Jackson Hole Real Estate
MARKET REPORT Mid-Year 2020
Jackson Hole Real Estate MID-YEAR MARKET HIGHLIGHTS MEDIAN SALE PRICE
AVERAGE SALE PRICE
38
51 %
VACANT LAND AVERAGE SALE PRICE
32%
SINGLE FAMILY HOME TOTAL $ VOLUME
VACANT LAND TRANSACTIONS
PENDING
62 94%
Single Family Home Pending Transactions
116 Transactions
40% Increase
164% INCREASE Average
>$5M 13%
Days
MARKET -7%
On
$2M$5M 23% $1M$2M 28% $500K$1M 29%
UNDER $500K 7%
Sales Distribution By Price
$1,275,000
$2,540,152
IN PENDING LUXURY LISTINGS
Condo/Townhome
Inventory 60% jhrea.com | Pg. 1
Why Our Report Tells The Full Story: Our decades-old proprietary data base of historical sales in Teton County, gives us greater insight into the market. Most, but not all sales, are reported in the Teton County MLS (Multiple List Service) system. Typically, it is the higher-end sales that go unreported vastly skewing the accuracy of MLS data alone. This has been particularly true in Q2 2020, where many of the sales went unreported. Our internal database accounts for ALL sales in our market, providing the most comprehensive overview of Jackson Hole Real Estate Market. In this detailed report, you will find information on the market segments making up the Jackson Hole region. As the leading brokerage in Jackson Hole, we have developed this comprehensive report to help analyze the trends that are shaping our real estate market, empowering our clients with current data as they navigate Jackson Hole real estate opportunities. *Cover: SOLD | List Price: $5,995,000* | North of Town *MAXIMUM LIST PRICE SOLD
Summer is the new Spring in Jackson Hole. The market uncertainty created by the impacts of COVID kept buyers and sellers on the sidelines this spring, but uncertainly can offer opportunity and Jackson Hole Real Estate Associates quickly shifted to doing business a new way. As a leader in the business community, we were one of the first to develop and implement initiatives to keep our team and the community safe, while also being a source of stability and information for our clients. Through a remote work plan we continued to convene our weekly office meetings via ZOOM, we moved our traditional open houses to a custom virtual tour website and we rolled out plans to increase traffic to our website. We supported local restaurants and businesses with company-wide gift card contests, helped organizations that work to alleviate food insecurity and sponsored the local hospital Community Mask Program, quickly bringing 10,000 much needed masks to Jackson Hole. Our live State of Real Estate Community Forums led by forward thinkers and progressive leaders provided sound, data driven information on the economy, both locally and nationally and were the first of their kind in the Jackson Hole.
MID-YEAR 2020 | HIGHLIGHTS
Welcome to our mid-year market report for 2020
As we head into summer, the slower season we felt in early spring has been replaced with robust real estate activity and an excitement in the air. We look forward to sharing our insights with you and strive to remain your trusted advisor as we head into the summer and fall of 2020. jhrea.com | Pg. 2
What an unprecedented year 2020 has been so far. After a record breaking first quarter for Jackson Hole Real Estate Associates and a 30% increase in the overall Teton County market in Q1, the world was suddenly upended by an international pandemic. In response, our firm ramped up its operations with an understanding that it was critical for our clients to closely track market information. The Teton County real estate market “hit pause� as the uncertainty of the pandemic rippled through the region starting mid-March 2020, when the shut down began. According to MLS data, overall transactions lagged nearly every week through the first week of June, 2020 vs. 2019. In the same period, new listings and pending listings were also down. But beginning in June 2020, the local real estate market started heating up. Single Family home pending listings, those that are under contract and slated to close, are up 62% YTD 2020 vs. 2019. Buoyed by a recent, significant demand in the second home market, Luxury Listings, those priced above the $3M mark, reports a 164% increase in pendings YTD 2020 vs. 2019. This is a strong indicator the local market has quickly bounced back due to pent up demand created by the pandemic. The number of transactions declined 22% while the average sale price leaped up 52% further confirming a robust upper end of the market. The number of sales over the $2M mark increased dramatically YTD through 2020 vs. 2019. Transaction volume overall continues to decline, down 22%. Active listings are slightly down at 5% and average days on market declined. As the world continues to carefully re-open, many are discovering the unique lifestyle benefits and quality of life that Jackson Hole offers to its residents.
Average Sale Price
52% Increase YTD
Total Transactions
22% Decrease YTD
$2,540,152
221
Active Listings
344
$1,275,000
5% Decrease YTD
$561,373,685
Total Dollar Volume
19% Increase YTD
MID-YEAR 2020 | HIGHLIGHTS
The Jackson Hole Market
Median Sale Price
28% Increase YTD jhrea.com | Pg. 3
2005 - 2019, Teton County
$2B $1.5B $1B
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
$500M
Sales Volume Year-to-Date 2019 vs. 2020, Teton County 2020 Data
2019 Data
$200M $150M $100M $50M Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
MID-YEAR 2020 | MARKET OVERVIEW
Sales Volume By Year
Dec. jhrea.com | Pg. 4
Teton Village : 27
Raquet Club/Teton Pines : 15
West Snake North of Wilson : 21
West Snake South of Wilson : 9
Skyline Ranch to Sagebrush Drive : 11
East Gros Ventre Butte : 5
North of Gros Ventre Junction : 15
Town of Jackson : 74
South of Jackson to Snake River Bridge : 33
South of Snake River Bridge to County Line : 11 *Totals are year-to-date
15
27
15 5 21 11 74 9
33
MID-YEAR 2020 | MARKET OVERVIEW
Transaction Distribution By Location:
11
jhrea.com | Pg. 5
Single Family
47%
Condo/Townhome
32%
Vacant Land Commercial
17% 3%
Highest Sale: $39,900,000 *MAXIMUM LIST PRICE SOLD
Lowest Sale: $315,000 *MINIMUM LIST PRICE SOLD
Sales Distribution by Price
7%
29%
28%
23%
13%
Under $500K
$500K-$1M
$1M-$2M
$2M-$5M
Over $5M
MID-YEAR 2020 | MARKET OVERVIEW
Sales Distribution by Segment
jhrea.com | Pg. 6
S I N G L E - F A M I LY With transactions remaining flat, the Single Family Home segment is performing well, showing a 32% increase in total dollar volume year over year. The average sale price is up 32%, as a significant number of sales through mid-year occurred in the $2-5M dollar price range including an off-market sale listed at $39.9M. With a drop in active listings of 18% and a significant increase of 94% for pending listings, demand continues to soar.
