Single Family Luxury Homes

Luxury homes accounted for 59% of all Luxury sales so far in 2020. All told, the number of sales is up 20%, and the dollar volume increased by 47% to a total of $259 million. Following suit, the average home sale price was $7.2 million (up 23%) and a median home sale price of $5 million (up 8%).

The first six months of 2020 ended with 36 home sales over $3 million (up 20%), of which 53% sold for between $3 and $5 million. NOTE: The most expensive single-family Luxury home sale in Q2 2020 was South of Wilson. A private sale, the 72 acres with over 14,000 sq. ft., sold for over $35 million.

Unlike the locals’ market—where homes under $1 million are limited to two months of supply—the Luxury home market is saddled with 11 months of inventory, down 15%. While this may seem like plenty of inventory to meet demand, this dynamic is not as favorable for sellers: 54% of the existing inventory has been on the market for at least a year and 22% for more than two years—both represent a 10% decrease from last year. Some homes continue to be overpriced for the current market, while others do not match the value of the land they occupy.

This situation constrains buyers. For instance, in the $15+ million segment, buyers may choose from 11 homes valleywide. Of those 11, nine are 10+ years old and only two are on the Snake River. Further complicating the process, many Luxury homes only appeal to a specific buyer—a precise pairing that requires substantial marketing.

H O T S P O T

The Westbank logged the most single-family Luxury home sales with 20 sales, 17 of which were north of Wilson. Only four of the Westbank sales sat atop parcels with more than five acres of land, two of those with 35+ acres.

LUXURY HOMES

UNDER CONTRACT

Luxury homes under contract are up 400%, with a record breaking $129 million in dollar volume. The 20 homes have an average list price of $6.5 million (up 62%) and a median list price of $4.9 million (up 39%).

Number of sales is up

20%

Dollar volume

increased by 47%

Average sale price ($7.2M)

increased by 23%

M O S T E X P E N S I V E

SINGLE-FAMILY HOME SALE

Fish Creek Meadows (private sale) OVER $35M

A short drive South of Wilson the home sits on 72 acres of Teton County Scenic Preserve Trust conservation lands. Straddling Fish Creek and the Snake River confluence, the main house was built in 2006 and encompassing 13,069 sq. ft. of quality stone masonry, while the guesthouse was built in 2004 and encompassing 1,854 sq. ft. Privacy and blue ribbon fly fishing make this the perfect Jackson Hole escape.

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

THE CURRENT LANDSCAPE

Available inventory decreased 20% compared to July 1, 2019 with 67 Luxury homes for sale. With another record breaking average listing price of $10.04 million (up 10%), and a median listing price of $5.85 million, the available inventory breaks down into the following: 28 homes priced between $3 and $5 million (42%); 19 between $5 and $10 million (28%); 14 between $10 and $20 million and four over $25 million (see most expensive home listing). NOTE: Of the 67 homes listed, only seven—or 11%—sit on 35+ acres. Also noteworthy: 70% of the Luxury homes currently on the market are more than 15 years old.

M O S T E X P E N S I V E H O M E L I S T I N G

AT THIS TIME Bar B Bar A very special home and much more. The 4 bedroom, 7984 square foot home is on a 37 acre parcel and adjoins 6 other 35+ acre parcels totaling 278 acres in the private Bar B Bar Ranch. With 3 spring creeks flowing through the property and over 1/2 mile of Snake River frontage you know you are somewhere very special. The home is an exceptional design and built to the highest quality standards. A 4 bedroom 3618 sq. ft. guest house adds to the appeal. The property has been extensively landscaped and very private yet conveniently located. Two patios offer wonderful outdoor spaces as well as enjoying the bark covered walking paths. Watch the wildlife every season and enjoy the fishing in the creeks or river.

LIST PRICE $80M Ed Liebzeit

Jackson Hole Sotheby’s International Realty