Jackson Hole Real Estate Report | 2022 Year End

Introduction

For the first time in Jackson Hole real estate history the single-family home average sale price tops $5 million. Not only is this record-breaking, but it only took three years to double – 2019 the average sale price reached $2.6 million. If that shocks you, consider the average list price of a single-family home at year’s-end was $7.6 million. NOTE: There are currently only eight homes listed for under $2 million versus 24 homes listed for over $7 million.

Dollar Volume Still Strong: Looking back, Q1 2022 ended with 57% fewer sales than Q1 2021 in the height of COVID. This dramatic drop in the number of sales continued throughout the year, ending with 49% fewer sales than year’s-end 2021. Normally, with this dramatic drop in the number of sales, one would think the dollar volume would follow. This was not the case in 2022 as the dollar volume was only down 24% to $2.25 billion— the third highest annual dollar volume in Jackson history.

So, what’s going on? The dramatic drop in the number of sales can be attributed to home mortgage interest rates doubling, inflation hitting a 40-year high, trillions of dollars wiped out in the stock market, and cryptocurrency taking a big hit. Locally, the lack of affordable homes and condo/townhomes under $1 million cut the number of Buyers by more than 50%.

NOTE: At the beginning of 2022, no single-family home was listed for under $1 million. By the end of the year only two homes actually sold for under $1 million. These compounding factors have sidelined Buyers who are waiting to see what happens next.

The strong showing in dollar volume this year was not unexpected. Part of the increase came from the

To subscribe to our Jackson Hole Report, please email us at david@jacksonholereport.com, or visit our website at JacksonHoleReport.com.

commercial side of the market with $696 million in dollar volume; most of which came from the sale of five hotels in the valley: Four Seasons in Teton Village, Amangani in Spring Creek Ranch, Red Lion Wyoming Inn, Homewood Suites, and Motel 6 in the Town of Jackson.

The record-breaking average sale price increases across the board also contributed to the strong dollar volume. The average condo/townhome sale price increased 81%, vacant residential land sale price increased 10%, and the single-family home sale price increased 6%.

Inventory: Why are we not seeing more inventory hitting the market? Except for a few high-end spec homes and a handful of new luxury condos in the Town of Jackson, we continue to experience limited new inventory. Resale inventory continues to plummet, too, except for the few locals who have cashed in after retiring and/or moved over the hill or to Alpine. Take for example the three most popular residential neighborhoods in South Park: Melody Ranch, Rafter J, and Cottonwood Park. In 2022, these three neighborhoods had a total of 29 home sales versus 2019 with 44 home sales and 2013 with 73 home sales.

Inventory level 3rd lowest in 40 years: While the overall number of available listings increased 63% from this period in 2021, it’s still the third lowest we’ve seen in 40 years with 166 active. NOTE: The highest overall number of active listings in the history of Jackson Hole happened back in 1996 with 1,596 active listings at year’s end. Of those, 529 were singlefamily homes versus the mere 77 single-family homes currently on the market.

Five factors contribute to this lack of inventory; the largest being the lack of local property owners trading up. It is estimated that up to 35% of all transactions in the last 30 years have been trade-ups. Historically, a first-time home buyer in Jackson would purchase a small condo. After a few years, enough equity accrued to sell the condo and buy a small, single-family home with a backyard. After a few more years of built-up equity, the homeowners would trade up to a home with a few acres. Today, as prices have skyrocketed, it is almost impossible for a condo owner to trade up to the least expensive single-family home ($1.3 million)— putting the American dream of home ownership out of reach for many. NOTE: At the end of 2022 only 1.4% of all free-market deeds were listed for sale in Teton County. Nationwide, the average in a given county at any given time is 10% of the overall free-market deeds.

While no one knows exactly what the future has in store for Jackson Hole, we predict prices will flatten out in some segments and continue to climb in others. Those hoping competition will slow in 2023 are out of luck. We believe in 2023 Buyers can expect trends similar to the past two years: elevated prices, low

inventory, and bidding wars on well-priced listings. Also, expect inventory levels to decrease continuously until Spring 2023.

