fbpx

JACKSON HOLE REAL ESTATE REPORT

2021 Third Quarter

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.

2021 Continues to Break Records

While the number of overall sales this quarter was 14% higher than Q3 2020, the 646 sales that occurred were nowhere close to the all-time high of 839 sales in 2005. What was record-breaking was the overall dollar volume spent in the first nine months of 2021 ($2.166 billion). Up until 2020, Jackson Hole had never reached the $1 billion dollar volume mark in the first nine months of any given year. In mid-July, 2021 surpassed that level and is projected to exceed $3 billion by year’s end. To break this record, however, other records had to fall. We have broken down those records throughout this newsletter.

Inventory level breaks another record.

The overall numbers of available listings are at another record breaking low—down 26% from this period in 2020. For
the past 11 years, we have watched available inventory shrink from 801 listings in 2010—the height of The Great Recession—to only 157 in 2021. 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 75 single-family homes currently on the market.

So, where is the demand coming from?

As discussed in our Q1 and Q2 2021 reports, COVID-19 continues to affect our local real estate market. While the number of local working-class Buyers continues to dwindle as inventory in their price range becomes nonexistent, the amount of Zoom Town telecommuters, second home Buyers and early retirees continues to increase. We are also seeing several investors snapping up homes and condos in the locals’ price range ($400,000 to $1.8 million) for rental income. One investor has purchased 25 such rentals in the last two years, while others are tearing down the old and building new 4,000+ sq. ft. homes in the Town of Jackson.

Why are we not seeing more inventory hitting the market?

Is the “Feeding Frenzy” over? With inventory levels at an all-time low, we continue to see multiple offers when a well-priced listing hits the market. However, we are not witnessing offers sight unseen. Instead, many out-of-town Buyers who were unable to find the right property last year have moved to Jackson Hole and are renting. This gives them the opportunity to jump on a well-priced property as soon as it hits the market. NOTE: As we go into our fall and winter selling seasons, expect inventory levels to decrease continuously until Spring 2022.

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.

  • 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 David, Devon and Luke 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 2021 compared to sales in 2020.
  • 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.

© Copyright Jackson Hole Report 1995 - 2021 & Jackson Hole Luxury Report 2013 - 2021
© Copyright Engel & Völkers 2021. All rights reserved. Each brokerage independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.