Teton Valley Real Estate Market Report | Q2 2021

Teton County, Idaho — Q2 2021

While Teton Valley, Idaho, has often been referred to as the “Quiet Side of the Tetons,” the west side real estate market has been anything but “quiet” for the last 12 months.

Unlike Jackson, which saw a measurable slow down during Q2 2020 (that is, during the onset of COVID), Teton Valley has shown a consistent uptick of activity throughout the global pandemic.

To put the valley’s growth in perspective, in 2019 (i.e., pre-COVID), Teton Valley and Alta, Wyoming, generated 586 transactions for the entire calendar year that totaled $181.9M. It should also be noted that 2019 was also a banner year for the west side real estate market.

Fast forward 18 months, and the valley’s real estate market has exploded. For the first six months of 2021, Teton Valley is up 163.2% on transactions (or 577 closed transactions for YTD 2021 vs. 220 sales for the same period in 2020) and is up 217% for dollar volume (or $236.1M for 2021 vs. $74.5M in 2020).

More impressive still is looking back on the totals from the last 12 months (that is, July, 2020 through June, 2021). In trying to assess what a post-COVID Teton Valley real estate market looks like, the last 12 months have seen nearly 1,500 closed sales and more than $525M in dollar volume.

In other words—and if this level of activity continues through the 2021 calendar year—Teton Valley and Alta, Wyoming, will have grown from a sub-$200M market to a more-than-half-a-billion-dollar market in just two years.

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Jackson Hole Real Estate Market Report | Q2 2021

Teton County, Wyoming — Q2 2021

Comparing the first six months of the 2021 Jackson Hole real estate market to the same period last year feels like trying to compare a bull moose to a patch of sagebrush. Both have their place in the regional landscape, but the similarities end there.

One year ago, the valley–and the nation–was still wrestling with the effects of the global pandemic. Terms like “social distancing” and “sheltering in place” were still working their way into our lexicon. We had no idea what was to unfold in the months to come.

Twelve months later, the local scenery remains the same, but the regional real estate market barely resembles what was true pre-Covid.

In Teton County for the first six months of 2021, transactions are up only 68.9%, mostly due to a lack of inventory and rapidly appreciating pricing. The complementing dollar volume year-over-year is up 114.5% to $789.4M. To put that into perspective, the total dollar volume for Teton County in all of 2019 was $927.8M.

What has started to come into focus, however, is what twelve months of a post-lockdown market looks like. Totaling the sales and volume from July, 2020 (arguably when the real estate surge in Jackson Hole started to take shape) through June, 2021, we see transactions are up over the 2019 year-end total 52.6% (792 sales for the last 12 months vs. 519 sales in all of 2019). More pronounced still is the spike in dollar volume which grew 149.1% from the year-end 2019 total of $927.8M to a staggering $2.31B for the last 12 months.

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