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185 WEST BROADWAY JACKSON HOLE, WY 888.733.9009
WEDNESDAY, FEBRUARY 10, 2021
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JACKSON HOLE & TETON VALLEY SEE RECORD SALES Regional demand surged in second half of 2020. by Staff Writers 2020 offered no shortage of surprises throughout the course of a tumultuous year. The Jackson Hole real estate market essentially ground to a halt in the second quarter as the region settled into isolation orders, and the world grappled with both the early stages of the pandemic and attempted to anticipate its effects. The third quarter of 2020 saw the rapid rebound of a months-dormant market that continued to amplify through year’s end. Demand was driven largely by a new sense of urgency among buyers seeking to transition from the nation’s populous urban centers to areas of the country benefitting from lower density, open spaces, and recreation-based lifestyles in what were otherwise previously considered to be seasonal markets. The hastened cultural acceptance of remote work and education served as an additional catalyst towards historically vacation-oriented markets, and provided opportunities for prospective buyers to flood the nation’s resort communities in advance of what may have otherwise necessitated awaiting retirement. According to the Sotheby’s International Realty 2021 Luxury Outlook report, which examines high-end residential markets across the globe, “...buyers are turning seasonal markets into year-round destinations, driving million-dollar home sales in secondary and tertiary cities, and setting price records....” The report continues, “...wealthy buyers are settling in for the long term in ski-resort
Pictured Above: 2020 sales volumes for luxury properties in Jackson Hole, like the recently listed private retreat in Gros Ventre North at 1750 N Blacktail Road, roughly equated to the total sales volume for the entire market the year prior.
towns and scenic retreats,” and predicts that the surge “will remain a driving force for the next year, if not longer.” Persistent inventory constraints continue to limit the Jackson Hole market despite its otherwise-robust year of activity, as listings that had previously sat idle saw renewed interest, and desirable new listings gave way to a rise in multiple-offer situations. In the town of Jackson, transactions declined by seven percent—the only primary geographic area in the region to tally a decline—attributed largely to the lack of inventory. Continued demand allowed Jackson proper to still post a forty-seven percent increase in sales volume for the year, despite the decrease in transactions. Also seeing a decline in activity for the year were properties listed below $850,000. This segment of the market saw a thirteen percent
decline in sales volume and a nearly twentyfour percent decline in units as appreciating property values and low inventory restricted entry to the region. The Jackson Hole market saw an increase of more than one hundred percent in total sales volume transacted within the Teton Board of Realtors MLS—increasing from $927,754,910 in 2019 to $1,887,951,360 by the end of 2020. Fourth quarter sales alone accounted for $722 million of this total sales volume. Property sales within the luxury segment of the market, $5 million and more, accounted for a substantial amount of volume—with $873,481,048 worth of sales recorded by the MLS. This segment’s 2020 sales nearly equated to the entirety of sales volume posted by Teton County, Wyoming the year See RECORD SALES on page 6
SALES VOLUME VS. UNITS SOLD TETON COUNTY, WY 2004-2020
SALES VOLUME
SALES VOLUME
UNITS SOLD
UNITS SOLD
$1.800B
700
$1.600B 600 $1.400B 500
$1.200B $1.00B
400
$800M
300
$600M 200 $400M 100
$200M
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
DATA SOURCE: TETON BOARD OF REALTORS MLS ZONES 1-10, WITH ADDITIONAL PROPRIETARY DATA
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REAL ESTATE NEWS, Wednesday, February 10, 2021
HANLONS
THE
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50 YEARS OF EXPERIENCE IN TETON VALLEY & JACKSON HOLE
SERVING TETON COUNTY AND THE SURROUNDING AREAS SINCE 1992
The Prime Group
Bruce Simon 307.413.4447
Ciara Thomas 307.413.5034
Jordan Burns 307.413.5888
Learn more about our current project in Driggs, visit: creeksidemeadowstv.com
John Hanlon
Associate Broker john.hanlon@jhsir.com 307.413.1874
Linda Hanlon
Sales Associate linda.hanlon@jhsir.com 307.413.1872
www.BuyJacksonHole.com
NEW LISTING Wind River # 11 3675 W Michael Dr. Teton Village, WY 4 Bedrooms, 3.75 Bathrooms 2,472 Sq. Ft. 2020 Taxes: $10,700/annually HOA Fees: $1100/month Listing Price: $2,725,000 Own one of the largest condos in Teton Village! This property has 2,472 Sq. Ft. on 3 levels. Flooded with light and views, it has been recently remodeled with new bathrooms, flooring, kitchen appliances, countertops, Cove heating, LED lighting, remote ceiling fans, and more. Enjoy ski in/ski out convenience via the Moose Creek Chairlift, or take the free, 5-minute shuttle to the base of the Tram. Sundance Club amenities include tennis courts, outdoor pool and hot tubs. Membership is transferable. Sold fully furnished. Short term rentals allowed.