When buying real estate in the next year, it will be important to watch new listings (including ‘coming soon’ listings) and be prepared to not only visit the property quickly, but to decide and extend an offer almost immediately. That said, don’t overpay. Prices will be up, but that doesn’t mean you have to pay something outside of the current market. Make sure you have a local Realtor to help navigate you through the bidding process and provide as many recent comps as possible. Be sure to also make your offer contingent upon an appraisal. If it does not appraise at the agreed to price, you can renegotiate or back out.

Hire us as your Advocate. If you are looking for a property 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.

This year’s record-breaking performance continues to bring many questions and concerns to the forefront. So many that we cannot begin to cover them in this report. Instead, tune in to our Jackson Hole Report Podcast at jhreport.com. Here are some of the topics we will cover in our 2022 year-end episode:

• Average sale price records across the board!

• Five factors contributing to the ever-shrinking inventory

• The least expensive, single-family zoned home currently on the market at $1.13 million

• Why property owners “are not willing to sell” at this time

• Have real estate prices in JH flattened out?

• Where did the other 50% come from in 2022?

• Jackson’s construction boom – residential and commercial

Our decades of experience have taught us to treat each Buyer, property, and homeowner as if they were part of our family. As your Realtor, we will be by your side throughout the process, fulfilling our promise to offer the highest level of client communication and service. We cover all areas and property types in the region, including Teton Valley, Idaho; Star Valley; and Pinedale, Wyoming. We invite you to place your trust in us. Contact us today at (307) 690-4004 for a consultation to buy or sell.

All of our valley-wide analyses have been updated as of the end of 2022 and are available online at jacksonholerealestatereport.com/inventory/. To subscribe to our Jackson Hole Report, please email us at david@jacksonholereport.com or visit our website at jacksonholerealestatereport.com/contact.

To guarantee the most successful outcome in your next real estate transaction, call us today. The Jackson Hole Report is the most widely distributed and trusted quarterly newsletter in Jackson Hole.

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.

What Is a Comparative Market Analysis?

A comparative market analysis (CMA) estimates a property’s price based on the currently listed and recently sold properties in the immediate area and considers a property’s location, views, privacy, age, size, construction, style, and condition among other factors.

A CMA helps sellers choose the best listing prices for their properties. The “best” price is one that’s not so low it leaves the seller in more debt or so high the property won’t sell. For buyers, a CMA can verify if a property is in the right price range and help pinpoint a competitive offer that will be taken seriously—without going overboard.

Most of our Property Owner clients start their process of selling by receiving a CMA. Some decide to list right away, and others plan to in the future. Regardless of when you decide to sell, we will continue to update your CMA annually or semiannually, depending on your preference. Many of our clients find these reports valuable when Estate Planning or filing year-end taxes. Others just want to know where their investment stands in today’s market.

Our team offers a free, no-obligation, comprehensive market analysis to all clients and customers. To get started, fill out the form on our website or you can print out the certificate on this page and either scan it back or drop it in the snail mail.

David, Devon and Luke did an outstanding job for us from the start to close of escrow. They were most helpful in planning the timing of the sale to meet our retirement and relocation dates. Their advice on setting a realistic and marketable listing price was an example of their knowledge and familiarization of the Jackson real estate market.

STEVE & KATHI MICHEL

David and Devon Viehman are the best realtors I have ever worked with - buying or selling a property in the Jackson Hole area. This is the third home I have sold in Jackson, and they did it in one day! From the time the offer was placed to the closing they responded to phone calls, texts, and emails immediately. Wise advice and guidance throughout the process. I will use them again in the future and would not even consider anyone else in Jackson to work with.

