2020 Year End Report | Jackson Hole Real Estate Report by Jackson Hole Report

27TH ANNIVERSARY D AV I D V I E H M A N

DEVON VIEHMAN

LUKE SMITH

J O S I E DA N I E L

KARA PEARSON

YEAR END 2021

Record-Breaking Dollar Volume with Dearth of Inventory

pandemic has continued through 2021 (up 21% from 2020). The combination of high demand, tight inventory, and the search for quality living in a small, Rocky Mountain community continues to push prices higher.

As we close the books on 2021, the valley’s biggest real estate headlines for the year are clearly the recordbreaking $2.97 billion in dollar volume and dearth of overall available inventory. The overall dollar volume that almost broke $3 billion represents a 20% increase from year-end 2020, and the overall available inventory hit another record low of 102 active listings (down 9%).

The dearth of available overall listings is at another recordbreaking low—down 9% from the end of 2020. For the past 25 years, we have watched available inventory shrink from 1,596 listings at the end of 1996—the height of overall available inventory—to only 102 at the end of 2021. Of those, 528 were single-family homes compared to the mere 47 single-family homes currently on the market. NOTE: At the beginning of 2021 there were no singlefamily homes listed for under $1 million. 2022 is starting off with zero single-family homes listed for under $2 million.

The dollar volume acceleration that began in 2020 (up 83% from 2019) in the early months of the COVID-19

AVAILABLE INVENTORY 1,800 1,596

1,600 1,400

1,482

1,200 1,000 800 593

583

600

570

421

550

482

400

406

388

263

366 290

200

102

0 1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

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

2019

2021

Why are we not seeing more inventory hitting the market? Except for a few highend spec homes and a handful of new luxury condos in the Town of Jackson, we are not seeing any significant increases in new inventory. Even resale inventory has plummeted. With the exception of a few Sellers retiring, and some locals cashing in and moving over the hill or to Alpine, our resale inventory continues to nosedive. 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 was accrued to sell the condo and buy a small, single-family home with a backyard. After a few more years of builtup 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 ($2 million)—putting the American dream of home ownership out of reach for many. However, four other factors are at play too: “Off-Market” sales, the current

rental market, historically low interest rates, and the lack of NEW, locally driven subdivisions. Tune in to our 2021 year-end podcast to get some more background and further discuss these factors. While no one knows exactly what the future has in store for Jackson Hole, we predict prices will continue to climb. Those hoping competition will slow in 2022 are out of luck. We believe in 2022 buyers can expect trends similar to the past two years: elevated prices, low inventory, and bidding wars on well-priced listings. 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.

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 be covering in our 2021 year-end episode: Record-shattering real estate sales across the board! Whether COVID-19 is still influencing the market. Five factors contributing to the ever-shrinking inventory. The least expensive, single-family zoned home currently on the market at $2 million. Why property owners “are not willing to sell” at this time. Why vacant land prices went ballistic.

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 2021 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.

If, once again, 50% of all buyers in 2021 were local, where did the other 50% come from? Whether it is now cheaper to build new than to buy an existing home. Jackson’s construction boom – residential and commercial.

Join David, Devon & Kara as they dissect the year end report.

Q4 2021

THE OVERALL MARKET

The Year in Review: 2021 Sales & Trends The year closed with the overall market—all home, lot, condo and commercial transactions or listings—reporting 4% fewer closings than 2020, for a total of 847 in 2021 in Teton County. The overall dollar volume almost broke $3 billion. The year closed with $2.97 billion (up 21%). The Luxury Market (properties priced over $5 million) also reported 21% more sales in 2021. 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 2021 we had a mere 102 active listings (all home, lot, condo, multi-family & commercial) valley wide!

Inventory

Closings

847

$2.97B

Closings in 2021 4% Decrease

Overall Dollar Volume 21% Increase

847 604

Average Sale Price

HOT SPOT!

Between $1-$3M

Strong Vacant Land Sales

$3.5M 2021

$1.7M 2017

102

Active Listings Valley Wide (9% Decrease) All Home, Lot, Condo, Multi-Family & Commercial *LOWEST level of overall available inventory in more than 40 years

WE NEED INVENTORY! With historically low inventory, if you have been waiting for the right time to sell, NOW is the time. Demand is still very high, and we do not anticipate new inventory until next spring. Call us today for a free, no-obligation comparative market analysis and to discuss the next step to getting your property on the market.

