 2020, increasing $437,000 to just under $1,600,000.
Similar to 2019, the majority of property sales in 2020 occurred in the $1-3 million price point. However, the largest shifts in price point occurred in the high and low ends of the market. Homes selling for above $3 million represented nearly 30% of all sales in 2020, while that same segment accounted for only 15% of all sales in 2019. On the other end of the spectrum, after representing 14% of all sales in 2019, sales under $500,000 accounted for less than 5% of sales in 2020.
The average sale to list price ratio was 97% or higher in 8 out of 12 months in 2020, as increased demand weakened buyers ability to negotiate on price. In that vein, 170 property sales in 2020 were at or above their listing prices, meaning more than 1 out of every 4 sales sold for full price (or above). Compare that to 2019, when just 17% of all sales were at or above the listing price.
Single family homes accounted for more sales in 2020, representing 52% of all transactions (vs. 46% in 2019). Fewer condo and townhome sales occurred in 2020 (30% of all sales vs. 40% in 2019), while land sales got a boost in 2020 – accounting for 18% of all sales (up from 14% in 2019).
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$1,592,167

Average Median Sales Price

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18%

of Sales were Land Lots

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2020: New Listing/Inventory Analysis

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$2,175,597,500

LIST PRICE Volume

$3,176,055

AvERAGE LIST PRICE

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Market Analysis

New Listings in 2020

Slightly fewer new listings came onto the market in 2020 than in 2019. For many years, the Jackson Hole real estate market has suffered from low inventory levels (and high demand) and this year was no different. Through the first two quarters, new inventory trailed 2019 by 40 listings. After demand for Jackson real estate exploded in Q3, more sellers were encouraged to put their properties on the market for sale and new listings outpaced 2019 in the second half of the year. Despite seeing a total of 11 fewer new listings in all of 2020, the dollar volume of those 2020 listings was significantly higher.  New listing volume outpaced 2019 in 3 of the 4 quarters, finishing the year with $2.175 billion worth of new inventory – a staggering $323 million increase in new listing volume (with 11 fewer listings!). As a result, the average listing price jumped to over $3.1 million in 2020 (from $2.66 million in 2019). The median list price also increased in 2020, up over $2 million for the first time since I began tracking stats in 2013. An interesting thing happened in August of 2020: monthly sales started outpacing monthly new listings, meaning new properties hitting the market were not keeping pace with property purchases – further diminishing already low inventory levels and putting additional upward pressure on pricing.

Not surprising, 70% of new listings in 2020 were in excess of $1 million, with this segment seeing 32 more listings than in 2019. Breaking it down further, the largest shift occurred in the luxury market ($3+ million), which saw 83 more listings in 2020. All other segments under $3 million actually saw a decrease in new listings in 2020, with the $1-3 million price point seeing the largest drop (51 fewer listings than 2019). The breakdown in property type was consistent with 2019, so the shift in listing price can’t be explained by simply “more single family home listings” – prices were up across the board, with all property types seeing an increase in average listing prices.  That being said, we saw the largest spike in single family home listings come at the start of the third quarter, no doubt contributing to the record breaking sales numbers this past summer.

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$2,043,500

AvERAGE MEDIAN LIST PRICE

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70%

Listings over $1 million

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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.

2020: December Sales in Jackson Hole

What happened in December?

What Sold

The concluding month of 2020 did not disappoint! While we saw a slight decline in transactions from November, December’s 65 sales was still nearly double that of December 2019 (34 transactions). The total dollar volume was 2.5x what it was in December of 2019, with nearly $170M sold last month alone.  Both the average and median sales priced dropped in December, but were still outperforming December of 2019.  For the 5th month in a row, the number of monthly sale transactions was greater than the number of listings that came on the market, further contributing to low inventory levels amidst unprecedented demand.

The luxury market settled down a bit, with 19 transactions over $3M in December, however still accounting for about 1/3 of total transactions in December.  Conversely, the under $500,000 price point saw just 1 transaction this month, a price point that did not see more than 5 transactions in any month this year. The sale to list price ratio hit an all time high of 98%, with 19 of the 65 transactions selling at or above list price! The number of condo/townhomes sales (23) finally rallied to almost even with single family home sales (26) this month.  What was surprising to note is the 16 vacant lot sites that sold in December accounts for 3x the number of land sales in December of 2019. With the amount of land that sold this year, we can speculate that general contractors have a bright outlook for 2021!

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$169,554,766

Total Sales Volume

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163

Average Days on Market

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$1,650,000

MEDIAN SALES PRICE

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40%

Single Family Home Sales

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63%

of property sales over $1M

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19

TRANSACTIONS OVER $3M

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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.