ROSANNA MITCHELL

NAME EMAIL PHONE CMA PROPERTY ADDRESS

Here’s what a few of our CMA clients experienced:

JACKSON HOLE TETON VALLEY, IDAHO STAR VALLEY

The Jackson Hole Report is the oldest, most accurate and comprehensive real estate market report in Teton County, WY. We derive our statistics from a privately maintained database that tracks every single sale—not just the transactions reported through the MLS. NOTE: Only 57% of sale prices valley-wide in 2022 were reported to MLS.

THE YEAR IN REVIEW 2022 SALES AND TRENDS

Overall Market

The year closed with the overall market including all home, lot, condo, and commercial transactions or listings—reporting 49% fewer closings than 2021 for a total of 428 in 2022 in Teton County. While the overall dollar volume decreased 24%, it was still the third highest in history. The year closed with $2.25 billion. The Luxury Market (properties priced over $5 million) also reported 32% fewer closings in 2022. This decrease in overall sales can be directly attributed to the lack of overall inventory. Historically, 1997 recorded the highest number of active listings at year’s end with 1,596. By 2002, that number had dwindled to 633 at year’s end. Since 2014, we have not broken 500 active listings at year’s end, and at the end of 2022 we had a mere 166 active listings (all home, lot, condo, multi-family, and commercial)—valley wide!

The hotspot in 2022 sat between $1 and $3 million, where 191 transactions (45%) occurred. The steady demand in this segment continues to be fed by the 200% increase in inventory compared to year’send 2021. With 24 homes listed in this price range, we predict prices will level off in 2023. Zoom Town Buyers and Baby Boomers will continue to flock to our market, but our underlying question remains: How much inventory will be available for Buyers? NOTE: This is the third lowest level of overall available inventory in more than 40 years.

Strong commercial sales: 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 in 2022 was commercially driven. This was mainly due to five motel/hotel sales. Three were in the Town of Jackson, one was Amangani in Spring Creek Resort, and the last was the Four Seasons Hotel in Teton Village. The overall commercial dollar volume was $697 million, up 135% when compared to the close of 2021.

Overall real estate currently under contract: At year’s end, there were 36 properties under contract (down 12%) with an average list price of $3.97 million (up 6%) and a median list price of $2.6 million (down 25%). The decrease in the number of overall properties under contract is the direct result of the decreased available inventory—the third lowest level in 40 years. Of the 36 properties under contract, 22 are in the Town of Jackson with a combined list price of $93.5 million.

Current overall available inventory has increased 63% (166) when compared to the close of 2021, still making year-end 2022 the third lowest level of overall available inventory in more than 40 years

NOTE: The $1 to $3 million segment reported the most current active listings with 64 (up 52%). The under $1 million segment only logged in 10 active listings at the end of 2022. Also noteworthy: At no time during 2022 did the overall available inventory go over 209, dipping to an all-time low of 65 by the end of March.

OVERALL MARKET

Single-Family Homes

When compared to 2021, the number of sales decreased 45% and the dollar volume decreased 41%, totaling $1.003 billion. In contrast, the average and median sale prices increased 6% and 16%, respectively. NOTE: The 2022 average sale price of $5.04 million and median sale price of $3.5 million are both record-breaking. Also noteworthy is the four homes selling for over $20 million.

The under $1 million market continues to slip away, representing only two home sales in 2022. Current inventory represents zero homes in this price range and nine under $2 million. These segments continue to reflect brisk activity and the ever-intensifying appetite for properties priced below $2 million. When a well-priced home hits the market in this segment, bidding wars continue to ensue within 72 hours.

Most Expensive Single-Family Home Sale in 2022

Listed at $48 million the 53-acre private estate north of Jackson on the Gros Ventre River had a 13,372 sq. ft. home (7 bedrooms, 8 baths), and a 1,680 sq. ft. two-bedroom guest house.

If you are a property owner in Jackson Hole and would like a free comparative market analysis, please email David or Devon at david@jacksonholereport. com or call 307-690-4004. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.

