Jackson Hole Real Estate Report Q1 2023

When compared to Q1 2022, the number of overall sales dropped 31% to 67 in Q1 2023. The last time the valley had fewer than 100 sales in Q1 was back in 2010, coming out of the Great Recession. Back then though, the average sale price for a single-family home was $2.24 million versus $4.96 million today. The drop in number of sales is across the board with single-family home sales down 19%, condo sales down 32%, and vacant residential land sales down 59%.

In contrast, average Q1 sale prices broke records across the board with single-family home sales averaging $4.96 million, condos/townhomes sales averaging $2.5 million, and vacant residential land sales averaging $2.63 million.

So, what’s going on? Once again “SUPPLY & DEMAND” are driving our market. Unlike during the building boom of the mid-2000s, we are seeing the deficit of homes, condos and vacant land for sale playing a big role in the current price spikes. For example, home inventory is the second lowest in 40 years, with condo and vacant land inventory at their third lowest in over 40 years.

Will the “DEMAND” continue?

Increasing prices and the ability to qualify for a loan will play a big part. Since COVID appeared on the scene, average sale prices jumped, and inventory dropped exponentially. The increase in prices affected the locals’ ability to trade up, as well as the ability to qualify for a higher loan amount. Combined with the doubling of interest rates in the last 12 months, most locals can no longer afford a single-family home, much less buy a vacant lot and build. It’s worth noting that since the Great Recession, an average of 50% of all transactions have been made in cash with Q1 2023 showing 68% of transactions made in cash.

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

New home construction hasn’t kept up with demand either as builders have taken years to recover from the Great Recession and then COVID. Today they continue to face shortages of skilled labor, rising material costs from supply chain issues, and a shortage of employee housing, further hindering builders as they increase production. At the same time, locals are holding onto their houses longer as trading up becomes harder to accomplish. Prior to the Great Recession, an estimated 45% of home sales were locally driven.

The off-market available inventory is also seeing a slowdown with only 22 sales in Q1 2023 versus 93 sales in Q1 2021. An “off-market” sale refers to properties that were not made available to the public through MLS, or temporarily posted to MLS and then removed before going under contract. Normally a Realtor is involved in these sales, but there was no need to advertise in MLS in order to find a Buyer. NOTE: While an off-market sale may have been advantageous during COVID and/or when a Buyer does not want anyone to know they are selling, Sellers are potentially leaving lots of money on the table by taking this route. Ideally, Sellers will want to price their property according to the current market and then expose it to the open market and a multitude of Buyers.

Why do we track off-market sales? Wyoming is a voluntary non-disclosure state, and Teton County chooses not to disclose individual sale prices. Without tracking these off-market sales, our Sellers would be leaving money on the table, and our Buyers would potentially be overpaying.

Looking ahead, we expect sales in 2023 to increase at a slower rate. We also expect prices to stay at their new and elevated levels. Bottom line: Until our inventory levels return to normal, it will continue to slant toward a Seller’s market for the foreseeable future.

How does a Buyer compete in this Seller’s Market?

Start by hiring a Realtor to be your advocate; someone who knows the market well and can find what you are looking for. With only 132 active and public listings valley-wide today—and almost half never being exposed to the open market—it’s more important than ever to have an expert on your side. Our team has been tracking the market for over 29 years and have every single one of the 12,244 deeded Jackson Hole properties cataloged in our database. We can tell you if it’s a log home or stick built; how many bedrooms and baths; how many square feet of heated space; the number of acres; the year it was built; if it sits near streams, creeks, a golf course or ski slope, the National Forest, National Park, or if it has great views. We also have all these property owners and their contact information in our database. When we say, “WE KNOW THE MARKET AND INVENTORY BETTER THAN ANYONE IN JACKSON HOLE,” we mean it!

Is 2023 a good time to sell?

Absolutely! With inventory levels at historic lows and demand high, 2023 will be a good time to sell. What will be most important, though, is pricing your property correctly. With 33% of the sales transactions so far in 2023 not appearing in or being reported to our local MLS, pricing is becoming an art. To guarantee the highest price for your property you’ll need to hire an advocate. We, at Engel & Volkers of Jackson Hole, know the local real estate market better than anyone in the Valley. We track every single sale, not just the ones reported to MLS, which helps us to effectively strategize pricing.

If you are considering selling your property in 2023, give us a call. We will provide a free, no-obligation market analysis, and explain how we would market your property in this new virtual world. At Engel & Volkers Jackson Hole, we offer virtual tours for almost all our listings. To learn about our services, go to jhreport.com/ sellers.