The hot spot in 2020 was between $1 and $3 million, where 371 transactions (44%) occurred. The steady demand in this segment—in tandem with the dearth of single-family homes listed under $3 million (only eight are available valley-wide)—suggests prices will continue to climb in 2022. We predict 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?

While the number of residential vacant land sales is down 17% in 2021, the dollar volume, average sale prices, and median sale prices all broke records. The dollar volume broke $431 million, the average sale price was $3.04 million (up 23%) and the median sale price was $1.9 million (up 46%). NOTE: The 37 residential vacant land listings at the end of 2021 represent the second lowest available inventory in over 40 years. This lack of inventory will clearly put more pressure on land values in 2022.

JACKSON HOLE REPORT / jacksonholereport.com

Q4 2021

THE OVERALL MARKET

Overall real estate currently under contract: At year’s end, there were 41 properties under contract (down 58%) with an average list price of $3.73 million and a median list price of $3.45 million. The decrease in the number of overall properties under contract is the direct result of the decreased available inventory—the lowest level in 40 years. Of the 41 properties under contract, 26 are in the Town of Jackson with a combined list price of $82.8 million.

Under Contract

Current overall available inventory has decreased 9% when compared to the close of 2020, making year-end 2021 the 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 42 (up 51%), and the $3 to $5 million and $5 to $10 million segments tied with 21 each. The under $1 million segment only logged in 7 active listings at the end of 2021 (down 67%). Also noteworthy: At no time during 2021 did the overall available inventory go over 160, dipping to an all-time low of 64 by the end of March.

Inventory

OVERALL MARKET $3,506,563

846

668

$899,963

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.

JACKSON HOLE REPORT / jacksonholereport.com

Q4 2021

SINGLE FAMILY HOME SALES

When compared to 2020, the number of sales decreased 11%. In contrast, the dollar volume increased 15%, totaling $1.707 billion. Following suit, the average and median sale prices increased 28% and 20%, respectively. NOTE: The $1.707 billion in dollar volume, the average sale price of $4.76 million, and the median sale price of $3 million in 2021 are all record-breaking. Also noteworthy is the record-breaking 37 homes selling for over $10 million (up 32%). The under $1 million market continues to slip away, representing only 2% of all home sales in 2021. The year ended with 6 home sales under $1 million (down 88%). Current inventory represents zero homes in this price range and zero 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.

CLOSINGS

CONTRACTS

19%

$1.707B (up 15%) Dollar Volume

Homes Under Contract

62%

Homes Listed on the Open Market

28% Average Price $4.7M

8% Average List Price $4.54M

12% Average List Price $7.68M

20% Median Price $3M

61% Median List Price $3.7M

10% Median List Price $4.95M

HOT SPOT!

Town of Jackson & South of Jackson

Record Breaking

359

INVENTORY

Town of Jackson and South of Jackson to the County line, shared the spotlight. Eightyfive homes sold in the Town of Jackson, and 94 homes sold South of Jackson. These two areas represent 50% of all homes sold in 2021. The area reporting the greatest percentage increase in home sales was North of Jackson where 47 sales occurred (up 21%). Within the single-family home market, the $1+ million segment reported 353 transactions in 2021. All told, in 2021 there were 183 single-family home sales above $3 million (up 10%), 110 above $5 million (up 33%), 37 above $10 million (up 32%) and seven above $20 million (up 133%). NOTE: Only six homes sold for less than $1 million in 2021.

Under Contract 5

Homes currently under contract: As of year’s end, there were 12 homes under contract (down 62%) with an average listing price of $4.54 million (down 8%) and a median list price of $3.7 million (up 61%). The decrease in the number of homes under contract is the direct result of decreased available inventory—second to lowest level in 40 years. JACKSON HOLE REPORT / jacksonholereport.com

Q4 2021

SINGLE FAMILY HOME SALES

Homes currently on the market: The open market currently has 47 homes (up 4%) listed with an average list price of $7.68 million (down 12%) and a median list price of $4.95 million (down 10%). Of the 47 single-family homes currently on the market, zero are listed for under $2 million, and only eight are listed between $2 and $3 million, valley-wide. The other 39 break out as follows: 15 between $3 and $5 million; 15 between $5 and $10 million; and 9 over $10 million.

