The Colbert Real Estate Report
Monthly Market Update for February 2015
Jackson Hole, WY
Summary – Jan 2015:
- 22 :: Total residential sale transactions (down significantly from Dec’s 34)
- $23,600,000 :: Total residential sales volume reported to MLS (down from last month’s $29.3m)
- $1,124,000:: Average sales price of reported sales (up from last month’s $946,000)
- 95% :: Ratio of sales price to list price (same for the 4th month in a row)
- 148 :: Average days on market prior to selling (down significantly from last month’s 215)
What it means: The beginning of 2015 was off to a slow start in terms of both transactions and sales volume, but the average sales price was up. There was only 22 sales in January; the lowest amount in over 2 years! Sales Volume remained low (under $30 million) for the third month in a row. (See charts below). Despite low transactions and volume, the average sales price increased after two months below the $1,000,000 mark. These trends are a result of a very limited inventory in the Jackson Hole real estate market – the lowest we’ve seen in 25 years! (see Market Focus below). There was only 1 unreported sales price in the MLS in January (estimated at $850,000), however it is likely that there were several sales handled completely outside of the MLS, which is a typical occurance as inventory shrinks. The average days on market decreased signficantly (after removing two outliers) suggesting that properties are moving much more quickly (again a result of low inventory levels). As we move into 2015, we should see the trend of increasing prices continue until more inventory comes onto the market.
Click HERE to read the full Monthly Market Update for February 2015.
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