Teton County, WY Real Estate Market Report | Q1 2020
These are strange days. While the 2020 Q1 stats for the Teton County, Wyoming real estate market show a slight increase year-over-year ($212.9M this year vs. $209.3M in 2019), we’re off the proverbial map at the moment. Transactions continue to close across the Jackson Hole region, but stress on travel, services and lending institutions have impacted the pace the market was enjoying in Q1. Clarity is sure to follow in the days and weeks to come, and individual property values–at the moment–appear to be unaffected.
On first glance, condo and townhome sales volume appears relatively flat year-over-year. In delving into the numbers, however, two stats jump to the forefront. First, the average sale price jumped 43.1% (from $875,950 to $1,253,196) despite transactions falling 26.3%. In other words, fewer units sold in 2020, but the sales prices were typically much higher. This is also more a reflection of the types of townhomes that sold (for example, a two-bedroom unit at the Four Seasons Resort Jackson Hole—for a record-setting $2,400/sq.ft.).
With more than 98% of the land in Teton County set aside as National Park, National Forest or some other conservation holding, vacant land opportunities are few and far between in 2020. Vacant land sales in Q1 2020 were up over last year (17 sales in the last 3 months vs. 7 sales in 2019). Despite that more-than-doubling of transactions, the average sale price fell 22.8% to $1.85MM. Much like the variance in the condo/townhome stats, this swing in the data is more a reflection of individual listings and the non-uniform nature of the Jackson Hole market vs. any erosion in individual property values.
Even with a mid-March downtick in transactions due to the pandemic, Teton County posted only three fewer home sales in Q1 compared to last year. Also despite a ski season cut short at the Jackson Hole Mountain Resort, sales volume for the four homes that sold in the last three months was nearly double the volume from 2019. Home sales south of the Town of Jackson were also up over last year, posting 11 sales (vs. 8 in 2019) for $26.0M in volume (vs. $13.2MM in 2019).