27TH ANNIVERSARY DAVID VIEHMAN
DEVON VIEHMAN
LUKE SMITH
JOSIE DANIEL
Q2 2022
Where did all the buyers go? The overall number of sales is down 46%, and the dollar volume down 22%. This dramatic decrease comes from a multitude of issues not necessarily locally driven. Home mortgage interest rates nearly doubled, inflation hit a 40-year high in June, stocks suffered their worst first half of the year since 1970, and cryptocurrency took a big hit. Locally, the lack of affordable homes and condo/ townhomes under $1 million has cut the number of Buyers by more than 50%. For example, just 12 months ago, the first six months of 2021 registered 112 sales under $1 million. In 2022 we had a total of 18 sales under $1 million in the first six months. Step back to 2013 and there were 220 sales under $1 million by the end of June. NOTE: While the number of sales is within 10% of pre-pandemic levels, the dollar volume is double what we were seeing pre-pandemic with just over $1 billion in the first half of 2022.
Available inventory at the end of June 2020 registered 323 overall listings, and yet today, we only have 167. NOTE: Just three months ago, at the end of Q1 2022, there were only 65 active listings overall. While the increase in listings is expected this time of year, it’s still half of the normal available inventory for the end of June. Regardless, it’s good news for Buyers as there is almost three times as much to choose from just three months ago.
Even with a 46% decrease in sales the average and median sale prices are still breaking records across the board. The average and median sale price for a single family home increased 13% and 9%, respectively; the average and median sale price for a single family vacant lot increased 9% and 27%, respectively; and the average and median sale price for a condo/townhome increased 70% and 66%, respectively.
Looking ahead, we are seeing a softening of demand with inflation, rising interest rates, and lack of inventory in the lower price ranges. However, the softening is taking us from a frenzied market to one that is less so. Inventory is increasing and prices will start to moderate into a slower growth curve. While inventory levels are still at historic lows, without more Buyers in the market, some sellers will have to lower their expectations if they want to close in 2022.
While we normally do not focus on commercial activity in this newsletter—as the activity is usually too small—we feel it necessary to bring to our readers’ attention the fact that 31% of the dollar volume to date in 2022 was commercially driven. This was mainly due to four motel/hotels selling. Three were in the Town of Jackson and one was in Spring Creek Resort. The overall commercial dollar volume was $307 million, up 126% from the first six months of 2021.
Overall properties under contract are down 24%, yet the average list price is breaking another record at $4.23 million. NOTE: There were 76 overall properties under contract at the end of Q1 2022, yet only 58 today. This slowdown could reflect the multitude of issues mentioned above and/or the fact that the airport was closed this spring.
The Jackson Hole Report is the most widely distributed and trusted quarterly newsletter in Jackson Hole. To guarantee the most successful outcome in your next real estate transaction, call us today. 1
JACKSON HOLE REPORT / jacksonholereport.com
Data-Driven Report for the First Six Months of 2022 The Jackson Hole Report is the oldest, most accurate, and comprehensive real estate market report in Teton County, Wyoming. We derive our statistics from a privately maintained database that tracks every single sale, not just the transactions reported through MLS. NOTE: Only 55% of sale prices valley-wide in 2022 were reported to MLS. Were you shocked when you received your 2022 property tax estimate? If you would like an assessment of the current value of your Jackson Hole property, please contact us for a free comparative market analysis by calling 307-690-4004 or emailing david@jhreport.com. Q2 2022
THE OVERALL MARKET
When compared to the first six months of 2021, the overall market has dramatically decreased with 66% fewer sales and 22% lower dollar volume. In contrast, the average and median sale prices are up 46% and 77%, respectively. The segment where the number of sales decreased the most was residential vacant lots, down 64% when compared to Q2 2021. While inventory levels are still at historic lows, the lack of inventory under $1 million will slow the number of sales in the second half of 2022. Geographically, the Town of Jackson experienced the most activity (100 sales), accounting for 44% of all sales in the valley and 37% of the total dollar volume ($366 million). NOTE: While sales in the Town of Jackson were down 37%, the dollar volume was up 19% when compared to the first six months of 2021. The increase in dollar volume was a direct result of three motel/hotel sales totaling over $100 million.
