Looking back on the last quarter, we can see a stable and appreciating market. In fact, year over year, Q1 dollar sales volume rose by roughly 2%. Q1 unit sales volume decreased slightly which correlates to a reduction in inventory. Overall, the market remained quite consistent in 2020 compared to 2019, with the average sales price in Teton County, Wyoming hovering around $2.6M and the median sales price at $1.27M.
Due to our current situation, Quarter 2 will likely illustrate a very different picture as we have seen showing and new transaction levels drop since Jackson Hole Mountain Resort closed a month ahead of schedule on March 15th. Closings have taken place since then, the majority of which were deals under contract well in advance of the global pandemic.
However, it is still too early to tell just where the real estate market is headed in Teton County. In past recessions, Jackson Hole’s nature as a secluded paradise and tax haven has sheltered it from economic catastrophe. COVID-19 will likely reinforce the above characteristics and make the valley more desirable than ever.
We predict that a “new normal” will feature more online traffic and virtual interactions, both of which our team is perfectly positioned to handle. Not only can we operate virtually, we are updating our website daily to feature professional virtual walk-throughs and video for ALL listings.
With our reputation as the market leader in sales and best-in-class marketing and communications, we continue to successfully and safely help buyers and sellers through this period of uncertainty.