2021: February Market Report

What SOLD in February?

$138M

Total Sales Volume

Real Estate Transactions

Market Analysis

After a slow start to 2021, monthly sales picked up in February, recording 9 more sales than January. While February's 46 sales may not seem like much compared to the busy months of 2020 (where close to 100 properties sold in every month in Aug/Sept/Oct), there were 20 more sales in Feb 2021 than in Feb 2020 and Feb 2019. February dollar volume was also much higher with $138 million in sales - more than February 2020 and February 2019 COMBINED. At least 3 out of every 4 sales were over $1,000,000 in February, with 14 sales over $3 million, accounting for 30% of all monthly sales. As a result, the average sale price topped $3 million for only the second time since the pandemic's real estate boom hit Jackson Hole. The median sale price was also up topping $2 million for the second time in the past 6 months.

While the average days on market for February was 130 days, the reality was properties were selling very quickly and very close to the asking price. Nearly half of all sales in February or at or above the listing prices, resulting in an average sale to list price ratio of 99% - the first time since I started keeping stats in 2013. Vacant land sales accounted for nearly a third of all February sales - by far the highest monthly representation since I began tracking stats. The spike in lot purchases is a telltale sign of extremely low inventory levels. When buyers can't find what they want already built, they resort to purchasing land and building their own home. As a result, Teton County's land inventory is the lowest it's ever been.

30%

Land Sales

$2,137,500

MEDIAN SALES PRICE

76%

of property sales over $1M

14

TRANSACTIONS OVER $3M

Thinking of Selling?

Demand for Jackson Hole real estate remains extremely high, with interest from out of town buyers and locals alike. Pair that with record low inventory levels, and Jackson Hole sellers are in a very strong position. Please reach out to discuss your opportunities as a seller in this unprecedented real estate market.

NEW LISTINGS in February

$117,921,000

New Listing Volume

New Listings

Market Analysis

Forty-one new listings entered the market in February, a slight, but welcomed uptick from December and January. Even though there were 3 more new listings than last month, dollar volume was down nearly $20 million from January. The average listing price dropped to $2.87 million, dipping below $3 million for the first time in the last 5 months. However, the median listing price was up, nearly reaching $3 million - the highest level since September 2020.

This can be explained by a surprising 10 new listings hitting the market in the $500,000 - $1,000,000 range - the first time we've seen double digits in this price point in the last 6 months.  New listings in this range included several condo/townhomes in Town and smaller studio condo hotels in Teton Village. No new listings entered under $500,000 - a price point that has all but disappeared from the Jackson Hole market. On the other end of the spectrum, high-end listings continue to stream onto the market with 20 new listings in February over $3 million. Over the past 9 months, 214 luxury properties have entered the Jackson Hole market compared to 145 total for 2019.

The majority of new listings in February were actually condos / townhomes including several condo hotels in Teton Village and the first of a dozen "ultra luxury" townhomes in Town, known as The Glenwood and set to be completed in Feb 2022. Unusual for the middle of winter, 8 new lots hit the market in February including building sites in John Dodge, The Gill Addition and north of town. Despite the added inventory, there are only 22 lots available for sale in all of Teton County, with a median price of $3.5 million.

$2.95M

MEDIAN LIST PRICE

$2.876M

Average List Price

8

Vacant Lot Listings

31

Listings over $1M

Is now a good time to buy?

With limited inventory and high demand from many buyers, the Jackson Hole market has become extremely competitive. Now more than ever, it's important to be ready to jump when the right opportunity arises. 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. I can keep an eye out for off market 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.