Closings
226 Down 66%
Luxury Market
$1.002B Overall Dollar Volume 22% Decrease
Inventory
167
Active Listings Valley Wide All Home, Lot, Condo, Multi-Family & Commercial
The Luxury Market—properties priced at $5 million and above—registered 59 sales (down 20%). The hottest segment overall is between $5 and $10 million where 47 sales closed. Single family homes claimed 56% of luxury sales (33 transactions), with 30% of those on the Westbank. Luxury listings under contract are down 23%, with only 10 sales pending. NOTE: There are 53 properties on the market in the $5+ million price range, up 6% from Q2 2021. The most expensive overall listing is on the Westbank: a 50-acre parcel on the north side of Highway 22 and just West of the Stilson Park. Completely fenced with two seasonal waterways and 360-degree views. It’s listed for $50 million. To learn more about the Jackson Hole Luxury Market, please visit JacksonHoleLuxuryReport.com.
*In this report, “Overall Active Listings” refers to all listings in Teton County combined (homes, lots, condos, multi-family, commercial and farm-ranch), minus Timeshare, Deed Restricted, Leasehold Interest and all properties in Alta, WY. 2
JACKSON HOLE REPORT / jacksonholereport.com
Q2 2022
THE OVERALL MARKET (continued)
Under Contract
QUICK FACTS
Inventory
The overall number of properties under contract has declined with 58 properties currently in negotiations (down 24%). In contrast, the average list price is up 25%, breaking yet another record. All segments experienced a decrease in the number of properties under contract, with the most being condo/townhomes, down 37%. The decrease is directly related to the lack of inventory under $1 million, with only six currently listed. Overall inventory of active listings increased 15%, when compared to Q2 2021, marking the second lowest number of overall active listings in over 50 years at mid-year. Single family homes increased only 8%, vacant residential lots went up 12%, and condo/ townhomes went up the most at 70%. Homes for sale under $1 million are non-existent, with the least expensive home currently priced at $1.695 million. NOTE: On July 1, 2011, there were 104 homes listed for under $1 million with an average list price of $2.795 million versus today’s average list price of $6.08 million.
• There are currently 12,221 free-market deeds (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (3,699); Town of Jackson (4,115); North of the Gros Ventre River (1,442); and South of the Gros Ventre River to the County Line (2,965). • There are 1,887 deeds worth at least $5+ million (luxury properties) throughout the valley. Currently, the Westbank is home to almost half (898). • Due to the Great Recession, overall inventory peaked in 2010 at 842 available properties. We have since experienced a continued decline in inventory since then, with overall available properties showing 167 listings. In 2020, prior to COVID, overall active listings hovered around 375.
Jackson Hole Report Podcast Tune into our Podcast at JHreport.com for a current and more in-depth conversation about the real estate market. Be sure and listen to our various other podcasts that cover an array of subjects including Buyer and Seller tips, home inspections, visiting with a local mortgage broker, etc.
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JACKSON HOLE REPORT / jacksonholereport.com
SINGLE FAMILY HOMES
Q2 2022
Demand for single family homes softens (down 45%), with 96 sales so far in 2022. In contrast, the average and median sale prices are up 13% and 9%, respectively. Both setting records for mid-year, the average sale price was $4.69 million, and the median sale price was $3 million. The decrease in overall home sales can be directly linked to the lack of affordable inventory as the least expensive home currently on the market is $1.695 million. NOTE: In the first six months of 2022, 45 homes (47%) sold for between $1 and $3 million. Also noteworthy is only two homes sold in this timeframe for under $1 million. Compare that to 2018 when 42 homes sold for under $1 million in the first six months.
Under Contract
Luxury Market
The number of single family homes under contract has slowed (down 34%), and the dollar volume is down 46% to $65 million. Following suit, the average and median list prices decreased 18% and 22%, respectively, when compared to Q2 2021. With the dearth of available inventory under $2 million, the $1 to $3 million segment is now the most active in the valley; 44% of the homes currently under contract fall into this segment. The luxury, single family home market ($5+ million) number of sales and dollar volume are both down 34%. Of the 33 sales, 7 were priced at over $10 million, with three of those closing for over $15 million. NOTE: The number of luxury listings is up 9%.
