2020: November Market Report

What happened in November?

What Sold

2020 continues to be quite a year! While we finally saw a slow down of real estate sales from the record setting past 3 months, November's 76 transactions still exceeded all months prior to August 2020 this year. The total dollar volume in November also slowed, down roughly $39M from October, but still totaling $248M, more than any month prior to August 2020. While transactions and volume declined slightly from the unprecedented 3 recent months, the average and median sales prices actually increased. The average sale price was $3.2M in November (up from $2.9M in October), while the median sales price increased from $1.5M in October to $2.3M in November, illustrating significant activity in Jackson's high end market.

In November, 31 sales occurred over $3 million (representing 41% of all sales). In fact, more than 75% of the sales were for properties over $1M. Since May of 2020, the under $500,000 price point has accounted for a 5% or less of the monthly transactions, with November recording just 4 sales under $500,000. Single family home sales have been a dominant property type, accounting for about 50% or more of each month's sales since April and representing 41 transactions, or 54% of this months transactions. Land sales have also been consistently up since August, with 19 lot sales recorded in November. This increase in building site sales is most likely a result of dwindling inventory of single family homes, as we have moved more single family inventory in 2020 than we have in the history of the report (and we still have one month left to close out the year!). 

Real Estate Transactions

$248,354,778

Total Sales Volume

150

Average Days on Market

$2,312,500

MEDIAN SALES PRICE

54%

Single Family Home Sales

76%

of property sales over $1M

31

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

November is typically a very slow month for new real estate listings, however this month 44 new properties hit the market, a slight increase (4) over October's new listings. While the number of new listings are still down significantly from the summer highs of 2020, November's new inventory is about 40% higher than November of 2019. The dollar volume of new listings also increased from October, up $40M, totaling $172M. With only 4 more listings and $40M more in volume, we are clearly seeing a higher price point of inventory hit the market in November. The average list price increased yet again to just shy of $4M! The median list price also increased significantly to $2.7M, up from $1.95M in October. The over $3M price point accounted for just under 50% of the total listings that hit the market this month.

While we continue to see more sales than new inventory, the gap between property leaving the market and property entering the market did start to shrink in November, a welcomed sign for the currently low inventory market. November saw 4 new vacant lots hit the market, which represents a decrease in land inventory levels that sold this summer. Fifty percent of new listings in November were single family homes, a segment that continues to dominate in terms of new inventory and sales transactions. The question remains: With extremely low inventory levels, and continued high demand for Jackson Hole real estate, will the available inventory "run out"? Will this trend continue to push up pricing? Or will it deter demand? For how long?

New Listings

$172,240,000

New Listing Volume

4

Vacant Lot Listings

$3.9M

Average List Price

$2.7M

MEDIAN LIST PRICE

5

listings under $500,000

31

Listings over $1M

Is now a good time to buy?

An influx of out of town buyers has definitely put added pressure on the market, with many properties receiving multiple offers upon hitting the market. Now more than ever, it's important to be ready to jump when the right opportunity arises. Know the market, follow the comps, make sure your financing plan is lined up, be ready to act on the right property. If you are looking to buy in this market, please connect with me so that we can make sure you are aware of new listings as soon as they hit the market. If I know what you are looking for, I can keep an eye out for soon to be listed properties as well, alerting you before they hit the market.
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.