Commercial Sales Dominate the High-end Market

For the first time in history commercial sales dominate the luxury market. While only making up 15% of the luxury sales (17), this segment accounted for 41% of the dollar volume. Of the 17 sales five were hotel/motels sales, accounting for $527 million in dollar volume. They include Four Seasons in Teton Village, Amangani in Spring Creek Ranch, Red Lion Wyoming Inn, Homewood Suites and Motel 6 in the Town of Jackson.

NOTE: Over the last ten years 37 hotel/motels have changed hands in Jackson Hole.

Looking ahead, we are seeing a softening of demand with inflation, rising interest rates, the stock market and crypto seeing major losses, and lack of inventory in the lower price ranges. However, the softening is taking us from a frenzied market to a more mollified one. Inventory is increasing, and prices will start to moderate into a slower growth curve. While inventory levels are still at historic lows, without more Buyers in the market, some sellers will have to lower their expectations if they want to close in 2023.

“Off-Market” sales. An Off-Market sale is a property that was not made available to the public through MLS or was temporarily posted to MLS and then removed before going under contract. NOTE: In 2022, only 39% of all closed Luxury sales were reported to MLS. The rest were considered Off-Market. Normally a Realtor is involved in these Off-Market sales, but advertising in MLS was not necessary to find a Luxury Buyer.

If you would like to know more about sales under $5 million, please read our Jackson Hole Report at www.jacksonholereport.com

6 Overall Luxury Market

Comparing year-end 2022 with 2021, we discovered that the overall number of luxury sales decreased 32% to 115 total sales. Following suit, the overall dollar volume decreased 11% to $1.52 billion.

10 Single Family Luxury Homes

Luxury homes accounted for 58% of all luxury sales in 2022. All told, the number of home sales is down 39%, the dollar volume decreased by 40% to $56 million. Following suit, the average sale price decreased by 2% to $9.8 million.

13 Vacant Luxury Lots

The demand for vacant luxury lots in 2022 decreased 32% when compared to year-end 2021. Sales totaled 17 transactions with a dollar volume of $110 million.

18 Luxury Condo/Townhouses

Luxury Condo/Townhomes are few but not far between in Jackson Hole, and all but 12 are located in Teton Village. Currently, 152 units qualify for the Jackson Hole Luxury Report with values of $5+ million.

22 Meet the Team

Jackson Hole real estate is a treasured and valuable asset. With this investment in mind, it is vital that your relationship with your Realtor is based on an open line of communication.

Competence. Exclusivity. Passion. Ensuring an Experience of the Highest Caliber