MARKET REPORT TETON COUNTY, WYOMING QUARTER 2
2021
TETON COUNTY, WYOMING — Q2 2021 SALES VOLUME VS. UNITS SOLD 2004-2020
SALES VOLUME
SALES VOLUME
UNITS SOLD
UNITS SOLD
$1.800B
700
$1.600B
600
$1.400B 500
$1.200B
400
$1.00B $800M
300
$600M 200 $400M 100
$200M
2004
2005
2006
2007
2008
2009
2010
2011
Comparing the first six months of the 2021 Jackson Hole real estate market to the same period last year feels like trying to compare a bull moose to a patch of sagebrush. Both have their place in the regional landscape, but the similarities end there. One year ago, the valley–and the nation–was still wrestling with the effects of the global pandemic. Terms like “social distancing” and “sheltering in place” were still working their way into our lexicon. We had no idea what was to unfold in the months to come. Twelve months later, the local scenery remains the same, but the regional real estate market barely resembles what was true pre-Covid. In Teton County for the first six months of 2021, transactions
2013
2014
2015
2016
2017
2018
2019
2020
are up only 68.9%, mostly due to a lack of inventory and rapidly appreciating pricing. The complementing dollar volume year-over-year is up 114.5% to $789.4M. To put that into perspective, the total dollar volume for Teton County in all of 2019 was $927.8M. What has started to come into focus, however, is what twelve months of a post-lockdown market looks like. Totaling the sales and volume from July, 2020 (arguably when the real estate surge in Jackson Hole started to take shape) through June, 2021, we see transactions are up over the 2019 yearend total 52.6% (792 sales for the last 12 months vs. 519 sales in all of 2019). More pronounced still is the spike in dollar volume which grew 149.1% from the year-end 2019 total of $927.8M to a staggering $2.31B for the last 12 months.
SALES VOLUME BY AREA
SALES VOLUME BY PRICE CATEGORY
YTD 2020 VS. 2021
YTD 2020 VS. 2021
YTD 2020
YTD 2021
UNITS SOLD
YTD 2020
65
$240M
112
$400M
$160M
45
$120M
38
$80M
39
$320M $240M
34
21
24
77
$160M
57
16
41
19
29
$40M
$80M 41
TETON VILLAGE
UNITS SOLD
YTD 2021
$480M
$200M Cover Properties: #6FPBL5, MWZGR9
2012
WEST OF SNAKE RIVER
NORTH OF TOWN
TOWN OF JACKSON
SOUTH OF TOWN
59
< $850K
48
61
$850K-$1.5M
39
$1.5M-$3M
17
$3M-5M
>$5M
LAND & RANCHES
Featured Property: #SX47R4
SALES VOLUME BY AREA YTD 2020 VS. 2021
YTD 2020
YTD 2021
UNITS SOLD 26
$70M $60M $50M $40M
7
$30M $20M
3
$10M
AT A GLANCE
8
5 2
TETON VILLAGE
CURRENT AREA STATS
14
12
3
WEST OF SNAKE RIVER
Number of Land & Ranch Sites Sold YTD 2021
57
NORTH OF TOWN
TOWN OF JACKSON
2
SOUTH OF TOWN
The scarcity of raw land has always defined the Jackson Hole real estate story, and the regional market has seen a land grab across most of the valley during the last 12 months. Portions of the valley where communities are nearly built out, like Teton Village, saw a plateau of activity within this segment. Conversely, regions like North of Town and South of Town saw huge increases in both year-over-year sales and complementing dollar volume. North of Town more than doubled its yearover-year sales and volume. South of town jumped from only two transactions in 2020 to 14 sales for the first six months of 2021. Sales volume South of Town grew to more than $35M on the year-to-date, bolstered in part by one sizable eight-figure sale.