Inventory

Current demand outpaces supply for homes under $3 million. The 2020 absorption rate for single-family homes was 14.5 per month. Compared to only eight single-family homes currently on the market, we have about three weeks of available inventory in this price range. Currently zero are listed for under $2 million. NOTE: At press time, the least expensive single-family zoned home in the entire valley was listed at $2 million.

Least expensive single-family zoned home listing at year’s end: A 3-bedroom, 2-bath, 1,188 sq. ft. home built in 1984 on a .23-acre lot in the J-W Subdivision listed for $2 million. Most expensive single-family home listing at year’s end: $48 million for a 53-acre private estate north of Jackson on the Gros Ventre River with a 13,372 sq. ft. home (7 bedrooms, 8 baths), and a 1,680 sq. ft. two-bedroom guest house.

Least / Most Expensive

SINGLE FAMILY HOMES $4,756,634

359

219

$1,084,182

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

JACKSON HOLE REPORT / jacksonholereport.com

Q4 2021

SINGLE FAMILY HOME SALES BY AREA

1. Jackson Hole Mountain Resort (Teton Village) 14 sold (down 26%). The average sale price of $10.7 million (up 43%) broke the area record and the median sale price of $10.15 million is up 60%. Total dollar volume: $149.5 million. 2. Jackson Hole Racquet Club (The Aspens) Three homes sold (down 57%), breaking area records for the average sale price of $4.2 million (up 54%) and median sale price of $4.15 million (up 84%). Total dollar volume: $12.6 million. 2A. Teton Pines 10 homes sold (down 33%), breaking area records for the average sale price of $5.5 million (up 31%) and median sale price of $5.25 million (up 62%). Total dollar volume: $54.6 million. 3. Westbank, North of Wilson (excluding resort areas zoned for vacation rentals) 36 homes sold (down 10%). The average sale price of $4.61 million (up 2%) broke the area record. Total dollar volume: $166 million. 4. Westbank, South of Wilson 30 homes sold (down 32%). The median sale price of $2.73 million (up 3%) broke the area record. Total dollar volume: $120.3 million. 5. Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch 27 homes sold (down 36%), breaking area records for the average sale price of $7.6 million (up 86%), and for the median sale price of $4.5 million (up 32%). Total dollar volume: $205.3 million. 6. North of Jackson, South of Gros Ventre Junction and East of Spring Gulch 10 homes sold (down 17%) breaking area records for the average sale price of $9.5 million (up 37%), and for the median sale price of $7.25 million (up 45%). Total dollar volume: $95.3 million. 7. North of Gros Ventre Junction/Kelly/Moran 47 homes sold (up 21%), breaking the area records for number of home sales, for the average sale price of $5.75 million (up 49%), and median sale price of $3.8 million (up 36%). Total dollar volume: $270 million. 8. Town of Jackson 85 homes sold (up 10%), breaking the Town of Jackson records for an average sale price of $2.5 million (up 37%) and a median sale price of $1.89 million (up 47%). Total dollar volume: $210.7 million. 9. South of Jackson to the Snake River Bridge 64 homes sold, breaking area records for the average sale price of $4.8 million (up 46%) and median sale price of $2.85 million (up 78%). Total dollar volume: $309.3 million. 10. South of the Snake River Bridge to County Line 30 homes sold (down 23%) with an average sale price of $3.39 million (up 67%) and a median sale price of $2.2 million (up 28%). Total dollar volume: $101.6 million.

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.

JACKSON HOLE REPORT / jacksonholereport.com

Q4 2021

CONDO/TOWNHOME SALES

When compared to 2020, the number of sales was up 5% and dollar volume was up slightly. Meanwhile, the average sale price was down 2% and the median sale price was up 25%. Of the 275 sales, 134 sold for under $1 million and 11 sold for under $500,000 (down 77%). With only three condos currently on the market for under $1 million, and a record-breaking low of 14 overall listings, expect this segment of the market to continue to increase in value in 2022. NOTE: The $500,000 to $1 million segment accounted for 45% of all condo sales in 2021.

CLOSINGS

$392M (up 2%) Dollar Volume

38%

Condos Under Contract

INVENTORY

34%

Condos Listed on the Open Market

39%

2% Average Price $1.43M

54% Average List Price $3.075M

29% Average List Price $1.97M

25% Median Price $1M

213% Median List Price $3.45M

12% Median List Price $1.65M

HOT SPOT!

