When compared to 2018, the number of sales decreased 14%, and the dollar volume decreased 8%, totaling $690 million. In contrast, the average and median sale prices increased, 7% and 8% respectively. NOTE: The average sale price of $2.62 million and the median sale price of $1.74 million in 2019 are the highest average and median sale prices ever. Also noteworthy is 24 of the 264 sales were newly built spec homes.

The under $1 million market is slowly slipping away, representing only 17% of all home sales in 2019. The year ended with 45 home sales under $1 million. Current inventory represents just 7 homes in this price range, with only 1 listed under $750,000. This segment continues to reflect brisk activity, and the ever-intensifying appetite for properties priced below $1 million: When a well priced home hits the market in this segment, a bidding war is sure to ensue within 72 hours.

Single-family home hot spot: South of Jackson to the County line, and the Town of Jackson shared the spotlight. 56 homes sold South of Town, and 69 homes sold in the Town of Jackson. These two areas represent 47% of all homes sold in 2019. The area reporting the greatest increase in home sales was the East Gros Ventre Butte where 33% more sales occurred.

Within the single-family home market, the $1+ million segment reported 219 transactions in 2019 (down 4%). Meanwhile, the average and median sale prices were up 7% and 8% respectively. All told in 2019, there were 64 single-family home sales above $3 million (down 16%) and 30 above $5 million (down 13%).

Homes currently under contract: As of year’s end, there were 27 homes under contract (down 13%) with an average listing price of $2.87 million (down 22%) and a median list price of $1.95 million (down 19%). The decrease in the average list price is the result of increased activity in the under $2 million segment, where 15 homes are under contract.

Homes currently on the market: The open market currently lists 119 homes (up 13%) with an average list price of $5.65 million (up 2%) and a median list price of $2.95 million (down 16%)—the highest average list price ever logged in JH. Of the 119 single-family homes currently on the market, seven are listed for under $1 million, while 34 are listed for over $5 million (down 17%), which means 65% of the existing inventory falls between $1 and $5 million.

Current demand continues to outpace supply for homes under $1 million. At the 2019 absorption rate, we have about 1 month of available inventory under $1 million. Currently seven are listed for under $1 million, and only one for under $750,000. NOTE: At the end of 2011, there were 40 homes on the market for under $750,000. Also noteworthy: At press time, the least expensive single-family home listed in the Town of Jackson is $1,195,000.

Least expensive single-family home listing at year-end: A 3-bedroom, 2-bath, 1,510 sq. ft. home built in 1982 on a .24-acre lot in Rogers Point (Hoback Junction) listed for $735,000.

Most expensive single-family home listing at year-end: $80 million for a 278-acre private estate north of Jackson on the Snake River with a 7,984 sq. ft. home (4 bedrooms, 6 baths), and a 3,618 sq. ft. four bedroom guest house.

Jackson Hole Mountain Resort (Teton Village): Five sold (down 37%) for an average sale price of $9.7 million (up 49%) and a median sale price of $10.75 million (up 104%). Total dollar volume: $48.6 million.

Jackson Hole Racquet Club (The Aspens): Two homes sold for an average sale price of $2.24 million. Total dollar volume: $4.48 million.

Teton Pines: 11 homes sold for an average sale price of $4.2 million (up 41%) and a median sale price of $3.23 million (up 10%). Total dollar volume: $46.2 million.

Westbank, North of Wilson (excluding resort areas zoned vacation rentals): 26 homes sold (down 13%) for an average sale price of $3.36 million (up 19%) and a median sale price of $1.81 million (up 38%). Total dollar volume: $87.5 million.

Westbank, South of Wilson: 24 homes sold (up 14%) for an average sale price of $3.3 million (up 32%) and a median sale price of $1.7 million (up 6%). Total dollar volume: $79.1 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 18 homes sold for an average sale price of $2.8 million (down 11%) and a median sale price of $2.2 million (down 15%). Total dollar volume: $50.4 million.

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: Eight homes sold for an average sale price of $4.6 million (up 9%). Total dollar volume: $36.7 million.

North of Gros Ventre Junction/Kelly/Moran: 21 homes sold for an average sale price of $1.92 million (down 36%) and a median sale price of $1.68 million (down 9%). Total dollar volume: $40.4 million.

Town of Jackson: 69 homes sold for an average sale price of $1.51 million (up 13%) and a median sale price of $1.24 million (up 13%). Total dollar volume: $104.3 million. NOTE: Both the average and median sale prices are once again the highest ever registered in the Town of Jackson.

South of Jackson to the Snake River Bridge: 56 homes sold (down 19%) for an average sale price of $2.6 million (down 12%) and a median sale price of $1.36 million (down 6%). Total dollar volume: $145.9 million

South of the Snake River Bridge to County Line: 24 homes sold (down 17%) for an average sale price of $1.97 million (up 5%) and a median sale price of $1.73 million (up 3%). Total dollar volume: $47.4 million.

If you are a property owner in Jackson Hole and would like a free comparative market analysis, please email David or Devon at david@jacksonholereport.com or devon@jacksonholereport.com, or call 307-690-4004. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.

*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 2019 compared to sales in 2018.
*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.