For the first time in history commercial sales dominate the luxury market. While only making up 15% of the luxury sales (17), this segment accounted for 41% of the dollar volume. Of the 17 sales five were hotel/motels sales, accounting for $527 million in dollar volume. They include Four Seasons in Teton Village, Amangani in Spring Creek Ranch, Red Lion Wyoming Inn, Homewood Suites and Motel 6 in the Town of Jackson.
NOTE: Over the last ten years 37 hotel/motels have changed hands in Jackson Hole.
Looking ahead, we are seeing a softening of demand with inflation, rising interest rates, the stock market and crypto seeing major losses, and lack of inventory in the lower price ranges. However, the softening is taking us from a frenzied market to a more mollified one. 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 2023.