fbpx

JACKSON HOLE REAL ESTATE REPORT

2020 Year End

The Jackson Hole Report is published semi-annually, with additional email updates for the first and third quarters. While other Realtors attempt to report on our market with MLS statistics only (MLS historically tracks 65-70% of the market), we track every single transaction in Teton County. This data-driven report is the oldest, most accurate and trusted real estate news source in Teton County, Wyoming.

Jackson Hole – The Next Zoom Town?

What is a Zoom Town? Zoom Towns are housing markets that suddenly boom as remote work becomes more mainstream. These towns are generally smaller cities, often in close proximity to amenities like beaches, ski resorts, public lands, or other attractions that tend to draw in vacationers. In the Rockies they are called “Gateway Communities”.

Along with the COVID-19 pandemic came additional opportunity to work remotely. According to a recent Gallup poll, nearly 60% of employees are now working remotely full or part-time. Nearly two-thirds of employees who have been working remotely would like to continue to do so, according to that same poll. This gives workers more flexibility when it comes to deciding where to call home. Many urban professionals no longer need to commute to a major city center and are deciding to leave cities altogether. While suburbs are still attractive, many working remotely are packing it up and heading to the Rocky Mountain West.

How will this Zoom Town phenomenon affect our community? Studies across the region report that Gateway Communities are feeling the strain, and Jackson Hole is no exception. Prior to COVID, Jackson was already struggling with affordable housing, cost of living issues and income inequality. With the least expensive single-family zoned home for sale at year’s end, ringing in at $1.395 million, the question is whether we can adapt to the challenges and continue to develop sustainably.

Jackson has been dealing with affordable housing issues for 25+ years, so this isn’t our first rodeo. The latest count shows over 1,300 deed restricted affordable housing units valley wide. Recent changes in zoning are helping—allowing accessory dwelling units, relaxing some land use and zoning regulations, and increasing access to public transit. The challenge facing Jackson Hole will be navigating the growing tourism, second homeowner and short-term rental demands, without degrading our environment and straining our local services and infrastructure.

YEAR END 2020

The Year in Review: 2020 Sales & Trends

The year closed with the overall market — all home, lot, condo and commercial transactions or listings— reporting 34% more sales than 2019, for a total of 878 properties sold in 2020 in Teton County. The overall dollar volume was up to $2.455 billion (up 84%). The Luxury Market (over $5 million) also reported 188% more sales in 2020. This increase in overall sales can be directly attributed to the lack of overall inventory and the effects of COVID 19. Historically, 1997 recorded the highest number of active listings at year’s end with 1,596. By 2002 that number had dwindled to 633 at year’s end. Since 2014 we’ve not broken 500 active listings at year’s end, and at the end of 2020 we had a mere 112 active listings (all home, lot, condo, multi-family and commercial)—valley wide!

878*

CLOSINGS
Record Breaking

34% more Sales than 2019

$2.455B*

OVERALL DOLLAR VOLUME
Record Breaking

84% Increase

112

ACTIVE LISTINGS VALLEY WIDE

All Home, Lot, Condo, Multi-Family & Commercial

$1-$3 MILLION

The hot spot in 2020 was between $1 and $3 million, where 333 transactions (38%) occurred. The steady demand in this segment—in tandem with the dearth of single-family homes listed under $3 million (only seven are available valley-wide)—suggests prices will continue to climb in 2021. We predict Zoom Town Buyers will continue to flock to our market, but our underlying concern remains: How much inventory will be available for buyers?

VACANT LAND SALES BRISK

The number of residential vacant land sales have lagged behind single-family home and condo/ townhome sales for years. 2020 has changed that dynamic though, with the number of sales up 91%. What’s truly amazing is the record-breaking average and median sale prices, up 130% and 18% respectively in 2020. NOTE: The 32 residential vacant land listings at the end of 2020 represent the lowest available inventory in over 40 years. This lack of inventory will clearly put more pressure on land values in 2021.

UNDER CONTRACT

Overall real estate currently under contract: At year’s end, there were 98 properties under contract (up 30%) with a record-breaking average list price of $3.89 million and a median list price of $2.15 million. Of the 98 properties under contract, 39 are in the Town of Jackson, with a combined list price of $108 million.

INVENTORY

Current overall available inventory has decreased 57% when compared to the close of 2019, making year-end 2020 the “LOWEST” level of overall available inventory in more than 40 years. The average and median list prices are also breaking records, up 37% and 85% respectively. NOTE: The $1 to $3 million segment reported the most current active listings, with 29 (down 76%), and the under $1 million segment comes in second with 21 listings. The $1 to $3 million segment logged 333 sales in 2020 (up 29%). Also noteworthy, there are currently 40 single-family homes listed for $3+ million (down 53%).

