What happened in December?
The concluding month of 2020 did not disappoint! While we saw a slight decline in transactions from November, December's 65 sales was still nearly double that of December 2019 (34 transactions). The total dollar volume was 2.5x what it was in December of 2019, with nearly $170M sold last month alone. Both the average and median sales priced dropped in December, but were still outperforming December of 2019. For the 5th month in a row, the number of monthly sale transactions was greater than the number of listings that came on the market, further contributing to low inventory levels amidst unprecedented demand.
The luxury market settled down a bit, with 19 transactions over $3M in December, however still accounting for about 1/3 of total transactions in December. Conversely, the under $500,000 price point saw just 1 transaction this month, a price point that did not see more than 5 transactions in any month this year. The sale to list price ratio hit an all time high of 98%, with 19 of the 65 transactions selling at or above list price! The number of condo/townhomes sales (23) finally rallied to almost even with single family home sales (26) this month. What was surprising to note is the 16 vacant lot sites that sold in December accounts for 3x the number of land sales in December of 2019. With the amount of land that sold this year, we can speculate that general contractors have a bright outlook for 2021!
Real Estate Transactions
Total Sales Volume
Average Days on Market
MEDIAN SALES PRICE
Single Family Home Sales
of property sales over $1M
TRANSACTIONS OVER $3M
Thinking of Selling?
Demand for Jackson Hole real estate remains high. Many out of town buyers from the cities are naturally drawn to the Jackson Hole lifestyle and the pandemic has encouraged them to rethink where they live. I believe this trend (of moving to smaller, more rural locations with outdoor activities) will continue and with it, the demand for JH properties. How does this affect the value of your property? We are seeing high interest in all segments and price points. Please reach out to discuss your opportunities as a seller in this unprecedented real estate market.
New listings slowed in December, with only 29 properties hitting the market. After a surge in new inventory throughout the third quarter and an unusually busy November (44 new listings), December marked the second lowest monthly listings of this busy year. December is not a typically popular time to list a home for sale, and December's new listing level was in line with December 2019 (30 listings). While only 29 listings hit the market, the average list price last month was a staggering $4M (again!) The median list price fell slightly to $2.35M, down about $350,000 from November, but still higher than December 2019 ($1,972,500).
The luxury market (properties priced over $3M) continued to be the dominant price point, accounting for 12 new listings in December. On the other end of the market, the $500,000 price point saw only 1 new listing - a mobile home listed for $315,000. Single-family homes were again the most popular new listing type, with 18 new homes hitting the market in December. While we saw an average of 20 new monthly land listings through the summer and fall, only 3 new vacant lots hit the market December, which is not usually a busy month for new lot listings. Inventory levels are extremely low as we enter 2021. The inevitable questions remain - with so much inventory moved in 2020, what is left to move in 2021? Will we see a spring offseason in 2021? Or will the demand to relocate to Jackson Hole continue indefinitely?