Real estate wrap up for 2021 full of record-setting numbers
December shows slowing market…maybe
JACKSON HOLE, Wyo. — Jackson Hole’s red-hot real estate market showed signs of cooling last month—a signal COVID-fueled buying may be waning.
As blistering a pace as the 2020 Jackson Hole real estate market was on, 2021 picked right up and looked like it would put those numbers to shame. For 18 months the community experienced unprecedented demand, fueled by the global pandemic, and white-knuckled its way through an influx of new buyers looking to enjoy an elevated lifestyle in a relatively safe place.
The 2021 yearend Market Report from Sotheby’s International Realty shows the market may be moderating a bit as the year ended.
“December 2021 saw the fewest number of sales in the last 12 months with only 37 closings, even as the yearend Teton County dollar volume saw another record year with more than $1.9B in sales,” the report stated.
The market now may be too hot for most to handle. Lack of inventory and escalating prices are certainly part of the tapering, Sotheby says. 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 $7,000,000. Again, that’s average price listing.
Every region felt the crunch in 2021. Individual property appreciation was experienced throughout Teton County but the region north of town proved to be the hot spot with $673M in sales volume. The Town of Jackson was the only area to experience growth in year-over-year sales transactions with 229 transactions in ’21 compared to 194 in 2020.
Even with the slowdown toward the end of the year, Q4 was the strongest quarter in 2021 with nearly $600M in sales volume. To put that in context, 2019’s total sales volume was $927M.
And it is likely to just get tighter.
County Assessor records suggest fewer than 10% of the 15,000 deeds remain open for development in 2022. Much of Jackson Hole’s vacant land parcels are under conservation easement restricting their future development.
Total condo sales were down in volume (190 in ’21 compared to 194 in ’20) but up 11% in dollar volume, generating nearly $350M in the past 12 months.
Single-family homes in the Aspens or town of Jackson enjoyed a spike in property value. A typical $600,000 home is now going for $1M if it lists at all. Condos in Love Ridge were in the $1.7M range in 2020. The same 3BR condo is now fetching $3M.
