After two years of unprecedented growth, it might be time to rethink Teton Valley’s “Quiet Side of the Tetons” moniker.
While hindered by a shortage of listings for sale, the Teton Valley, Idaho and Alta, Wyoming market saw a 27% decline in transactions for Q1 2022 (214 sales in 2022 vs. 293 sales for the same period last year). At the same time, however, the market managed to outperform the first three months of 2021 in dollar volume by posting $118.2M in sales for Q1 2022 (or a 24.3% increase year over year).
Part of the disparate stats lies in the upper end of the Teton Valley market. While listings greater than $1M only accounted for 11.2% of all transactions (or 24 sales out of a total of 214 in Q1 2022), the greater-than-$1M market segment generated 42.5% of the overall dollar volume for the last three months.
Condo and townhome sales also stood out as a statistical outlier for Q1 2022. Not only were year-over-year transactions up 118.8% (or 35 transactions so far this year vs. 16 sales for the same period last year), but dollar volume in both Victor and Driggs for this market segment was also up substantially from 2021, due in part to the success of the new Moraine Square development in Driggs (and where 15 units sold in Q1 2022).
Vacant land sales, however, continue to define the Teton Valley market. While transactions dipped 36.5% in Q1 (or 134 transactions thus far in 2022 compared to 211 sales last year), the complementing dollar volume was up 10.4% to $47.9M.
By most accounts, a mediocre ski season did little to slow the pace of the Jackson Hole real estate market for the first three months of 2022. A lack of inventory, however, resulted in a 56.9% decrease in transactions and a 48.4% drop in overall dollar volume compared to the same period in 2021.
But ask any buyer currently searching for a place to hang their hat in Jackson Hole, and they’ll probably tell you that they wished they purchased something last year. The simple principles of supply and demand continue to push individual property values to record levels for NW Wyoming.
For the first quarter last year, the median home sale was a 3,600 sq.ft., 4-bedroom home on West Gros Ventre Butte that sold for $2.9M. Fast forward twelve months, and the median price for a home has grown 37.9% to more than $4.0M (for a 2,700 sq.ft., 4-bedroom home with a guest house in East Jackson).
But the statistics fail to tell the whole story. During the height of the Covid pandemic, more than 600 homes sold across the valley. Conversely, only 35 homes are currently on the market in Teton County. Many existing property owners are reluctant to put their home on the market for ANY price given lack of options for them to find a new domicile.
Like the last two years, the upper end of the Jackson Hole market outperformed all other segments in Q1 2022. Sales volume for listings greater than $5M ($101.9M and which also only accounted for 23.7% of transactions) nearly eclipsed sales volume for all other price points ($104.1M).
With this dynamic in place, it seems inventory will remain low for the foreseeable future. All signs also point to another busy summer for valley, suggesting too that demand to call Jackson Hole home will remain strong for the rest of 2022.
Jackson Hole Sotheby’s International Realty is pleased to announce that Steve Duerr has joined our team of trusted real estate advisors, bringing with him 35 years of real estate experience in Jackson Hole. Duerr is licensed in Wyoming, Montana and Idaho and is an experienced farm and ranch real estate specialist, while also closing many significant residential and commercial transactions.
In 2020, the Wyoming Stock Growers Land Trust, a statewide agricultural land conservation organization, invited Duerr to serve on their board of directors. Prior board appointments include positions with the Teton Board of Realtors® and Teton County Planning Commission. Duerr’s dedication to local organizations has extended to service as the Executive Director for the Jackson Hole Chamber of Commerce and for The Murie Center within Grand Teton National Park.
The Chamber of Commerce honored Duerr with the prestigious Power of Place trophy for his decades of dedication, working in Teton County to strike the right balance between commerce and conservation. This was exemplified by his work to successfully rename the North Park at the Greater Yellowstone Visitor Center to The Murie Family Park, in honor of Mardy and Olaus Murie. The renaming recognized their leadership legacy in founding the Wilderness Society, passing the Wilderness Act, and creating the Arctic National Wildlife Refuge.
