Sale Statistics for the Jackson Hole Real Estate Market – August 2014

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Monthly Market Update for August 2014

Jackson Hole, WY

Summary – Aug 2014:

  • 53 :: Total residential sale transactions (up significantly from last month’s 40)
  • $45,400,000 :: Total residential sales volume reported to MLS (up again from last month’s $38 million)
  • $957,000::  Average sales price of reported sales (down slightly from last month’s high)
  • 96% ::  Ratio of sales price to list price (same as last month)
  • 180 ::  Average days on market prior to selling (down from 293 days)

What it means: This summer officially ended on a high note! Transactions were up 32.5% from last month and were the highest reported since almost a year ago (57 in Oct 2013). Reported sales volume was up $8 million compared to last month (with another $5 million in estimated sales volume from sales with undisclosed prices). Sales volume was at the highest level since Nov 2013 ($58 million in reported sales volume). See Charts below. The average sales price held strong at $957,000, down slightly from July’s 8-month high of $1,075,000. The sale price to list price ratio remains high at 96% illustrating that properties continue to sell very close to their listing price (on average).  Average days on market were down, suggesting that a good amount of summer inventory has sold. In fact, in the month of August, 23 properties sold within 3 months of hitting the market – representing 43% of all properties sold.

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Sale Statistics for the Jackson Hole Real Estate Market – July 2014

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Summary – July 2014:

  • 40 :: Total residential sale transactions (up significantly from last month’s 28)
  • $38,600,000 :: Total residential sales volume reported to MLS (up significantly from last month’s $20 million)
  • $1,075,000::  Average sales price of reported sales (up from last’s month’s $800,000)
  • 96% ::  Ratio of sales price to list price (down slightly from last month’s high of 97%)
  • 293* ::  Average days on market prior to selling (up from last month’s 180 days)

What it means: The month of July saw an increase in both transactions (from 28 to 40) and reported sales volume, which was almost double that of last month. In July there were several high end sales not reported to the MLS which could add an estimated additional $15.85 million in sales volume. The average sales price reached an 8 month high last month as a result of several higher end sales (see “What” Sold section below).  The sale price to list price ratio remains high at 96% suggesting properties continue to sell very close to their listing price (on average). In fact, in the month of July 10 properties (25% of all sales) sold at or above their list price.   Average days on market were back up, as several of the high end property sales had been on the market for quite some time. (*Note: High outliers (in excess of 1,000 days on market) are taken out of these calculations.)

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Sale Statistics for the Jackson Hole Real Estate Market – June 2014

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Summary – June 2014:

  • 28 :: Total residential sale transactions (a drop from last month’s 35)
  • $20,000,000 :: Total residential sales volume reported to MLS (down from last month’s $25 million)
  • $800,000::  Average sales price of reported sales (down from last’s month’s $918,000)
  • 97% ::  Ratio of sales price to list price (up significantly from last month’s 95%)
  • 180 ::  Average days on market prior to selling (down significantly from last month’s (adjusted) 232 days)

What it means: The month of June saw a drop in both transactions (from 35 to 28) and reported sales volume, which dropped $5 million. In June there were 3 transactions that were not reported to the MLS which total an estimated additional $12.5 million in sales volume. The average sales price dropped significantly down to $800,000, the lowest monthly average in almost a year (See Chart below). This can be explained by several lower end sales (and not as many high end sales) in June (see “What” Sold section below).  The sale price to list price ratio reached 97% last month, the highest level seen since I started keeping stats at the beginning of 2013. This is evidence of a hot real estate market where properties are selling very close to their listing price (on average).  Taking out a King Eider lot sale  (which had been on the market for 1,704 days!) the average days on market has decreased from the last several months, also evidence of  an active real estate market where properties are selling fairly quickly (on average).

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SalesVolumeJuly

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Please visit the Real Estate Market Report tab for the entire July Market Report.

