Jackson Hole Real Estate
MARKET REPORT Quarter One 2021
77%
SEGMENT HIGHLIGHTS SINGLE FAMILY HOME
Overall Teton County Total Sales Volume
Number of Transactions
55%
Total Dollar Volume
70%
Median Sales Price
40%
$4,291,938
14%
AVERAGE SALE PRICE
>$5M 12%
$2M$5M 31% $1M$2M 29% $500K$1M 20%
PENDING
Sales Distribution By Price
Overall Teton County Median Sales Price Overall Pending Listings
108 214 130% Increase
66% Increase
UNDER $500K 8%
59%
Number of Transactions
41%
Total Dollar Volume
238%
Pending Listings
AVERAGE SALE PRICE
VACANT LAND
$1,792,125
Overall Number of Sales
SALES
QUARTER ONE MARKET HIGHLIGHTS
Jackson Hole Real Estate
(307) 733-6060 | www.JHREA.com
LUXURY
PROPERTIES
Number of Transactions
80%
Total Dollar Volume
63%
Pending Listings
400%
$6,401,570
AVERAGE SALE PRICE
The most accurate report in Teton County.
Jackson Hole Real Estate Associates utilizes a database that manually tracks ALL Teton County real estate sales. Most, but not all sales are reported in the Teton County MLS (Multiple List Service). Typically, it is the higher-end sales that go unreported, vastly skewing the accuracy of MLS data alone. Our market report accounts for all sales, providing a comprehensive overview and deeper insight into the market. As the #1 Brokerage in the region in transaction volume, we monitor real estate data daily, closely watching trends that shape our real estate market. Our goal is to empower our clients with the most up-to-date information so we can assist in the navigation of their next real estate opportunity.
Cover: SOLD | List Price: $8,700,000 | North of Town
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QUARTER ONE 2021 | HIGHLIGHTS
Welcome to our 2021 First Quarter Market Report
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After a record breaking 2020, the Jackson Hole real estate market continues to break records for the first quarter of 2021. The number of transactions in Teton County spiked up 66% and total sales volume rose an incredible 77% when comparing Q1 2021 to Q1 2020. The attributes Teton County offers: wide-open spaces, wildlife, scenery, recreation, safety, ease of travel and tax benefits, seem to be more desirable than ever. As in the early summer of last year, Jackson Hole is still experiencing an exodus of individuals from cities in seek of a less-urban lifestyle, pushing demand for local real estate to new heights. In addition, sellers who own real estate in the area are taking advantage of this strong market to look for new opportunities. Notably, increasing sales prices are resulting in more properties entering the Luxury Segment of the market (listings at the $3M mark and higher). This category dominated in the first quarter, with transaction volume up an incredible 80% and sales volume up 77%. Conversely, in the entry-level end of the market, Q1 reported only 6 sales under the $500K mark as inventory under $1M becomes difficult to find. Overall, in Teton County, active listings at the time of this report are down 76% creating a dearth of inventory. Pending listings are up 130%, confirming the intense demand. Days-on-market are down and although a small amount of inventory lingers on the market, as new inventory hits, multiple offers within hours are becoming the new norm. With the dramatic increase in transactions, the overall average sales price for Single Family Homes grew 10% to $4.3M with the median sales price at $2.9M, up 40%. Even with historically low interest rates, more buyers are paying cash in this competitive market with conventional financing down 23% Q1 2021 vs. 2020. In this market, it is more important than ever to work with the #1 brokerage in the region in real estate transactions. Our team monitors real estate daily keeping our seller and buyer clients up to date with quickly changing information. Overall Average Sale Price 7% Increase YOY
Total Transactions
66% Increase YOY
$2,805,837
214 Median Sale Price
28% Increase YOY
69
Active Listings
76% Decrease YOY
Total Dollar Volume
$1,625,000
$600,449,165
77% Increase YOY
QUARTER ONE 2021 | HIGHLIGHTS
The Jackson Hole Real Estate Market
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2020 vs. 2021, Teton County 2020 Data
2021 Data
$400M $350M $300M $250M $200M $150M $100M $50M Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
The dramatic spike in the graph above illustrates the intensity of the real estate market in the first quarter of 2021. In a frenzy of activity, the market shattered records as sales volume shot up to a new high.
QUARTER ONE 2021 | MARKET OVERVIEW
Sales Volume Year-Over-Year
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Teton Village : 25
Racquet Club/Teton Pines : 7
West Snake North of Wilson : 14
West Snake South of Wilson : 11
Skyline Ranch to Sagebrush Drive : 14
East Gros Ventre Butte : 8
North of Gros Ventre Junction : 21
Town of Jackson : 79
South of Jackson to Snake River Bridge : 28
South of Snake River Bridge to County Line : 7
21
25
7 8 14 14
79
11
28
*Totals are year-to-date
7
QUARTER ONE 2021 | MARKET OVERVIEW
Transaction Distribution By Location:
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Single Family
40%
Condo/Townhome
24%
Vacant Land Commercial Other
21% 8% 7%
Highest Sale: $28,500,000*
Lowest Sale: $375,000
*List Price
Sales Distribution by Price
8%
20%
29%
31%
12%
Under $500K
$500K-$1M
$1M-$2M
$2M-$5M
Over $5M
QUARTER ONE 2021 | MARKET OVERVIEW
Sales Distribution by Segment
jhrea.com | Pg. 6
S I N G L E - F A M I LY
# of Transactions 85
55%
Sales volume in the single-family home category jumped 70% Q1 2021 vs. Q1 2020. Surprisingly, while lack of inventory is a market-wide concern, the single-family home category had more transactions, up 55%. Town of Jackson, North of Jackson and South of Jackson saw the most activity accounting for 52 of the 85 SFH transactions. Sellers in those regions are taking advantage of the strong market. Even with this transaction increase, average sales price rose 10% comparing Q1 2021 to Q1 2020.