Jackson Hole Report Podcast

Tune into our podcast at JHreport.com for an up-to-date and more in-depth conversation about the current real estate market. Be sure to listen to our various podcast episodes which cover an array of subjects including Buyer and Seller tips, home inspections, visiting with a local mortgage broker, etc.

*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.

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.

DATA-DRIVEN REPORT FOR THE FIRST THREE MONTHS OF 2023

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 MLS. NOTE: Only 67% of sale prices valley-wide so far in 2023 were reported to MLS.

Overall Market

Compared with the first three months of 2022, the number of sales in 2023 is down 31% and the dollar volume is down 37%. In contrast, the median sale price was up 6%, breaking a record for this time year. The increase in the median sale price is due to 91% of sales closing for over $1 million. In terms of price, the most activity was between $1-3 million, where 47% of overall transactions occurred. Geographically, the Town of Jackson experienced the most activity, accounting for 39% of all sales in the valley. The Westbank came in second with 26% of all sales.

Overall properties under contract in Q1 2023 versus Q1 2022: The number of overall properties under contract is down 41% and the dollar volume is down 24%. In contrast, the average list price rose 29% to $4.58 million. Single family homes, condos, and townhomes made up 62% of the properties under contract, and 22% of the properties under contract are vacant residential lots.

Overall inventory of active listings increased 103% when compared to 2022 (132 listings). NOTE: This is the SECOND lowest level of available overall inventory in modern history. The segment with the least amount of available inventory is Townhome/Condos, where inventory is also the third lowest in modern history. Based on the 2022 absorption rates, where 132 Townhome/Condos sold, there is less than three months of available inventory. The segment with the largest available inventory was homes over $5 million (33), reflecting 56% of the available homes for sale. NOTE: The average listing price for a single-family home, as of April 1, 2023, was $7.8 million.

The upper end of the market—properties priced at $5 million and above—registered 11 sales (down 59%) in the first quarter of 2023. Of those 11 sales, four were for over $10 million. A quick look at properties under contract shows 13 are over $5 million, at par with Q1 2022. Of those 13, two are on the Westbank, one on the Gros Ventre buttes, two north of Town, four in Town, and three South of Town. The available upper-end inventory is up 121%. While these 51 listings only represent 36% of overall available inventory, they make up 75% of the current overall dollar volume of available properties valley-wide.

There are 51 properties on the market in the $5+ million price range, which is up 112% from Q1 2022. The most expensive listing is the Alpenhof Inn at Teton Village, listed at $50 million.

Where did the Buyers come from in 2022?

In 2022, 47% of the Buyers had a local address, accounting for $718 million in dollar volume or 32% of the overall dollars spent in 2022. The rest were second homeowners, Zoomers, and retiring Baby Boomers. East Coasters made up 18% of Buyers and accounted for $756 million (The Four Seasons’ sale accounted for $315 million); 11% came from the Midwest and accounted for $245 million (11%); 7% from the Rockies and accounted for $222 million (10%); and 17% from the West Coast and accounted for $308 Million (14%).

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OVERALL FACTOIDS

• Currently, there are 12,244 deeds in Jackson Hole. They break down as follows: Westbank (3,708); Town of Jackson (4,111); North of the Gros Ventre River (1,443); and South of Gros Ventre River to County Line (2,982)—all free-market (not deed-restricted or timeshare).

• There are 1,940 deeds worth at least $5+ million (luxury properties) throughout the valley. Currently, the Westbank is home to 48% (922) of these luxury properties.

• There are currently 26 working ranches left in Jackson, each averaging 265 acres. Ten of the ranches are in conservation easements, protecting over 3,000 acres in perpetuity.

• To date in 2023, 68% of all purchases were cash.

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.

Single-Family Homes

Single-family home sales, in the first three months, dropped 19% when compared to Q1 2022. Following suit, the dollar volume dropped 12%. NOTE: The average sale price for a single-family home hit $4.96 million—a new record. As of April 1st, there were only eight homes listed for under $2 million, and none for under $1 million. Properly priced listings under $2 million continue to generate multiple offers. The selling strategy is simple: To spark immediate interest, hire our team as your advocate to effectively price your property according to current market values. Then we will educate and prepare you on how to win in today’s real estate bidding wars.

Least & Most Expensive

The least expensive singlefamily home listing, at the time of publication, is a 2-bedroom, 1-bath, 1,048 sq. ft. home built in 2000 on a .08-acre lot South of Town listed for $1,130,000.