Duerr has practiced law for 42 years and is a member of the bar in Wyoming and in his former home state of Minnesota. He is serving in his 33rd year as General Counsel for Lower Valley Energy, the member-owned regional energy cooperative. He previously served as General Counsel for Paul McCollister, the founder of the Jackson Hole Ski Corp., and as Senior Vice President for a regional bank.
Professionally, Duerr has been frequently recognized as a top-producing agent by annual sales volume. A selection of his notable recent farm and ranch transactions includes:
Dodge Ranch | Medicine Bow, WY | Listed for $23M VandeWater Ranch | Wilson, WY | Listed for $56M Trails End Ranch | Wilson WY | Listed for $6.6M Beaver Creek Ranch | Daniel, WY | Listed for $28M Bear River Ranch | Georgetown, ID | Listed for $6M Thunder River Ranch | Laramie, WY | Listed for $22.5M Heart K Ranch | Livingston, MT | Listed for $32M
Duerr attributes his ranch success in part to living close to the land on a big cow-calf ranch near Eureka, Nevada and on his former horse ranch near Cora, Wyoming. Also, while working for a large regional law firm, he has used his tax law degree to help farm and ranch clients with business, tax, estate, family succession and conservation easement planning. He has just completed the rigorous course work to become an Accredited Land Consultant (“ALC”) as designated by the Realtors® Land Institute.
Duerr has climbed the highest peaks in most of the states of the Northern Rockies. Also, horses and rodeo have been a passion of his family for decades. Steve and his wife Emy can often be found traveling from their home in Buffalo Valley to be with their seven grown children and eight grandchildren.
“There has been a lot of confusion among the public regarding the upcoming closure at the Jackson Hole Airport,” said Jackson Hole Sotheby’s International Realty Associate Broker Ed Liebzeit, who also currently serves as Vice President of the Jackson Hole Airport Board—among numerous other appointments within the valley.
Those who have travelled in or out of JAC during the last several months are likely to have noticed that updates, repairs and prep work are already underway in various locations of the airport’s grounds in advance of the highly-publicized runway closure which will occur from April 11 through June 27.
Prep work for the project began during the summer of 2021. In an effort to increase efficiency for the project—and decrease some of the truck traffic necessitated by it—Jackson Hole Airport has invested in on-site asphalt and concrete facilities. As an additional incentive to ensure on-time completion of the project, the airport has guaranteed a $1M bonus to the contractor if the scope of work is accomplished by the June 27 deadline. Crews will be working twenty-four hours a day throughout the reconstruction project.
“It was essential to replace the runway, so we are using this time that the airport must be closed for significant improvements in both security screening and food service operations—all of which will provide a better experience for those using the airport…locals and visitors, alike.”
–Ed Liebzeit Vice President, Jackson Hole Airport Board
Concurrent improvement projects at the airport are underway, including the expansion of the security checkpoint facilities which began in January of this year. When complete, the expansion will add an additional screening lane and will allow for future incorporation of next-generation security equipment. Other improvements to the terminal will include the construction of two additional gates, which are anticipated to open in the late fall.
The airport terminal will remain open during construction in order to facilitate rental car operations, and terminal food service operations via the recently-introduced “Marketplace” in the southwest corner of the baggage claim area. April will see the demolition and reconstruction of larger restaurant facilities located behind security to allow for additional seating for Jedediah’s restaurant, which has operated within the Airport since 2006.
A commercial aircraft waits at the gate at the Jackson Hole Airport.
2021 narrowly eclipsed the overall sales volume of the previous year, albeit on fewer transactions, to once again tally a new benchmark within the Jackson Hole real estate market. The frenetic pace of transactions accompanied a robust surge in tourism that aligned with an easing of pandemic restrictions across the country. Pent-up demand quickly absorbed already-reduced inventory levels and bolstered the existing seller’s market.
The latest collaborative, annual Resort Report from Sotheby’s International Realty affiliates provides a deeper look into the current market environments of the nation’s top ski resort communities—with a focus on single-family home and condominium sales. Trends witnessed in Teton County were echoed throughout the West.