YEAR END 2020

Single Family Home Sales

When compared to 2019, the number of sales increased 52%, and the dollar volume increased 116%, totaling $1.49 billion. Following suite, the average and median sale prices increased, 42% and 44% respectively. NOTE: The 402 sales, along with the $1.49 billion in dollar volume, the average sale price of $3.7 million and the median sale price of $2.5 million in 2020 are all record-breaking. Also noteworthy is the record-breaking 28 homes selling for over $10 million.

The under $1 million market continues to slip away, representing only 13% of all home sales in 2020. The year ended with 51 home sales under $1 million. Current inventory represents zero homes in this price range, with only 3 currently listed for under $2 million. This segment continues to reflect brisk activity, and the ever-intensifying appetite for properties priced below $1 million: When a well-priced home hits the market in this segment, a bidding war is sure to ensue within 72 hours.

CLOSINGS

  • 402*

    Closings (up 52%)

  • $1.49B*

    Dollar Volume (up 116%)

  • $3.7M*

    Average Price (up 42%)

  • $2.5M*

    Median Price (up 44%)

CONTRACTS

  • 38

    Homes Under Contract (up 41%)

  • $4.975M*

    Average Price (up 174%)

  • $2.3M*

    Median Price (up 18%)

INVENTORY

  • 45

    Homes Listed on the Open Market (down 60%)

  • $8.65M*

    Average Price (up 53%)

  • $5.495M*

    Median Price (up 86%)

SOUTH & WESTBANK

South of Jackson to the County line, and the Westbank shared the spotlight. 132 homes sold South of Town, and 125 homes sold on the Westbank. These two areas represent 64% of all homes sold in 2020. The area reporting the greatest percentage increase in home sales was Teton Village where 19 sales occurred (up 280%).

Within the single-family home market, the $1+ million segment reported 351 transactions in 2020 (up 60%). All told in 2020, there were 166 single-family home sales above $3 million (up 160%), 82 above $5 million (up 173%) and 28 above $10 million (up 367%).

UNDER CONTRACT

As of year’s end, there were 38 homes under contract (up 41%) with an average listing price of $4.975 million (up 174%) and a median list price of $2.3 million (up 18%). The increase in the average list price is the result of increased activity in the over $4 million segment, where 13 homes are under contract.

INVENTORY

Homes currently on the market: The open market currently has 45 homes (down 60%) listed with a record-breaking average list price of $8.65 million (up 53%) and a record-breaking median list price of $5.495 million (up 86%). Of the 45 single-family homes currently on the market, zero are listed for under $1 million, and only five are listed for under $3 million, valley wide. The other 40 break out as followings: 14 between $3 and $5 million; 13 between $5 and $10 million; and 13 over $10 million.

Current demand outpaces supply for homes under $3 million. The 2020 absorption rate for single-family homes was 19.7 per month. Compare that to only five (5) single-family homes currently on the market, we have about two weeks of available inventory in this price range. Currently three are listed for under $2 million. NOTE: At years end, the least expensive single-family zoned home listed in the entire valley was $1,395,000.

LEAST / MOST EXPENSIVE

Least expensive single-family zoned home listing at year-end: A 3-bedroom, 2-bath, 850 sq. ft. log home built in 1948 on a .17-acre lot in Wilson listed for $1,395,000. Most expensive single-family home listing at year-end: $69.5 million for a 278-acre private estate north of Jackson on the Snake River with a 7,984 sq. ft. home (4 bedrooms, 6 baths), and a 3,618 sq. ft. four-bedroom guest house.

If you are a property owner in Jackson Hole and would like a free comparative market analysis, please email David or Devon at david@jacksonholereport.com or call 307-690-4004. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.

SALES BY AREA

Jackson Hole Mountain Resort (Teton Village): 19 sold (up 280%) for an average sale price of $7.4 million and a median sale price of $6.35 million. Total dollar volume: $141 million.

Jackson Hole Racquet Club (The Aspens): Seven homes sold for an average sale price of $2.75 million. Total dollar volume: $19.2 million.

Teton Pines: 15 homes sold (up 36%) with an average sale price of $4.18 million and a median sale price of $3.25 million. Total dollar volume: $62.6 million.

Westbank, North of Wilson (excluding resort areas zoned vacation rentals): 40 homes sold (up 54%) for an area record-breaking average sale price of $4.5 million (up 38%) and a record-breaking median sale price of $2.9 million (up 16%). Total dollar volume: $181.3 million.

Westbank, South of Wilson: 44 homes sold (up 83%), breaking an area record for number of home sales. The average sale price of $4.2 million (up 30%) and for the median sale price of $2.65 million (up 56%) are also record-breaking for this area. Total dollar volume: $186.9 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 42 homes sold (up 133%), breaking area records for number of home sales, for the average sale price of $5.2 million (up 86%) and for the median sale price of $3.4 million (up 55%). Total dollar volume: $218.2 million.

