2021: January Market Report

What happened in January?

What Sold

After an unforgettable 2020, the first month of the New Year saw a decline in both real estate sales and dollar volume. Transactions were down 43% from December and marked the first time monthly sales dipped below 40 since June 2020, which was a slow month due to the COVID shut down in March and April. While January (and winter) is typically a slower month of the year, there were 4 fewer sales this past month than in January 2020. Total dollar volume was down nearly 50% from December, with just under $100,000,000 in January sales. Again, the first time we've seen dollar volume below $100 million since June 2020. Compared to last January 2020, sales volume was up slightly ($5 million), despite seeing 4 fewer sales. The decline in sales and volume is not an indication of a slowing market - quite the contrary, with demand for Jackson Hole properties far outweighing the available inventory levels (see below). The average sales price dipped in January, but was above $2.5 million for the 9th month in a row. The median sales price held steady at $1.65 million, nearly $400,000 higher than in January 2020. Demand for Jackson Hole properties remains very strong, with January sales closing, on average, at 97% of list price. Ten sales were at or above the listing prices in January, as more buyers seem to be circling than there are available listings. Single family homes accounted for just over half of all sales in January, a trend we've seen carry through from the second half of 2020. After 5 months of higher than usual land sales, that saw an average of 18 sales a month, vacant lot transactions dropped off in January, with only 5 sales. While nearly 3 out of every 4 sales in January occurred over $1 million, sales over $3 million declined with only 8 sales in January (after an average of 25 per month since July 2020).

Real Estate Transactions

$95,111,162

Total Sales Volume

138

Average Days on Market

$1,649,217

MEDIAN SALES PRICE

51%

Single Family Home Sales

73%

of property sales over $1M

8

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

After a very slow end to the year (with only 29 new listings in Dec 2020), 38 properties hit the market in January to kick off the New Year. January 2021 marks the first time since June 2020 that there were MORE listings than monthly sales (albeit only 1 more), ending a trend that saw at one point more than twice as many sales as monthly listings. As a result of the unprecedented sales levels in the second half of 2020, Jackson Hole inventory is the lowest I've ever seen it. There are currently only 69 residential properties for sale in all of Teton County, with only 12 under $1,000,000. Exacerbating this trend, 29 of January's 38 new listings were above $1 million, with 12 new listings over $3 million. The average list price of the properties entering the market in January was $3.6 million, actually a decline from December when the average list price pushed above $4 million. The median list price dipped below $2 million for the first time in the past 3 months. The majority (23) of new listings in January for were single family homes, including two homes in Teton Village above $10 million. Despite the winter weather, 7 new lot listings hit the market, including two lots in Jackson Hole Golf & Tennis (listed for $995,000 and $1,450,000) and a lot in Game Creek for $789,000, all of which have already sold or are under contract. In fact, of the 38 new listings in January, 25 are already under contract, further illustrating the fast pace of the market thanks to limited inventory and continued high levels of demand for Jackson Hole properties.

New Listings

$138,506,000

New Listing Volume

7

Vacant Lot Listings

$3.65M

Average List Price

$1.92M

MEDIAN LIST PRICE

2

listing under $500,000

29

Listings over $1M

Is now a good time to buy?

With limited inventory and many buyers circling, 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. If I know what you are looking for, 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.