South of Jackson

Under Contract

Inventory

Record Breaking

275

CONTRACTS

South of Jackson had the highest increase in the number of condo sales in 2021, up 29%. The area with the most activity was the Town of Jackson with 164 sales, up 6% when compared to 2020.

Condo/townhomes currently under contract: The number of condo/townhomes currently under contract decreased 34%. In contrast, the dollar volume and average and median list prices all increased 4%, 54%, and 213%, respectively. 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 (up 76%).

Current condo/townhome market inventory is down 39% when compared to the same period in 2020 with only 14 available units. This marks a 40-year low for available inventory. Meanwhile, the average list price is down 29%, but the median list price is up 12% to $1.65 million. Of the 14 condo/townhomes currently on the market, three are listed for between $500,000 and $1 million, six between $1 million and $2 million, and four over $3 million.

Least expensive condo/townhome listing at year-end: $595,000, which buys you a 557 sq. ft., 1-bath studio condotel in the Residence at the Snake River Lodge & Spa (Teton Village).

Least / Most Expensive

Most expensive condo/townhome listed in MLS at year-end: $4.74 million, which buys you a new 2,234 sq. ft. 3-bedroom, 3.5-bath condo bordering the National Elk Refuge (Town of Jackson). JACKSON HOLE REPORT / jacksonholereport.com

Q4 2021

CONDO/TOWNHOME SALES BY AREA

1. Jackson Hole Mountain Resort (Teton Village) 37 sold (down 24%) with an average sale price of $2.8 million (down 28%) and a median sale price of $1.5 million (down 62%). The decrease in the average and median sale prices was due to a larger number of condotel sales under $2 million. 2. Jackson Hole Racquet Club (The Aspens) 24 sold (down 27%) with an average sale price of $1.19 million (up 50%) and a median sale price of $995,000 (up 40%). The most expensive sale was $2.1 million for a fully furnished 1,428 sq. ft. condo with 2 bedrooms and 2 baths, built in 1988. 3. Teton Pines Five townhomes sold with an average sale price of $2.52 million and a median sale price of $2.1 million. 4. Town of Jackson 164 units sold (up 6%) with an average sale price of $1.2 million (up 30%) and a median sale price of $955,000 (up 44%). NOTE: The average and median sales prices are the highest ever in the Town of Jackson. Also note: The Town of Jackson claimed 60% of all condo sales in Jackson Hole. 5. Jackson Hole Golf & Tennis Eleven condos sold with an average sale price of $1.31 million (up 42%) and a median sale price of $1.25 million (up 53%). 6. Rafter J Ranch Eleven sold (down 8%) with an average sale price of $729,583 and a median sale price of $976,473. Total sales volume was $10.74 million. 7. Spring Creek Resort 8 sold in 2021 with an average sale price of $1.09 million and a median sale price of $968,000 Up 6%).

CONDOMINIUMS & TOWNHOMES

$1,419,246

289

274

$475,179

JACKSON HOLE REPORT / jacksonholereport.com

Q4 2021

RES IDENTIAL LAND SALES

When compared to 2020, the number of lot sales was down 17% with the average sale price of $3.04 million (up 23%) and a median sale price of $1.9 million (up 46%). The decrease in the number of sales in 2021 can be attributed to the lack of inventory under $1 million. Unprecedented vacant land values experienced gains of over 200% in some areas of the valley. While all areas of the valley have experienced a sharp rise in vacant land values, the area north of the Gros Ventre River to Moose saw values rise over 200% in the last 24 months. For those still looking for post-recession bargains, there are currently only 4 single-family lots 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 2022. NOTE: 90% of the vacant land sales in 2021 were purchased with cash. The $5+ million segment of residential lot sales is down 11% (25 sales) when compared to 2020. NOTE: Currently 16% of the available residential vacant land inventory is listed for more than $5 million.

CLOSINGS

$431M (up 1%) Dollar Volume

38%

Vacant Lots Under Contract

INVENTORY

58%

Lots Listed on the Open Market

16%

23% Average Price $3.04M

15% Average List Price $4.09M

6% Average List Price $3.5M

46% Median Price $1.9M

50% Median List Price $1.8M

3% Median List Price $1.95M

Under Contract

Inventory

Record Breaking

142

CONTRACTS

Residential lots currently under contract: Compared to 2020, eight lots are currently under contract (down 58%). Meanwhile, the average and median list prices increased 15% and 50%, respectively. NOTE: Residential vacant lot inventory still has less than three months of inventory.