Single-family home hotspot: Town of Jackson and South of Jackson to the County line, shared the spotlight. Fifty-nine homes sold in the Town of Jackson, and 42 homes sold South of Jackson. These two areas represent 51% of all homes sold in 2022. The only area reporting an increase in home sales was North of Hwy. 22 to Spring Gulch where 31 sales occurred (up 15%).

Within the single-family home market, the $1+ million segment reported 197 transactions in 2022. All told, in 2022 there were 111 single-family home sales above $3 million (down 39%), 67 above $5 million (down 41%), 20 above $10 million (down 46%) and three above $20 million (down 57%). NOTE: Only two homes sold for less than $1 million in 2022.

Homes currently under contract: As of year’s end, 13 homes were under contract (up 8%) with an average listing price of $3.39 million (down 25%) and a median list price of $2.5 million (down 23%). The decrease in the number of homes under contract is the direct result of decreased available inventory—the third lowest level in 40 years.

Homes currently on the market: The open market currently has 77 homes (up 64%) listed with an average list price of $7.6 million and a median list price of $5 million. Of the 77 single-family homes currently on the market, zero are listed for under $1 million, and only nine are listed between $1 and $2 million valley wide. The other 68 break out as follows: 15 between $2 and $3 million, 15 between $3 and $5 million; 18 between $5 and $10 million; 16 between $10 and $20 million and 4 over $20 million.

Least & Most Expensive Listings

Least expensive single-family zoned home listing at year’s end: A 2-bedroom, 1-bath, 1,048 sq. ft. home built in 2000 on a .08-acre lot in the Sage Meadow Subdivision listed for $1.13 million.

Most expensive single-family home listing at year’s end: $48 million for a 110-acre private estate south of Wilson on Fish Creek with a 4,431 sq. ft. home (4 bedrooms, 4.5 baths). The 110-acres estate comes in 16 deed parcels.

Single-Family Home Sales by Area

1. Jackson Hole Mountain Resort (Teton Village): 9 sold (down 36%). The average sale price of $11.9 million (up 11%) broke the area record. The median sale price of $8.6 million is down 15%. Total dollar volume: $106.9 million.

2. Jackson Hole Racquet Club (The Aspens): No recorded home sales in 2022.

2a. Teton Pines: 2 homes sold (down 80%), breaking area records for the average sale price of $6.55 million (up 20%). Total dollar volume: $13.1 million.

3. Westbank, North of Wilson (excluding resort areas zoned for vacation rentals): 16 homes sold (down 56%). The average sale price of $2.46 million (down 46%) and the median sale price of $2.75 million. Total dollar volume: $39.3 million.

4. Westbank, South of Wilson: 11 homes sold (down 63%). The average and median sale prices of $7.8 million (up 95%) and $5.6 million (105%) respectively - broke the area records. Total dollar volume: $86 million.

5. Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 31 homes sold (up 15%), breaking area records for the average sale price of $7.8 million (up 3%) and median sale price of $5.35 million (up 19%). Total dollar volume: $241.7 million.

6. North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: 5 homes sold (down 50%) breaking area records for the median sale price of $9.85 million (up 36%). Total dollar volume: $46.4 million.

7. North of Gros Ventre Junction/Kelly/Moran: 16 homes sold (down 66%), the average sale price of $4.55 million (down 21%), and median sale price of $3.6 million (down 5%). Total dollar volume: $72.8 million.

8. Town of Jackson: 59 homes sold (down 31%), breaking the Town of Jackson records for an average sale price of $2.85 million (up 15%) and a record breaking $2.3 million median sale price (up 22%). Total dollar volume: $168.4 million.

9. South of Jackson to the Snake River Bridge: 42 homes sold with an average sale price of $3.9 million (down 18%) and median sale price of $2.89 million. Total dollar volume: $166.6 million.

10. South of the Snake River Bridge to County Line: 16 homes sold (down 47%) with an average sale price of $3.398 million and a median sale price of $3.65 million (up 66%). Total dollar volume: $54 million.

