Demand for single-family homes is down 5%, with 104 sales so far in 2020. In contrast, the dollar volume is up 19% ($356 million), the average sale price is up 25% ($3,424,668) and the median sale price is up 4% ($1,895,000). All three are record-setting. The slowing of overall home sales can be directly linked to COVID in the second quarter. The record-breaking dollar volume, average and median sale prices can also be linked to the COVID affect and pent up demand. NOTE: In the first six months of 2020, only 20% of all home sales were under $1 million. Properly priced listings in this segment continue to receive multiple offers. The selling strategy is simple: To spark immediate interest, work with us to effectively price your property according to current market values.

The number of Single-family homes under contract have soared (up 127%), and the dollar volume is up 404% to $198 million. Following suit, the average and median list prices increased 76% and 40% respectively when compared to Q2 2019. With the dearth of available inventory under $1 million, the $1 to $3 million segment is now the most active in the valley. 56% of the homes are currently under contract in this segment.

The upper-end of the single-family home market has slowed slightly, as home sales for more than $1 million are down 9%. In contract, the Luxury segment ($3+ million) is experiencing a brisk increase, with 36 sales (up 20%) when compared to Q2 2019. Upon closer inspection, the $5+ million luxury home market has experienced the highest increase with 20 home sales (up 54%). NOTE: Seven sales closed for over $10 million.

The inventory of listed homes decreased in June (down 19%) to 141 listings, with only 9 listed for less than $1 million. In contrast, the average list price of $5.77 million breaks last year’s all-time high by 10%. The number of listings over $5 million helped to push the average to this all-time high.

Current available inventory breaks down as follows: 9 homes between $500,000 and $1 million (down 34%); 33 homes between $1 and $2 million (down 37%); 32 homes between $2 and $3 million (up 28%); 28 between $3 and $5 million (no change); 19 homes between $5 and $10 million (down 42%); and 20 homes over $10 million (down 13%).

Currently, the least expensive single-family home, located in Hoback Junction, is listed for $730,000. The .24-acre property features a 1,510 sq. ft., three-bedroom two bath Hoback Jct. home, built in 1982.

The most expensive home, located north of Jackson, is listed for $80 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. guesthouse built in 2009. The total of 278 acres afford Snake River frontage, amazing spring creeks and superb views of the Grand Teton.

Currently there are 5,866 free-market, single-family homes in Jackson Hole. They break down as follows: Westbank (1,702); Town of Jackson (1,402); North of the Gros Ventre River (898); South of Gros Ventre River to County Line (1,860)—all free-market (not deed restricted or timeshare).

There are 1,146 single-family homes worth at least $3 million (luxury homes) throughout the valley. Currently, the Westbank is home to almost half of these homes.

158 homes in the valley are situated on 35+ acres.

*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 – 2020 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.