JACKSON HOLE REAL ESTATE REPORT
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.
If you’ve been reading our quarterly reports, you’ve seen a dramatic increase in sales and property values across the board in the last 12 months. The overall number of sales is up 86%, and the median price for a single-family home increased 45%. This dramatic increase is directly related to active listings dropping 55%. Last year at the end of June, there were 323 overall listings, and yet today, we only have 145. NOTE: Just three months ago, at the end of Q1 2021, there were only 64 active listings overall.
In the spring of 2020, after several months of social lockdown from COVID-19, our real estate market took off. Buyers from all over the country flooded our market, many making over-list price offers sight unseen. This phenomenon put pressure on Buyers to make strong offers with cash and little to no contingencies. In turn, listing prices shot up 20 to 50% more than the last comparable sale. We even tracked properties that have sold twice in the last 12 months where the value increased 50 to 100% in that timeframe.
Is the real estate feeding frenzy over? In our mind, YES and for four good reasons: 1). While we are still seeing an occasional bidding war when a well-priced property hits the market, we are no longer seeing sight-unseen offers or offers above the list price; 2). As mentioned above, inventory in 2021 is up 126% in just the last three months yet is still down 55% from 12 months ago. With such a strong Seller’s market, many new listings are being priced way above the current market; 3). With no homes currently listed for under $1 million, and no condos listed for under $500,000, inventory for locals has all but disappeared. This, of course, takes an estimated 50% of our previous Buyers out of the market. NOTE: Just eight years ago, at the end of Q2 2013, 81 homes had sold for under $1 million, versus five at the end of Q2 2021 (down 94%); 4). Overall properties under contract are down 38% when compared to June 30, 2020.
The potential exception to the feeding frenzy being over is the residential vacant land segment of our market where the long-awaited demand has caught up with inventory levels in the last 12 months. Lot sales are up 110% and inventory levels have dropped to a 50-year low of 34. In the residential vacant land segment, some values have even doubled in the last twelve months. The high cost of construction materials, and hard-to-find construction laborers could potentially slow this segment down though.
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CLOSINGS
Up 86%
OVERALL DOLLAR VOLUME
114% Increase
ACTIVE LISTINGS VALLEY WIDE
All Home, Lot, Condo, Multi-Family & Commercial
The overall number of properties under contract has declined with 76 properties currently in negotiations (down 38%). The dollar volume is following suit—down 38%. All segments experienced a decrease in the number of properties under contract, with the most being single-family homes, down 56%. The decrease is directly related to the lack of inventory under $1 million.
Overall inventory of active listings declined 55% when compared to Q2 2020, marking the lowest number of overall active listings in over 50 years at mid-year. Single-family homes went down 46%, vacant residential lots went down 62%; condo/townhomes went down 68%, and commercial went down 52%. Homes for sale under $1 million are non-existent, with the least expensive home currently $1.4 million. NOTE: On July 1st, 2011, there were 104 homes listed for under $1 million.
MID YEAR 2021
Demand for single-family homes soared 70%, with 176 sales so far in 2021. Following suit, the dollar volume is up 190% ($742 million), the average sale price is up 23% ($4.2 million) and the median sale price is up 45% ($2.75 million). All three statistics are record-setting. The increase in overall home sales can be directly linked to the lack of available inventory (down 46%) and the pent-up demand from COVID -19. NOTE: In the first six months of 2021, 89 homes sold for between $1 and $3 million (51%). Properly priced listings in this segment continue to receive multiple offers. To spark immediate interest, work with us to effectively price your property.
The number of single-family homes under contract has slowed (down 56%), and the dollar volume is down 39% to $121 million. In contrast, the average and median list prices increased 26% and 52% respectively when compared to Q2 2020. With the dearth of available inventory under $2 million, the $3 to $5 million segment is now the most active in the valley; 41% of homes in this segment are currently under contract.
The luxury, single-family home market ($5+ million) has soared, with the number of sales up 163% and dollar volume up 178%. Of the 50 sales, 17 were priced at over $10 million, with seven of those closing for over $15 million. NOTE: The number of luxury listings is down 15%.
The inventory of listed homes decreased in June (down 46%) to 76 listings, with none listed for less than $1 million. In contrast, the average and median list prices are again breaking records, up 26% and 52% respectively. This is due in part to 43% of the current listings being considered Luxury (priced at over $5 million).
Current available inventory breaks down as follows: 12 homes between $1 and $2 million (down 64%); 13 homes between $2 and $3 million (down 60%); 17 homes between $3 and $5 million (down 39%); 21 between $5 and $10 million (up 10%); and 12 over $10 million (down 40%).
Currently, the least expensive single-family home, located in South Park, is listed for $1.4 million. The .48-acre property features a 1,008 sq. ft., two-bedroom, two-bath home, built-in 1977.
The most expensive home, located north of Jackson, is listed for $69.5 million. The main home, built-in 2010, spans 7,984 sq. ft. with four bedrooms and seven baths. An adjoining parcel has a 3,618 sq. ft. guest house built in 2009. The entire 278 acres include Snake River frontage, amazing spring creeks, and superb views of the Grand Teton.
MID YEAR 2021
Condo/townhome sales increased in the first six months of 2021 with 135 sales (up 85%). In contrast, the average sale price decreased 16% when compared to 2020. The decrease in the average sale price is due to an increase in the number of sales under $1 million.
The number of sales under $1 million is up 68%, whereas the number of sales over $3 million is down 33%. NOTE: Both North of Jackson and the Town of Jackson experienced at least a 100% increase in number of sales so far in 2021. Of the 135 overall sales, 61 sold for over $1 million
The number of condos/townhomes under contract has decreased with 33 properties currently in negotiations (down 13%), and an average list price of $1.96 million (down 20%). The decrease in the average list price reflects a decrease in listings under contract for under $2 million (down 20%).
Available inventory of condos/townhomes has seen a huge decrease of 68% (23 listings). The average list price hit an all-time high at $2.8 million (up 77%), due to the decrease in listings under $1 million (down 83%). Based on mid-year results, current inventory offers only one month of condo/townhome stock. NOTE: Of the current available inventory, 26% is listed for less than $1 million, with the least expensive at $545,000.
MID YEAR 2021
Single-family vacant lot sales increased in the first six months of 2021 with 84 sales (up 110%). Following suit, the dollar volume was up 104% when compared to mid-year 2020. The average and median sale prices did not change. NOTE: The Luxury Market ($5+ million) had 13 sales over $5 million (up 86%), and two over $10 million.
Single-family vacant lots under contract: Twelve properties are currently in negotiations (down 40%), with the least expensive being $1,150,000. Only four are listed for under $2 million.
Available inventory of listed lots decreased by 62% and dollar volume is down 49% from Q2 2020. In contrast, the average and median sale prices increased 35% and 39%, respectively, when compared to 2020. The increase in the average and median list prices reflects less inventory in the under $1 million segment of our market (down 73%). NOTE: Demand is outpacing supply, so expect appreciation to continue in 2021. Based on mid-year results, there are currently only 3 months of available inventory.
Current available inventory breaks down as follows: 8 lots between $500,000 and $1 million (down 75%); 11 lots between $1 and $2 million (down 27%); 3 lots between $2 and $3 million (down 75%); 5 lots between $3 and $5 million (down 55%); 4 lots between $5 and $10 million (down 75%); and 3 lots over $10 million (up 33%).
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.
The Jackson Hole Report is published semi-annually, with additional email updates for the first and third quarters.
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Jackson, WY 83001
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