JACKSON HOLE REAL ESTATE REPORT

2022 First Quarter

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Number of Overall Sales Drops 57%

When compared to Q1 2021, the number of sales dropped 57% in Q1 2022. This does not necessarily reflect the health of our current real estate market though. In fact, the real estate market is as strong as ever. While Q1 2021 was the pinnacle in number of sales per quarter (224) during the height of the COVID crisis, it also reflected the highest number of sales in Q1 history. In comparison, Q1 2022 had 97 sales, which falls into the normal range of the last 12 years, or since the Great Recession.

Several changes occurred from last year besides the overall COVID-effect subsiding:

Availability of overall inventory in 2021 never exceeded 160 active listings at any one time, which is less than half of the Valley’s average number of active listings over the last eight years. We also entered 2022 with the lowest available inventory at year’s end in history, with only 104 active listings valley-wide.
Availability of well-priced inventory under $1 million continues to diminish. At the end of Q1 2021 we had 47 overall sales for under $1 million, versus only nine in Q1 2022. This change is reflected in all segments of our market, with only one home sale and six condo sales under $1 million in Q1 2022. NOTE: The least expensive home listing is currently $1.9 million, and the least expensive condo listing is $799,000.
When looking at our current overall available inventory of 65 listings, 30 of those listings have been on the market for 6+ months. In our current Seller’s market, these listings are considered overpriced. So, when you consider there are only 35 properly priced overall listings to choose from, you can see why the number of sales has dropped.
The off-market available inventory is also seeing a slowdown with only 44 sales in Q1 2022 versus 93 sales in Q1 2021. An “off-market” sale refers to properties that were not made available to the public through MLS, or temporarily posted to MLS and then removed before going under contract. Normally a Realtor is involved in these sales, but there was no need to advertise in MLS in order to find a Buyer. NOTE: While an off-market sale may have been advantageous during COVID and/or when a Buyer does not want anyone to know they are selling, Sellers are potentially leaving lots of money on the table by going this route. Ideally, Sellers will want to price their property according to the current market and then expose it to the open market and a multitude of Buyers.

While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call David, Devon and Luke today. “We are the Experts”.
All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
All statistics quoted in this newsletter are based on sales in 2022 compared to sales in 2021.
Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.
Average sale price is the total combined dollar volume divided by the number of sales.
In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, ranch), minus Alta, WY.
The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.

© Copyright 1995 – 2022 by David E. Viehman and Devon Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.

THE VIEHMAN GROUP

Post Office Box 2431
70 King Street
Jackson, WY 83001
(855) 722-2023 Fax

DAVID VIEHMAN

Associate Broker
307.690.4004
david@jacksonholereport.com

DEVON VIEHMAN

Associate Broker
307.690.0621
devon@jacksonholereport.com

LUKE SMITH

Associate Broker
307.699.5921
luke@jacksonholereport.com

JOSIE DANIEL

Sales Associate
307.699.4889
josie@jacksonholereport.com