Teton County, Wyoming — Q3 2023
Despite facing the highest mortgage interest rates in more than two decades, the Jackson Hole real estate market managed to eke ahead of 2022 levels for the first nine months of 2023. While transactions in Teton County were nearly flat (203 closings through Q3 in 2022 compared to 204 closings this year), overall dollar volume increased 11.8 percent to more than $770M.
The most active segment of the market on the year to date was the $1.5M to $3M swath, where more than one-third of all closings occurred. The lion’s share of the dollar volume activity, however, posted in the upper end of the market (i.e., properties with a listing price of more than $5M); this high-end segment—which tallied only one-fifth of all transactions in Jackson Hole—accounted for more than 50 percent of 2023’s current dollar volume.
The strong performance of the market stands in contradiction for individual property values, where anecdotal evidence suggests values are down 5%-10%—and in some cases more—from 2022.
During this softening of the Teton County market, Jackson Hole Sotheby’s International Realty has outperformed its peers in the brokerage community by increasing its market share to 48.6% (based on overall sold dollar volume). To put that into perspective, the No. 2 brokerage in the region only enjoys 15.0% of the year-to-date dollar volume in Teton County.
The brokerage’s success thus far in 2023 was particularly noteworthy in the >$5M price bracket, where Jackson Hole Sotheby’s International Realty agents represented the buyer and/or seller in 48.8% of these higher-end transactions and where the complementing dollar volume market share grew to 60.4%.
Whether you’re looking to buy or sell in this challenging market, let the valley’s most successful sales force help you with your real estate needs in 2023.
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