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.