The most expensive singlefamily home listing stands at $27 million for a 90acre private estate South of Wilson on Fish Creek and the Snake River with an 11,000+ sq. ft. home (5 bedrooms, 6.5 baths), and a 1,000+ sq. ft. guest house.

The number of single-family homes under contract is down 36%. Following suit, the dollar volume is down 17%. In contrast, the average and median list prices are up 26% and 31%, respectively. These increases are the direct result of an increase in listings under contract for over $5 million. Note: The average list price for a home under contract is $6.02 million.

The upper end of the single-family home market is also seeing sales numbers drop. The number of sales over $5 million is down 50% (eight sales), and dollar volume is down 17%. In contrast, the $10+ million segment rose 33% (four sales) when compared to Q1 2022. Meanwhile, the number of homes listed for over $10 million is up by 275%. NOTE: While the eight home sales only accounted for 24% of the total number of sales in Q1 2023, those eight sales generated $106 million, or 63% of the total dollar volume.

Available inventory of homes for sale is up 111% to 59 listings, with the least expensive sitting at $1.13 million. NOTE: Only eight of the homes are currently listed for less than $2 million. This, of course, is not good news for many locals who were hoping to someday trade out of a condo or townhome into a reasonably affordable single-family home.

SINGLE-FAMILY HOME FACTOIDS

• Currently, there are 6,084 free-market, single-family homes in Jackson Hole. They break down as follows: Westbank (1,756); Town of Jackson (1,416); North of the Gros Ventre River (958); and South of Gros Ventre River to County Line (1,954)—all free-market (not deed restricted or timeshare).

• There are 1,265 single-family homes worth at least $5 million (luxury homes) throughout the valley. Currently, the Westbank is home to almost half (593) of these luxury homes.

• 178 homes in the valley are situated on 35+ acres.

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.

Condos/ Townhomes

Condo/Townhome sales have decreased 32% with 19 sales in Q1 2023. In contrast, the average and median sale prices increased 28% and 19%, respectively, when compared to Q1 2022. The increase in the average and median sale prices can be directly attributed to the 43% decrease in sales under $1.5 million. NOTE: The average and median sale prices of $2.5 million and $1.69 million, respectively, are new record highs.

The hot spot for condo/townhome sales was in the Town of Jackson, where 58% of all sales in the first quarter occurred.

The number of condo/townhomes under contract is down 39%. Following suit the average and median list prices are down 31% and 63%, respectively. The decrease in the average and median list prices reflects a large decrease in the number of condo/townhomes under contract for over $2 million (16 in 2022 vs. 5 in 2023). Of the 14 currently under contract, 9 are in the Town of Jackson. NOTE: Five of the current listings under contract are listed for under $1 million.

CONDO FACTOIDS

• Currently there are 3,255 freemarket condo/townhomes in Jackson Hole. They break down as follows: Westbank (1,147); Town of Jackson (1,732); North of the Gros Ventre River (98); and South of Gros Ventre River to County Line (278) —all free-market (not deed restricted or timeshare).

• There are 156 luxury condo/ townhomes worth at least $5 million throughout the valley. All are located in Teton Village with the exception of 14 in the Town of Jackson.

Available inventory of condo/townhomes increased 275 to 30 listings. Following suit, the dollar volume increased 305% to $77 million. Bucking the trend, the median list price decreased 40% to $1.795 million. The Town of Jackson holds 57% of the current available inventory with an average list price of $2.71 million. Based on year-end 2022 results, there is currently less than three months of available condo/townhome inventory. NOTE: The least expensive three-bedroom condo/townhome currently on the market is $1.395 million.

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.

Vacant Land

Single-family vacant land sales are down 59% with 7 sales in Q1 2023. In contrast, the median sale price was up 71% when compared to Q1 2022. The increase in the median sale price can be directly attributed to the decrease in the number of vacant land sales below $1 million: only one. The area with the most vacant land sales to date was the Town of Jackson and South of Town with two sales each.

Single-family vacant lots under contract are down 65% in the first quarter of 2022. Of the six listings, five are listed for over $1 million.

Available inventory of lots for sale is up 73% from Q1 2022. While the average list price is down 3%, the median list price is up 62%. The dramatic increase in the median list price reflects an increase in lots listed for over $2 million (up 130% from 2022). As of March 31, 2023 there is only one vacant residential lot currently listed for under $1 million on the open market. NOTE: In this segment of the market, expect to see prices level off in most areas of the valley. Also noteworthy, 38 active residential vacant lot listings reflect the third lowest level of available inventory in modern history.

