What happened in April?
Real estate transactions increased slightly from last month (30 sales) and are tracking slightly higher than this same time last year (29 sales in Apr 2018). However, overall sales volume in Jackson Hole dropped significantly, down $20 million from last month, recording the lowest monthly volume since March 2018. As a result, the average monthly sales price ($1,143,000) also reached its lowest level in the last year. Likewise, the median monthly sales price was the lowest seen since June 2017 and only the 3rd time in the past year it has dipped below $1 million. The average days on market dropped 120 days, as half of all properties sold in April were on the market less than 3 months before closing. Properties sold, on average, at 96% of list price in April, despite the fact that only 5 of the 33 properties sold at or above listing price, illustrating the strong buyer demand across the market. As suggested by the low sales volume and low average sales price, a large majority (69%) of the property sales occurred under $1 million in April, including 6 sales of remodeled Virginian Village condos in Town, selling between $303,000 – $417,000. After a yearlong stretch with at least 5 high-end ($3M+) property sales per month, only one sale occurred in this segment in April (a 4,500 sq ft home in 3 Creek Ranch, listed for $3.7 million.) While usually representing over half of all monthly sales, single family home sales slowed in April, with only 7 transactions (21% of all sales). On the other hand, 10 land sales occurred in April, the highest monthly tally since Nov 2017. These lot sales represented every corner of the Valley including Bar B Bar, Solitude and JH Golf & Tennis up north, lots in Town, the Westbank and 3 Creek Ranch and 3 contiguous lot sales in Riverview Ranch, a newly platted subdivision south of Wilson.