Jackson Hole real estate Archives - Page 2 of 12

2020: Year End Sales Review – Jackson Hole

January 18, 2021/in Asking Prices, Average Sales Price, Buyers, Condos, Days on Market, Foreclosure Properties, High End Real Estate, Inventory Levels, Investment Property, Jackson Hole Real Estate, Jackson Hole Report, Market Report, Market Reports, Market Statistics, Multi-family, New Listings, Over $1 million, Past Sales, Properties under $500, Sale to List Price Ratio, Sales Volume, Sellers, Single family homes, Supply/Demand, The Jackson Hole Report, Town of Jackson, WY, Year in Review/by Molly Stewart

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).

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.

2020: Q4 Sales & New Listings

January 14, 2021/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

After a record setting Q3 2020 (with 100 more transactions and more than double the sales volume), it was hard to imagine the trend would continue past the busy summer selling season. Well, 4th quarter sales suggest things are not slowing down – recording 107 more transactions than Q4 in 2019. Even more impressive was the sold dollar volume this past quarter – up a staggering $450 million from the fourth quarter in 2019. Put another way, while the number of real estate sales increased 81% over Q4 2019, the sales volume increased 177% from this time last year. These unprecedented statistics illustrate an ongoing explosion of demand in Jackson Hole real estate as out of town buyers continue to flock to places like Jackson Hole amid the pandemic. This seemingly bottomless demand for the JH lifestyle helped push the average sales price up more than $1 million over the 4th quarter of 2019. Sale prices increased across the market, with the median sales price up every month, including a $1.2 million bump in November alone. Nearly every price point saw significant increases in sales, with the most notable shift occurring in the high end luxury market, where 60 more properties sold above $3 million in Q4 2020. The only segment not seeing a significant increase in sales was the entry level, where 2 fewer properties sold under $500,000 in Q4 2020. Vacant land sales experienced an unexpected surge in sales, representing 28% of all sales in Q4 2020 vs. 14% of sales in Q4 2019. As existing single family homes were snatched up this past summer, many buyers were forced to purchase building sites as an alternative way to get into the Jackson Hole market. Single family homes sales represented only 33% of sales in Q4 2020 (vs. 47% of sales in Q4 2019).

New inventory was up in the fourth quarter, with 24 more listings hitting the market than in Q4 2019. More sellers put their properties on the market in October and November this year, no doubt encouraged by the booming real estate market. The dollar volume of those new listings also increased, up nearly $150 million over Q4 2019, thanks to a strong November that saw $172 million in new inventory hit the market. Overall, the average listing price was up in Q4 2020, with the majority of that increase coming from the month of November, where the average listing price was just under $4 million, up from $1.7 million in November 2019. The median list price followed a similar trend, with November’s median listing price $1.5 million higher than Nov 2019. The breakdown of listing price points was nearly identical between Q4 2020 and Q4 2019 with one exception – the luxury market ($3 million+) saw listings increase two fold, with nearly 50 properties entering the market in the last 3 months of 2020. Interestingly, this past December’s listings and listing volume didn’t see the same increases as the previous months in 2020. Listings, dollar volume and average/median listing prices were instead all on par with December 2019. Are things slowing down? Has everyone that wanted to sell already sold their properties? What is in store for inventory levels in 2021?

2020: December New Listings in Jackson Hole

January 14, 2021/in Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Real Estate Sales/by Molly Stewart

New listings 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?

2020: December Sales in Jackson Hole

January 14, 2021/in Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales/by Molly Stewart

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!

2020: November New Listings in Jackson Hole

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

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?

2020: November Sales in Jackson Hole

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

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!).

2020: October New Listings in Jackson Hole

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

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

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

2020: October Sales in Jackson Hole

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

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!

2020: Q3 Sales & New Listings

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

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

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

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

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

2020: September New Listings in Jackson Hole

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

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

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

Tag Archive for: Jackson Hole real estate

2020: Transactions/Sales Volume – What Sold?

$1,799,973,233

Total Sales Volume

$2,799,336

Average Sales Price

Market Analysis

$1,592,167

Average Median Sales Price

18%

of Sales were Land Lots

2020: New Listing/Inventory Analysis

$2,175,597,500

LIST PRICE Volume

$3,176,055

AvERAGE LIST PRICE

Market Analysis

$2,043,500

AvERAGE MEDIAN LIST PRICE

70%

Listings over $1 million

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?

$2,950,273

Average Sales Price

$705,115,180

Total Sales Volume

Market Analysis

New Listings – What’s New?

$3,771,141

AvERAGE LIST PRICE

$427,442,500

LIST PRICE Volume

Market Analysis

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in December?

New Listings

$116,366,000

New Listing Volume

3

Vacant Lot Listings

$4M

Average List Price

$2.35M

MEDIAN LIST PRICE

1

listing under $500,000

20

Listings over $1M

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

What happened in December?

What Sold

$169,554,766

Total Sales Volume

163

Average Days on Market

$1,650,000

MEDIAN SALES PRICE

40%

Single Family Home Sales

63%

of property sales over $1M

19

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.

What happened in November?

New Listings

$172,240,000

New Listing Volume

4

Vacant Lot Listings

$3.9M

Average List Price

$2.7M

MEDIAN LIST PRICE

5

listings under $500,000

31

Listings over $1M

Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.