Overall Luxury Market

Comparing mid-year 2020 with 2019, we discovered that the overall number of Luxury sales increased 22% to 61 sales total, and the overall dollar volume increased 38% to $404 million. NOTE: While Luxury sales only make up 27% of the overall number of sales in Jackson Hole, they account for 67% of the total dollar volume so far in 2020.

The hot spot for all sales, claiming 44%, was between $5 and $10 million.

Nine Luxury properties have sold for more than $10 million so far in 2020. However, only two were reported to the MLS; a trend that underscores the necessity of enlisting us as your Realtor when entering this elite market.

While the first half of 2020 experienced a 19% decrease in Luxury sales between $3 and $5 million, the $5+ million segment is up 89% and the over $10 million segment is up 80%. A home on 72-acres South of Wilson was the highest priced sale in Q2 2020. It was a private sale, so the price was not made public. We understand it sold for over $35 million. NOTE: At the end of the first six months, there were 108 listings priced over $3 million (down 14%), with 55% of those on the market for more than 12 months.

The challenge with tracking Luxury market values is the lack of comparable sales. While there are many properties in Jackson Hole worth more than $3 million, no two are alike. For this reason, many sellers start by overpricing their homes beyond market levels, and then lower the price progressively until the property reaches market value. This is why 28% of the Luxury listings have been on the market for more than two years. If you are planning to sell your property soon, do not make the mistake of overpricing it. Through our confidential property and market analysis, we can help you through the entire process.

Close analysis of the statistics supports the following conclusion: When compared to mid-year 2019, the current overall available inventory decreased by 14% in 2020. Meanwhile, the average listing price is up 7% to a record breaking $8.65 million and the median listing price is down slightly to $5.5 million.

Number of sales

increased 22% to 61

Average listing price

increased 7% to $8.65M

Current overall inventory

decreased 14%

Listen to the Numbers

MLS accounted for only 41% of the overall Luxury sales in the first six months of 2020.

OVERALL LUXURY SALES BY AREA

WESTBANK

35 SALES $231M

NORTH OF THE GROS VENTRE RIVER

6 SALES $59.4M TOWN OF JACKSON

2 SALES $7M SOUTH OF THE GROS VENTRE RIVER (EXCEPT JACKSON) 18 SALES $107M

As we celebrate the 25th anniversary of the report, it is also time to send a heart-felt thank you to our clients and subscribers.

Relationships drive everything in our business, and one of our biggest successes of this last quarter century is the relationships we have built. Our work is so much greater than a “transaction”, it’s about family, legacy and purpose—whether buying a first home for a new family, finding a second home investment, or selling an estate that has been in the family for generations.

Trust and longevity are so important to us. Today, we even have the rare opportunity to work with the second generation whose parents hired our team in the early years. That trusted relationship has created our thriving real estate business, and we are so grateful for that.

The most widely distributed local real estate report with annual distribution of over 37,000 mail pieces and over 10,000 digital copies. The Beginning of the Jackson Hole Report While the landscape of Jackson Hole has changed over the past two and a half decades, many things have stayed the same. This part of the world remains authentic with strong values and a sense of community.

In 1992, we moved to Jackson Hole where David quickly saw a need in the market for accurate data so buyers and sellers could make the most informed decisions. Wyoming was (and still is) a non-disclosure state which means sale prices are not public record. If a transaction didn’t go through the local MLS then it simply wasn’t accounted for. This has resulted in clients having less than 60% of all the data, which is unacceptable. In 1995, the Jackson Hole Report—which tracks 100% of our market—was created for our clients, but also given freely to our entire community four times a year.

The Next Phase In 2005, Devon joined the team and in 2016, Luke Smith joined. Together we continue with this family-driven business, developing more trusted relationships along the way. We live and breathe the Jackson lifestyle, and know how much people sacrifice to make life work in the valley, particularly during up and down economic cycles.

The Future for Our Team Looking ahead to the next 25 years, we will continue to report on the ever-shrinking inventory and provide an accurate calculation of all types of real estate throughout the valley. While the data revolution has taken over everything from social media to sales, we have found that some things just aren’t possible to replicate—intuition, knowledge and longevity in the real estate market—and we have all three.

Considered the definitive source on valley real estate trends, The Jackson Hole Report has been cited in national publications.

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 and Star Valley and Pinedale, Wyoming and invite you to place your trust in us. Contact us today for a consultation to buy or sell.

THE CURRENT LANDSCAPE

Available inventory is down 14% compared to mid-year 2019, at 108 Luxury listings for sale. With a record breaking average listing price of $8.6 million and a median listing price of $5.5 million, available inventory breaks down into: 48 listings priced between $3 and $5 million (44%); 36 between $5 and $10 million (33%); 18 between $10 and $20 million, and six over $20 million.

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

Fish Creek Meadows (private sale) OVER $35M

6 LISTINGS

A short drive South of Wilson the home sits on 72 acres, straddling Fish Creek and the Snake River. The main house was built in 2006 and encompasses 13,069 sq. ft. while the guesthouse was built in 2004 and encompassing 1,854 sq. ft. See page 13.

What defines luxury in Jackson Hole?

Our simple answer: a property worth $3 million or more.

Our full response is much more nuanced. Respecting the singular nature of high-end homes and parcels, we analyze each property in great detail. Often, these properties are incomparable, eluding clear comparisons to other properties. Context is crucial for both buyers and sellers navigating the elite market.

Pricing such singular parcels requires consulting a specialist—an expert not only in analyzing luxury data, but also recognizing valley trends. As authors of the Jackson Hole Luxury Report, the only one of its kind, David and Devon Viehman are leaders in the local field

of luxury real estate.

OVER $20 MILLION

36 LISTINGS (33%) BETWEEN $5-$10 MILLION

Of the 108 listings, only 26 are 35+ acres. 48 LISTINGS (44%)

BETWEEN $3-$5 MILLION

48

18 LISTINGS BETWEEN $10-$20 MILLION

OVERALL LUXURY UNDER CONTRACT

At mid-year, there were 38 properties under contract (up 111%) with a record breaking average list price of $7.9 million (up 21%), and a median list price of $5.9 million. The huge increase in the number of properties under contract can be attributed greatly to the COVID pandemic and the civil unrest in larger cities. Of the listings currently under contract, 10 are townhomes, 6 are single-family lots, 20 are homes (up 400%) and 2 are commercial properties.

38 properties under contract (up 111%) Average list price of $7.9 million (up 21%)

Median list price of $5.9 million 20 HOMES (UP 400%)

2

COMMERCIAL

6

10

TOWNHOMES

6

SINGLE-FAMILY LOTS

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

UNDER CONTRACT

The Virginian Hotel and RV Park (7.79 acre parcel)

The Virginian Lodge and RV Park has been owned and managed by the same local family for 56 years. The Virginian opened in 1965 and has kept its Wyoming heritage. With 170 guest rooms, 103 RV sites, outdoor heated pool and hot tub, the famous Virginian Saloon, 5,000 square foot convention center, and “the best breakfast in Jackson Hole,” the Virginian has welcomed visitors from all over the world with local hospitality. The Virginian serves as a special community meeting place for the annual Rod Run Classic Car Show, Christmas Tree Festival, the World Championship Hill Climb, and Fall Art Festival.

LIST PRICE $60M