Q3 / 2023
THE Q3 2023 JACKSON HOLE
COMPASS REAL ESTATE MARKET
REPORT C O M PA S S . C O M
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Q3 Market Report The real estate market in Jackson Hole has recently shown significant resilience and adaptability in the face of various economic and environmental challenges. The overall market has experienced a 29% decrease in the number of sales year-to-year, indicating a more selective buyer pool. Cash transactions are still prevalent, with 54% of purchases made without financing. The real estate market’s inventory has expanded with an 18% increase in active listings, providing buyers with more choices.
preferences and market conditions. In the land segment there has been a significant 32% increase in transactions and a remarkable 109% surge in total dollar volume, indicating strong investor confidence. Despite a marginal 4% decline in median sale price, the market offers a healthy inventory with 10% more active listings, and a 9% decrease in average days on market suggests swift turnover, making vacant land investments an appealing opportunity for buyers and investors in the evolving real estate landscape.
The total dollar volume, while down by 28% at $961M, suggests a market that has been affected by external factors. Interestingly, the median sales price and average sales price have remained stable, indicating a relatively consistent pricing environment. Despite these shifts, it’s noteworthy that properties are spending 49% more time on the market, suggesting a shift towards a more balanced and discerning buyer-seller dynamic.
In the luxury real estate market, the number of transactions remains stable, but there has been an impressive 39% increase in total dollar volume. Despite a slight 6% decrease in the median sale price, the market is moving quickly with a 25% decrease in days on the market. With a 10% increase in active listings and a significant 30% uptick in the average sale price, the luxury market remains a hotspot for discerning buyers and investors, showcasing strong demand for high-end properties.
The Single Family Home market saw a 23% decline in total transactions and a 13% decrease in the total dollar volume, but the median price rose by 9% to $3.3M. With a 7% increase in inventory and a 35% longer average days on market, the market portrays a more competitive and dynamic landscape for single-family homes. In the condo and townhome market, there has been a modest 5% increase in the number of transactions. However, the total dollar volume has decreased by 14%, and the median sale price has dipped by 6% to $1M. A 50% increase in active listings and longer days on the market indicate an evolving and transitioning market that may require adjustments to adapt to changing
With decreasing total dollar volume, decreasing number of sales and an increase in time on the market and an increase in active availabilities for single family homes and condos, it’s important to note that pricing remains relatively consistent. Traditionally our fourth quarter delivers a lower median and average sales price. Will Q4 2023 offer an opportunity for buyers? We hope the information contained in Compass’ Market Report empowers our clients with the most up-to-date information in order to assist in the navigation of their next real estate opportunity.
Cover | Sold | List Price: $7.7M | West of Town
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COMPASS X JACKSON HOLE
The Jackson Hole Market
N H O S
Q3 / 2023
Compass Real Estate is part of more transactions than any other brokerage in the region.
With many sales occurring outside of the MLS (Multiple-List Service), it is important to manually track ALL Teton County real estate sales. Typically, it is the higher-end sales that go unreported, vastly skewing the accuracy of MLS data alone. The Compass market report accounts for all sales, providing a comprehensive overview and deeper insight into the market.
HOLE
$961.3M $5.1M Total Dollar Volume 28% Decrease YTD
Av g SFH Sales Price 16% Increase YTD
43
°28'46
223
Total Transactions 29% Decrease YTD
$3.3M
Median SFH Sales Price 9% Increase YTD
280
Active Listings 18% Increase YTD C O M PA S S . C O M
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Sales Volume Year-to-Date $300M $250M $200M $150M $100M $50M $0 Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept
Oct.
COMPASS X JACKSON HOLE
2022 Data
Nov.
Dec.
2023 Data
Sales Distribution by Segment Single Family Home 105
Q3 / 2023
Transaction Distribution by Location
12 12
Teton Village: 12
9
Racquet Club/Teton Pines: 9 West Snake North of Wilson: 5
3 5
West Snake South of Wilson: 24 Skyline Ranch to Sagebrush Drive: 19
19
83
24
East Gros Ventre Butte: 3 North Gros Ventre Junction: 12 Town of Jackson: 83
41
South of Jackson to Snake River Bridge: 41 South of Snake River Bridge to County Line: 15
15
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COMPASS X JACKSON HOLE
Single Family Homes
Sold | List Price: $3.425M | South of Town
Over the course of 2023 in the Single Family Home market there have been 106 total transactions, which reflects a 23% decline from previous levels. The total dollar volume in this market has also decreased, standing at $514.1 million, a 13% drop. Despite these declines, the median price for single-family homes has shown resilience, with a 9% increase, reaching $3.3 million. A particularly interesting aspect of this market is the increase in inventory, up by 7%. However, prospective sellers might notice an extended waiting period, as the average days on market have increased by 35%, now averaging 154 days. These trends suggest a transitioning market and dynamic landscape for single family homes in Jackson Hole.