Across the country, demand for resort living has continued to surge over the last two years. Brought on by the events of 2020 and pandemic lifestyle changes, consumers have begun to put a premium on their living situations, choosing to live where they want rather than where they need to. This shift in mentality and the ability to work and stay connected remotely led to a major migration from the city to resort regions throughout the Western United States…
The “Best of Jackson Hole 2022” rankings were released yesterday, February 16th, and real estate agents from Jackson Hole Sotheby’s International Realty swept the rankings for “The Best Real Estate Agent” category. The annual ranking is a community-sourced recognition of the region’s favorite businesses, organizations and individuals across a broad spectrum of categories.
This year saw a couple of perennial favorites return to the top-three: Meredith Landino earned gold, Jill Sassi—silver, and Brett McPeak—bronze. After a brief hiatus from the rankings, Sassi and McPeak returned to positions that they held in 2019—the last time Jackson Hole Sotheby’s International Realty agents occupied all three of the top positions.
Other real estate agent rankings, like RealTrends’ “The Thousand” and “America’s Best,” rank real estate professionals based solely on the prior year’s sales data, and whether or not they sell as a part of a team. The Best of Jackson Hole leaves it up to the community to decide what criteria makes an agent rank among the best. With no direct reference to sales figures, featured agents are typically nominated with consideration for their personality, reputation, community involvement and other attributes as primary factors. Every voter has the opportunity to define what the superlative—”the best”—means to them.
“I am delighted that JHSIR swept the podium. It demonstrates that clients and friends value the brand. I love what I do, and am always looking for ways to solve real estate needs for clients and friends. I am grateful to those who voted for me.”
Arts District West Redefines Modern In-Town Living
New condominiums brings urban sophistication to the mountain west.
by Staff Writers
The latest condominium project within the town of Jackson broke ground in 2020 and is targeting completion within the latter part of 2022. Arts District West is a new mixed-use development from VESKCO, defined chiefly by its ten luxury condominiums at the corner of Glenwood and Simpson. The building draws its name from the neighboring Center for the Arts and is the latest addition to the town of Jackson’s emerging contemporary core.
Arts District West brings ten luxury condominiums and ground-floor commercial offerings to the town of Jackson with a convenient, highly-walkable location just west of the Center for the Arts.
Arts District West brings urban-inspired living to the heart of Jackson via contemporary design and an effortless ease of ownership and convenience. The development’s location within the town’s lodging overlay allows owners to reside full-time, part-time or to rent their condo short-term for maximum flexibility. The best of Jackson Hole’s cultural scene lies within a few blocks of the project—with renown restaurants, galleries, concert venues and nightlife all within walking distance. The multi-season recreational opportunities created by Snow King Mountain and the nearby Forest Service trailheads bring town’s hiking, biking and skiing within only minutes of your door.
Each condominium within Arts District West has been designed to exacting standards via acclaimed design firm Jeffrey Dungan Architects, with a variety of unique features across the building’s residences. Interior features include expansive floor-to-ceiling windows, Wolf and Subzero appliance packages, custom panel kitchen appliances. Flat stone, masonry-wrapped gas fireplaces with recessed media cabinets accent each unit’s living area, while forced air and in-floor heat ensure comfort. Modern soaking tubs, luxurious wet-room showers and under-cabinet illumination create a relaxing atmosphere within many of the building’s primary suite bathrooms. Exteriors for every unit include a private balcony—complete with a jetted hot tub and a built-in electric grill for year-round outdoor enjoyment.
Flat stone, masonry-wrapped gas fireplaces with recessed media cabinet accent each condominium’s living area.
The third-floor condominiums within Arts District West feature lofted elevation designs with seventeen-foot and greater ceilings above the open-plan living, kitchen and entertaining spaces. The main level houses both the generous primary suite and a flex space designed with versatility as an additional bedroom, or can be easily adapted to an office. Above, the loft space overlooks the living area and features two additional private en suite bedrooms.
Third floor units at Arts District West feature ceilings of at least seventeen feet throughout the open kitchen, dining and living spaces—and are further enhanced by expansive glass walls.
Unit 302, currently listed for sale, provides a total of more than twenty-two-hundred square feet of living space. The preeminent location within the building, Unit 302’s top-floor, corner location provides both southern and eastern exposures for generous natural light and views throughout. The condominium also features its own four-hundred square foot balcony, accessed via the living room or primary suite.
