2022 Year End Market Report

In 2022, the tide turned in Jackson Hole’s real estate market. After two years of explosive transaction levels and price growth following the pandemic, the real estate market reacted to a new set of economic conditions by cooling its heels. Interest rate increases, while still at historically lower levels, have caused some pause in the market, mostly in the primary home market. Second and vacation home buyers are less affected by rising rates, but all buyers have become more price-sensitive and more selective. Sellers today must be agile – but if the price is appropriate to condition and location, the demand is still strong.

The overall market had 51% fewer transactions in 2022 compared to 2021 which appears to be more on par with the volume seen in 2018. Despite sales activity slowing, prices remained strong with the average sale price up 5% and the median sale price up 30%. The number of active listings at year-end 2022 increased 68% compared to the prior year, yet inventory levels remain near historical lows. The imbalance of supply and demand, which is characteristic of Jackson Hole, maintains pricing levels gained from the past two years. That said, a leveling of price growth is a sign of a more balanced real estate market.

Jackson Hole Market Report Midyear 2022

The Jackson Hole real estate market re-balances after 24 months of heated demand and low inventory.

The local real estate market is shifting, and quickly at that. In the past 2 years, the lack of inventory has drastically impacted total dollar volume, average sales price and days on market. In the first half of 2021 total dollar volume rocketed to $1.2B, an unprecedented level.

The demand for Teton County real estate was fueled by the pandemic driven desire for rural living and increased interest in the western mountain region. Multiple offers and over-asking price sales became commonplace and many listings were on the market for only a matter of days before they were snapped up by desperate buyers.

Experience Jackson Hole: Summer 2022

We are pleased to present Experience Jackson Hole: The Catalog of Fine Properties and Lifestyles for Summer 2022. Inside you will find a selection of exceptional properties from across the region, as well as a look at the way of life unique to Jackson Hole and the Greater Grand Teton area.

Jackson Hole Market Report Quarter One 2022

Quarter One of 2022 is the first chapter in a different real estate landscape in Jackson Hole. The significant shortage of inventory we have been experiencing for the last two years has hit home, causing the number of transactions to drop over 50% and total dollar volume to drop 23% when comparing Q1 2022 to Q1 2021.

The total dollar volume for Q1 2022 checked in at nearly $460M including an off market hotel sale of over $100M. However, it is important to remember that Q1 0f 2021 broke never-before-seen record highs in dollar volume. And while January and February of 2022 posted a lower sales volume than last year, decreased approximately $75M and $51M respectively, March 2022 experienced a rather profound uptick to approximately $142M.

 

Jackson Hole Market Report Year End 2021

The year-end numbers are IN and they clearly illustrate that the Jackson Hole real estate market was in no position to slow down in 2021. The rocky mountain west simply has the desirable lifestyle attributes of freedom, recreation and open space that continues to draw attention and interest.

Overall in Teton County, the number of transactions were flat, up only 1%. The area that showed the most increase in transactions was the Town of Jackson. But, with a growing average sales price in all categories of the market the overall Total Sales Volume for 2021 increased 17% to nearly $2.8B. Inventory is still trending down, limiting buyer choices and pending listings are down significantly by over 50%.

Catalog of Fine Properties: Winter 2022

We are pleased to present Experience Jackson Hole: The Catalog of Fine Properties and Lifestyle for Winter 2022. Inside you will find a collection of exceptional properties, as well as a look at the people, organizations and lifestyles unique to Jackson Hole and the Teton Region.

Jackson Hole Market Report | 3rd Quarter 2021

Non-Reported Transactions on the Rise. With 31% of real estate sales occurring outside of the MLS (Multiple-List-Service),it is important to manually track ALL TetonCounty real estate sales. Typically, it is the higher-end sales that go unreported, vastly skewing the accuracy of MLS data alone.Our market report accounts for all sales, providing a comprehensive overview and deeper insight into the market.

 

Jackson Hole Market Report | 2nd Quarter 2021

I am pleased to present our comprehensive market report for Q2 2021. The Jackson Hole lifestyle with its wide-open spaces, wildlife, scenery, recreation, safety, ease of travel and tax benefits, appears to be more desirable than ever. Real estate year-to-date numbers through Q2 show no signs of slowing down. When comparing YTD through the second quarter 2021 to 2020, the number of transactions in Teton County nearly doubled to 427 and total sales volume more than doubled to $1.2B.

The continued exodus of individuals from cities in seek of a less-urban lifestyle, is pushing demand for local real estate to new heights. As a result, some sellers who own real estate in the area are taking advantage of this strong market. Inventory is down 56%, but that is a slight improvement from Q1 of 2021.

Jackson Hole Market Report | 1st Quarter 2021

I am pleased to present our comprehensive market report for first quarter of 2021. After a record breaking 2020, the Jackson Hole real estate market continues to break records for the first quarter of 2021. The number of transactions in Teton County spiked up 66% and total sales volume rose an incredible 77% when comparing Q1 2021 to Q1 2020. The attributes Teton County offers: wide-open spaces, wildlife, scenery, recreation, safety, ease of travel and tax benefits, seem to be more desirable than ever.

As in the early summer of last year, Jackson Hole is still experiencing an exodus of individuals from cities in seek of a less-urban lifestyle, pushing demand for local real estate to new heights. In addition, sellers who own real estate in the area are taking advantage of this strong market to look for new opportunities.

Notably, increasing sales prices are resulting in more properties entering the Luxury Segment of the market (listings at the $3M mark and higher). This category dominated in the first quarter, with transaction volume up an incredible 80% and sales volume up 77%. Conversely, in the entry-level end of the market, Q1 reported only 6 sales under the $500K mark as inventory under $1M becomes difficult to find.

Overall, in Teton County, active listings at the time of this report are down 76% creating a dearth of inventory. Pending listings are up 130%, confirming the intense demand. Days-on-market are down and although a small amount of inventory lingers on the market, as new inventory hits, multiple offers within hours are becoming the new norm.

With the dramatic increase in transactions, the overall average sales price for Single Family Homes grew 10% to $4.3M with the median sales price at $2.9M, up 40%. Even with historically low interest rates, more buyers are paying cash in this competitive market with conventional financing down 23% Q1 2021 vs. 2020.

In this market, it is more important than ever to work with the #1 brokerage in the region in real estate transactions. I monitor real estate daily keeping our seller and buyer clients up to date with quickly changing information.

For more information, or to learn more about specific market details, contact Bomber.

Jackson Hole Market Report | Year End 2020

I am pleased to present our comprehensive market report for Year End 2020. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.

The popularity of living in Jackson Hole has never been greater. The trend that started in the second quarter of 2020, the exodus from cities to locations with open space and safety, ramped up substantially pushing demand for local real estate to new heights. By the end of the third quarter of 2020, the Jackson Hole real estate market closed over $1.5B of residential transactions, more than the entire year in 2019. And it didn’t stop there.

According to data collected from the Teton County Multiple List Service (MLS) along with proprietary off-market data (transactions that were not disclosed in the MLS), the overall Total Sales Volume for 2020 increased an incredible 90% to over $2.3B. In addition, Total Transactions increased 27% Year-Over-Year 2020 vs 2019.

The overall average sales price for real estate in Teton County jumped 50% to $2.8M Year-Over-Year 2020 vs 2019. In the Single-Family-Home category, the average sales price rocked to $3.7M, pushed by an explosion in the Luxury Segment of the market (listings trading at $3M mark and higher). The single family home segment and land segment drove the 2020 market uptick with an increase in total sales volume of 127% and 133% respectively.

For more information, or to learn more about specific market details, contact Bomber.