What happened in October?
As we look at the October stats, the Jackson Hole real estate market has not slowed down, not one bit. Another historic 98 transactions hit the books! The 2020 year-to-date transaction count (499) has now surpassed the total sum of transactions in 2019 (493), and we still have 2 months remaining to close out the year! The 2020 dollar volume has also outdone 2019, with another jaw dropping $287,205,637 reported in October alone! Both the average and median sales price have remained consistent for the last three months, with the average sale price at just under $3M and the median hovering just around $1.5-$1.6M.
In July, we see the initial spike in sales activity, but the unprecedented numbers have remained consistent from August through October. The luxury price point accounted for 34% of the month's transactions, and marks the highest transaction count we have ever seen in the history of the report for this segment. In fact, the luxury price point in October alone (33) has outsold the under-$500,000 sales for the entire year to date (27)! We have also seen a consistent and significant number of land transactions in the last 3 months, with 20 land transactions reported in October. The increased activity in land sales can be attributed to the lack of single-family inventory remaining after the historic activity posted in the last several months. Based on the amount of property currently under contract, we do not see this trend dying down in November as the market continues to sizzle!