2020: April Market Report

What happened in April?

What Sold

Since COVID-19 shut down much of Jackson Hole in mid-March, real estate activity has definitely slowed. While March numbers were still strong thanks to a busy first half of the month, April sales numbers seem to better reflect the effects of the Coronavirus on our market. There were only 18 sales in April 2020, totaling $26 million in total sales volume. While April is considered the "off-season" in Jackson, with consistently slower real estate activity, it was much slower this year in particular, recording roughly half of the 33 sales seen in April 2019. Sales volume was also lower, with approximately $12 million less than in April 2019 and marking the lowest monthly sales volume since April 2016. After exceeding $2 million for each month of the first quarter this year, the average sale price dropped significantly in April, down to $1.4 million, the lowest monthly average sale price in the last 11 months. The median sale price was also down, dropping from $1.6 million in March 2020 to $1.323 million in April 2020, which was however, still nearly double the median sale price in April 2019 ($785,000). April's lower average sale price can be explained by two other monthly stats.
1) Nearly half of April sales this year were under $1 million vs. Q1 2020, where sales in this segment accounted for 30-34% of all sales.
2) Only 2 sales occurred over $3 million, the lowest monthly number of high-end sales since April last year.
Properties that sold in April were not on the market long selling within an average of 133 days, the lowest days on market in the past 7 months. Sale prices remain strong seeing an average sale to list price ratio of 97%, with 5 properties selling at or above their asking price in April. Condo and townhome sales represented 50% of all sales in April, the highest monthly percentage since nearly a year ago in May 2019. Only 1 lot sold in April, the only time that has happened since I began tracking stats in 2013

Real Estate Transactions

$25,914,685

Total Sales Volume

133

Average Days on Market

$1,323,500

MEDIAN SALES PRICE

44%

Single Family Home Sales

44%

of property sales under $1M

2

TRANSACTIONS UNDER $500,000

Thinking of Selling?

Given the recent economic disruptions of the coronavirus, is now the right time to sell? Jackson Hole inventory is currently low, which can be an advantage for Sellers, but are there enough buyers ready to make a move right now? How can we effectively show properties while social distancing? Do virtual tours add enough value to convert Buyers? The answers may not be clear. In reality, every seller situation is unique and each market segment will experience these changes differently. I'm here to help you navigate this unprecedented time. Please reach out for an informal discussion; let's chat about your unique situation.

New Listings

While April is typically a slow month for new real estate listings, this April was particularly slow with only 19 new properties entering the market. Compare that to April of last year, when more than double (41) the listings came online, suggesting that the Coronavirus may be affecting sellers' plans to list this year. Whether people are taking a "wait-and-see approach" to the larger market or have legitimate concerns about other buyers and Realtors entering their home, we are starting to see the effects of COVID-19 on our inventory levels for Spring. Interestingly, despite recording only half of the new listings seen last April, the total dollar volume of April's new listings this year is similar ($63 million this year vs. $65 million last April 2019).

The unusually high dollar volume can be explained by the fact that 16 of April's 19 new listings were priced over $1 million, with 6 high-end listings entering the market over $3 million, including a 5-bedroom ski-in ski-out house in Teton Village, a 9,000 sq ft home on 18 acres in Bar-B-Bar and the historic Gill Huff Ranch, consisting of 160 acres at the base of Teton Pass, which is already under contract. Only 3 new listings entered the market under $1 million in April, including a 1,200 sq ft house in Hoback, a trailer in Evans Trailer Court, and a 4 bedroom remodeled Creekside townhome, the latter two of which are already under contract. As a result, the average listing price for April topped $3.3 million! The median list price was also up significantly, jumping to $2.3 million vs. the previous 12-month average of $1.5 million. Over 60% of April's new listings were for single-family homes. Strangely, not one new vacant lot entered the market in April, an interesting stat considering 10 vacant lots were listed last month and 8 lots came online in April of last year.

May and June are traditionally the busiest months for new listings with over 100 properties entering the market in both May and June of 2019. It will be interesting to see the number of new listings over the next few months, which will help determine the true effects of COVID-19 on our inventory levels this spring (which will no doubt have an effect on pricing and values).

New Listings

$63,634,000

New Listing Volume

0

Vacant Lot Listings

$3,349,158

Average List Price

$2,297,500

MEDIAN LIST PRICE

1

listings under $500,000

16

Listings over $1M

Is now a good time to buy?

With the recent effects of the coronavirus, is now the right time to buy? Interest rates are historically low, but will values in Jackson Hole go down in the next 6 months? Will places like Jackson Hole become more enticing now that the global pandemic has buyers seeking less densely populated areas? Should we expect to see price adjustments this spring? The reality is that no one has a crystal ball. Each market segment will see different impacts from the coronavirus. I'm here to help you navigate this unprecedented time. Please reach out for an informal discussion; let's chat about your unique situation.
Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.