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JACKSON HOLE REAL ESTATE REPORT

2021 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.

Record-Breaking Dollar Volume with Dearth of Inventory

As we close the books on 2021, the valley’s biggest real estate headlines for the year are clearly the record-breaking $2.97 billion in dollar volume and dearth of overall available inventory. The overall dollar volume that almost broke $3 billion represents a 21% increase from year-end 2020, and the overall available inventory hit another record low of 102 active listings (down 9%). The dollar volume acceleration that began in 2020 (up 83% from 2019) in the early months of the COVID-19 pandemic has continued through 2021 (up 21% from 2020). The combination of high demand, tight inventory, and the search for quality living in a small, Rocky Mountain community continues to push prices higher.

The dearth of available overall listings is at another record-breaking low—down 9% from the end of 2020. For the past 25 years, we have watched available inventory shrink from 1,596 listings at the end of 1996—the height of overall available inventory—to only 102 at the end of 2021. Of those, 528 were single-family homes compared to the mere 47 single-family homes currently on the market.

NOTE: At the beginning of 2021 there were no single-family homes listed for under $1 million. 2022 is starting off with zero single-family homes listed for under $2 million.

Why are we not seeing more inventory hitting the market? Except for a few high-end spec homes and a handful of new luxury condos in the Town of Jackson, we are not seeing any significant increases in new inventory. Even resale inventory has plummeted. With the exception of a few Sellers retiring, and some locals cashing in and moving over the hill or to Alpine, our resale inventory continues to nosedive.

Five factors contribute to this lack of inventory, the largest being the lack of local property owners trading up. It is estimated that up to 35% of all transactions in the last 30 years have been trade-ups. Historically, a first-time home buyer in Jackson would purchase a small condo. After a few years, enough equity was accrued to sell the condo and buy a small, single-family home with a backyard. After a few more years of built-up equity, the homeowners would trade up to a home with a few acres. Today, as prices have skyrocketed, it is almost impossible for a condo owner to trade up to the least expensive single-family home ($2 million)—putting the American dream of homeownership out of reach for many. However, four other factors are at play too: “Off-Market” sales, the current rental market, historically low-interest rates, and the lack of NEW, locally driven subdivisions. Tune in to our 2021 year-end podcast to get some more background and further discuss these factors. While no one knows exactly what the future has in store for Jackson Hole, we predict prices will continue to climb. Those hoping competition will slow in 2022 are out of luck. We believe in 2022 buyers can expect trends similar to the past two years: elevated prices, low inventory, and bidding wars on well-priced listings.

When buying real estate in the next year, it will be important to watch new listings (including ‘coming soon’ listings) and be prepared to not only visit the property quickly, but to decide and extend an offer almost immediately. That said, don’t overpay. Prices will be up, but that doesn’t mean you have to pay something outside of the current market. Make sure you have a local Realtor to help navigate you through the bidding process and provide as many recent comps as possible. Be sure to also make your offer contingent upon an appraisal. If it does not appraise at the agreed-to price you can renegotiate or back out.

YEAR END 2021

The Year in Review: 2021 Sales & Trends

The year closed with the overall market — all home, lot, condo, and commercial transactions or listings—reporting 4% fewer closings than 2020, for a total of 847 in 2021 in Teton County. The overall dollar volume almost broke $3 billion. The year closed with $2.97 billion (up 21%). The Luxury Market (properties priced over $5 million) also reported 21% more sales in 2021. This decrease in overall sales can be directly attributed to the lack of overall inventory. 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 have not broken 500 active listings at year’s end, and at the end of 2021, we had a mere 102 active listings (all home, lot, condo, multi-family & commercial) valley-wide!

