2020: March Sales in Jackson Hole

What happened in March?

What Sold

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.

Real Estate Transactions

$63,981,729

Total Sales Volume

176

Average Days on Market

$1,595,000

MEDIAN SALES PRICE

61%

Single Family Home Sales

70%

of property sales over $1M

3

TRANSACTION 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.

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