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Jackson Hole Real Estate Sales Statistics for May 2014

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Monthly Market Update for June 2014

Jackson Hole, WY

Summary – May 2014:

    • 35 :: Total residential sale transactions (identical to last month)
    • $25,000,000 :: Total residential sales volume reported to MLS (less than last month’s $29 million)
    • $918,000::  Average sales price of reported sales (up again from last month’s $892k)
    • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
    • 439* ::  Average days on market prior to selling (up again from last month’s 355 days)

    What it means: May’s transactions were identical to April, while reported sales volume took a slight dip (down $4 million). However, in May there were 7 transactions that were not reported to the MLS which total an estimated additional $6 million in sales volume. The average sales price was up again last month suggesting that sales prices overall are on the rise. However, average sales prices are still lower than last Fall (see chart below). The sale price to list price ratio slightly increased last month, meaning buyers are purchasing, on average, closer to the asking price. The average days on market appears to have increased substantially however a closer look at the numbers reveals that this statistic is skewed this month due to 5 lot sales in the King Eider development (which have been on the market since October 2009). Removing these outliers gives us a much more realistic average of 232 days on market.

Sales.June

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Please visit the Real Estate Market Report tab for the entire June Market Report.

 

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Summary of Jackson Hole Real Estate Sales Statistics for April 2014

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Monthly Market Update for May 2014

Jackson Hole, WY

Summary – April 2014:

  • 35 :: Total residential sale transactions (identical to last month)
  • $29,000,000 :: Total residential sales volume reported to MLS (up $2 million from last month)
  • $892,000::  Average sales price of reported sales (up slightly from last month’s $847k)
  • 94% ::  Ratio of sales price to list price (down significantly from last month’s 96%)
  • 355 ::  Average days on market prior to selling (up significantly from last month’s 190 days)

What it means: Most of April’s statistics were similar to March with 35 residential sale transactions and $29 million in total residential sales volume (see charts below) and an average sales price of $892,000. However two statistics fluctuated significantly from last month. Average Days on Market increased substantially from last’s month’s low of 190 days. This increase can be explained by several sales of older inventory including a lot in 3 Creek Ranch that was on the market for 2,635 days before selling! The sales price to listing price ratio dropped down to 94%, suggesting that buyers were purchasing, on average, at a 6% discount off the listing price (see chart below). Upon additional analysis, it appears that several buyers were able to secure a purchase at an even larger discount. In April, there were 5 properties that sold for less than 90% of the list price. This suggests that while some Sellers may be pricing aggressively, in some cases Buyers are not having to pay above market prices. If will be interesting to see if this trend can continue as we head into the spring/summer listing season.

Trans.May2014

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Please visit the Real Estate Market Report tab for the entire May Market Report.

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Summary of Jackson Hole Real Estate Sales Statistics for March 2014

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Monthly Market Update for April 2014

Jackson Hole, WY

Summary – March 2014:

  • 35 :: Total residential sale transactions (up 25% from last month’s 27)
  • $27,000,000 :: Total residential sales volume reported to MLS (up $7 million from last month)
  • $847,000::  Average sales price of reported sales (down $100,000 from last month)
  • 96% ::  Ratio of sales price to list price (up significantly from last month’s 93%)
  • 190 ::  Average days on market prior to selling (down significantly from last month’s 457 days)

What it means: The month of March saw encouraging increases in both transactions and sales volume (see charts below). (Note: Every month, these statistics include all residential sales in Teton County with the exception of fractional sales.)  Two other statistics drastically changed this past month. Average days on market dropped significantly from the last several months to only 190 days vs. a high of 550 days just 2 months ago (see chart below). This is significant because it suggests that much of the old inventory has been absorbed over the past few months and that many of the properties selling recently are selling much more quickly. In March, the quickest sale occurred within 26 days of the property hitting the market. At the same time, the ratio of sales price to list price rose to 96%, meaning that buyers are paying closer to the asking price for properties. This increase could be explained by a lack of comparable inventory and/or more competition from other interested buyers, which can drive the prices up.

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Please visit the Real Estate Market Report tab for the entire April Market Report.

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