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JACKSON HOLE REAL ESTATE REPORT

2022 Mid Year

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.

WHERE DID ALL THE BUYERS GO?

The overall number of sales is down 46%, and the dollar volume down 22%. This dramatic decrease comes from a multitude of issues not necessarily locally driven. Home mortgage interest rates nearly doubled, inflation hit a 40-year high in June, stocks suffered their worst first half of the year since 1970, and cryptocurrency took a big hit. Locally, the lack of affordable homes and condo/ townhomes under $1 million has cut the number of Buyers by more than 50%. For example, just 12 months ago, the first six months of 2021 registered 112 sales under $1 million. In 2022 we had a total of 18 sales under $1 million in the first six months. Step back to 2013 and there were 220 sales under $1 million by the end of June. NOTE: While the number of sales is within 10% of pre-pandemic levels, the dollar volume is double what we were seeing pre-pandemic with just over $1 billion in the first half of 2022.

Even with a 46% decrease in sales the average and median sale prices are still breaking records across the board. The average and median sale price for a single-family home increased 13% and 9%, respectively; the average and median sale price for a single-family vacant lot increased 9% and 27%, respectively; and the average and median sale price for a condo/townhome increased 70% and 66%, respectively.

Overall properties under contract are down 24%, yet the average list price is breaking another record at $4.23 million. NOTE: There were 76 overall properties under contract at the end of Q1 2022, yet only 58 today. This slowdown could reflect the multitude of issues mentioned above and/or the fact that the airport was closed this spring.

Available inventory at the end of June 2020 registered 323 overall listings, and yet today, we only have 167. NOTE: Just three months ago, at the end of Q1 2022, there were only 65 active listings overall. While the increase in listings is expected this time of year, it’s still half of the normal available inventory for the end of June. Regardless, it’s good news for Buyers as there is almost three times as much to choose from just three months ago.

While we normally do not focus on commercial activity in this newsletter—as the activity is usually too small—we feel it necessary to bring to our readers’ attention the fact that 31% of the dollar volume to date in 2022 was commercially driven. This was mainly due to four motel/hotels selling. Three were in the Town of Jackson and one was in Spring Creek Resort. The overall commercial dollar volume was $307 million, up 126% from the first six months of 2021.

Looking ahead, we are seeing a softening of demand with inflation, rising interest rates, and lack of inventory in the lower price ranges. However, the softening is taking us from a frenzied market to one that is less so. Inventory is increasing and prices will start to moderate into a slower growth curve. While inventory levels are still at historic lows, without more Buyers in the market, some sellers will have to lower their expectations if they want to close in 2022

MID YEAR 2022

Overall Market

When compared to the first six months of 2021, the overall market has dramatically decreased with 66% fewer sales and 22% lower dollar volume. In contrast, the average and median sale prices are up 46% and 77%, respectively. The segment where the number of sales decreased the most was residential vacant lots, down 64% when compared to Q2 2021. While inventory levels are still at historic lows, the lack of inventory under $1 million will slow the number of sales in the second half of 2022.

Geographically, the Town of Jackson experienced the most activity (100 sales), accounting for 44% of all sales in the valley and 37% of the total dollar volume ($366 million). NOTE: While sales in the Town of Jackson were down 37%, the dollar volume was up 19% when compared to the first six months of 2021. The increase in dollar volume was a direct result of three motel/hotel sales totaling over $100 million.

226*

CLOSINGS

Down 66%

$1.002B*

OVERALL DOLLAR VOLUME

22% Decrease

167

ACTIVE LISTINGS VALLEY WIDE

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

LUXURY MARKET


The Luxury Market—properties priced at $5 million and above—registered 59 sales (down 20%). The hottest segment overall is between $5 and $10 million where 47 sales closed. Single family homes claimed 56% of luxury sales (33 transactions), with 30% of those on the Westbank. Luxury listings under contract are down 23%, with only 10 sales pending. NOTE: There are 53 properties on the market in the $5+ million price range, up 6% from Q2 2021. The most expensive overall listing is on the Westbank: a 50-acre parcel on the north side of Highway 22 and just West of the Stilson Park. Completely fenced with two seasonal waterways and 360-degree views. It’s listed for $50 million. To learn more about the Jackson Hole Luxury Market, please visit JacksonHoleLuxuryReport.com.

UNDER CONTRACT


The overall number of properties under contract has declined with 58 properties currently in negotiations (down 24%) . In contrast, the average list price is up 25%, breaking yet another record. All segments experienced a decrease in the number of properties under contract, with the most being condo/townhomes, down 37%. The decrease is directly related to the lack of inventory under $1 million, with only six currently listed.

INVENTORY

Overall inventory of active listings increased 15%, when compared to Q2 2021, marking the second lowest number of overall active listings in over 50 years at mid-year. Single family homes increased only 8%, vacant residential lots went up 12%, and condo/ townhomes went up the most at 70%. Homes for sale under $1 million are non-existent, with the least expensive home currently priced at $1.695 million. NOTE: On July 1, 2011, there were 104 homes listed for under $1 million with an average list price of $2.795 million versus today’s average list price of $6.08 million.

