2020 Q3

2020 Q3

  • Chris Pigusch
  • 07/1/20

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.
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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.
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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.
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# 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%.
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# 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%.
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# 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.
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# 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.
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Work With Chris

Chris is unlike other agents in the Jackson Hole area. He both lives and works in Jackson and is able to help you either sell or settle into your new home right away. An experienced negotiator and communicator.

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