Available vacant land listings: Available inventory increased 16% when compared to 2020 with 37 available single-family home sites. The average listing price was $3.5 million, and the median listing price was $1.95 million. Residential vacant lot values continue to strengthen with land bargains few and far between. Available inventory breaks down as follows: Four properties between $500K and $1 million; 14 listings between $1 and $2 million; 12 between $2 and $5 million; six between $5 and $10 million; and one over $10 million. NOTE: Of the 37 listings, only two (5%) have more than 35 acres.

Least expensive lot listing at year’s end: $650,000 for a .8-acre single-family lot in the Teton Wilderness subdivision in Moran.

Least / Most Expensive 10

Most expensive single-family lot listing at year’s end: $10.9 million for 11.5 acres in Rivermeadows, south of Wilson. JACKSON HOLE REPORT / jacksonholereport.com

Q4 2021

RES IDENTIAL LAND SALES BY AREA

1. Jackson Hole Mountain Resort (Teton Village) Eight lots sold (down 28%) with an average sale price of $4.2 million (up 20%) and a median sale price of $4 million (up 43%). 2. Jackson Hole Racquet Club and Teton Pines In 2021, no lots sold in Teton Pines or the JH Racquet Club. 3. Westbank, North of Wilson (excluding resort areas) 17 lots sold (up 21%) with an average sale price of $2.39 million (down 18%) and a median sale price of $1.5 million (down 25%). 4. Westbank, South of Wilson Twelve lots sold with an average sale price of $2.1 million (down 27%) and a median sale price of $889,000 (down 58%). 5. Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch 26 lots sold (down 16%) with an average sale price of $5.6 million (up 52%) and a median sale price of $3.15 million (up 110%). 6. North of Jackson, South of Gros Ventre Junction and East of Spring Gulch Seven lots sold (down 12%) with an average sale price of $2.04 million (down 53%). 7. North of Gros Ventre Junction/Kelly/Moran 28 lots sold (down 32%) with an average sale price of $2.42 million (up 18%) and a median sale price of $1.62 million (up 51%). 8. Town of Jackson 11 lots sold (up 10%) with an average sale price of $1.38 million (up 65%) and a median sale price of $975,000 (up 15%). 9. South of Jackson to the Snake River Bridge 15 lots sold with an average sale price of $3.08 million (up 53%) and a median sale price of $1.175 million (up 18%). 10. South of the Snake River Bridge to Co. Line 18 lots sold (down 18%) with an average sale price of $2.33 million (up 75%) and a median sale price of $1,500,000 (up 76%).

SINGLE FAMILY LOTS

$3,038,577

142 109 $992,447

JACKSON HOLE REPORT / jacksonholereport.com

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 two of our recent Buyers had to say about their experience:

My husband and I recently sold our East Jackson home of twenty-five years and downsized to a beautiful townhouse at Jackson Golf and Tennis. Our decision and experience could not have been more pleasant, thanks to the wonderful daughter/father duo from ENGEL & VÖLKERS JACKSON HOLE, Devon and David Viehman. Their impressive knowledge about real estate in Jackson Hole and professionalism made this difficult process exciting and enjoyable! As you know, the market is moving at an extremely fast pace and thanks to their expertise and responsiveness we were able to make a clean, quick offer to buy the townhouse. Just a week after our offer was accepted, our house was on the market and sold in a flash! Everyone of our questions and concerns were answered in a timely manner. Devon and David worked together as a high-performing team every step of the way! We have settled into our townhouse beautifully and could not be happier with our decision. I would recommend the Viehman Team without hesitation to anyone that is looking into selling or buying real estate in Jackson! RE E D AND J IL L AR MIJ O JACK SO N, WY

