2020: August Market Report

While July 2020 was an explosive month in the Jackson Hole real estate market with 57 sales, it couldn't hold a flame to August 2020, which saw an unprecedented level of sales in a real estate market that is arguably the hottest it's ever been. There were 95 real estate sales in August, significantly more transactions than August of 2019 (50 sales) and August of 2018 (58 sales). This August had by far the highest monthly sales since I began tracking statistics back in January 2013. To put it in perspective, monthly sales have reached their previous peak of 61 monthly transactions only twice in the last 7.5 years. Total sales volume for the month of August was a staggering $278 million, shattering the monthly sales volume record reached last month of $164 million. Despite the global pandemic, 2020 so far has proven to be one of the strongest markets in Jackson Hole real estate history. Year-to-date sales volume has now topped $800 million (with 5 more months to go!), nearly hitting our annual total of $890 million in 2019, which was considered a very strong year.

The average sale price in August was just under $3 million, an uptick from July 2020, however the median sale price dipped slightly from last month, down to $1.65 million. The majority of sales in August were in the $1-3 million range with 70 of the 95 sales occurring over $1 million. Over half (54%) of the sales in August were for single family homes as many locals and out of towners purchased stand alone houses. Lot sales in August also spiked, with 16 transactions - the highest monthly sales since September 2016. Properties in August sold on average at 97% of their list prices for a second month in a row and for the fifth time since January 2020. As an illustration of the unparalleled demand and competition, 28 properties sold at or above their listing price in August.

Thinking of Selling?

Early concerns that the coronavirus would slow down the Jackson Hole real estate have not come to fruition. In fact the opposite has occurred with out of town buyers flooding the real estate market seeking an "escape" from city life. We are seeing properties sell more quickly and for higher prices as a result. Sellers have a unique opportunity to take advantage of this unprecedented level of demand. Please reach out for an informal discussion; let's chat about the exploding Jackson Hole real estate market and how it affects your property's value.

Inventory continued entering the market at a steady pace with 90 new listings coming online in August 2020. While down slightly from July (97 new listings) and June (100 new listings), a total of 297 new properties have entered the market this summer, exceeding the 288 new listings of the summer of 2019. Any fears about the global pandemic affecting real estate inventory in Jackson Hole seem to have been extinguished. Total volume of August listings topped $257 million, with an average list price of $2.85 million. After fluctuating for several months, the median list price settled in on $1.6 million in August, slightly below the average of $1.8 million during the previous 6 months. The slight majority of new listings were priced between $1-3 million, however 29 new properties entered the market in excess of $3 million in August. Four new homes were listed over $10 million, including a build-to-suit opportunity in Teton Village, a contemporary home in Spring Creek Ranch, and the 14 acre Piton Ranch near Teton Village, listed for $16.5 million and already under contract. Exactly half of August new listings were for single family homes however lot listings continued to flow into the market. Including August's 15 new vacant land offerings (with an average listing price of $1.9 million), there have been 72 building sites newly available for sale since May 2020.