What an unprecedented year 2020 has been so far. After a record breaking first quarter for Jackson Hole Real Estate Associates and a 30% increase in the overall Teton County market in Q1, the world was suddenly upended by an international pandemic. In response, our firm ramped up its operations with an understanding that it was critical for our clients to closely track market information.
The Teton County real estate market “hit pause” as the uncertainty of the pandemic rippled through the region starting mid-March 2020, when the shut down began. According to MLS data, overall transactions lagged nearly every week through the first week of June, 2020 vs. 2019. In the same period, new listings and pending listings were also down. But beginning in June 2020, the local real estate market started heating up.
Single Family home pending listings, those that are under contract and slated to close, are up 62% YTD 2020 vs. 2019. Buoyed by a recent, significant demand in the second home market, Luxury Listings, those priced above the $3M mark, reports a 164% increase in pendings YTD 2020 vs. 2019. This is a strong indicator the local market has quickly bounced back due to pent up demand created by the pandemic.
The number of transactions declined 22% while the average sale price leaped up 52% further confirming a robust upper end of the market. The number of sales over the $2M mark increased dramatically YTD through 2020 vs. 2019. Transaction volume overall continues to decline, down 22%. Active listings are slightly down at 5% and average days on market declined.
As the world continues to carefully re-open, many are discovering the unique lifestyle benefits and quality of life that Jackson Hole offers to its residents.