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MLS#: 21-215 | Property ID: LJHEN3
MEREDITH LANDINO R E A L E S TAT E 307.690.8028 | m e r e d i t h . l a n d i n o @ j h s i r. c o m @ jhrealestate_meredithlandino
@meredithlandinorealestate
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REAL ESTATE NEWS, Wednesday, February 10, 2021
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REAL ESTATE NEWS, Wednesday, February 10, 2021
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FRESHLY RENOVATED HEART OF TETON VILLAGE 6 BEDROOMS • 9 BATHS • 8,550 SF • MLS # 20-1820
HEIGHT OF TETON VILLAGE LIVING
RD
Elevated, sun-filled views, gourmet kitchen, two master bedrooms, two game rooms, large office, bunk room, hot tub, elevator, vacuum and humidifying systems. Meticulous renovation completed July 2020, professionally decorated and sold furnished. OFFERED AT $9,750,000
ROB DESLAURIERS
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SKIER | HOSPITALITY | DEVELOPMENT | REAL ESTATE
UNDER CONSTRUCTION
ONLY AVAILABLE LOT IN GRANITE RIDGE AND ALL OF TETON VILLAGE
NEW CUSTOM BUILD JACKSON HOLE BASECAMP 6 BEDROOMS • 6+ BATHS • 7,017 SF • MLS# 20-3021
.67 ACRES • MLS # 20-2427 Building site in Granite Ridge with ideal building envelope just steps away from the ski run and Four Seasons Resort. Mountain views, wildlife and proximity to Lower Teewinot ski run. OFFERED AT $3,850,000
ROB DESLAURIERS
ANNE JONES
rob.deslauriers@jhsir.com 307.413.3955
anne.jones@jhsir.com 307.699.3004
Ultimate adventure and ski house on McCollister Drive at the base of Jackson Hole Mountain Resort features every high-end amenity. Rare opportunity for the ultimate Teton Village ski house. One of the Seller’s is a licensed WY Realtor. OFFERED AT $10,950,000
FURTHER EXPLORATION AT ROBDESLAURIERS.COM
CUSTOM HOME IN TETON VILLAGE 5 Beds | 5 Full, 2 Half Baths | 8,490 Sq. Ft. .9 Acres | $11,950,000 | ID: M953MP Incredible opportunity to build a custom home in Teton Village with main-level master, vaulted ceilings, lots of glass, expansive terraces and Boffi designed kitchen. Take in the mountain views of the Jackson Hole Mountain, from this spectacular home.
Deanna Briggs
Sales Associate 617.899.3406 deanna.briggs@jhsir.com 185 W Broadway Jackson, WY 83001
DeannaBriggs.com
REAL ESTATE NEWS, Wednesday, February 10, 2021
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JAKE KILGROW R E A L E S TAT E
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130 E HANSEN AVE JACKSON
6 BEDROOMS 5 1/2 BATHROOMS 4,073 SQ. FT. 2 CAR GARAGE .13 ACRES $4,400,000 MLS: 20-3704
605 E HALL AVE JACKSON
4 BEDROOMS 3 1/2 BATHROOMS 3,334 SQ. FT. 2 CAR GARAGE .17 ACRES $4,600,000 MLS: 20-3726
BE THE FIRST TO KNOW ABOUT UPCOMING PROJECTS FROM
Jake Kilgrow
307.413.2822 | jake.kilgrow@jhsir.com jakekilgrowrealestate.com
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REAL ESTATE NEWS, Wednesday, February 10, 2021 RECORD SALES Continued from cover
BEDFORD FAMILY RETREAT 5 Bedrooms | 4 Bathrooms | 4,549 SF | 44.5 Acres | $3,599,000 | DXZKMZ This warm and inviting log home built to the highest standards sits on four separately deeded lots totalling 44.5 acres that are adjacent to National Forest, allowing for multiple ownership options including the creation of a sprawling family compound, subdivision or continued enjoyment as is. A detached 2-car garage offers additional vehicle parking and storage. Your search for quality, privacy, panoramic views and adventure stops here.