The inventory of listed homes increased 8% to 82 listings, with none listed for less than $1.5 million. Following suit, the median list price is again record breaking, up 1% to $4.5 million. This is due in part to 43% of the current listings being considered Luxury (priced at over $5 million).
Inventory
Current available inventory breaks down as follows: 8 homes between $1 and $2 million (down 33%); 13 homes between $2 and $3 million (no change); 26 homes between $3 and $5 million (up 53%); 24 between $5 and $10 million (up 14%); and 11 over $10 million (down 8%). Currently, the least expensive single family home, located in the Hoback Junction area, is listed for $1.65 million. The one-acre parcel features a 1,488 sq. ft., three-bedroom, twobath home, built in 1972. .
QUICK FACTS
Least / Most Expensive
The most expensive home, located south of Wilson, is listed for $27.65 million. The main home, built in 1977, has 2,664 sq. ft. with two bedrooms and two baths. An adjoining parcel is included in the list price totaling 75-acres. It includes Trail Creek on the western portion and superb, long-distance views.
• Currently, there are 6,054 free-market, single family homes (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (1,753); Town of Jackson (1,412); North of the Gros Ventre River (948); and South of the Gros Ventre River to the County Line (1,941). • There are 1,227 luxury, single family homes worth at least $5 million throughout the valley. Almost half of these homes are located on the Westbank. • There are 174 homes in the valley situated on 35+ acres.
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JACKSON HOLE REPORT / jacksonholereport.com
Q2 2022
CONDO/TOWNHOME SALES
Condo/townhome sales decreased in the first six months of 2022 with 66 sales (down 51%). In contrast, the average and median sale prices increased 70% and 66%, respectively, when compared to 2021. NOTE: the average and median sale prices are both record-breaking for mid-year sales.
HOT SPOT!
Town of Jackson
Under Contract
Inventory
The number of sales under $1 million is down 84% (12), whereas the number of sales over $3 million is up 113%. The hot spots were the Town of Jackson and Teton Village with 39 and 15 sales, respectively.
The number of condos/townhomes under contract has decreased with 21 properties currently in negotiations (down 37%), and the dollar volume down 8%. In contrast, the average list price of $2.83 million is up 45% and the median list price of $2.575 million is up 98%—both record-breaking. The increase in the average list price reflects a decrease in listings under contract for under $2 million (down 53%).
Available inventory of condos/townhomes has seen a generous increase of 70% (39 listings). NOTE: In 2009 the market peaked with 214 available listings, and from 2015 to 2020 the average number of listings mid-year was 75. The median list price hit an alltime high at $2.1 million (up 45%), due to the lack of listings under $1 million (only six). Based on mid-year results, current inventory offers only four months of condo/townhome stock. NOTE: Of the current available inventory, 15% is listed for less than $1 million, with the least expensive at $605,000—a 410 sq. ft. studio in Teton Village.
QUICK FACTS
Hire us as your Advocate. If you are looking for a condo or townhome in today’s tight inventory market you need to hire us as your advocate. We will find what you are looking for, and then educate and prepare you to win at today’s real estate bidding wars. • Currently, there are 3,243 free-market condos/townhomes (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (1,146, with 681 in Teton Village); Town of Jackson (1,722); North of the Gros Ventre River (92); and South of the Gros Ventre River to the County line (283). • There are 145 luxury condos/townhomes worth at least $5 million throughout the valley. All are within Teton Village, except for six in the Town of Jackson.
Jackson Hole Report Podcast Tune into our Podcast at jhreport.com for a current, and more in-depth conversation about the current real estate market.
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JACKSON HOLE REPORT / jacksonholereport.com
Q2 2022
SINGLE FAMILY VACANT LAND SALES
Single family vacant lot sales decreased in the first six months of 2022 with 30 sales (down 64%). Following suit, the dollar volume was down 61% when compared to mid-year 2021. In contrast, the average and median sale prices are up 9% and 27%, respectively—both record breaking. NOTE: The Luxury Market ($5+ million) had 9 sales over $5 million (down 31%), and one over $10 million.
