The COVID-19-defying real estate sales boom that surprised Jackson Hole during the summer has continued even into the offseason, the numbers indicate.
And the biggest indicator is that the tight inventory that has characterized the market has not only continued but shrunk even further.
On Oct. 1 the Jackson Hole Report, published by David and Devon Viehmann, associate brokers at Engel&Volkers, put total inventory listed at 213. That was everything, including houses and condos, empty lots, commercial property and multifamily units.
Forty-five days later that inventory has fallen by 28% to just 154 listings, David Viehman said.
The inventory crash was driven starting in June by a rush to buy that was the result of people in cities who had previously been shoppers suddenly becoming buyers in light of the coronavirus, shutdowns, a tense election season and a general sense that the country was in a bad spot.
Katie Brady, an associate at Jackson Hole Real Estate Associates, the Christie’s affiliate here, said the “real estate market has not slowed down, not one bit” since it took off in early summer.
In just October she counted 98 sales with a median sales price of $1.53 million and a total price of $287.2 million; total dollar volume through the end of October surpassed all of 2019, she said. Brady’s tally put total sales at 499 through the end of October.
Viehman’s breakdown put the number of house listings at the end of October at 58, down 28% just during that month; condominiums and townhouses on the market were down 32% to 36, vacant residential land listings fell 27% to 44 and commercial listings of all kinds fell 32% during the month to 13.
Brady reported only 41 new listings during October with a median list price of $1.95 million. She said the prices of the new listings amounted to just $140 million but with what she called “a staggering $3.34 million in average price.”
Viehman told potential sellers who have been waiting for the best moment to list their property that “your time has arrived.” He said new listings are seeing “multiple offers within 72 hours, some sight unseen.”
When COVID struck around the country in March, real estate people in Jackson thought property sales would plummet. But they found out otherwise quickly, with people eager to get out of big cities and often to buy the houses they’d dreamed of for years for their vacations or retirement, sometimes just to start over anew someplace else.
“We thought no one was going to be traveling, no one was going to be in town, that it would be dead,” Jackson Hole Sotheby’s International Realty CEO Donna Clinton said then. But she said her agents had seen “a record year in three quarters.”
Sales during the first nine months of the year hit $1.46 billion, up 75% from 2019.