% Change Number of Transactions
106
23%
Total Dollar Volume
$514.1M
13%
Minimum Price Sold
$1M
71%
Maximum Price Sold
$30.5M
28%
Average Sale Price
$5.1M
16%
Median Sale Price
$3.3M
9%
Average Days on Market
154
35%
Pending Transactions
22
Inventory
121
4% 7%
Q3 / 2023
Market Stats
Median Sale Price Q2 2015 - Q3 2023
C O M PA S S . C O M
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COMPASS X JACKSON HOLE
Condo / Townhomes
Sold | List Price: $795K | Town of Jackson
Recent statistics present a mixed picture for the condo and townhome market in Jackson Hole. There have been 64 transactions, showing a modest 5% increase, which indicates a growing interest in this segment. However, the total dollar volume has seen a slight decrease, totaling $124 million, down by 14%. The median sale price has experienced a 6% dip, settling at $1.5 million. There has been a significant shift in market dynamics, with a 50% increase in active listings, suggesting a more competitive landscape. Additionally, the increased days on the market signify that properties in this category are taking longer to sell. These statistics collectively paint a picture of a market that is evolving, offering opportunities for both buyers and sellers, but with some adjustments needed to align with shifting preferences and economic conditions.
% Change Number of Transactions
64
5%
Total Dollar Volume
$124M
14%
Minimum Price Sold
$570K
4%
Maximum Price Sold
$6.5M
62%
Average Sale Price
$1.9M
15%
Median Sale Price
$1.5M
6%
Average Days on Market
186
39%
Pending Transactions
5
Inventory
48
44% 50%
Q3 / 2023
Market Stats
Median Sale Price Q2 2015 - Q3 2023
C O M PA S S . C O M
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COMPASS X JACKSON HOLE
Vacant Land
Sold | List Price: $2.3M | West of Town
There have been 45 transactions in the Jackson Hole vacant land market, marking an impressive 32% increase, highlighting a growing interest in land investments. The total dollar volume has seen a remarkable surge, soaring by 109% to reach $265.6M, indicating robust investor confidence in this sector. Despite this increase in dollar volume, the median sale price has seen a marginal 4% decline, settling at $2.2 M. With 69 active listings, up by 10%, there is a healthy inventory for potential buyers to explore. Additionally, the market has become more agile, with the average days on market decreasing by 9%, suggesting a swifter turnover of vacant land properties. These statistics collectively demonstrate the appeal of vacant land investments in Jackson Hole, offering both prospective buyers and investors an enticing opportunity to be a part of this evolving real estate landscape.
% Change Number of Transactions
40
18%
Total Dollar Volume
$265.6M
109%
Minimum Price Sold
$600K
2%
Maximum Price Sold
$43M
197%
Average Sale Price
$6.2M
66%
Median Sale Price
$2.2M
4%
Average Days on Market
182
9%
Pending Transactions
7
Inventory
69
13% 10%
Q3 / 2023
Market Stats
Median Sale Price Q2 2015 - Q3 2023
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COMPASS X JACKSON HOLE
Luxury
Sold | List Price: $6.1M | Town of Jackson
The luxury real estate market in Jackson Hole is experiencing some intriguing shifts. Despite no change in the number of transactions, the total dollar volume has surged impressively by 39%, reaching $479.4M. While the median sale price has seen a slight 6% decrease, settling at $6.8M, the market appears to be moving at a brisk pace, with a 25% decrease in days on the market. With 88 active listings, marking a 10% increase, there’s a robust inventory for discerning buyers. The average sale price has witnessed a significant 30% uptick, signifying that the demand for high-end properties remains strong. These statistics depict a luxury real estate market in Jackson Hole that, while slightly adjusting its pricing dynamics, continues to be a hotspot for luxury homebuyers and investors, with a notable increase in overall market activity.
% Change Number of Transactions
43
0%
Total Dollar Volume
$479.4M
39%
Maximum Price Sold
$43M
81%
Average Sale Price
$11.1M
39%
Median Sale Price
$6.8M
6%
Average Days on Market
161
25%
Pending Transactions
11
Inventory
88
38% 10%
Q3 / 2023
Market Stats
Median Sale Price Q2 2015 - Q3 2023
Updated luxury threshold to $5M from $3M in Q1 2022
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307.733.6060 COMPASS.COM LUXURYATCOMPASS.COM COMPASSRANCHANDLAND.COM 80 West Broadway Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 COMPASS X JACKSON HOLE
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