Tim Vetter was persistent and a great listener early on when we had no success in the FSBO option that we had previously used selling our last 4 homes. Thankfully both Luke Smith and Tim shared the market dynamic in Star Valley and were patient as we waiting for the timing that was right for Patrick and I, not necessarily the timing that would yield the largest profit. We were well aware that our initial pricing was high, and Luke was great about explaining where we needed to be pricewise WHEN we were ready to sell. Luke was like a guardian angel looking out for us, and excellent with his communication after each of the dozens of showings! I especially appreciated his texts and calls to alert us of upcoming showings so we could make every effort to have the house clean. Again, Luke was a total superstar even shoveling out our walkway, and deck when we were out of town! I genuinely believe that Engel and Volkers has the right recipe and you definitely have the right people selling real estate in the Star Valley Market! Thank you again for working with us on this sale. We look forward to welcoming you all to our new home when it’s finished! V AND P LINCO L N CO UNTY, WY

JACKSON HOLE REPORT / jacksonholereport.com

JACK SON HO LE LUXURY REPO RT The market dynamics have changed drastically during the 27 years we have published the Jackson Hole Report. During our tenure tracking real estate, we marveled at the growth of the high-end market and came to realize this elite segment warranted special attention. For this reason, seven years ago we launched the Jackson Hole Luxury Report, a limited edition newsletter focused exclusively on high-end properties, which, as of 2021, we define as having a market value of $5 million and above. The purpose of this limited edition report is to provide high-end buyers and sellers with a clear understanding of the luxury landscape in which they find themselves. Building upon the analysis of the Jackson Hole Report, we delve more deeply into the dynamics of the market above $5 million. Since 2013, each semi-annual edition has garnered great response and feedback from our readers. Some clients request our property valuations for estate planning or hire us when they decide to sell, while others simply seek more information about the overall luxury market. Many existing and future property owners also want more information about services related to real estate such as property management, interior decorating, homebuilding, architecture design, or estate planning, and we are happy to provide our insights. 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 clients, we provide a free confidential market analysis of their distinct property and continue to update the current value of the property for estate planning and/or trust revisions. 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 1,832 properties worth $5+ million in Jackson Hole—all of which we include on our mailing list. If you are not currently receiving the Luxury Report, would like to know what your luxury property is worth in today’s market, or if you are ready to sell, please contact David Viehman at 307-690-4004 or david@jacksonholereport.com. To sign up for the digital version of the Luxury Report, visit JacksonHoleLuxuryReport.com.

I T ’S O FFI C I AL !

View the video and property at 165Huckleberry.com. 13

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.

The meteoric rise in housing prices in Teton County in 2021 has had a devastating effect for many in the community experiencing housing insecurity. Concerned about the rapidly changing character of Jackson Hole and the ability for essential employees to afford stable, secure housing, Teton County’s real estate community is stepping up to help.

Closings with a Cause Teton County realtors support affordable housing through launch of the Community Housing Fund.

Inspired by Devon Viehman, with full support of the Teton Board of Realtors, the Community Housing Fund was launched to make it easy for every agent and seller, at every transaction, to dedicate a portion of their proceeds to the development of new affordable housing opportunities for the workforce. The Community Housing Fund pools donations to maximize impact on this all-encompassing issue. In time, with the leadership from the real estate community, Viehman aims to grow participation in the program year-over-year so that contributions can have a profound impact on the community’s housing crisis. With support of Jackson’s escrow community, each time an agent orders a title commitment, all agents, buyers, and sellers will be asked: “Does the Agent, Seller or Buyer intend to designate a contribution to the TBOR Community Housing Fund at closing?” Each donor directs their gift toward the support of the design, development, and construction of qualified affordable housing in Teton County, Wyoming. In full support of the goals and objectives of the Community Housing Fund, 22 Fund Founders, pledged over $150,000 to the Community Housing Fund to close out the Jackson Hole Community Housing Trust’s $2.1M capital campaign that will make 24 affordable homes possible at 174 North King Street. Of the Fund, Devon Viehman said, “The housing problem in our community affects every household, organization and employer in our community. Jackson is the community we all love because of dedicated, hardworking people who call this place home, but too many

