Spring snow can be grabby.

Changes in pitch and aspect mean the sun and warmer temperatures affect each section of the mountain differently. You can be cruising along and suddenly it feels like your skis hit the brakes.

The Q1 Jackson Hole real estate market has been grabby in the same way.

The numbers tell part of the story. Active listings are up 26% from this time last year. Sold listings and sales volume are both down modestly. Average sales price is off about 7%. On the surface, it looks like a market that’s lost some momentum.

But the data doesn’t tell the whole story and in Jackson Hole, it rarely does.

The upper end of the market , properties above $20M,continues to trade at historically strong levels both in volume and number of sales. Most of those transactions never appear in the MLS numbers above. They happen privately.

And below that, the market hasn’t been slow so much as inconsistent. Every segment has had stretches of rapid activity followed by quieter periods. Grabby.

Trying to predict where things are heading is a fool’s errand. But putting on my dunce cap the best forward-looking indicator right now is pending properties. Pendings are running 10% higher than this time last year, and the dollar volume behind them is up 20% over 2025. Showings are also up significantly compared to past Aprils.

The market is gaining strength heading into summer. The market is still grabby but conditions are improving.

Bill Van Gelder