SINGLE FAMILY HOME SALES

SINGLE FAMILY HOME RECORD BREAKERS

Average sale price $7.6M Average list price

$5.04M

$3.5M Median sale price $5M Median list price

Prefer to listen?

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.

Condos / Townhomes

When compared to 2021, the number of sales decreased 52% and dollar volume decreased 13%. In contrast, the average and median sale prices increased 81% and 73% - both record-breaking. Of the 132 sales, 22 sold for under $1 million (down 83%).

With only nine condos currently on the market for under $1 million and a low of 39 overall listings, expect this segment of the market to continue to increase in value in 2023. NOTE: The under $1 million segment accounted for 17% of all condo sales in 2022.

While the number of sales marked a 12-year low at year’s-end, the average and median list, under contract list, and active listing prices all broke their respective historical records.

Least & Most Expensive Listings

Least expensive condo/ townhome listing at year’send: $650,000, which buys you a 624 sq. ft., 1-bedroom 1-bath condo in the Town of Jackson.

Most expensive condo/ townhome listed in MLS at year’s-end: $12.5 million, which buys you a new 3,422 sq. ft. 4-bedroom, 4.5-bath condo in Four Seasons (Teton Village).

Condo/townhome hotspot: Town of Jackson had the highest number of condo sales in 2022 with 78. NOTE: The Town of Jackson broke a record for the average sale price of $2.2 million. Contributing to this record were 11 new Glenwood Townhomes with an average sale price of $4.2 million.

Condo/townhomes currently under contract: The number of condo/ townhomes currently under contract decreased 44%. In contrast, the average and median list prices all increased 16%, and 1%, respectively – both recordbreaking. The increase in the average and median list prices can be directly attributed to the increase in listings under contract for more than $3 million.

Current condo/townhome market inventory is up 179% when compared to the same period in 2021 with 39 available units. This marks the 3rd lowest available inventory in over 40 years. Meanwhile, the average and median list prices are up 42% and 39%, respectively. Of the 39 condo/townhomes currently on the market, nine are listed for between $500,000 and $1 million, eight between $1 million and $2 million, 14 between $2 million and $4 million, and eight over $4 million.

Condo/Townhome Sales by Area

1. Jackson Hole Mountain Resort (Teton Village): 25 sold (down 32%) with an average sale price of $4.6 million (up 64%) and a median sale price of $3.03 million (up 101%). The average sale price is the highest ever in Teton Village at $4.6 million.

2. Jackson Hole Racquet Club/The Aspens: 15 sold (down 37%) with an average sale price of $1.3 million (up 10%) and a median sale price of $1.09 million (up 10%). The average and median sales prices are the highest ever in the JH Racquet Club.

3. Teton Pines: Two townhomes sold with an average sale price of $3.03 million.

4. Town of Jackson: 78 units sold (down 52%) with an average sale price of $2.2 million (up 85%) and a median sale price of $1.495 million (up 57%). NOTE: The average and median sales prices are the highest ever in the Town of Jackson. Also note: The Town of Jackson claimed 59% of all condo sales in Jackson Hole.

5. Jackson Hole Golf & Tennis: Only one sold for $1,450,000. A two bedroom and two bath Teton Shadows built in 1979 with 1,303 sf.

6. Rafter J Ranch: Only one sold for $1,300,000. A two bedroom and two bath Cedarwoods built in 1981 with 1,386 sf.

7. Spring Creek Resort: 6 sold in 2022 with an average sale price of $2.1 million (up 93%) and a median sale price of $1,625,000 Up 68%).

Vacant Land

When compared to 2021, the number of lot sales was down 66%. In contrast, the average sale price of $3.34 million is up 10% and a median sale price of $2.15 million is up 13%. The decrease in the number of sales and increase in both the active and median sale prices in 2022 can be directly attributed to the lack of inventory under $1 million. Out of the 48 sales, only six sold for under $1 million, and only one lot is currently listed for under $1 million.