847

CLOSINGS

4% Decrease

$2.97B*

OVERALL DOLLAR VOLUME

84% Increase

102

ACTIVE LISTINGS VALLEY WIDE
*LOWEST level of overall available inventory in more than 40 years

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

$1-$3 MILLION

The hot spot in 2020 was between $1 and $3 million, where 371 transactions (44%) occurred. The steady demand in this segment—in tandem with the dearth of single-family homes listed under $3 million (only eight are available valley-wide)—suggests prices will continue to climb in 2022. We predict Zoom Town Buyers and Baby Boomers will continue to flock to our market, but our underlying question remains: How much inventory will be available for Buyers?

STRONG VACANT LAND SALES

While the number of residential vacant land sales is down 17% in 2021, the dollar volume, average sale prices, and median sale prices all broke records. The dollar volume broke $431 million, the average sale price was $3.04 million (up 23%) and the median sale price was $1.9 million (up 46%). NOTE: The 37 residential vacant land listings at the end of 2021 represent the second-lowest available inventory in over 40 years. This lack of inventory will clearly put more pressure on land values in 2022.

UNDER CONTRACT

Overall real estate currently under contract: At year’s end, there were 41 properties under contract (down 58%) with an average list price of $3.73 million and a median list price of $3.45 million. The decrease in the number of overall properties under contract is the direct result of the decreased available inventory—the lowest level in 40 years. Of the 41 properties under contract, 26 are in the Town of Jackson with a combined list price of $82.8 million.

INVENTORY

Current overall available inventory has decreased 9% when compared to the close of 2020, making year-end 2021 the LOWEST level of overall available inventory in more than 40 years. NOTE: The $1 to $3 million segment reported the most current active listings with 42 (up 51%), and the $3 to $5 million and $5 to $10 million segments tied with 21 each. The under $1 million segment only logged in 7 active listings at the end of 2021 (down 67%). Also noteworthy: At no time during 2021 did the overall available inventory go over 160, dipping to an all-time low of 64 by the end of March.

Overall Market Year End 2021

YEAR END 2021

Single Family Home Sales

When compared to 2020, the number of sales decreased 11%. In contrast, the dollar volume increased 15%, totaling $1.707 billion. Following suit, the average and median sale prices increased 28% and 20%, respectively. NOTE: The $1.707 billion in dollar volume, the average sale price of $4.76 million, and the median sale price of
$3 million in 2021 are all record-breaking. Also noteworthy is the record-breaking 37 homes selling for over $10 million (up 32%).

The under $1 million market continues to slip away, representing only 2% of all home sales in 2021. The year ended with 6 home sales under $1 million (down 88%). Current inventory represents zero homes in this price range and zero under $2 million. These segments continue to reflect brisk activity and the ever-intensifying appetite for properties priced below $2 million. When a well-priced home hits the market in this segment, bidding wars continue to ensue within 72 hours.

CLOSINGS

  • 359*

    Closings (up 19%)

  • $1.707B*

    Dollar Volume (up 15%)

  • $4.7M*

    Average Price (up 28%)

  • $3M*

    Median Price (up 20%)

CONTRACTS

  • 12

    Homes Under Contract (down 62%)

  • $4.54M

    Average List Price (down 8%)

  • $3.7M

    Median Price (up 61%)

INVENTORY

  • 47

    Homes Listed on the Open Market (up 4%)

  • $7.68M*

    Average Price (down 12%)

  • $4.95M

    Median Price (down 10%)

TOWN OF JACKSON & SOUTH OF JACKSON

Town of Jackson and South of Jackson to the County line, shared the spotlight. Eighty- five homes sold in the Town of Jackson, and 94 homes sold South of Jackson. These two areas represent 50% of all homes sold in 2021. The area reporting the greatest percentage increase in home sales was North of Jackson where 47 sales occurred (up 21%).

Within the single-family home market, the $1+ million segment reported 353 transactions in2021. All told, in 2021 there were 183 single-family home sales above $3 million (up 10%), 110 above $5 million (up 33%), 37 above $10 million (up 32%) and seven above $20 million (up 133%). NOTE: Only six homes sold for less than $1 million in 2021.

