2020: Transactions/Sales Volume – What Sold?
Total Sales Volume
Average Sales Price
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Average Median Sales Price
TRANSACTIONS Over $3M
of Sales were Land Lots
2020: New Listing/Inventory Analysis
LIST PRICE Volume
AvERAGE LIST PRICE
New Listings in 2020
Slightly fewer new listings came onto the market in 2020 than in 2019. For many years, the Jackson Hole real estate market has suffered from low inventory levels (and high demand) and this year was no different. Through the first two quarters, new inventory trailed 2019 by 40 listings. After demand for Jackson real estate exploded in Q3, more sellers were encouraged to put their properties on the market for sale and new listings outpaced 2019 in the second half of the year. Despite seeing a total of 11 fewer new listings in all of 2020, the dollar volume of those 2020 listings was significantly higher. New listing volume outpaced 2019 in 3 of the 4 quarters, finishing the year with $2.175 billion worth of new inventory - a staggering $323 million increase in new listing volume (with 11 fewer listings!). As a result, the average listing price jumped to over $3.1 million in 2020 (from $2.66 million in 2019). The median list price also increased in 2020, up over $2 million for the first time since I began tracking stats in 2013. An interesting thing happened in August of 2020: monthly sales started outpacing monthly new listings, meaning new properties hitting the market were not keeping pace with property purchases - further diminishing already low inventory levels and putting additional upward pressure on pricing.
Not surprising, 70% of new listings in 2020 were in excess of $1 million, with this segment seeing 32 more listings than in 2019. Breaking it down further, the largest shift occurred in the luxury market ($3+ million), which saw 83 more listings in 2020. All other segments under $3 million actually saw a decrease in new listings in 2020, with the $1-3 million price point seeing the largest drop (51 fewer listings than 2019). The breakdown in property type was consistent with 2019, so the shift in listing price can't be explained by simply "more single family home listings" - prices were up across the board, with all property types seeing an increase in average listing prices. That being said, we saw the largest spike in single family home listings come at the start of the third quarter, no doubt contributing to the record breaking sales numbers this past summer.
AvERAGE MEDIAN LIST PRICE