Tag Archive for: jackson hole real estate summary

2020: December New Listings in Jackson Hole

What happened in December?

New Listings

New listings slowed in December, with only 29 properties hitting the market. After a surge in new inventory throughout the third quarter and an unusually busy November (44 new listings), December marked the second lowest monthly listings of this busy year. December is not a typically popular time to list a home for sale, and December’s new listing level was in line with December 2019 (30 listings). While only 29 listings hit the market, the average list price last month was a staggering $4M (again!) The median list price fell slightly to $2.35M, down about $350,000 from November, but still higher than December 2019 ($1,972,500).

The luxury market (properties priced over $3M) continued to be the dominant price point, accounting for 12 new listings in December. On the other end of the market, the $500,000 price point saw only 1 new listing – a mobile home listed for $315,000. Single-family homes were again the most popular new listing type, with 18 new homes hitting the market in December. While we saw an average of 20 new monthly land listings through the summer and fall, only 3 new vacant lots hit the market December, which is not usually a busy month for new lot listings. Inventory levels are extremely low as we enter 2021. The inevitable questions remain – with so much inventory moved in 2020, what is left to move in 2021?  Will we see a spring offseason in 2021? Or will the demand to relocate to Jackson Hole continue indefinitely?

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$116,366,000

New Listing Volume

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3

Vacant Lot Listings

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$4M

Average List Price

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$2.35M

MEDIAN LIST PRICE

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1

listing under $500,000

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20

Listings over $1M

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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 New Listings in Jackson Hole

What happened in November?

New Listings

November is typically a very slow month for new real estate listings, however this month 44 new properties hit the market, a slight increase (4) over October’s new listings. While the number of new listings are still down significantly from the summer highs of 2020, November’s new inventory is about 40% higher than November of 2019. The dollar volume of new listings also increased from October, up $40M, totaling $172M. With only 4 more listings and $40M more in volume, we are clearly seeing a higher price point of inventory hit the market in November. The average list price increased yet again to just shy of $4M! The median list price also increased significantly to $2.7M, up from $1.95M in October. The over $3M price point accounted for just under 50% of the total listings that hit the market this month.

While we continue to see more sales than new inventory, the gap between property leaving the market and property entering the market did start to shrink in November, a welcomed sign for the currently low inventory market. November saw 4 new vacant lots hit the market, which represents a decrease in land inventory levels that sold this summer. Fifty percent of new listings in November were single family homes, a segment that continues to dominate in terms of new inventory and sales transactions. The question remains: With extremely low inventory levels, and continued high demand for Jackson Hole real estate, will the available inventory “run out”? Will this trend continue to push up pricing? Or will it deter demand? For how long?

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$172,240,000

New Listing Volume

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4

Vacant Lot Listings

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$3.9M

Average List Price

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$2.7M

MEDIAN LIST PRICE

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5

listings under $500,000

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31

Listings over $1M

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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 New Listings in Jackson Hole

What happened in October?

New Listings

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

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

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$138,836,500

New Listing Volume

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9

Vacant Lot Listings

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$3,386,256

Average List Price

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$1,950,000

MEDIAN LIST PRICE

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0

listings under $500,000

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36

Listings over $1M

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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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[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: Q3 Sales & New Listings

Transactions/Sales Volume – What Sold?