UNDER CONTRACT

Homes currently under contract: As of year’s end, there were 12 homes under contract (down 62%) with an average listing price of $4.54 million (down 8%) and a median list price of $3.7 million (up 61%). The decrease in the number of homes under contract is the direct result of decreased available inventory—second to lowest level in 40 years.

INVENTORY

Homes currently on the market: The open market currently has 47 homes (up 4%) listed with an average list price of $7.68 million (down 12%) and a median list price of $4.95 million (down 10%). Of the 47 single-family homes currently on the market, zero are listed for under $2 million, and only eight are listed between $2 and $3 million, valley-wide. The other 39 break out as follows: 15 between $3 and $5 million; 15 between $5 and $10 million; and 9 over $10 million.

Current demand outpaces supply for homes under $3 million. The 2020 absorption rate for single-family homes was 14.5 per month. Compared to only eight single-family homes currently on the market, we have about three weeks of available inventory in this price range. Currently, zero are listed for under $2 million. NOTE: At press time, the least expensive single-family zoned home in the entire valley was listed at $2 million.

LEAST / MOST EXPENSIVE

Least expensive single-family zoned home listing at year’s end: A 3-bedroom, 2-bath, 1,188 sq. ft. home built in 1984 on a .23-acre lot in the J-W Subdivision listed for $2 million.

Most expensive single-family home listing at year’s end: $48 million for a 53-acre private estate north of Jackson on the Gros Ventre River with a 13,372 sq. ft. home (7 bedrooms, 8 baths), and a 1,680 sq. ft. two-bedroom guest house.

Single Family Homes Year End 2021

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):14 sold (down 26%). The average sale price of $10.7 million (up 43%) broke the area record and the median sale
price of $10.15 million is up 60%. Total dollar volume: $149.5 million.

Jackson Hole Racquet Club (The Aspens): Three homes sold (down 57%), breaking area records for the average sale price of $4.2 million (up 54%) and
median sale price of $4.15 million (up 84%). Total dollar volume: $12.6 million.

Teton Pines: 10 homes sold (down 33%), breaking area records for the average sale price of $5.5 million (up 31%) and median sale price of $5.25 million (up 62%). Total dollar volume: $54.6 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:30 homes sold (down 32%). The median sale price of $2.73 million (up 3%) broke the area record. Total dollar
volume: $120.3 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 27 homes sold (down 36%), breaking area records for the average sale price of $7.6 million (up 86%), and for the median sale price of $4.5 million (up 32%). Total dollar volume: $205.3 million.

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: 10 homes sold (down 17%) breaking area records for the average sale price of $9.5 million (up 37%), and for the median sale price of $7.25 million (up 45%). Total dollar volume: $95.3 million.

North of Gros Ventre Junction/Kelly/Moran: 47 homes sold (up 21%), breaking the area records for number of home sales, for the average sale price of $5.75
million (up 49%), and median sale price of $3.8 million (up 36%). Total dollar volume: $270 million.

Town of Jackson:85 homes sold (up 10%), breaking the Town of Jackson records for an average sale price of $2.5 million (up 37%) and a median sale price of $1.89 million (up 47%). Total dollar volume: $210.7 million.

South of Jackson to the Snake River Bridge: 64 homes sold, breaking area records for the average sale price of $4.8 million (up 46%) and median sale price of $2.85 million (up 78%). Total dollar volume: $309.3 million.

South of the Snake River Bridge to County Line: 30 homes sold (down 23%) with an average sale price of $3.39 million (up 67%) and a median sale price of $2.2 million (up 28%). Total dollar volume: $101.6 million.

YEAR END 2021

Condo/Townhome Sales

When compared to 2020, the number of sales was up 5% and dollar volume was up slightly. Meanwhile, the average sale price was down 2% and the median sale price was up 25%. Of the 275 sales, 134 sold for under $1 million and 11 sold for under $500,000 (down 77%). With only three condos currently on the market for under $1 million, and a record-breaking low of 14 overall listings, expect this segment of the market to continue to increase in value in 2022. NOTE: The $500,000 to $1 million segment accounted for 45% of all condo sales in 2021.

