What happened in March?
Real estate sales in March dipped, down to 23 transactions for all of Teton County, 4 fewer sales than last month (Feb 2020) and 7 fewer sales than March 2019. This dip is most likely not a result of the coronavirus, as many properties that closed in March went under contract in February, prior the current COVID-19 pandemic effects. Despite seeing lower sales, overall dollar volume was up $3 million from February, reaching nearly $64 million. Thanks to 2 very high-end sales in March - a beautiful 103 acre tract along the Snake River adjacent to Grand Teton National Park (listed for $14.45 million) and a 6,700 square foot cabin at 3 Creek (listed for $11.75 million) - the average sale price jumped up to nearly $2.8 million, the highest monthly average sale price in the past 2 years. The median sale price in March (which is not as affected by the high-end / outlier sales) was also up in March, reaching just under $1.6 million, the highest monthly median sale price in the past year. The majority (60%) of property sales were single family homes in March. Only 5 condos/townhomes sold last month, the lowest monthly total since March 2017. Three vacant lots sold in March, including a 5-acre parcel on the Village Road owned by Teton County and originally earmarked for affordable housing. The majority (43%) of March sales occurred in the $1-3 million price point. In addition to the 2 high-end property sales listed above, another 4 properties sold above $3 million, with that segment accounting for 26% of all sales in March.