# of Transactions 103
0%
Total Dollar Volume $350,618,516
32%
Minimum Price Sold $675,000
35%
Maximum Price Sold $39,900,000
135%
Average Sale Price $3,404,063
32%
Median Sale Price $1,750,000
-5%
Average Days on the Market 239
34%
# Pending Transactions 62
94 %
Inventory 147
-18%
MID-YEAR 2020 | SINGLE - FAMILY
SOLD | List Price: $1,749,000* | West of Town
*LIST PRICE jhrea.com | Pg. 7
CONDOMINIUM & TOWNHOME Condominiums and townhomes had a decrease in transactions of 41% YTD 2020 vs. 2019 ticking down total dollar volume 6%. The average sales price however, jumped 60%. The majority of sales occurred in the price segment of $500K to $1M, with four sales over the $5M mark. Inventory is up 60% YTD 2020 vs. 2019 with the nearly half of these active listings located in the Town of Jackson. Pending listings have seen a bump of 18%.
*LIST PRICE
# of Transactions 70
-41%
Total Dollar Volume $104,168,286
-6%
Minimum Price Sold $315,000
12%
Maximum Price Sold $7,950,000
12%
Average Sale Price $1,488,118
60%
Median Sale Price $785,000
37%
Average Days on the Market 125
23%
# Pending Transactions 26
18%
Inventory 69
60%
MID-YEAR 2020 | CONDO & TOWNHOME
SOLD | List Price: $800,000* | Town of Jackson
jhrea.com | Pg. 8
VAC A N T L A N D Vacant Land transactions increased 6% Q2 2020 vs. Q2 2019, and dollar volume increased 59% with several high-end parcels driving the uptick in volume along with average sales price. Active listings are down 14% while, pendings increased 29% . The majority of available land listings heading into Q3 are located south of Jackson.
*LIST PRICE
# of Transactions 38
6%
Total Dollar Volume $87,270,861
59%
Minimum Price Sold $415,000
33%
Maximum Price Sold $11,000,000
43%
Average Sale Price $2,296,602
51%
Median Sale Price $1,545,000
69%
Average Days on the Market 327
-59%
# Pending Transactions 22
29%
Inventory 92
-14%
MID-YEAR 2020 | VACANT LAND
SOLD | List Price: $2,890,000* | North of Town
jhrea.com | Pg. 9
LUXURY The Luxury Segment, listings that are above the $3M mark, traded briskly up 62% YTD 2020 vs. 2019. Dollar volume spiked 91% due in part to a $39.9M off market sale. Average sales price rose 18%. Although active listings fell 21%, pending listings are up dramatically, at 164%. While luxury land does not account for majority of luxury sales, it’s notable that luxury land sales are up 233% year over year.
# of Transactions 55
62%
Total Dollar Volume $355,023,831
91%
Maximum Price Sold $39,900,000*
135%
Average Sale Price $6,454,979
18%
Median Sale Price $5,000,000
8%
Average Days on the Market 296
22%
# Pending Transactions 29
164%
Inventory 102
-21%
MID-YEAR 2020 | LUXURY
SOLD | List Price: $11,750,000* | South of Town
*LIST PRICE jhrea.com | Pg. 10
J AC K S O N H O L E R E A L E S TAT E A S S O C I AT E S
THE MARKET REPORT
As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable
Jackson Hole Real Estate Associates
destination. We are committed to being the leading luxury real estate brand in
exclusively owns and maintains the valley’s
the Teton region. By staying on top of market trends and continually striving to
oldest and most comprehensive database.
offer cutting edge marketing and advertising services we deliver extraordinary
Our Market Report, unlike others in the
experiences to clients and exceed their expectations.
area, is derived from this proprietary, fortyyear old database (not just MLS data) and
As a market leader in Jackson Hole, we believe the success of our company is
draws on our brokerage’s decades of
based on the value that we provide for our clients, community and agents. It is
success, making it the most trusted and
this value-driven philosophy that has helped to guide the successful growth of our
accurate real estate report in the region.
organization. There is no real estate company in the region that provides more
No other brokerage or agent has the
exposure for listings or more choices for buyers.
resources available to offer this depth of expertise or insight into market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates – the largest and most dynamic real estate company in the region – combined with the largest independent affiliate networks, Christie’s International Real Estate and Leading Real Estate Companies of the World, allows us to offer the ideal balance of local expertise and global reach.
jhrea.com | Pg. 11
307. 733. 6060 tel 307. 733. 3483 fax
www.JHREA.com
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