The year closed with the overall market — all home, lot, condo and commercial transactions or listings— reporting 34% more sales than 2019, for a total of 878 properties sold in 2020 in Teton County. The overall dollar volume was up to $2.455 billion (up 84%). The Luxury Market (over $5 million) also reported 188% more sales in 2020. This increase in overall sales can be directly attributed to the lack of overall inventory and the effects of COVID 19. 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’ve not broken 500 active listings at year’s end, and at the end of 2020 we had a mere 112 active listings (all home, lot, condo, multi-family and commercial)—valley wide!

The hot spot in 2020 was between $1 and $3 million, where 333 transactions (38%) occurred. The steady demand in this segment—in tandem with the dearth of single-family homes listed under $3 million (only seven are available valley-wide)—suggests prices will continue to climb in 2021. We predict Zoom Town Buyers will continue to flock to our market, but our underlying concern remains: How much inventory will be available for buyers?

The number of residential vacant land sales have lagged behind single-family home and condo/ townhome sales for years. 2020 has changed that dynamic though, with the number of sales up 91%. What’s truly amazing is the record-breaking average and median sale prices, up 130% and 18% respectively in 2020. NOTE: The 32 residential vacant land listings at the end of 2020 represent the lowest available inventory in over 40 years. This lack of inventory will clearly put more pressure on land values in 2021.

Overall real estate currently under contract: At year’s end, there were 98 properties under contract (up 30%) with a record-breaking average list price of $3.89 million and a median list price of $2.15 million. Of the 98 properties under contract, 39 are in the Town of Jackson, with a combined list price of $108 million.

Current overall available inventory has decreased 57% when compared to the close of 2019, making year-end 2020 the “LOWEST” level of overall available inventory in more than 40 years. The average and median list prices are also breaking records, up 37% and 85% respectively. NOTE: The $1 to $3 million segment reported the most current active listings, with 29 (down 76%), and the under $1 million segment comes in second with 21 listings. The $1 to $3 million segment logged 333 sales in 2020 (up 29%). Also noteworthy, there are currently 40 single-family homes listed for $3+ million (down 53%).

*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.