What happened in February?
Real estate sales were down in February, recording only 27 transactions – the lowest monthly total since last February 2019. Overall sales volume was also down $30 million after a strong January that saw nearly $90 million in sales volume. February volume was the lowest monthly volume since June 2019. Despite lower sales and volume, the average sale price remains strong, reaching close to $2,250,000 for only the first time in the past year. February saw several high end sales including 2 Granite Ridge homes in Teton Village, selling for a combined $15 million. The majority (56%) of sales in February were for single family homes. Not surprisingly given the snow levels, only 3 vacant lots sold in February. The $1-3 million price point was again the hot spot, with nearly half of last month’s sales occurring in this price range. There were 0 sales under $500,000 in February, the first month without a sale in the entry level market since I began tracking this stat in January 2018. The average days on market dropped down to 168 days after reaching 191 last month. Interestingly, the sale to list price ratio hit 97% for the first time since July 2019, illustrating that properties, on average, were selling closer to listing price in February, with nearly 1 in 4 properties selling at or above their listing price last month.