Q3 2021 Jackson Hole Market Report

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Jackson Hole Real Estate Market Report

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Get to Know Compass Real Estate of Jackson Hole

Compass is the fastest growing and most technologically advanced real estate organization in the world. We are the benchmark for innovation, marketing prowess and programming. This translates to better exposure for our clients and more successful deals.

evolving over the last few years. As a market leader in Jackson Hole, we strive to stay ahead of the competition by adopting and implementing forward thinking change.

Compass is home to more than 19,000 of the top agents in 150+ cities across the country; our network connects us directly with similar luxury brokerages and agents in many of the markets that are most important to us.

This season in Jackson Hole, our local team is even more equipped with the tools, information and insider insight that supports you in the process of buying or selling property.

Please enjoy our Year-To-Date Market Report. And, as always, we are here as your trusted advisor, armed with the tools needed to make your real estate experience a pleasant and successful process.

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The real estate business has been rapidly

T H E M O S T A C C U R AT E R E P O R T I N T E T O N C O U N T Y.

Welcome to our 2021 Quarter Three Market Report

NON-REPORTED TR ANSACTIONS ON THE RISE With 31% of real estate sales occurring

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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.

Our market report accounts for all sales, providing a comprehensive overview and deeper insight into the market.

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As the #1 Brokerage in the region in transactions, 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: $14, 500, 000 S O U T H O F TOW N

Experience the Compass Real Estate difference by working with Jackson Hole’s leading real estate experts. We are a team of trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating a legacy of excellence that honors and celebrates our people and the exceptional place we call home.

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To start your search of all active Teton County listings, scan the QR code.

HIGHLIGHTS

The Jackson Hole Market

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Living in Jackson Hole continues to be highly desirable. The massive uptick of real estate activity we experienced in Q3 of 2020 continues and the market now is tracking slightly above those numbers. Comparing YTD through the third quarter 2021 to 2020, the number of transactions in Teton County grew 22% and total sales volume increased 33% to nearly $2B. While at first glance the singlefamily home category appears to have leveled off YTD 2021 vs.

2020, we must recall what was happening in the market in Q3 of 2020. The pandemic was still in full effect, and people were prioritizing “home” more than ever. Coupled with an exodus from cities to areas with wide open spaces and safety, like Jackson Hole, Q3 of 2020 was the strongest quarter in 2020 sales.

Through Q3 2021,the average and median sales price for Single Family Homes checked in at $4.1M and $2.9M respectively. There were only 12 sales under the

$1M mark YTD in Single Family Homes. Increasing sales prices are resulting in more properties entering the Luxury Segment of the market (listings at the $3M mark and higher).

Clearly, demand for local real estate continues. As a result, some sellers are taking advantage of this strong market. Overall, pending listings are down and active listings have shorter days on market. Inventory that is properly priced sells quickly and oftentimes with multiple offers.

Inventory is down 29%, but that is a slight improvement from midyear of 2021. Buyers paying cash outnumber those who finance due to competitive buyer situations.

Today, 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.

Total Dollar Volume 33% Increase YOY

$4,219,567 Average SFH Sale Price 28% Increase YOY

$1,765,000 Median Sale Price 24% Increase YOY

648

Total Transactions 22% Increase YOY

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165

Active Listings 29% Decrease YOY

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$1,955,191,210

Sales Distribution

by Segment Single Family

39%

Condo/Townhome

32%

Vacant Land

19%

Commercial

7% 4%

Other

Sales Volume Year-to-Date $400M $350M $300M $250M $200M $150M $100M $50M Jan.

Feb.

Mar.

April

May

June

July

Aug.

Sept

Oct.

2021 Data

Nov.

Dec.

2020 Data

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HIGHEST SALE

$100M+ *Actual Sales Price Undisclosed But Accounted For

LOWEST SALE

$317,000

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Transaction Distribution by Location

Teton Village: 61 Racquet Club/Teton Pines: 25 West Snake North of Wilson: 48 West Snake South of Wilson: 33

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Skyline Ranch to Sagebrush Drive: 48 East Gros Ventre Butte: 23 North Gros Ventre Junction: 48 Town of Jackson: 241 South of Jackson to Snake River Bridge: 84 South of Snake River Bridge to County Line: 37

61

25 23 48 48

241

33

84

37

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SOLD LIST PRICE: $4, 000, 000 W E S T O F TOW N

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Single Family With the third quarter of 2020 posting banner numbers, Q3 2021 fared relatively well, but the lack of Single Family Home inventory was clearly illustrated. Sold units declined 6% YTD 2021 vs. 2020. Dollar volume was up a modest 6% but surpassed the $1B mark YTD. Sales of homes in the $500K to $1M price range dropped significantly from 38 in 2020 to 12 in 2021, simply due to no lower priced inventory. The lower transaction volume coupled with a modest sales volume equated to a 28% increase in average sales price to $4.1M. Active listings are down 6% (as opposed to 48% last year at this time), a possible indicator that the inventory crisis is leveling slightly.