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: 12 homes sales (up 50%) breaking area records for number of home sales, for the average sale price of $6.9 million (up 52%) and for the median sale price of $5 million (up 25%). Total dollar volume: $83.8 million.

North of Gros Ventre Junction/Kelly/Moran: 39 homes sold (up 86%), breaking the area records for number of home sales, for the average sale price of $3.87 million (up 101%) and median sale price of $2.8 million (up 67%). Total dollar volume: $151 million.

Town of Jackson: 77 homes sold (up 12%), breaking the Town of Jackson records for an average sale price of $1.8 million (up 19%) and a median sale price of $1.29 million (up 4%). Total dollar volume: $138.8 million.

South of Jackson to the Snake River Bridge: 66 homes sold (up 18%), breaking area records for the average sale price of $3.3 million (up 27%) and median sale price of $1.6 million (up 25%). Total dollar volume: $218.6 million.

South of the Snake River Bridge to County Line: 39 homes sold (up 63%) for an average sale price of $2.03 million and a median sale price of $1.725 million. Total dollar volume: $79.1 million.

YEAR END 2020

Condo/Townhome Sales

When compared to 2019, the number of sales was up slightly. In contrast, the dollar volume and average and median sale prices were up 49%, 45% and 16% respectively – all breaking records. Of the 263 sales, 163 sold for under $1 million and 48 sold for under $500,000. With only one condo currently on the market for under $500,000, and a total of 11 for under $1 million, expect this segment of the condo market to increase in value in 2021. NOTE: The $500,000 to $1 million segment accounted for 46% of all condo sales activity in 2020.

CLOSINGS

  • 263

    Closings (up 3%)

  • $384M*

    Dollar Volume (up 49%)

  • $1.46M*

    Average Price (up 45%)

  • $800,000*

    Median Price (up 16%)

CONTRACTS

  • 27

    Condos Under Contract (down 16%)

  • $1.99M

    Average Price (down 22%)

  • $1.1M*

    Median Price (up 15%)

INVENTORY

  • 23

    Condos Listed on the Open Market (down 49%)

  • $2.79M*

    Average Price (up 59%)

  • $1.475M*

    Median Price (up 9%)

RACQUET CLUB and JH GOLF & TENNIS

JH Racquet Club and JH Golf & Tennis Resorts share the spotlight for the highest increase in the number of condo sales in 2020, up 50% and 120% respectively. The area with the most activity was the Town of Jackson with 154 sales, down 3% when compared to 2019.

UNDER CONTRACT

The number of condo/townhomes currently under contract decreased 16%, as well as the dollar volume and average listing price, down 35% and 22% respectively. The decrease in the average list price can be directly attributed to the increase in listings under contract for less than $1 million.

INVENTORY

Current condo/townhome market inventory is down 49% when compared to the same period in 2019, with only 23 available units. This marks a 30-year low for available inventory. Meanwhile, the average and median listing prices are both breaking record highs. Of the 23 condo/townhomes currently on the market, none are listed for under $500,000, 7 between $500,000 and $1 million, 8 between $1 million and $3 million and eight over $3 million.

LEAST / MOST EXPENSIVE

Least expensive condo/townhome listing at year-end: $549,000, which buys you a 696 sq. ft. 1-bedroom, 1-bath in the Miller Park Lofts in the Town of Jackson. Most expensive condo/townhome listed in MLS at year-end: $12.5 million, which buys you a 3,826 sq. ft. 3-bedroom, 4.5-bath slope-side condo in Four Seasons Private Residence (Teton Village).

SALES BY AREA

Jackson Hole Mountain Resort (Teton Village): 49 sold (down 9%) with an average sale price of $3.93 million (up 97%) and a median sale price of $3.925 million. The increase in the average sale price was due to a larger number of sales over $5 million, most in Shooting Star.

Jackson Hole Racquet Club/The Aspens: 33 sold (up 50%) with an average sale price of $792,160 (up 14%) and a median sale price of $710,000 (up 8%). The most expensive sale was $1.545 million for a fully furnished 2,110 sq. ft. condo with 3 bedrooms and 2.5 baths, built in 1985.

Teton Pines: One condo sale for $1.725 million.

Town of Jackson: 154 units sold with an average sale price of $918,853 (up 18%) and a median sale price of $665,000 (up 7%). NOTE: The average and median sales prices are the highest ever in the Town of Jackson. Also note: The Town of Jackson claimed 59% of all condo sales in Jackson Hole.

Jackson Hole Golf & Tennis: Eleven condos sold (up 120%) with an average sale price of $923,727 (up 7%).

