Jackson Hole Real Estate Associates uses a database that tracks real estate activity for over 40 years in Teton County. This proprietary data base of historical sales in Teton County gives us greater insight into the market. Most, but not all sales are reported in the Teton County MLS (Multiple List Service) system. Typically, it is the higher-end sales that go unreported, vastly skewing the accuracy of MLS data alone. This has been particularly true in Q3 2020, where many of the sales went unreported. Our internal database accounts for ALL sales in our market, providing the most comprehensive overview of Jackson Hole real estate market.
In this detailed report, you will find information on the market segments making up the Jackson Hole region. As the leading brokerage in Jackson Hole, we have developed this comprehensive report to help analyze the trends that are shaping our real estate market, empowering our clients with current data as they navigate Jackson Hole real estate opportunities.
Experience the JHREA difference by working with Jackson Hole’s truly local, leading real estate experts. We are a team of locally owned trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating legacy of excellence that honors and celebrates our people and the exceptional place we call home.
The Jackson Hole Market
With pandemic related travel restrictions, temporary business closings and the uncertainty of the future, most people in Jackson Hole predicted a slow season for tourism and real estate for summer 2020, but instead, the opposite occurred. This summer, Jackson Hole experienced record levels of tourism and a record-breaking real estate market as people started leaving the city-life in search of open space, safety, and a more recreational lifestyle.
After a pause in the market in March and April 2020, the Teton County real estate activity started gaining momentum and it just didn’t stop. By the end of the third quarter of 2020, from January through September, the Jackson Hole real estate market closed over $1.5B of residential transactions, more than the entire year in 2019. Earlier this year no one would have predicted this incredible surge in the market.
The overall average sales price jumped 62% to $2.8M YTD Q3 2020 vs. 2019. In the Single-Family-Home category, the average sales price rocketed to $3.6M, pushed up by an explosion in the Luxury Segment of the market (listings trading at the $3M mark and high- er). This market segment saw a 137% increase in the number of sales and a 175% increase in dollar volume.
As of this writing, active listings in Teton County YTD Q3 2020 vs. 2019 are down 43% while pending listings are up a whopping 96%, indicating 2020 will go on the books as a record breaking year.
As the pandemic continues to impact ways of life, it is clear that many people are discovering the incredible quality-of-life that Jack- son Hole affords its residents.
Overall Average Sale Price
62% Increase YOY
$2,776,809
Median Sales Price
36% Increase YOY
$1,425,000
Total Transactions
8% Increase YOY
529
Active Listings
-43% Decrease YOY
231
Total Dollar Volume
75% Increase YOY
$1,468,932,053
SINGLE-FAMILY
There is a new trend in the Single-Family-Home segment of the Teton County real estate market. Transaction numbers have historically remained flat while dollar volume has increased for the last several quarters. But data for YTD Q3 2020 posted a 41% increase in transactions over prior year, and an incredible 99% increase in dollar volume. Not surprisingly, the average sale price is up 42%, as transactions nearly doubled in Single-Family-Homes above the $5M mark. Inventory continues to decline, down 59% and pending listings are up significantly at 102%.
Days-on-Market is up due to older listings that are not priced correctly lingering on the market for months. Properly priced listings sold briskly.
# of Transactions
41%
266
Total Dollar Volume
99%
$968,947,852
Minimum Price Sold
-5%
$474,700
Maximum Price Sold
97%
$35,000,000
Average Sale Price
42%
$3,642,661
Median Sale Price
26%
$2,200,000
Average Days on the Market
32%
197
# Pending Transaction
102%
87
Inventory
-59% Decrease YOY
84
CONDOMINIUM & TOWNHOME
The condominium and townhome segment experienced a decrease in transactions of 21% YTD Q3 2020 vs. 2019, yet the total dollar volume grew 25%. Fueled by high-end sales, transactions in this segment increased over 100% in the $2M-$5M price range and an incredible 250% in the over $5M mark.
This pushed the average sales price up 59% to $1,418,823. Inventory is down 27% Q3 YTD 2020 vs. 2019. Pending listings are up 46%.
# of Transactions
-21%
151
Total Dollar Volume
25%
$214,242,340
Minimum Price Sold
12%
$315,000
Maximum Price Sold
12%
$7,950,000
Average Sale Price
60%
$1,488,118
Median Sale Price
30%
$818,949
Average Days on the Market
41%
144
# Pending Transaction
46%
38
Inventory
-27%
43
VACANT LAND
The condominium and townhome segment experienced a decrease in transactions of 21% YTD Q3 2020 vs. 2019, yet the total dollar volume grew 25%. Fueled by high-end sales, transactions in this segment increased over 100% in the $2M-$5M price range and an incredible 250% in the over $5M mark.
This pushed the average sales price up 59% to $1,418,823. Inventory is down 27% Q3 YTD 2020 vs. 2019. Pending listings are up 46%.
# of Transactions
59%
38
Total Dollar Volume
59%
$87,270,861
Minimum Price Sold
33%
$415,000
Maximum Price Sold
43%
$11,000,000
Average Sale Price
51%
$2,296,602
Median Sale Price
69%
$1,545,000
Average Days on the Market
-59%
327
# Pending Transaction
29%
22
Inventory
-14%
92
LUXURY
The Luxury Segment, listings that are above the $3M mark, also experienced a significant uptick with transactions up 137% Q3 YTD 2020 vs. 2019. Dollar volume spiked 175% due in part to a $39.9M off market sale. Average sales price rose 16%. Active listings are down 32%, pending listings are up dramatically, at 265%.
Demand in this sector of the market is primarily from people relocating or buying a property from out of state. Inventory is down and will likely continue in this trend.
# of Transactions
62%
55
Total Dollar Volume
91%
$355,023,831
Maximum Price Sold
135%
$39,900,000*
Average Sale Price
18%
$6,454,979
Median Sale Price
8%
$4,900,000
Average Days on the Market
22%
296
# Pending Transactions
164%
29
Inventory
-21%
102
JACKSON HOLE REAL ESTATE ASSOCIATES
As the region’s largest and most dynamic real estate company, Jackson Hole Real Estate Associates provides marketing and services that honor this remarkable destination. We are committed to being the leading luxury real estate brand in the Teton region. By staying on top of market trends and continually striving to offer cutting edge marketing and advertising services we deliver extraordinary experiences to clients and exceed their expectations.
As a market leader in Jackson Hole, we believe the success of our company is based on the value that we provide for our clients, community and agents. It is this value-driven philosophy that has helped to guide the successful growth of our organization. There is no real estate company in the region that provides more exposure for listings or more choices for buyers.