prior and was further bolstered by a substantial number of offmarket sales not reported within the data set. Estimates by leading brokerages indicate that could account for as much as an additional $500 million in unreported annual volume. In Teton Valley, Idaho, sales volume grew by more than ninetythree percent year-over-year, with a corresponding increase in units sold of nearly eighty-nine percent. Within this market, sales volume for 2020 totaled $351,735,472. The accompanying reduction in available inventory and increased demand helped to drive average sales prices within the single-family category up thirty-one percent. The west side of the Tetons, with more available privately-held land than its neighboring valley, saw profound increases in the sale of building sites. Transactions within this sector saw more units sold in the fourth quarter of 2020 than in all of 2019. Buyers in Eastern Idaho were heavily focused within the greaterVictor area, which made up nearly half of all Teton Valley area transactions. Sales volume in this part of the valley during 2020 nearly equalled the entire Teton Valley market’s totals for 2019. While transactions in Teton Valley were heavily-weighted to properties below $500,000 (approximately eighty percent of all sales), the luxury segment (properties $1M or more) saw a volume increase of 189% from the year prior. For the complete picture of regional real estate trends from the last year and beyond, Jackson Hole Sotheby’s International Realty offers clients the Jackson Hole Real Estate Market Report, or the Teton Valley Real Estate Market Report.
Brian Siegfried Associate Broker 307.690.9346 brian.siegfried@jhsir.com Pictured Above: 2477 Middle Teton Road provides unobstructed Teton views and close proximity to Driggs and Grand Targhee Resort.
Visit one of our 2 office locations on the West Side of the Tetons
TETON VALLEY IDAHO NORTH
TETON VALLEY IDAHO SOUTH 1 SOUTH MAIN STREET
10 NORTH MAIN STREET
DRIGGS, IDAHO 83422
DRIGGS, IDAHO 83422
EXCEPTIONAL TURNKEY ESTATE
2477 MIDDLE TETON RD
9495 RIVER RIM RANCH RD
5 BEDROOMS | 7 BATHROOMS | 7,754 SQ. FT. | 2.93 ACRES
3 BEDROOMS | 3 BATHROOMS | 2,812 SQ. FT. | 1.7 ACRES
3 BEDROOMS | 3.5 BATHROOMS | 3,146 SQ. FT. | .11 ACRE
$3,875,000 | PROPERTY ID: 6EEMXV
$1,295,000 | PROPERTY ID: BG8YZX
$1,150,000 | PROPERTY ID: 25FL94
jhsir.com
185 W. Broadway Jackson, WY 83001
REAL ESTATE NEWS, Wednesday, February 10, 2021
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SKI-IN / SKI-OUT PENTHOUSE RESIDENCE 3 Bedrooms | 3 Full, 2 Partial Baths | 3,800 Sq. Ft. | $5,950,000 | 20-3421 An elegant and beautifully appointed ski-in / ski-out penthouse residence at the Snake River Lodge & Spa, located at the base of the world famous JH ski area. Incredibly spacious at 3,800 sq. ft. with amazing views of the surrounding mountains.
LUXURY FOUR SEASONS PRIVATE RESIDENCE 3 Bedrooms | 3 Full Baths | 2,240 Sq. Ft. | $6,950,000 | 20-3526 Rarely available and highly sought after 3 bedroom residence at the exclusive, 5-star Four Seasons Hotel in Jackson Hole. This luxurious residence is finely appointed and beautifully furnished. Owners enjoy all Four Seasons amenities.
Brett Frantz, Associate Broker 307.690.4150 | Brett.Frantz@jhsir.com www.JHSIR.com
EXPERTISE & EASE
mindy w hite associate broker
mindy.white@jhsir.com 307.413.0636
mindywhitejacksonhole.com L SO
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REAL ESTATE NEWS, Wednesday, February 10, 2021
Vogel Hill Four Hundred Thirty Acres. Eight Majestic Ranch Properties. 100+ Acres of Preserved Recreation Land.
W E LC O M E TO YO U R NEW FRONTIER Brandon Spackman | Associate Broker 307.690.8156 | brandon.spackman@jhsir.com