60% of properties selling in June were on market less than 90 days

The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – June 2015:

57 :: Total residential sale transactions (back down after a spike in May)
$54,000,000 :: Total residential sales volume reported to MLS (down slightly from last month)
$1,300,000:: Average sales price of reported sales (back up after 2 months of decline)
96% :: Ratio of sales price to list price (same as last month)
168 :: Average days on market prior to selling (down for the 4th month in a row)

What it means: After a spike in May, transaction levels in June returned to more recent levels, suggesting that May was more of an anomaly than the start of a summer trend, as many may have suspected. It will be interesting to see if July is in line with June or if we see a spike back up to May levels. Sales Volume was down, but not down significantly given the drop in transactions. As illustrated by the average sales price in June, there were many high end sales that contributed to the sales volume. There were two sales with unreported sales prices, which would bring the total sales volume to $58.2 million, which is consistent with levels seen in the last 5 months. The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property is on the market before closing declined for the 4th month in a row, representing the second lowest number of days in the past year. If priced well, properties are being snatched up very quickly. In fact in the month of June, nearly 60% of the properties that sold had been on the market for less than 90 days! As many sellers continue to list their properties at overly optimistic (read: above market) prices, Buyers are quick to jump on well priced new listings.