While the number of overall sales is up 14% from the same time period in 2019, the 565 sales are nowhere close to the all-time high in 2005 with 839 sales. What’s record-breaking is the overall dollar volume spent in the first nine months of 2020 ($1.558 billion). Prior to this year, the best year in Jackson Hole real estate history was in 2007 with $1.576 billion in overall dollar volume. The difference? Those numbers reflect sales for all 12 months of 2007.
When you combine the overall dollar volume in the first nine months of 2020 with the overall dollar volume currently under contract ($622 million), 2020 will completely shatter all previously set “year-end” dollar volume records…and we still have three months to go. NOTE: The overall dollar volume is not the only record-breaking statistic to date in 2020. In fact, there are a total of 42 record-breaking stats for the first nine months of any given year, and we have provided them all inside this report.
So where’s the demand coming from? As discussed in our Q1 and Q2 2020 reports, COVID-19 continues to affect our local real estate market. A recent Wall Street Journal article by Nancy Keates says it all: “Home Sales Surge in Resort Towns as COVID Looms Large Over Ski Season— People fleeing big cities amid the pandemic are swarming mountain towns in search of more space and the great outdoors.”
Supply continues to disappear: The overall numbers of available listings are at a record-breaking low. Down 44% from this period in 2019, there is not another period in the last 40 years that overall available inventory was this low. For the past 10 years, we have watched available inventory shrink from 801 listings in 2010—the height of The Great Recession—to only 213 in 2020. NOTE: The highest overall number of active listings in the history of Jackson Hole happened back in 1996 with 1,596 active listings at year’s end. Of those, 529 were single-family homes versus 80 homes currently on the market today.
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*While other local Real Estate Brokerages attempt to report on the local real estate market, we are the only Realtors who track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, call us 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 2019 compared to sales in 2020. *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. *The word “Overall” in this newsletter refers to all sales in Teton County combined (homes, lots, condos, commercial and ranch). *Alta, Wyoming is not included in this report. *The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.