$2,940,989

Average Sales Price

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$735,247,347

Total Sales Volume

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Market Analysis

If you’ve been following the Jackson Hole real estate market at all this summer then it will come in no surprise to hear that we’ve had one of the most explosive third quarters in market history. All market statistics were up in Q3 2020, many significantly so. The 3rd quarter of 2020 (July-Aug-Sept) recorded nearly 100 more sales than Q3 last year, which was considered a strong quarter/year. Monthly sales exceeded 2019 in every month, nearly doubling last year’s numbers in August and September specifically. Even more dramatic, overall sales dollar volume in Q3 2020 dwarfed numbers seen last year, up a staggering $448 million. Monthly sales volume in Q3 2020 was over double that of 2019.
As expected, the average sales price of the third quarter this year increased significantly, up more than $1 million over Q3 2019. The median sales price also increased, up an average of $500,000 over the 3 months of the third quarter, and far outpacing median sales prices in each month. Similar to 2019, the majority of sales in Q3 2020 occurred in the $1-3 million price point, however in 2020 there were 36 more sales in this price point. The largest shift from last year was in the luxury high-end segment ($3+ million) where 48 more sales recorded this year vs Q3 2020, no doubt a contributor to the historic sales volume seen this summer in Jackson Hole. Over half of the sales in the third quarter were for single family homes, an increase from 2019. Interestingly, 2020 saw fewer condo / townhome sales and more land sales as many out-of-town buyers looked to purchase land as existing inventory continued to dwindle.
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New Listings – What’s New?

$3,410,444

AvERAGE LIST PRICE

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$836,169,000

LIST PRICE Volume

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Market Analysis

It’s no doubt that demand for Jackson Hole real estate was up significantly this past summer, but how did things look on the supply/listing side? Overall new listings in Q3 2020 were up only slightly from 2019, mirroring monthly levels seen last year. While reporting a similar number of new listings as last year, the overall dollar volume of these listings increased dramatically, recording $200+ million more in volume in Q3 2020. Much of this increase can be attributed to a very strong September where a similar number of new listings hit the market but accounted for nearly $185 million more in listing volume than in Q3 2019. As a result, the average listing price for the third quarter increased nearly $1 million from this time last year. The average median list price for the quarter was also up, topping $2 million from $1.45 million in Q3 2019. Again, both helped by a very strong September which saw a monthly average list price over $4 million and a median list price of more than $3 million.
In an interesting flip from Q3 2019, the majority of new listings this summer were in the high-end luxury market with nearly 100 listings coming online priced above $3 million (compared to 46 new listings in Q3 2019). We saw significantly fewer new listings in the $1-3 million range while maintaining similar levels for price points under $1 million. As a response to the increased sales of building sites in Q3 2020, we saw an influx of vacant land listings, as many landowners saw this summer as a great opportunity to capture the new demand of out of town buyers frustrated by a lack of existing inventory.
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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 New Listings in Jackson Hole

What happened in September?

New Listings

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

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

$276,805,500

New Listing Volume

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

23

Vacant Lot Listings

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

$4,258,546

Average List Price

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$3,075,000

MEDIAN LIST PRICE

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

0

listings under $500,000

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

33

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: 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

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

$1,525,000

MEDIAN SALES PRICE

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

52%

Single Family Home Sales

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74%

of property sales over $1M

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

27

TRANSACTIONS OVER $3M

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[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: August New Listings in Jackson Hole

What happened in August?

New Listings

Inventory continued entering the market at a steady pace with 90 new listings coming online in August 2020. While down slightly from July (97 new listings) and June (100 new listings), a total of 297 new properties have entered the market this summer, exceeding the 288 new listings of the summer of 2019. Any fears about the global pandemic affecting real estate inventory in Jackson Hole seem to have been extinguished. Total volume of August listings topped $257 million, with an average list price of $2.85 million. After fluctuating for several months, the median list price settled in on $1.6 million in August, slightly below the average of $1.8 million during the previous 6 months. The slight majority of new listings were priced between $1-3 million, however 29 new properties entered the market in excess of $3 million in August. Four new homes were listed over $10 million, including a build-to-suit opportunity in Teton Village, a contemporary home in Spring Creek Ranch, and the 14 acre Piton Ranch near Teton Village, listed for $16.5 million and already under contract. Exactly half of August new listings were for single family homes however lot listings continued to flow into the market. Including August’s 15 new vacant land offerings (with an average listing price of $1.9 million), there have been 72 building sites newly available for sale since May 2020.

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$257,102,000

New Listing Volume

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

15

Vacant Lot Listings

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

$2,856,689

Average List Price

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$1,605,000

MEDIAN LIST PRICE

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

8

listings under $500,000

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

29

Listings over $3M

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[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.