CLOSINGS

  • 275*

    Closings (up 38%)

  • $392M*

    Dollar Volume (up 2%)

  • $1.43M

    Average Price (down 2%)

  • $1M*

    Median Price (up 25%)

CONTRACTS

  • 18

    Condos Under Contract (down 34%)

  • $3.075M

    Average Price (up 54%)

  • $3.45M*

    Median Price (up 213%)

INVENTORY

  • 14

    Condos Listed on the Open Market (down 39%)

  • $1.97M

    Average Price (down 29%)

  • $1.65M

    Median Price (up 12%)

SOUTH OF JACKSON

South of Jackson had the highest increase in the number of condo sales in 2021, up 29%. The area with the most activity was the Town of Jackson with 164 sales, up 6% when compared to 2020.

UNDER CONTRACT

Condo/townhomes currently under contract: The number of condo/townhomes currently under contract decreased 34%. In contrast, the dollar volume and average and median list prices all increased 4%, 54%, and 213%, respectively. The increase in the average and median list prices can be directly attributed to the increase in listings under contract for more than $3 million (up 76%).

INVENTORY

Current condo/townhome market inventory is down 39% when compared to the same period in 2020 with only 14 available units. This marks a 40-year low for available inventory. Meanwhile, the average list price is down 29%, but the median list price is up 12% to $1.65 million. Of the 14 condo/townhomes currently on the market, three are listed for between $500,000 and $1 million, six between $1 million and $2 million, and four over $3 million.

LEAST / MOST EXPENSIVE

Least expensive condo/townhome listing at year-end: $595,000, which buys you a 557 sq. ft., 1-bath studio condotel in the Residence at the Snake River Lodge & Spa (Teton Village).

Most expensive condo/townhome listed in MLS at year-end: $4.74 million, which buys you a new 2,234 sq. ft. 3-bedroom, 3.5-bath condo bordering the National Elk Refuge (Town of Jackson).

Condominiums & Townhomes Year End 2021

SALES BY AREA

Jackson Hole Mountain Resort (Teton Village): 37 sold (down 24%) with an average sale price of $2.8 million (down 28%) and a median sale price of $1.5 million
(down 62%). The decrease in the average and median sale prices was due to a larger number of condotel sales under $2 million.

Jackson Hole Racquet Club/The Aspens:24 sold (down 27%) with an average sale price of $1.19 million (up 50%) and a median sale price of $995,000 (up
40%). The most expensive sale was $2.1 million for a fully furnished 1,428 sq. ft. condo with 2 bedrooms and 2 baths, built in 1988.

Teton Pines: Five townhomes sold with an average sale price of $2.52 million and a median sale price of $2.1 million.

Town of Jackson:164 units sold (up 6%) with an average sale price of $1.2 million (up 30%) and a median sale price of $955,000 (up 44%). NOTE: The average and median sales prices are the highest ever in the Town of Jackson. Also note: The Town of Jackson claimed 60% of all condo sales in Jackson Hole.

Jackson Hole Golf & Tennis: Eleven condos sold with an average sale price of $1.31 million (up 42%) and a median sale price of $1.25 million (up
53%).

Rafter J Ranch: Eleven sold (down 8%) with an average sale price of $729,583 and a median sale price of $976,473. Total sales volume was $10.74 million.

Spring Creek Resort:8 sold in 2021 with an average sale price of $1.09 million and a median sale price of $968,000 Up 6%).

YEAR END 2021

Residential Land Sales

When compared to 2020, the number of lot sales was down 17% with the average sale price of $3.04 million (up 23%) and a median sale price of $1.9 million (up 46%). The decrease in the number of sales in 2021 can be attributed to the lack of inventory under $1 million.

