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.

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.

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.

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 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).

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.

*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 Devon and David 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 2020 compared to sales in 2019.
*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.