Total Dollar Volume $364,814,768
70%
Minimum Price Sold $579,000
15%
Active listings are down nearly 80% with pending listings up 63%, predicting a robust start to Q2 2021.
*List Price
Maximum Price Sold $28,500,000*
-32%
Average Sale Price $4,291,938
10%
Median Sale Price $2,915,222
40%
Average Days on the Market 164
-41%
# Pending Transactions 39
63 %
Inventory 27
-77%
QUARTER ONE 2021 | SINGLE - FAMILY
SOLD | List Price: $2,475,000 | Town of Jackson
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CONDOMINIUM & TOWNHOME Similar to single-family homes, condominium and townhome sales increased Q1 2021 vs. Q1 2020 as total sales volume increased 47% and transactions increased 30% indicative of higher pricing in this segment of the market. Over half of the condo and townhome sales occurred in the Town of Jackson and a handful traded in Teton Village. As in the single-family home segment, some sellers are moving up, opening up inventory which is nearly immediately placed under contract. At the time of this report, there are only 13 active condominium and townhome listings compared with 57 this time last year. *List Price
# of Transactions 52
30%
Total Dollar Volume $74,362,006
47%
Minimum Price Sold $375,000
19%
Maximum Price Sold $5,350,000*
-13%
Average Sale Price $1,430,039
13%
Median Sale Price $1,037,500
35%
Average Days on the Market 95
-32%
# Pending Transactions 22
120%
Inventory 13
-77%
QUARTER ONE 2021 | CONDO & TOWNHOME
SOLD | List Price: $849,000 | West of Town
jhrea.com | Pg. 8
VAC A N T L A N D
As buyers struggle to find single-family homes, many choose to build, driving up vacant land sales. Transactions rose 59% and sales volume increased 41% Q1 2021 vs. Q1 2020. The transaction increase impacted average sale price which declined 11% reflecting an uptick in land sales in the $55k to $1M range. There is a dramatic reduction in inventory at the time of this report down from 91 last year, to a mere 18 this year. In addition, pending listings in land are up a drastic 283% to 27 parcels vs. 8 last year.
# of Transactions 46
59%
Total Dollar Volume $82,437,739
41%
Minimum Price Sold $450,000
-41%
Maximum Price Sold $7,250,000
-10%
Average Sale Price $1,792,125
-11%
Median Sale Price $1,000,000
-32%
Average Days on the Market 414
11%
# Pending Transactions 27
238%
Inventory 18
-80%
QUARTER ONE 2021 | VACANT LAND
SOLD | List Price: $3,695,000 | South of Town
jhrea.com | Pg. 9
LUXURY
Pending listings are up 4 times what they were last year, from 8 to 40. Inventory in luxury price category continues to remain extremely limited, down 53% with only 42 listings at the time of this report.
80%
Total Dollar Volume $345,684,783
63%
Maximum Price Sold $28,500,000*
-32%
Average Sale Price $6,401,570
-9%
Median Sale Price $4,300,000
-16%
Average Days on the Market 243
-29%
# Pending Transactions 40 Inventory 42
400% -53%
LUXURY
The luxury sector of the market, listings that sell above the $3M mark, exploded as more inventory entered due to increasing prices. Luxury transaction growth Q1 2021 vs. Q1 2020 is up 87% and total dollar volume increased by 63%. The areas North of Jackson and Town of Jackson spiked in transaction volume as list prices in those regions surpassed $3M.
# of Transactions 54
QUARTER ONE 2021 |
SOLD | List Price: $5,650,000 | North 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 As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable destination. We are committed to being the leading luxury real estate brand in the Teton region. By staying on top of market trends and continually striving to offer cutting edge marketing and advertising services we deliver extraordinary experiences to clients and exceed their expectations. As a market leader in Jackson Hole, we believe the success of our company is based on the value that we provide for our clients, community and agents. It is this value-driven philosophy that has helped to guide the successful growth of our organization. There is no real estate company in the region that provides more exposure for listings or more choices for buyers.
THE MARKET REPORT Jackson Hole Real Estate Associates uses a database that tracks real estate activity for over 40 years in Teton County, drawing on our brokerage’s decades of success, making it the most trusted and accurate real estate report in the region. No other brokerage or agent has the 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
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307. 733. 6060 tel 307. 733. 3483 fax
www.JHREA.com
www.starvalleyrealestate.com www.tetonvalleyidahorealestate.com www.westernranches.com 80 West Broadway Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 270 W Pearl Jackson, WY 83001 Snake River Sporting Club Jackson, WY 83001 46 Iron Horse Drive Alpine, WY 83128 307. 654. 7575 tel 235 S Main St Thayne, WY 83127 307. 883. 7575 tel 65 S Main St Driggs, ID 83422 208. 354. 7325 tel Tributary 501 Huntsman Springs Dr Driggs, ID 83422
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