Unprecedented vacant land values experienced gains of over 200% in some areas of the valley. While all areas of the valley have experienced a sharp rise in vacant land values, the area north of the Gros Ventre River to Moose saw values rise over 200% in the last 24 months.

For those still looking for post-recession bargains, there are currently only 4 single-family lots for sale under $1 million. With the vanishing supply of single-family homes for under $1 million, expect to see the under $1 million vacant land segment vanish in 2022. NOTE: 90% of the vacant land sales in 2021 were purchased with cash.

The $5+ million segment of residential lot sales is down 11% (25 sales) when compared to 2020. NOTE: Currently 16% of the available residential vacant land inventory is listed for more than $5 million.

CLOSINGS

  • 142

    Closings (up 38%)

  • $431M*

    Dollar Volume (up 1%)

  • $3.04M*

    Average Price (up 23%)

  • $1.9M*

    Median Price (up 46%)

CONTRACTS

  • 8

    Lots Under Contract (down 58%)

  • $4.09M

    Average Price (up 15%)

  • $1.8M

    Median Price (down 50%)

INVENTORY

  • 37

    Lots Listed on the Open Market (up 16%)

  • $3.5M

    Average Price (up 6%)

  • $1.95M

    Median Price (up 3%)

UNDER CONTRACT

Residential lots currently under contract: Compared to 2020, eight lots are currently under contract (down 58%). Meanwhile, the average and median list prices increased 15% and 50%, respectively. NOTE: Residential vacant lot inventory still has less than three Under Contract months of inventory.

INVENTORY

Available vacant land listings: Available inventory increased 16% when compared to 2020 with 37 available single-family home sites. The average listing price was $3.5 million, and the median listing price was $1.95 million. Residential vacant lot values continue to strengthen with land bargains few and far between. Available inventory breaks down as follows: Four properties between $500K and $1 million; 14 listings between $1 and $2 million; 12 between $2 and $5 million; six between $5 and $10 million; and one over $10 million. NOTE: Of the 37 listings, only two (5%) have more than 35 acres.

LEAST / MOST EXPENSIVE

Least expensive lot listing at year’s end: $650,000 for a .8-acre single-family lot in the Teton Wilderness subdivision in Moran.

Most expensive single-family lot listing at year’s end: $10.9 million for 11.5 acres in Rivermeadows, south of Wilson.

Single Family Lots 2021 Year End

SALES BY AREA

Jackson Hole Mountain Resort (Teton Village): Eight lots sold (down 28%) with an average sale price of $4.2 million (up 20%) and a median sale price of $4 million
(up 43%).

Jackson Hole Racquet Club and Teton Pines: In 2021, no lots sold in Teton Pines or the JH Racquet Club.

Westbank, North of Wilson (excluding resort areas): 17 lots sold (up 21%) with an average sale price of $2.39 million (down 18%) and a median sale price of $1.5 million
(down 25%).

Westbank, South of Wilson: Twelve lots sold with an average sale price of $2.1 million (down 27%) and a median sale price of $889,000 (down 58%).

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 26 lots sold (down 16%) with an average sale price of $5.6 million (up 52%) and a median sale price of $3.15 million (up 110%).

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: Seven lots sold (down 12%) with an average sale price of $2.04 million (down 53%).

North of Gros Ventre Junction/Kelly/Moran: 28 lots sold (down 32%) with an average sale price of $2.42 million (up 18%) and a median sale price of $1.62 million (up 51%).

Town of Jackson:11 lots sold (up 10%) with an average sale price of $1.38 million (up 65%) and a median sale price of $975,000 (up 15%).

South of Jackson to the Snake River Bridge:15 lots sold with an average sale price of $3.08 million (up 53%) and a median sale price of $1.175 million (up 18%).

South of the Snake River Bridge to County Line: 18 lots sold (down 18%) with an average sale price of $2.33 million (up 75%) and a median sale price of $1,500,000 (up 76%).

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 – 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.

© Copyright Jackson Hole Report 1995 - 2022 & 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.