% Change in Average Sales Price from YTD 2020
2021 Average Land & Ranch Sites Sale Price
Average Days on Market
+18.9%
$2,788,958
328
CONDOMINIUMS/TOWNHOUSES Of the 93 condo and townhome sales in Teton County for the first six months of 2021, 64 occurred in the town of Jackson. That also represented a 75% increase in this market segment for Teton County and a nearly 100% increase for condo and townhome sales in town. While a “condo” in Jackson Hole can range from a 1-bedroom in town for $500,000 to a ski-in/ski-out penthouse in Teton Village for more than $5M, rapidly appreciating home prices have helped to fuel this segment of the market. Last year, the median condo sale was a 3-bedroom in town for $785,000 (approximately $580/sq.ft.). In 2021, the median condo sale in Jackson Hole was a 2-bedroom at Spring Creek Ranch for $940,000 ($790/sq.ft., or a 36.2% increase based on $/sq.ft. year-over-year).
SALES VOLUME BY AREA
AT A GLANCE
CURRENT AREA STATS
93
*excludes fractional units
YTD 2020 VS. 2021
YTD 2020
YTD 2021
UNITS SOLD
$100M $90M $80M
64
$70M $60M $50M $40M $30M
33 8
13
$20M $10M
6
TETON VILLAGE
Number of Condominiums Sold YTD 2021
Featured Property: #D95SP6
8 3
WEST OF SNAKE RIVER
5
NORTH OF TOWN
3
TOWN OF JACKSON
3
SOUTH OF TOWN
% Change in Average Sales Price from YTD 2020
2021 Average Condominiums Sale Price
Average Days on Market
+4.1%
$1,204,460
119
SINGLE FAMILY HOMES
Featured Property: #MKF9Y8
SALES VOLUME BY AREA YTD 2020 VS. 2021
YTD 2020
YTD 2021
UNITS SOLD
$200M $180M
34
$160M $140M $120M
27
$100M
6
$80M
26
19 25
9
$60M $40M
23
19
5
$20M
AT A GLANCE
CURRENT AREA STATS
TETON VILLAGE
WEST OF SNAKE RIVER
Number of Single Family Homes Sold YTD 2021
111
NORTH OF TOWN
TOWN OF JACKSON
SOUTH OF TOWN
Home sales—especially in the upperprice-points—have driven the Jackson Hole real estate market for the last 12 months. While sales are only up 35.4% year-overyear (mostly stifled by a lack of inventory), dollar volume for home sales in Teton County grew 91.2% from $243.5M in 2020 to $465.7M in 2021. This jump in volume pushed the average Jackson Hole home price to more than $4M. The median sale price, however, grew from $1.82M in 2020 (for a 4-bedroom, 3,100 sq.ft. home in the Town of Jackson) to $2.91M in 2021 (for a 4-bedroom, 3,600 sq.ft home on West Gros Ventre Butte)—a 60% increase in median home price for the last 12 months. At present, the least-expensive home in Teton County is $1.4M for a 2-bedroom on .48 acres south of the town of Jackson. The opening price point for a house in town is $1.5M for a 660 sq.ft. cabin on .17 acres.
% Change in Average Sales Price from YTD 2020
2021 Average Single Family Home Sale Price
Average Days on Market
+41.3%
$4,195,616
136
MAIN OFFICE
SNAKE RIVER LODGE & SPA
TETON PINES RESORT
185 WEST BROADWAY JACKSON, WYOMING 83001
7710 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025
3415 NORTH PINES WAY WILSON, WYOMING 83014
EAST BROADWAY
TETON MOUNTAIN LODGE
JACKSON HOLE RACQUET CLUB
110 EAST BROADWAY JACKSON, WYOMING 83001
3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025
3535 NORTH MOOSE-WILSON ROAD WILSON, WYOMING 83014
HOTEL TERRA
DRIGGS NORTH
3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025
10 NORTH MAIN STREET DRIGGS, IDAHO 83422
FOUR SEASONS RESORT 7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025
DRIGGS SOUTH JHSIR.COM
ONE SOUTH MAIN STREET DRIGGS, IDAHO 83422
Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas one through ten, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.