Under Contract
Inventory
Single family vacant lots under contract: Eleven properties are currently in negotiations (down 8%), with the least expensive being $998,000. Nine are listed for between $1 and $2 million.
Available inventory of listed lots increased by 12% and dollar volume is up 87% from Q2 2021. Following suit, the average and median sale prices increased 62% ($6.27 million) and 57% ($2.825 million), respectively—both record breaking, when compared to 2021. The increase in the average and median list prices reflect the lack of inventory under $1 million (0). NOTE: Demand is slowing, so we do not expect appreciation to continue in 2022. Based on mid-year results, there are currently only 8 months of available inventory. Current available inventory breaks down as follows: 0 lots under $1 million; 12 lots between $1 and $2 million; 9 lots between $2 and $3 million; 7 lots between $3 and $5 million; 5 lots between $5 and $10 million; and 5 lots over $10 million.
QUICK FACTS
Hire us as your Advocate. If you are looking for a single family vacant lot in today’s tight inventory market you need to hire us as your advocate. We will find what you are looking for, and then educate and prepare you to win at today’s real estate bidding wars.
• Q2 2022 registered the second lowest number of available single family lots in 35 years (37). • Currently there are 1,031 platted and vacant residential single family lots under 35 acres in Jackson Hole. Of those, only 371 (36%) are located on the Westbank. • Currently there are 238 platted and vacant residential single-family lots over 35 acres in Jackson Hole that are not under any type of a conservation easement.
Jackson Hole Report Podcast Tune into our Podcast at jhreport.com for a current, and more in-depth conversation about the current real estate market.
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JACKSON HOLE REPORT / jacksonholereport.com
JACK S ON H O L E LUXURY REPO RT Market dynamics have changed drastically during the 27 years we have published the Jackson Hole Report. During our tenure tracking real estate, we have marveled at the growth of the high-end market and came to realize this elite segment warranted special attention. For this reason, in 2013 we created the Jackson Hole Luxury Report, a limited edition newsletter focused exclusively on high-end properties, which, until recently, we defined as homes priced over $3 million. With the luxury bar raised so dramatically in 2020, going forward the Luxury Report will only focus on sales above $5 million. The purpose of this limited edition report is to provide high-end Buyers and Sellers with a clear understanding of the local luxury landscape. Building on the analysis of the Jackson Hole Report, we delved more deeply into the dynamics of the market above $5 million. Since 2013, each semi-annual edition has brought great response and feedback from our readers. Some seek our vast knowledge of property values for estate planning or when considering selling. Others need more information about the overall Luxury Market. Many existing and future property owners also request more information about real estate related services such as caretaking, asset management and villa rental opportunities. The singular nature of luxury listings in Jackson Hole requires that each sale be examined in great detail, and truly special properties must be considered incomparable. When pricing this type of property, you need a luxury data specialist to ensure success. As a courtesy to new clients, we provide a free confidential market analysis of their distinctive property and continue to update the current value of the property for estate planning and/or trusts. While the Luxury Report focuses on luxury homes, condos, and single-family vacant parcels, our mailing list considers a wider lens, inclusive of select commercial properties, large tracts of land, and ranches in Jackson Hole. Currently there are 1,887 properties worth $5+ million in Jackson Hole on our mailing list. If you would like to know what your luxury property is worth in today’s market, please contact David Viehman at (307) 690-4004 or at david@jhreport.com To sign up for the digital version of the Luxury Report, visit JacksonHoleLuxuryReport. com.
IT ’S OFFICIA L !
View the video and property at 165Huckleberry.com. 7
We are pleased to announce that our signature film of 165 Huckleberry won the Best sales and marketing campaign for a luxury property 2019. The Inman Golden I Club is nothing less than the highest honor in luxury real estate. Since it’s launch in August, the film has had over 45,000 views. Contact us to see if your property qualifies for this marketing initiative. It isn’t always just about the price point as many unique properties in the area are also a good fit.
