2020: May Market Report

What happened in May?

What Sold

While it appears that the COVID-19 pandemic has affected the number of real estate sales in Jackson Hole, it does not appear to be affecting pricing/values overall. May real estate sales looked a lot like April real estate sales in Jackson Hole, both well below sale levels seen last year at this time. May recorded only 19 transactions, less than half of the 41 sales in May 2019. However, despite seeing only half of the sales, the overall dollar volume was exceptionally strong, totaling nearly $54 million vs $59.6 million last May (with twice as many sales). As a result, and thanks to several high-end sales at the end of May, the average sale price jumped up to $2.8 million, the highest monthly average sale price in over 3 years! Interesting to note, 13 of the 19 sales in May were over $1 million, with 5 high-end sales over $3 million including: the penthouse at One Town Hill (listed at $3.975 million), two 35-acre Ranch Estates at the Snake River Sporting Club, a lot in Shooting Star (listed at $5.5 million) and a beautiful estate in Grand Teton Ranch north of town, listed for $16.9 million.
On average, properties sold for 97% of their listing prices in May (with 6 of the 19 sales selling at or above the asking prices). While this might suggest that sellers are not adjusting their prices due to the pandemic, upon digging further into the numbers, we see a second story emerge. Seven of the 19 sales sold between 85-91% of their listing prices (or at a 9-15% discount) suggesting that yes, some sellers are seemingly motivated to sell during this time. It's also important to note one significant outlier. Ranch Estate #8 down in the Snake River Sporting Club sold for 30% over its listing price. This was a build-to-suit/ lot purchase combo and the buyer ended up doing many upgrades pushing the sale price above and beyond the stated list price. Removing this outlier drops the monthly sale-list price ratio down to 95%.

Real Estate Transactions

$53,797,394

Total Sales Volume

185

Average Days on Market

$1,402,500

MEDIAN SALES PRICE

53%

Single Family Home Sales

31%

of property sales under $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

While the COVID-19 pandemic no doubt kept new listings quiet in April, it appeared many sellers were feeling more confident in May, collectively putting 76 new properties on the market in Jackson Hole. These new listings represent 75% of the new listings seen in May of 2019, a strong number considering our current economic environment. Overall listing volume was $175 million in May, the highest monthly volume since August 2019. The average listing price of $2.3 million was down from April's high of $3.3 million, but in line with the average listing price seen last year in May ($2.22 million). The median listing price dropped significantly, down $800,000 from April to $1.56 million in May, which is slightly below the average median list price seen throughout the last year. Why did the average and median price listing price drop in May? While the majority (39) of new listings were priced between $1-3 million, 26 new listings came on line under $1 million (2 of those under $500,000), the highest monthly inventory seen in this price range since Aug 2019.
Twenty condo / townhomes were listed in May, with 15 of those priced under $1 million, a great selection for local buyers and second homeowners looking for a Jackson Hole getaway. Surprisingly, 20 vacant lots were listed in May, the highest number of monthly lot listings in the past year. Thirteen of the 20 new lots were listed over $1 million, including a large 21 acre redevelopment parcel on the Westbank, currently home to the Bar J Chuckwagon, listed for $14 million. The least expensive new lot listing is a .32 acre lot on Snow King Ct with stunning Teton views over the Elk Refuge.

New Listings

$175,284,000

New Listing Volume

20

Vacant Lot Listings

$2,306,368

Average List Price

$1,567,500

MEDIAN LIST PRICE

2

listings under $500,000

50

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.