Historically, the 48 sales at the end of 2022 are the second lowest number of sales in over 40 years. In contrast, at the end of 1999, there were 335 vacant residential land sales.

Historically, the 40 current listings are the third lowest number of listings in over 40 years. In contrast, at the end of 1996, there were 551 active vacant residential land listings.

The $5+ million segment of residential lot sales is down 44% (14 sales) when compared to 2021. NOTE: Currently 35% of the available residential vacant land inventory is listed for more than $5 million.

Least & Most Expensive Listings

Least expensive lot listing at year’s end: $899,000 for a .29-acre single-family lot in the Bluffs subdivision in the Town of Jackson.

Most expensive single-family lot listing at year’s end: $38.5 million for 50 acres on Hwy. 22, just east of Wilson.

Residential lots currently under contract: Compared to 2021, five lots are currently under contract (down 37%). Following suit, the average and median list prices decreased 62% and 33%, respectively.

NOTE: Residential vacant lot inventory still has less than eight months of inventory.

Available vacant land listings: Available inventory increased 8% when compared to 2021 with 40 available single-family home sites. The average listing price was $6.2 million (up 79%), and the median listing price was $2.7 million (up 28%).

Residential vacant lot values continue to strengthen with land bargains few and far between. Available inventory breaks down as follows: One property between $500K and $1 million; 16 listings between $1 and $2 million; 10 between $2 and $5 million; five between $5 and $10 million; and eight over $10 million. NOTE: Of the 40 listings, only five (13%) have more than 35 acres.

For those still looking for post-recession bargains, there is currently only one single-family lot for sale under $1 million. With the vanishing supply of single-family homes for under $1 million, expect to see the under $1 million vacant land segment vanish in 2023. NOTE: 75% of the vacant land sales in 2022 were purchased with cash.

Residential Vacant Land Sales by Area:

1. Jackson Hole Mountain Resort (Teton Village): Three lots sold (down 63%) with an average sale price of $5.7 million (up 36%) and a median sale price of $5 million (up 25%).

2. Jackson Hole Racquet Club and Teton Pines: In 2022, one lot sold in the JH Racquet Club for $1.09 million.

3. Westbank, North of Wilson (excluding resort areas): 7 lots sold (down 59%) with an average sale price of $3.45 million (up 44%) and a median sale price of $2.9 million (up 93%).

4. Westbank, South of Wilson: Five lots sold with an average sale price of $2.7 million (up 26%) and a median sale price of $1.7 million (up 91%).

5. Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 7 lots sold (down 73%) with an average sale price of $5.68 million (up 3%) and a median sale price of $7 million (up 122%).

6. North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: Four lots sold (down 43%) with an average sale price of $4.7 million (down 129%).

7. North of Gros Ventre Junction/Kelly/Moran: 6 lots sold (down 79%) with an average sale price of $1.6 million (down 33%) and a median sale price of $1.2 million (down 26%).

8. Town of Jackson: 6 lots sold (down 55%) with an average sale price of $1.1 million (down 19%) and a median sale price of $1.05 million (up 7%).

9. South of Jackson to the Snake River Bridge: 3 lots sold with an average sale price of $2.34 million (down 24%) and a median sale price of $2.1 million (up 79%).

10. South of the Snake River Bridge to Co. Line: 5 lots sold (down 73%) with an average sale price of $2.16 million (down 7%), and a median sale price of $1,500,000 (up 5%).

VACANT LAND

Devon Viehman is an E&V Private Office Advisor

Private Office Advisors are among the most competent and connected real estate professionals in the world. Beyond achieving the highest levels of client satisfaction, trust, and success, these market leaders are respected by colleagues and competitors alike. They are passionate about Engel & Völkers and true standard bearers for our global brand.

