The Jackson Hole lifestyle with its wide-open spaces, wildlife, scenery, recreation, safety, ease of travel and tax benefits, appears to be more desirable than ever. Real estate year-to-date numbers through Q2 show no signs of slowing down. When comparing YTD through the second quarter 2021 to 2020, the number of transactions in Teton County nearly doubled to 427 and total sales volume more than doubled to $1.2B.
The continued exodus of individuals from cities in seek of a less-urban lifestyle, is pushing demand for local real estate to new heights. As a result, some sellers who own real estate in the area are taking advantage of this strong market. Inventory is down 56%, but that is a slight improvement from Q1 of 2021.
Increasing sales prices are resulting in more properties entering the Luxury Segment of the market (listings at the $3M mark and higher). The average and median sales price for Single Family Homes checked in at $4.1M and $2.9M, respectively. There were no sales under $500K in the Single Family Home category and only 8 sales in the $500K to $1M range. With little already-built inventory, sales of vacant land more than doubled YTD 2020 vs. 2021, to 81. And even with historically low interest rates, more buyers are paying cash in this competitive market. Overall, pending listings are down, possibly due to listings selling more quickly, but it will be interesting to watch how Q3 unfolds.
In this market, it is more important than ever to work with the #1 brokerage in the region in real estate transactions. Our team monitors real estate daily keeping our seller and buyer clients up to date with quickly changing information.