MID YEAR 2022

Single Family Home Sales

Demand for single-family homes softens (down 45%), with 96 sales so far in 2022. In contrast, the average and median sale prices are up 13% and 9%, respectively. Both setting records for mid-year, the average sale price was $4.69 million, and the median sale price was $3 million. The decrease in overall home sales can be directly linked to the lack of affordable inventory as the least expensive home currently on the market is $1.695 million. NOTE: In the first six months of 2022, 45 homes (47%) sold for between $1 and $3 million. Also noteworthy is only two homes sold in this timeframe for under $1 million. Compare that to 2018 when 42 homes sold for under $1 million in the first six months.

UNDER CONTRACT

The number of single family homes under contract has slowed (down 34%), and the dollar volume is down 46% to $65 million. Following suit, the average and median list prices decreased 18% and 22%, respectively, when compared to Q2 2021. With the dearth of available inventory under $2 million, the $1 to $3 million segment is now the most active in the valley; 44% of the homes currently under contract fall into this segment.

LUXURY MARKET

The luxury, single-family home market ($5+ million) number of sales and dollar volume are both down 34%. Of the 33 sales, 7 were priced at over $10 million, with three of those closing for over $15 million. NOTE: The number of luxury listings is up 9%.

INVENTORY

The inventory of listed homes increased 8% to 82 listings, with none listed for less than $1.5 million. Following suit, the median list price is again record breaking , up 1% to $4.5 million. 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: 8 homes between $1 and $2 million (down 33%); 13 homes between $2 and $3 million (no change); 26 homes between $3 and $5 million (up 53%); 24 between $5 and $10 million (up 14%); and 11 over $10 million (down 8%).

LEAST / MOST EXPENSIVE

Currently, the least expensive single-family home, located in the Hoback Junction area, is listed for $1.65 million. The one-acre parcel features a 1,488 sq. ft., three-bedroom, two-bath home, built in 1972.

The most expensive home, located south of Wilson, is listed for $27.65 million. The main home, built in 1977, has 2,664 sq. ft. with two bedrooms and two baths. An adjoining parcel is included in the list price totaling 75 acres. It includes Trail Creek on the western portion and superb, long-distance views.

MID YEAR 2022

Condo/Townhome Sales

Condo/townhome sales decreased in the first six months of 2022 with 66 sales (down 51%). In contrast, the average and median sale prices increased 70% and 66%, respectively, when compared to 2021. NOTE: the average and median sale prices are both record-breaking for mid-year sales.

TOWN OF JACKSON

The number of sales under $1 million is down 84% (12), whereas the number of sales over $3 million is up 113%. The hot spots were the Town of Jackson and Teton Village with 39 and 15 sales, respectively.

UNDER CONTRACT

The number of condos/townhomes under contract has decreased with 21 properties currently in negotiations (down 37%), and the dollar volume down 8%. In contrast, the average list price of $2.83 million is up 45% and the median list price of $2.575 million is up 98%—both record-breaking. The increase in the average list price reflects a decrease in listings under contract for under $2 million (down 53%).

INVENTORY

Available inventory of condos/townhomes has seen a generous increase of 70% (39 listings). NOTE: In 2009 the market peaked with 214 available listings, and from 2015 to 2020 the average number of listings mid-year was 75. The median list price hit an all-time high at $2.1 million (up 45%), due to the lack of listings under $1 million (only six). Based on mid-year results, current inventory offers only four months of condo/townhome stock. NOTE: Of the current available inventory, 15% is listed for less than $1 million, with the least expensive at $605,000—a 410 sq. ft. studio in Teton Village.

MID YEAR 2022

Single Family Vacant Land Sales

Single-family vacant lot sales decreased in the first six months of 2022 with 30 sales (down 64%) . Following suit, the dollar volume was down 61% when compared to mid-year 2021. In contrast, the average and median sale prices are up 9% and 27%, respectively—both record-breaking. NOTE: The Luxury Market ($5+ million) had 9 sales over $5 million (down 31%), and one over $10 million.

UNDER CONTRACT

Single-family vacant lots under contract: Eleven properties are currently in negotiations (down 8%), with the least expensive being $998,000. Nine are listed for between $1 and $2 million.

INVENTORY

Available inventory of listed lots increased by 12% and dollar volume is up 87% from Q2 2021. Following suit, the average and median sale prices increased 62% ($6.27 million) and 57% ($2.825 million), respectively—both record-breaking, when compared to 2021. The increase in the average and median list prices reflect the lack of inventory under $1 million (0). NOTE: Demand is slowing, so we do not expect appreciation to continue in 2022. Based on mid-year results, there are currently only 8 months of available inventory.

Current available inventory breaks down as follows: 0 lots under $1 million; 12 lots between $1 and $2 million; 9 lots between $2 and $3 million; 7 lots between $3 and $5 million; 5 lots between $5 and $10 million; and 5 lots over $10 million.

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 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.

© 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.