VACANT LAND FACTOIDS

• Currently there are 1,035 platted and vacant residential single-family lots under 35 acres in Jackson Hole. Of those, only 371 (36%) are located on the Westbank. Of those on the Westbank, 144 (39%) are held by neighboring property owners for either protected visual corridors or privacy.

• Of the 1,035 platted and vacant residential single-family lots under 35 acres, 351 or 34% are being held by neighboring property owners for either protected visual corridors or privacy. We expect most of these lots to remain with the main house parcel in perpetuity.

• Currently there are 239 platted and vacant residential single-family lots over 35 acres in Jackson Hole.

• Of the 239 platted and vacant residential single-family lots over 35 acres, 88 are held by four local families.

Hire us as your Advocate. If you are looking for vacant land 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.

Looking Ahead

Looking ahead, we expect sales in 2023 to increase at a slower rate. We also expect prices to stay at their new and elevated levels. Bottom line: Until our inventory levels return to normal, it will continue to slant toward a Seller’s market for the foreseeable future.

For Sellers who want to achieve the highest price for their real estate this summer, you need to hire an advocate to represent YOU! Call us today about an effective pricing strategy, as pricing has become an art in the valley. Let our accurate, data-driven insight and advice help you reach your real estate objectives. To receive a free, no-obligation market analysis and/or to list your property in 2023, contact us through JHReport.com, david@ jacksonholereport.com or (307) 690-4004.

We know the market better than anyone. If you plan to purchase in today’s competitive Seller’s market, you need to hire an advocate to represent YOU! Call or email us today…

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.

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

Thank you for all your support and extra steps you took to make this long-distance sale happen. Your patience and handholding at times was greatly appreciated. I know you invested more time than is usually required dealing with our needs and circumstances and I am so grateful for that. I think I can speak for Steve when I say, we will definitely keep in touch and look you up when one or both of us come back to Jackson. Jackson will always be a favorite location for us and we have happy memories there.

CONNIE & STEVE NESTLER

We know there were some tricky moments in the negotiations, but we always felt that you had our back, handled things well and were very efficient. We appreciate your frequent communication and felt like we always knew what was going on. Thanks again for handling the last-minute disbursement of items. We could never have handled that from a distance, and we know it took a lot of time and effort on your part.

MARY AND JEFF DIXON

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.

Work With Us

Luke was absolutely fantastic to work with. We had some pretty specific needs for both a 2nd home and a rental property. Given our unique travel schedule coming in from the East Coast with young kids in tow, Luke handled that with ease and if he wasn’t available due to our shortnotice trips; he matched us perfectly with another agent at the office who supported our quest.  Luke has been amazing from the beginning of the process in understanding our goals, through to negotiations and more importantly; in how he has taken care of us after the sale.  Coming from a world-class service background,  in my experience, the hardest part of a working relationship to accomplish a goal is the last mile to completion and then support once the project completes.  After the sale, Luke has demonstrated incredibly high ownership to our goals in connecting us with local contractors and has been available on request for support as needed (which has been quite a bit).  He truly thinks long-term, demonstrates world-class ownership & professionalism.   We look forward to working with him as we expand in the future.  Thank you Luke, Hayden and The Viehman Group at Engel & Volkers!  Onward!

Wonderful! And congrats to the Viehman Group for making everything work out so smoothly.   Nothing but positives for you guys.  We hope to see you around town and if you need a reference, please let us know — we’d be happy to provide, though your work and coordination speak for themselves.

Thank you, David, Devon and Luke, for making this work out so perfectly.  You are a great team to work with - consistent, accurate, honest and candid over the entire two years.  We would not hesitate to recommend you to any of our friends.

DAN & BARB EASTERLIN

TAYT & LINDSAY RULE FAMILY (WINTER SKY INVESTMENTS)

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.

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 ...

Engel & 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.

Our decades-deep knowledge of the valley, combined with the most accurate database, and our full-service property management company, make 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 via 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@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 market with MLS statistics only, we track every single transaction in Teton County. Consider, for instance, in 2023: only 67% of sales valley-wide have been 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@jhreport.com You can also find the Jackson Hole Report online at JHReport.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 for 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 and Devon Viehman and/or Luke Smith.

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

*This first-quarter report is not posted on the Jackson Hole Report website. Instead, it is provided exclusively via email, as a service to all our valued customers and clients here at Engel & Volkers Jackson Hole. The data is collected and analyzed quarterly to help you keep up with trends in our market.

*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 2023 compared to sales in 2022.

*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.