As an international service company specializing in the brokerage of residential property, commercial real estate, yachts and private jets, Engel & Völkers stands for a comprehensive range of services and consultancy excellence.

Responding to client and customer needs and inspired by private banking services, Christian Völkers established Private Office in 2007. As the group expanded to cover more states, provinces and countries over the years, its mission remained the same. Engel and Völkers Private Office serves the singular requirements of our clients with high-value and often multi-market real estate portfolios, a group that includes leaders in business, politics and culture. Private Office Advisors provide the level of expertise and discretion that this client base demands to sellers and buyers at all price points. Their goal is to earn trust and build relationships that continue well beyond a single transaction.

VIEHMAN, ASSOCIATE BROKER | (307) 690-0621 | DEVON@JACKSONHOLEREPORT.COM

DEVON

Jackson Hole Luxury Report

Market dynamics have changed drastically during the 28 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 a CMA for your luxury property please click here or 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 OFFICIAL!

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.

View the video and property at 165Huckleberry.com.

Work With Us

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 TOWNSEND JACKSON HOLE / WEST HOLLYWOOD

Devon Viehman soars with the eagles. Nothing can take her down or shoot her out of the sky. With calm determined professionalism, Ms. Viehman seeks success with disciplined hard work, ethics and client awareness. Devon’s vocabulary has no room for ‘defeat’ or ‘quit’. She cherishes the challenging opportunities to tweak creative solving skills. Proactively moving forward with the industry, Devon approaches each client as individual goals, relishing the journey as well as the destination.

Ms. Viehman’s quiet and thoughtful determination are lifetime skills which are acquired not taught. A rare treasure to discover and a blessing for the company that capitalizes on it.

Speaking from experience, I, Deb Penk, personally sold and bought 8 property exchanges within 12 months due to Devon Viehman expertise. (These include: personal property sale and buy, 4 lots, commercial 1031 exchange, and a pending new build Townhouse rental.)

Hand this cowgirl the reins and watch her score a perfect 8 second ride.

LORA HITTLE ALPINE, WYOMING

For 31 years, the Community Housing Trust has been dedicated to conserving community.

With home prices well beyond the reach our dedicated workforce can afford, our work is more important than ever.

In 2023, the Community Housing Trust will begin development of two projects that will provide 44 homes for critical members of our community that contribute to our incredible quality of life in Teton County.

Help us put them on the map.

Photo Features Real Estate Advisor Jo Gathercole

Extensive · Domestic

Global

Exposure

Notall 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 ...

& Völkers provides luxury services to each of its clients worldwide. With a global network of more than 16,000 real estate professionals in over 37 countries, we not only reach millions of targeted consumers, but we collaborate with our fellow Engel & Völkers advisors to strategically handpick and refer buyers for the specific properties they seek ... like yours.

Engel

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 when you are our client you have the upper hand with 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 307-690-4004 or emailing david@jacksonholereport.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 market with MLS statistics only, we track every single transaction in Teton County. Consider, for instance, the first nine months of 2022: only 57% of sales prices valley-wide were reported to MLS. In contrast, we have logged information on each and every sale on a daily basis. Our data-driven report is the most accurate and trusted real estate news source in Teton County. If you would like to sign up for these quarterly email updates or need more detailed information about our market, feel free to either call or email david@jacksonholereport. com. You can also find the Jackson Hole Report online at jacksonholereport.com.

We hope this report has given you a snapshot of market trends and, as always, we would be glad to discuss the details with you. If you would like a complete analysis of specific areas, back issues of the Jackson Hole Report, or if you are scouting a professional Realtor to represent you in your next real estate transaction, please call or email one of the numbers below or write to us at P.O. Box 2431, Jackson, WY 83001, Attn: David Viehman or Devon Viehman.

Sincerely, David E. Viehman, Associate Broker

Devon Viehman, Associate Broker

“Wyoming Realtor of the Year 2013”

“2018 President - Wyoming Association of Realtors”

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 - 2023 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.