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.

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.

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.