Teton County, Wyoming — Q3 2020
In early summer when local restaurants and other businesses cautiously re-opened, no one could have predicted what was in store for the regional real estate market.
In all of 2019, and according to the Teton Board of Realtors MLS data, the valley saw $922M in sales volume on 514 sales (or an average overall sale price of about $1.8M). As of the end of September this year, the Teton County market now finds itself in new territory.
By the end of Q3, Jackson Hole sold volume posted nearly $1.15B (and with an average transaction price of more than $2.7M). By Labor Day this year, the Jackson Hole market had already eclipsed the 2019 annual total. In addition, more than $600M in listings are currently under contract, which means the final total for 2020 sales volume could approach $1.8B in sales (or nearly double the 2019 numbers).
LAND & RANCHES
For the first three quarters of 2020, 83% of all sold listings were residential improved properties (a home, townhome or condo). By the nature of the valley’s terrain (where more than 98% of all land is Teton County is protected as National Park, National Forest or other conservation holding), vacant privately-held land is scarce.
The sale of a 1.42-acre parcel in Shooting Star listed for $5.3M (or approximately $3.7M-per-acre) was noteworthy, but the sale of a 0.2-acre parcel at the base of Snow King for $900,000 suggests the highest price-per-acre values reside in the Town of Jackson.
Of the 120 year-to-date condo or townhome sales in Jackson Hole, nearly two-thirds occurred in the town of Jackson. Compared to the same period in 2019, the median price increased 25% from last year at $625,000 (for a 4-bedroom, 1,632 sq.ft. townhome in East Jackson) to $780,000 (for a 2-bedroom, 1,413 sq.ft. townhome also in East Jackson).
The average sale price in this market segment ballooned almost 50% to $1.15M in the last 12 months due to high-end sales in Shooting Star, Granite Ridge and One Town Hill at the base of Snow King (and where values from sales this summer approached $1,400/sq.ft.)
SINGLE FAMILY HOMES
226 home sales generated sales volume of more than $800M for the first nine months of this year.
46 properties listed at $5M or more have sold so far this year, accounting for more than $420M in sold volume (and with an average price of $9.1M), compared to only 21 sales for the same period in 2019 (an increase of 119 percent).
While the upper-end of the home market helps to push the average sale price to more than $3.5M, the median price also jumped 38.5 percent from $1.75M in 2019 (for a 3-bedroom, 3,050 sq.ft. home in Melody Ranch) to $2.425M this year (for a 4-bedroom, 4,100 sq.ft. home in Wilson).