2023 Quarter 1 Market Report

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In the prior year, a significant transformation was observed in the real estate sector on both a national and local level. The rapid escalation of interest rates coupled with the prevailing economic uncertainty had a dampening effect on buyers’ sentiment, ultimately leading to a slowdown in the real estate market. The beginning of 2023 is witnessing a continuation of this trend, characterized by reduced transactions, price levels maintaining their gains from prior years, and a modest increase in available inventory. Despite these fluctuations, many are finding investment in real estate is a viable option in a turbulent and high-inflation environment.

The overall Jackson Hole real estate market, which includes all property types, experienced a modest decrease in transactions, down 8% compared to the first quarter of 2022. Nonetheless, the average sale price increased nearly 20% to just under $4 million. The drop in transactions led to the total dollar volume falling about 22%. The number of active listings available jumped over 120% compared to levels seen a year ago. This additional inventory is a welcome sign of a more stable market, however still at historically low levels. The number of pending listings dropped significantly, down 42% year over year, signaling that low transaction levels could persist through the year. On the plus side for buyers, properties took about 86% longer to sell, giving buyers an opportunity to be more selective and navigate the transactional process more easily.

2022 Year End Market Report

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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 Quarter One 2022

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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 | 3rd Quarter 2021

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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

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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

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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

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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.

Jackson Hole Real Estate Market Report | 2020 Mid-Year

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I am pleased to present the 2020 Mid-Year Market Report for the Jackson Hole area. Assembled from Jackson Hole Real Estate Associates’ proprietary database, the most extensive source of information about the region’s real estate market, and insight from our dedicated team of professionals, the report provides valuable insight into the market segments that make up the Jackson Hole area.

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

Jackson Hole Real Estate Market Report | 2019 Year-End

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I am pleased to present the 2019 Year-End Market Report for the Jackson Hole area. Assembled from Jackson Hole Real Estate Associates’ proprietary database, the most extensive source of information about the region’s real estate market, and insight from our dedicated team of professionals, the report provides valuable insight into the market segments that make up the Jackson Hole area.

After the banner year of 2018, the overall housing statistics for the Jackson Hole market show a modest cooling off. Using our proprietary data base accounting for sales that were not reported through the Teton County MLS. The total dollar volume dipped 10% and the number of transactions declined by 4%. (To learn more about our database see our full report here.) The average sales price declined 6% to $1,850,190 but the median price increased by 8% to $1,075,000.

The story about inventory: Overall, in Teton County the inventory remains fairly level 2019 vs 2018. Single family home inventory is up 19%, pending listings are up 4%. Days on market is down 7% showing continued growth. The condo/townhome inventory is down 12%. This category is also seeing a shorter time on market, as the demand in this category rises. Pending sales for condos is up a whopping 75%.

Once again Jackson Hole Real Estate Associates is proud to report that while overall sales volume in Teton County dropped 10%, our sales volume grew 12%. This increase indicates JHREA’s growing market share as our team proudly represented the most buyers and sellers of any brokerage in the region in 2019.

We are heading into 2020 with a 40% increase in pending listings indicating a strong start to the year.

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive database. Our market report, unlike others in the area, is derived from this proprietary, forty-year old database (not just MLS data) and draws on our brokerage’s decades of success, making it the most trusted and accurate real estate report in the region.

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

Jackson Hole Real Estate Market Report | 2019 Mid-Year

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I am pleased to present the 2019 Mid-Year Market Report for the Jackson Hole area. Following an impressive first quarter, real estate sales throughout Jackson Hole cooled off in the second quarter, which caused the cumulative sales volume to finish the first half of the year below 2018 levels. It’s worth noting, however, that the dip owes partly to an impressive performance in 2018, rather than a lackluster second quarter this year.

The Jackson Hole real estate market started off strong in 2019, with total dollar volume up 39 percent at the end of the first quarter compared to Q1 2018. Activity then fell in the second quarter, which caused the mid-year dollar volume and number of transactions to decline 16 percent and 13 percent, respectively.

Last year, by contrast, year-over-year sales volume was down through the first quarter, but the market rallied in the second quarter to put mid-year sales up 33 percent compared to the year prior.

While the overall sales volume was down in Teton County, Jackson Hole Real Estate Associates’ sales volume grew more than 6 percent through the mid-year point. Once again, our team proudly represented the most buyers and sellers of any brokerage in the region.

Following trends over the past several quarters, overall average and median sale prices increased four percent and five percent, respectively. Inventory continued to tighten, down two percent compared to mid-year 2018, however, the average days on market increased modestly, up five percent compared to the same period a year earlier.

Most property sales in 2019 have been in the $1 million to $2 million range. Condos and townhomes stole some market share from the single-family segment, accounting for 42 percent of transactions in the first half of the year. The near sell-out of the Virginian Village condominium units (which were listed by Jackson Hole Real Estate Associates) helped drive up sales under $500,000 by 38 percent.

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive database. Our market report, unlike others in the area, is derived from this proprietary, forty-year old database (not just MLS data) and draws on our brokerage’s decades of success, making it the most trusted and accurate real estate report in the region.

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