What happened in August?
Eighty-five new listings hit the market in August representing $227 million in volume. This year’s summer selling season (May through Aug) has seen a total of 332 new listings hit the market (or an average of 83 per month), similar to the same time last year, when 342 new listings hit the market during the summer months. Despite the similar number of new listings, this year saw $134 million MORE in listing volume. Put another way, on average, listing prices have increased 17% from listing prices in the summer of 2017. Of the 67 new residential listings (single family homes and townhomes) in August, 16 of them were priced over $3 million and 9 were priced over $5 million, including a beautiful mountain modern home north of town with 8,200 square feet on 5 acres, listed for $10.9 million. However, the median list price of the residential listings dropped to $15 million as 13 new listings hit the market priced under $600,000. Demand remains high for this price segment, as 6 of those new listings are already under contract. Eighteen new lot listings, totally $45 million, pushed the median lot listing price up to $2.25 million, the highest monthly median price for vacant lots in the past year.
Average List Price
NEW RESIDENTIAL LISTINGS
New Listing Volume
August was a busy month for Jackson Hole real estate with nearly 60 transactions – the highest monthly total of 2018! Overall Sales Volume eclipsed $100 million, increasing for the 4th month in a row and was the second highest monthly volume seen this year. What is interesting about August sales is the price points that things were selling. There were 10 sales under $500,000, a rate of “entry-level” sales not seen throughout the year. These sales included several Aspen condos, vacant lots in Squaw Creek and Pineglen, and 4 condos in the Town of Jackson. As a result, the median sales price dipped below $1 million for the first time in 5 months. Another 20 sales occurred in the $500,000 – $1 million range (referred to as the “locals” market), resulting in over 50% of the sales happening under $1 million. The luxury market didn’t fall off completely, with 10% of all sales occurring over $3 million, including a 6,5000 sq foot home in Teton Village, which sold for just under $11 million. The average days on market dipped to 146, with nearly 50% of the sales closing in under 90 days. That being said, there were also 10 sales of properties that had been on the market over 1 year, including a 3 acre lot in Sublette Woods, next to the Hobacks at Jackson Hole Mountain Resort, which sold for an undisclosed price (listed at $5.5M) after 575 days on the market.