Rafter J Ranch: Twelve sold (up 100%) with an average sale price of $729,583 and a median sale price of $740,000. Total sales volume was $8.755 million.

Spring Creek Resort: 6 sold in 2020 with an average sale price of $1.01 million and a median sale price of $910,000.

YEAR END 2020

Residential Land Sales

When compared to 2019, the number of lot sales was up 94% with the average sale price of $2.475 million (up 130%). Following suit, the dollar volume and average sale price increased 149% and 130% respectively. The increase in the average sale price can be attributed to the number of sales over $3 million segment, where sales were up 135%.

For those still looking for post-recession bargains, there are currently 12 single-family lots for sale under $1 million, and 3 for under $500,000. With the vanishing supply of single-family homes for under $1 million, expect to see the under $1 million vacant land segment continue to accelerate in value in 2021. NOTE: 82% of the vacant land sales in 2020 were purchased with cash.

The 3+million-dollar segment of residential lot sales is up 135% when compared to 2019. NOTE: Currently 31% of the available residential vacant land inventory is listed for more than $3 million.

CLOSINGS

  • 172

    Closings (up 91%)

  • $425M*

    Dollar Volume (up 149%)

  • $2.475M*

    Average Price (up 130%)

  • $1.3M*

    Median Price (up 18%)

CONTRACTS

  • 19

    Lots Under Contract (up 19%)

  • $3.67M*

    Average Price (up 67%)

  • $1.2M*

    Median Price (down 11%)

INVENTORY

  • 32

    Lots Listed on the Open Market (down 60%)

  • $3.26M

    Average Price (up 33%)

  • $1.9M

    Median Price (up 52%)

UNDER CONTRACT

The number of lots currently under contract (19) is up 19% when compared to 2019. Meanwhile, the average list price increased 67%. NOTE: Residential vacant lot inventory now has less than three months of inventory.

INVENTORY

Available inventory dropped 60% when compared to 2019, with 32 available single-family home sites (lowest available inventory in over 40 years). The average listing price was $3.26 million (up 33%) and the median listing price was $1.9 million (up 52%). Residential vacant lot values continue to strengthen, with land bargains few and far between. Available inventory breaks down as follows: Three properties between $335K and $500K; 9 between $500K and $1 million; 4 listings between $1 and $2 million; 8 between $2 and $5 million; seven between $5 and $10 million; and one over $10 million. NOTE: Of the 32 listings, only seven (22%) have more than 35 acres.

LEAST / MOST EXPENSIVE

Least expensive lot listing at year’s end: $275,000 for a .38-acre single-family lot in the Hoback River subdivision. Most expensive single-family lot listing at year’s end: $18.5 million for 72 acres on the Snake River, north of Jackson.

SALES BY AREA

Jackson Hole Mountain Resort (Teton Village): Eleven lots sold (up 120%) with an average sale price of $3.5 million and a median sale price of $2.8 million (down 30%).

Jackson Hole Racquet Club and Teton Pines: Four lots sold in Teton Pines with an average sale price of $1.6 million. None sold in the JH Racquet Club.

Westbank, North of Wilson (excluding resort areas): 14 lots sold (up 27%) with an average sale price of $2.9 million (up 78%) and a median sale price of $2 million (up 34%).

Westbank, South of Wilson: Twelve lots sold (up 71%) with an average sale price of $2.88 million (up 26%) and a median sale price of $2.1 million. Total dollar volume: $34.5 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 31 lots sold (up 121%) with an average sale price of $3.7 million (up 12%) and a median sale price of $1.5 million (down 32%).

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: Eight lots sold (up 15%) with an average sale price of $4.33 million (up 93%).

North of Gros Ventre Junction/Kelly/Moran: 41 lots sold (up 156%) with an average sale price of $2.06 million (up 104%) and a median sale price of $1,075,000 (up 23%). Total dollar volume: $84.4 million.

Town of Jackson: Ten lots sold (up 25%) with an average sale price of $838,300 (up 36%) and a median sale price of $850,000 (up 100%).

South of Jackson to the Snake River Bridge: 16 lots sold (down 24%) with an average sale price of $2 million (up 31%) and a median sale price of $1 million (up 5%).

South of the Snake River Bridge to County Line: 22 lots sold (up 450%) with an average sale price of $1.33 million (down 13%) and a median sale price of $850,000 (up 31%).

The Jackson Hole Report is published semi-annually, with additional email updates for the first and third quarters.

  • 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 2021 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.
  • 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 – 2021 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.

© Copyright Jackson Hole Report 1995 - 2021 & Jackson Hole Luxury Report 2013 - 2021
© Copyright Engel & Völkers 2021. All rights reserved. Each brokerage independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.