2020: November Sales in Jackson Hole

What happened in November?

What Sold

2020 continues to be quite a year! While we finally saw a slow down of real estate sales from the record setting past 3 months, November’s 76 transactions still exceeded all months prior to August 2020 this year. The total dollar volume in November also slowed, down roughly $39M from October, but still totaling $248M, more than any month prior to August 2020. While transactions and volume declined slightly from the unprecedented 3 recent months, the average and median sales prices actually increased. The average sale price was $3.2M in November (up from $2.9M in October), while the median sales price increased from $1.5M in October to $2.3M in November, illustrating significant activity in Jackson’s high end market.

In November, 31 sales occurred over $3 million (representing 41% of all sales). In fact, more than 75% of the sales were for properties over $1M. Since May of 2020, the under $500,000 price point has accounted for a 5% or less of the monthly transactions, with November recording just 4 sales under $500,000. Single family home sales have been a dominant property type, accounting for about 50% or more of each month’s sales since April and representing 41 transactions, or 54% of this months transactions. Land sales have also been consistently up since August, with 19 lot sales recorded in November. This increase in building site sales is most likely a result of dwindling inventory of single family homes, as we have moved more single family inventory in 2020 than we have in the history of the report (and we still have one month left to close out the year!). 

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$248,354,778

Total Sales Volume

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150

Average Days on Market

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$2,312,500

MEDIAN SALES PRICE

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54%

Single Family Home Sales

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76%

of property sales over $1M

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31

TRANSACTIONS OVER $3M

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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.

2020: October Sales in Jackson Hole

What happened in October?

What Sold

As we look at the October stats, the Jackson Hole real estate market has not slowed down, not one bit. Another historic 98 transactions hit the books! The 2020 year-to-date transaction count (499) has now surpassed the total sum of transactions in 2019 (493), and we still have 2 months remaining to close out the year! The 2020 dollar volume has also outdone 2019, with another jaw dropping $287,205,637 reported in October alone! Both the average and median sales price have remained consistent for the last three months, with the average sale price at just under $3M and the median hovering just around $1.5-$1.6M.
In July, we see the initial spike in sales activity, but the unprecedented numbers have remained consistent from August through October. The luxury price point accounted for 34% of the month’s transactions, and marks the highest transaction count we have ever seen in the history of the report for this segment.  In fact, the luxury price point in October alone (33) has outsold the under-$500,000 sales for the entire year to date (27)! We have also seen a consistent and significant number of land transactions in the last 3 months, with 20 land transactions reported in October. The increased activity in land sales can be attributed to the lack of single-family inventory remaining after the historic activity posted in the last several months. Based on the amount of property currently under contract, we do not see this trend dying down in November as the market continues to sizzle!
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$287,205,637

Total Sales Volume

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159

Average Days on Market

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$1,535,000

MEDIAN SALES PRICE

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48%

Single Family Home Sales

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64%

of property sales over $1M

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33

TRANSACTIONS OVER $3M

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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.

2020: September Sales in Jackson Hole

What happened in September?

What Sold

After seeing an unprecedented number of sales in August, September continued the historic trend with 98 monthly sales – a 72% increase over sales in September 2019. Total dollar volume in September eclipsed the record-breaking volume of August, recording nearly $300 million in real estate sales. This is nearly 3x the volume from September 2019 last year ($102 million), which at the time, represented the second highest monthly dollar volume in an overall strong year. September now marks the third month in a row of record sales volume starting with $164 million in July, $278 million in August and $291 million in September – a staggering total of $735 million in sales volume over the past 3 months. This is more than the annual sales volume of the entire year of 2017. Wow!
The average sale price remained strong at $2.9 million for the second month in a row. The median sale price was right around $1.5 million, thanks to a third of sales occurring between $500,000- $1,000,000 in September – a hot spot for local buyers and out of town buyers alike. The luxury end of the market ($3+ million) had another record-breaking month with 27 sales in September, representing nearly 30% of all monthly sales. There’s been 69 sales in this price point in the last 3 months alone compared to a combined 34 sales in the first 6 months of 2020. To put this in further perspective, the last two years saw an average of 75 sales per year in this price point. Through September we have had over 100 – and things don’t seem to be slowing down!
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$291,992,827

Total Sales Volume

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150

Average Days on Market

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$1,525,000

MEDIAN SALES PRICE

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52%

Single Family Home Sales

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74%

of property sales over $1M

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27

TRANSACTIONS OVER $3M

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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.

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.
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$278,698,182

Total Sales Volume

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160

Average Days on Market

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$1,657,500

MEDIAN SALES PRICE

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54%

Single Family Home Sales

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74%

of property sales over $1M

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26

TRANSACTIONS OVER $3M

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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.