Call us today if you are considering purchasing real estate this year in Jackson Hole. We are the Realtors you want on your team. But, don’t take our word for it. Read what a recent buyer and seller had to say about their experience:
Luke was a pleasure to work with and made the entire home buying process straightforward and uncomplicated. Locally raised and deeply familiar with the Teton County market, Luke was able to help me secure an off-market deal in a highly competitive environment with multiple bidders. Luke’s team is a huge added bonus, as they were able to assist in getting up to the complex right away to take pictures/videos of the unlisted units in which I was interested. Luke also used a very clear template to outline and keep track of all the deliverable dates and milestones during the escrow process - a fantastic resource that greatly appreciated. Finally, Luke made it incredibly simple to close the transaction while I was out of the area and went above and beyond to help connect me with the resources I needed to make this investment property successful. I would highly recommend Luke to anyone in the WY/ID area looking to sell or buy a home! RYAN TOWNSE ND JAC K S O N HO L E / WE ST HO L LYWO O D
I’d like to express my belated appreciation to you David, Devon and the rest of the team for the very professional manner in which you represented my Jackson property and me. I was pleased with the outcome, and I hope that you were, also. If asked, I will definitely give you and the team a favorable recommendation. I hope that you have a very successful year. LO R A HITTL E
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JACKSON HOLE REPORT / jacksonholereport.com
Live your luxury.
Escape the everyday … with the luxury of the great outdoors. Live Your Wyoming Dream Engel & Völkers
Jackson Hole . Star Valley . Sublette . Dubois . Teton Valley . Swan Valley jacksonhole.evrealestate.com | starvalley.evrealestate.com | sublette.evrealestate.com
Photo Features Real Estate Advisor Jo Gathercole
Extensive · Domestic · Global · Exposure
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ot all properties are created equal, yet Engel & Völkers values every home our advisors represent and will dedicate the expertise, time, and unmatched marketing resources we possess to help you sell your
property to the right buyer at the right price. Our Extensive Domestic & Global Exposure (EDGE) platform provides unprecedented reach to get your property in front of qualified consumers, whether they are next door, in The Americas or abroad, because they deserve to see it, and you deserve to sell it. Working with an Engel & Völkers advisor gives you the EDGE that allows each home listing extensive online exposure in major markets where a potential buyer for your property may exist, with today’s savvy consumers and international clientele. But we don’t stop there ...
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Our deep knowledge of the valley combined with Engel & Volkers Jackson Hole makes us your Local Real Estate Experts. Whether you are pricing your property to sell in this competitive market or weighing the right time to buy, rest assured that when you are our client, you have the upper hand through access to current market statistics and our impeccable level of service and personal attention. For a free comparative market analysis, please contact us by calling (307) 6904004 or emailing david@jhreport.com. The JACKSON HOLE REPORT is published semi-annually, with additional email updates for the first and third quarters. While other Realtors attempt to report on our local market with MLS statistics only (MLS historically tracks 65-70% of the market), we track every single transaction in Teton County. This data-driven report is the oldest, most accurate and trusted real estate news source in Teton County, Wyoming. We are your “True North” of valley real estate reporting. If you would like to sign up for quarterly email updates or need more detailed information about our local real estate market, please call (307) 690-4004 or email david@jhreport.com. We hope this report has given you a snapshot of market trends. As always, we would be glad to discuss them further with you. Please contact us if you plan to list your property in 2022, would like a more detailed analysis of specific areas or back issues of the Jackson Hole Report, or if you are seeking a professional Realtor to represent you in your next real estate transaction. We look forward to working with you. Sincerely,
David E. Viehman, Associate Broker Devon Viehman, Associate Broker “Wyoming Realtor of the Year 2013” Luke Smith, Associate Broker, WY & ID Josie Daniel, Sales Associate Jackson Hole Report Engel & Volkers Jackson Hole Testimonials Direct: 307-690-4004 www.jacksonholereport.com david@jhreport.com
*While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call Devon, Luke, or David today. “We are the Experts”. *All statistics are supplied by sources that have been deemed reliable but are not guaranteed. *All statistics quoted in this newsletter are based on sales in 2022 compared to sales in 2021. *Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale. *Average sale price is the total combined dollar volume divided by the number of sales. *In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, ranch), not including Alta, WY. *The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value. © Copyright 1995 - 2022 by David Viehman and Devon Viehman, dba Engel & Volkers Jackson Hole. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David Viehman.
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JACKSON HOLE REPORT / jacksonholereport.com