Number of Transactions 251

6% ▼

Total Dollar Volume $1,029,388,323

6% ▲

Minimum Price Sold $579,000 Maximum Price Sold $27,000,000

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45% ▲ -32% ▼

Average Sale Price $4,101,149

13% ▲

Median Sale Price $2,950,000

34% ▲

Average Days on the Market 129

-35% ▼

Number Pending Transactions 38

-56% ▼

Inventory 79

-6% ▼

Condo & Townhome SOLD LIST PRICE: $2 , 500, 000 TOW N O F JAC KS O N

The Condominium and Townhome segment posted an increase of 36% in the number of transactions YTD 2021 vs. YTD 2020. The majority of these transactions occurred in the Town of Jackson where condo product is more plentiful and sellers took advantage of the strong market conditions.

Total dollar volume rose 20% impacting a modest decrease in average sales price to $1.26M. The majority of sales in the Condo Townhome segment traded in the $500k to $1M mark.

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At the time of this report, there are only 23 active Condominium and Townhome listings down substantially from 43 last year at this time putting additional pressure on condo inventory shortage.

Number of Transactions 205

36% ▲

Total Dollar Volume $258,794,077

21% ▲

Minimum Price Sold $317,000 Maximum Price Sold $5,350,000

1% ▲ -33% ▼

Average Sale Price $1,262,410

-11% ▼

Median Sale Price $974,000

19% ▲

Average Days on the Market 121

-16% ▼

Number Pending Transactions 30

-21% ▼

Inventory 23

-47% ▼

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SOLD LIST PRICE: $1 , 595,000 S O U T H O F TOW N

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Vacant Land With the significant lack of single-family home availability, building becomes the only viable option driving up Vacant Land sales. Transactions rose 34% to 121 and sales volume increased a whopping 80% to $353M YTD 2021 vs. 2020.

Land sales in the $2M to $5M range experienced an uptick from 19 to 36 parcels.

There is a significant reduction in inventory at the time of this report down 19%. Pending listings are significantly down to a total of only 8 as land parcel sales closed quickly in Q3 2021.

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Number of Transactions 121

34% ▲

Total Dollar Volume $353,094,263

80% ▲

Minimum Price Sold $345,000

19% ▲

Maximum Price Sold $27,500,000

120% ▲

Average Sale Price $2,918,134

34% ▲

Median Sale Price $1,965,000

64% ▲

Average Days on the Market 284

-3% ▼

Number Pending Transactions 8

-80% ▼

Inventory 52

-19% ▼

Luxury

SOLD LIST PRICE: $ 9, 0 0 0, 0 0 0 W E S T O F TOW N

Fueled by an uptick in land sales, the Luxury Sector of the market increased in both listings and sales. Properties that sell above the $3M mark define the luxury threshold in Teton County. More properties entered this category due to an overall increase in average sales price. Luxury transaction growth YD 2021 vs. 2020 is up 18% and total dollar volume increased by 17% as well. The south-ofJackson area spiked in transaction volume as list prices in those regions surpassed $3M.

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Pending listings are down significantly as luxury listings closed briskly in Q3 and inventory is down more modestly at 9%.

Number of Transactions 159

18% ▲

Total Dollar Volume $1,040,140,722

17% ▲

Maximum Price Sold $27,500,000

-31% ▼

Average Sale Price $6,541,766

-1% ▼

Median Sale Price $4,500,000

-8% ▼

Average Days on the Market 203

-20% ▼

Number Pending Transactions 32

-48% ▼

Inventory 73

-9% ▼

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307.733.6060 COMPASS.COM JHREA.com starvalleyrealestate.com tetonvalleyidahorealestate.com 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 235 S Main Street Thayne, WY 83127 307.883.7575 65 S Main Street Driggs, ID 83422 208.354.7325 501 Huntsman Springs Driggs, ID 83422