2020: September Market Report

After seeing an unprecedented number of sales in August, September continued the historic trend with 98 monthly sales - a 72% increase over sales in September 2019. Total dollar volume in September eclipsed the record-breaking volume of August, recording nearly $300 million in real estate sales. This is nearly 3x the volume from September 2019 last year ($102 million), which at the time, represented the second highest monthly dollar volume in an overall strong year. September now marks the third month in a row of record sales volume starting with $164 million in July, $278 million in August and $291 million in September - a staggering total of $735 million in sales volume over the past 3 months. This is more than the annual sales volume of the entire year of 2017. Wow!

The average sale price remained strong at $2.9 million for the second month in a row. The median sale price was right around $1.5 million, thanks to a third of sales occurring between $500,000- $1,000,000 in September - a hot spot for local buyers and out of town buyers alike. The luxury end of the market ($3+ million) had another record-breaking month with 27 sales in September, representing nearly 30% of all monthly sales. There's been 69 sales in this price point in the last 3 months alone compared to a combined 34 sales in the first 6 months of 2020. To put this in further perspective, the last two years saw an average of 75 sales per year in this price point. Through September we have had over 100 - and things don't seem to be slowing down!

Thinking of Selling?

Early concerns that the coronavirus would slow down the Jackson Hole real estate have not come to fruition. In fact the opposite has occurred with out of town buyers flooding the real estate market seeking an "escape" from city life. We are seeing properties sell more quickly and for higher prices as a result. Sellers have a unique opportunity to take advantage of this unprecedented level of demand. Please reach out for an informal discussion; let's chat about the exploding Jackson Hole real estate market and how it affects your property's value.

Despite the hot real estate SALES market, new listings dropped off in September, with only 65 properties hitting the market, effectively replacing only 2/3 of the properties sold in September. This marks only the third time this year where monthly new listings have been LESS than monthly sales, and definitely the most dramatic difference. While September saw 25 fewer sales then August, the listing dollar volume was significantly more, reaching $20 million higher than last month. This resulted in an average listing price in excess of $4.2 million as 33 properties came onto the market priced over $3 million and a staggering 9 new listings in excess of $10 million! The median listing price was also up, nearly doubling from August ($1.6 million) and topping $3 million for the first time since I've been recording these statistics.

For the first month in 2020, not a single property entered the market priced under $500,000 and only 13 properties were listed between $500,000 - $1 million, 4 of which are already under contract or sold. While the majority of September's new listings were for single-family homes, there was a significant number (23) of vacant lots coming onto the market, matching the recent uptick in demand for land as existing inventory continues to dwindle.