Residential units within Arts District West benefit from two reserved parking spaces within the private, gated, and key card-protected, below-grade parking garage. The same level of security and privacy extends to the residential units via an integrated video phone door-access system, along with secured stairwells and elevators.
Accompanying the primary residential components of the project are two street-level commercial real estate offerings. An available commercial occupancy unit with Simpson Avenue frontage is ideally suited to office use with more than seven-hundred square feet of space. The second commercial unit comprises three adjacent bays for a total of more than forty-four hundred square feet and is enhanced by substantial Glenwood Street frontage. The combination of a convenient, central location and contiguous space makes this unit particularly ideally located for restaurant development. The commercial units’ location is enhanced via the concentration of nearby hotels, on-street parking and the adjacent town parking garage, with the added draw of pedestrian traffic associated with cultural events at the Center for the Arts.
Coming off a record-setting year in 2020, the Teton Valley real estate market managed to outdo itself in 2021.
While transactions were only up slightly year-over-year (1120 total sales in 2020 compared to 1154 transactions for the last 12 months), dollar volume exploded by 72.7% and tallied more than $629M by the beginning of 2022. More noteworthy is the Teton Valley market posted a now-modest $181M in 2019. In other words, the real estate market for the “Quiet Side of the Tetons” has grown nearly 250% percent in the last 24 months.
The regions of Victor and Driggs accounted for the majority of the activity in the post-Covid market (three out of four sales occurred in these two regions). Alta, Wyoming, however, generated $60M in dollar volume last year (a 135% increase over last year). Not to be outdone, Tetonia also saw a sharp uptick in activity with more than $121M in sales volume (a 110% increase over 2020).
Higher-end home sales made headlines (in 2019, 15 homes sold for more than $1m; last year that number grew to 96…), but the Teton Valley real estate market’s true story involves land sales. Two out of three sales in 2021—761 transactions in total—involved a vacant parcel of land.
Lack of inventory and escalating prices provide a challenge for potential buyers in a very strong “Seller’s Market,” but Teton Valley’s success over the last two years suggests Jackson Hole’s neighbor to the west is no longer simply a satellite market of northwestern Wyoming.
The 2020 Jackson Hole real estate market was a tough act to follow.
An unprecedented demand, fueled by the global pandemic, flooded the region with visitors 18 months ago, and the local community white-knuckled its way through an influx of new residents looking to enjoy an elevated quality of life in Northwest Wyoming.
While it feels like the COVID-inspired influx is beginning to moderate (December, 2021 saw the fewest number of sales in the last 12 months with only 37 closings), the year-end Teton County dollar volume saw another record year with more than $1.9B in sales.
Lack of inventory and escalating prices are certainly part of the tapering. At the beginning of 2022, only 52 homes were on the market in Jackson Hole. More startling is that the average price for the finite choices in Teton County has grown to more than $7M.
All regions of the valley saw significant individual property appreciation over the last 12 months, but the region North of Town proved to be the Jackson Hole hot spot with $673M in sales volume. The Town of Jackson was the only region in Teton County that saw a growth in year-over-year transactions (posting 229 transactions in 2021 vs. 194 in 2020).
Even with the slow down in transactional velocity, Q4 was the strongest quarter in 2021 with nearly $600M in sales volume (to put that in context, the entire 2019 Jackson Hole volume was $927M—which was also a record-setting year at the time).
The demand for Jackson Hole’s rustic-yet-refined lifestyle continues to be a driver for the regional market, and—possibly now more than ever—Wyoming’s tax friendly climate points toward another strong year for real estate in 2022. Continue reading “Jackson Hole Real Estate Market Report | Year End 2021”
Jackson Hole Sotheby’s International Realty Realty is pleased to announce the release of its 2022 Luxury Outlook report, which identifies the trends likely to shape the world’s prime housing markets in the year ahead. The report, excerpted below, is the definitive source for analysis and trends affecting the current luxury real estate market in the United states, across the globe, and the implications here in Jackson Hole.
