JACKSON HOLE REAL ESTATE REPORT
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The number of overall sales in the first nine months of 2022 was down 49%, the dollar volume was down 34%, and overall available inventory was up 33% when compared to the same period in 2021. One might panic as half the Buyers have disappeared and inventory is on the rise, but then we look at the average and median sale prices as well as the active listing prices, and they are all record-breaking.
As reported in Q1 2022, the number of overall sales dropped 57% when compared to Q1 2021. This drop in sales was basically attributed to the absolute lowest number of overall active listings in 40+ years (65), leaving Buyers little to choose from. The “COVID Buying Frenzy” also disappeared a few months earlier, bringing us back to what was normally observed prior to pandemic times. In late April, though, it was clear something had changed as Buyers were scarce, and available inventory started to accelerate.
By the end of Q2 2022, Buyers were still scarce despite the 167 listings—an increase of 157% from Q1. At that time, we pointed to a multitude of issues not necessarily locally driven. Home mortgage interest rates nearly doubled, inflation hit a 40-year high in June, stocks suffered their worst first half of the year since 1970, and cryptocurrency took a big hit. Locally, the lack of affordable homes and condo/townhomes under $1 million cut the number of Buyers by more than 50%.
These compounding factors motivated Sellers to drop their asking prices, and Buyers sat on the proverbial fence to see what would happen next. In early September, something changed again. The number of active listings peaked at 235, and suddenly properties were going under contract left and right. Did buyers have more confidence in the economy? Did they decide the prices were not going down like they had hoped? Or something else? We’ve yet to figure out what exactly changed.
By the end of Q3, active overall listings were down to 209, and the number of properties under contract were close to the Q3 2021 numbers—the peak of the COVID-driven market. However, interest mortgage rates continue to climb, inflation is still very high, and stocks and crypto are still trying to recover. Through all of this, the average and median sale and listing prices continue to break records. What a Fickle Market, indeed!
While the overall numbers of available listings is up 33% from this period in 2021, it’s still the second lowest we’ve seen in 40 years (209 active). NOTE: The highest overall number of active listings in the history of Jackson Hole happened back in 1996 with 1,596 active listings at year’s end. Of those, 529 were single-family homes versus the mere 104 single-family homes currently on the market.
Our complete 1st & 3rd quarter reports are not posted on this website, but instead are only available by email. To receive the rest of this first quarter report, and sign up for all four quarterly reports via email.
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