2020: June Market Report

What happened in June?

What Sold

Real estate sales picked up in June - recording 26 sales - however sales are still below levels seen this time last year (36 sales). However, the total sales volume of $65 million is the highest monthly volume since January and slightly higher than dollar volume seen in June last year ($51 million). The average sale price was just above $2.5 million, a decrease from May but nearly $1 million higher than June last year. The median sale price picked up in June to $1.44 million, higher than the previous 12 month average of $1.3 million. Property selling in June sold more quickly than average, spending an average of 134 days on the market. While 6 properties sold at or above their listing prices, properties on average sold at a 5% discount to asking price, a drop from the 96-97% levels seen in the previous 4 months. Single-family homes made up the majority (62%) of sales in June, representing the highest monthly percentage in the past year. While 38% of sales occurred in the $500,000 - $1 million range, nearly 1 in 4 sales in June were in excess of $3 million including a Shooting Star cabin (listed for $5.5 million) and the historic 199 acre Gill Huff Ranch, located at the base of Teton Pass, listed for $8.9 million.

Real Estate Transactions

$34,116,499

Total Sales Volume

134

Average Days on Market

$1,440,000

MEDIAN SALES PRICE

62%

Single Family Home Sales

58%

of property sales over $1M

1

TRANSACTIONS UNDER $500,000

Thinking of Selling?

Given the recent economic disruptions of the coronavirus, is now the right time to sell? More inventory is entering the market, but certain segments still lack options for buyers. Are local buyers ready to make a move right now? What about out of town buyers looking to escape to Jackson Hole - what properties are they most interested in right now? The answers may not be entirely clear yet. As we navigate into the busy Jackson Hole summer, every seller situation will be unique and each market segment will react differently. I'm here to help you in this unprecedented time. Please reach out for an informal discussion; let's chat about the market and how it affects your property's value.

New Listings

New listings exploded in June, exceeding the highs seen during last year's busy summer listing season. It's the first time we've seen this many new monthly listings in over 4 years! The total list volume of $366 million was the highest since last June 2019, which saw a record volume of $439 million. While the average listing price was down vs last June, the median list price was up, topping $2 million for only the second time since I began tracking this stat in April 2017. Three out of every 4 new listings in June was above $1 million. A staggering 36 new homes entered the market above $3 million, beating out last June's high of 30 properties in this price point. High end new listings in June included a 65 acre property with a 4,700 sq ft home in Dairy Ranches for $18.9 million, a 6,700 sq ft home in Indian Springs for $13.9 million and a 120 acre ranch with live water and panoramic mountain views, listed for just under $16 million. Only 5 properties entered the market under $500,000 in June, including 3 condos in town, all of which are already under contract. Over half of June's new listings were for single family homes. After seeing 0 lot listings in April, vacant land has been entering the market at a fast pace with 20 new listings in May and 18 in June.

New Listings

$366,867,000

New Listing Volume

18

Vacant Lot Listings

$3,335,155

Average List Price

$2,175,000

MEDIAN LIST PRICE

5

listings under $500,000

82

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 with out of town buyers seeking less densely populated areas? Should we expect to see any price adjustments this summer? The reality is that no one has a crystal ball and each market segment will react differently. I'm here to help you navigate this unprecedented time. Please reach out for an informal discussion; let's chat about market indicators and trends.
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.