people are struggling to make ends meet. Our community needs this Fund now more than ever.” Of the support from the Teton Board of Realtors, Anne Cresswell, Executive Director of the Jackson Hole Community Housing Trust said, “The warm and enthusiastic response from the real estate community for the Community Housing Fund was inspiring. Their support was unanimous and their gratitude for the work of dedicated professionals in our community is sincere. With the support of the Community Housing Fund, the Community Housing Trust is delighted to close our fundraising efforts on King Street so that we can prioritize design and development work on our future projects.” Sellers in the valley, wondering how they can make a difference, found the opportunity provided by the Community Housing Fund a great way to make an immediate impact. In 2007, Meg Daly and Mark Llinares bought a home in Rafter J. Fourteen years later they are ready to pursue other opportunities outside of Jackson. Over time, watching the prices of homes skyrocket, Meg said, “We have young, professional friends who live in rundown, cramped conditions. This is not sustainable. In addition to selling our home to a local Jackson family, we are thrilled to contribute to the Community Housing Fund – it allows us to give back a portion of our good fortune. We don’t want to be a part of the problem and the Community Housing Fund is a streamlined way for us to be a part of the solution.” Currently, the Community Housing Fund has three beneficiaries — the Jackson Hole Community Housing Trust, Teton Habitat for Humanity of the Greater Teton Area, and the Teton County Idaho Joint Housing Authority — with shovel-ready projects in need of philanthropic support. Are you buying or selling a home? Consider donating a portion of the proceeds to the Community Housing Fund and encourage your realtor to join you. For more information about the fund, contact Carma Miller at info@tbor.org or visit CommunityHousingFund.com.

“The warm and enthusiastic response from the real estate community for the Community Housing Fund was inspiring. Their support was unanimous and their gratitude for the work of dedicated professionals in our community is sincere. With the support of the Community Housing Fund, the Community Housing Trust is delighted to close our fundraising efforts on King Street so that we can prioritize design and development work on our future projects.” Anne Cresswell Executive Director of the Jackson Hole Community Housing Trust

Opening the door to the life you aspire.

Engel & Völkers evokes a real estate experience of the highest caliber with the utmost competence, expertise and passion for all that we do.

Photo featuring: Hayden Fake, Real Estate Advisor.

Engel & Völkers, a European-based premium real estate brand, is excited to have its international presence in Jackson Hole. This brings the firm’s global network and exclusive level of service to residents of the area. Engel & Völkers Jackson Hole is ideally situated just off the square in Downtown Jackson. It provides leading services for buyers and sellers of premier properties in not only Jackson Hole but the Westbank, Teton Village, Star Valley, Teton Valley and its surrounding areas.

70 King Street, Jackson, Wyoming 83001

(307) 201-8800

j ac k s o n h o l e . ev r e a l e s tat e . c o m

Since its beginning in 1977 as a specialty boutique providing exclusive, high-end real estate services in Hamburg, Germany, Engel & Völkers has become one of the world’s leading companies specializing in the sale and lease of premium residential and commercial property, yachts and private aviation. Engel & Völkers currently operates a global network of over 10,000 real estate advisors in more than 800 brokerages spanning more than 30 countries across four continents, offering both private and institutional clients a professionally tailored range of luxury services. It established its North America corporate headquarters in 2007 and opened its first brokerage in the same year. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs and tools; multiple platforms for mobile, social and web; as well as access to its global network of real estate professionals, property listings and market data. Engel & Völkers is an active supporter of the Fair Housing Act and the Equal Opportunity Act. Each brokerage is independently owned and operated.

About our Team WE COLLABORATE. Our team works in an open office environment to allow creative input from every member. WE GET REAL ESTATE. Our team has over a century of combined experience and are market experts in Jackson Hole, Westbank, Teton Village, Star Valley & Teton Valley. WE EVOLVE TO STAY CURR ENT. Whether it’s a new social media platform or mobile app, we constantly educate our team on the most effective way to reach potential buyers across the globe. WE MOVE FAST. We will have your property marketed and distributed locally, nationally, and internationally faster than any other agency. WE HAVE PROVEN RESULTS. We have sold hundreds of millions of dollars in real estate. Our track record shows that we do not give up, that we meticulously pay attention to detail and we understand the legal process as well as the art of the deal.

70 King Street, Jackson, Wyoming 83001

(307) 201-8800

j ac k s o n h o l e . ev r e a l e s tat e . c o m

Our decades-deep knowledge of the valley combined with the international reach of 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 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 307-690-4004 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, in 2021: only 59% 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 Kara Pearson, 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 2021 compared to sales in 2020. *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. *The word “Overall” in this newsletter refers to all sales in Teton County combined (homes, lots, condos, commercial and ranch). *Alta, Wyoming is not included in this report. *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.