The 2018 summer listing season was explosive, with over 200 new listings hitting the market in the third quarter totaling a staggering $678 million in dollar volume. While the total number of new listings was very similar to Q3 2017 (200 sales), the overall dollar volume was another story, coming in $222 million higher than Q3 2017, an increase of nearly 50%! As one can imagine, the average listing price increased significantly from $2.2 million in Q3 2017 to $3.3 million in this past third quarter. Interestingly, while the median listing price this year outpaced the median listing price in July and August last year, the reverse can be said for September. The median listing price in Sept 2017 was close to $2 million, however this September saw many new listings under $1 million which pulled the median listing price closer to $1 million. It will be interesting to track whether the drastic increase in listing prices translates to a similar increase in sales volume in the remainder of 2018 – stay tuned!

Both real estate transaction levels and overall sales volume are both up from this time last year. Transactions increased 11% from Q3 in 2017, with nearly 150 sales in the Jackson Hole market over the past 3 months. However, overall dollar volume was up nearly 50% compared to this time last year, with nearly $275 million in sales (vs. $183 million in Q3 2017). As a result, the average sales price also increased from $1.397 million to $1.867 million in Q3 2018. The median sales price (many times a more indicative metric) was also up, increasing from just over $1 million last year to $1.23 million in the third quarter. In looking at the price point breakdown from Q3 last year and this year, it’s apparent that the additional real estate sales occurred in both the $1-3 million segment and the over $3 million segment, which saw twice as many sales in Q3 this year. The type of properties selling also shifted slightly as more single family homes were sold in Q3 2018, representing 56% of all sales in the third quarter this year, an increase of 10% from this time last year.

There were 9% fewer new listings in the second quarter of 2018 compared to this same time last year. This overall decrease was caused by a slower than usual June 2018, which saw 30% fewer listings than June 2017. With a decrease in transactions, we also saw a decline in new listing volume, which was down 11% from this time last year. Fewer new listings will contribute to already low inventory levels, and we should expect to see increased demand and competition, which will continue to put upward pressure on pricing. Despite lower transactions and sales volume, listing prices are increasing, as the median list price was consistently above monthly levels seen this quarter last year.

The second quarter of 2018 was explosive, recording $268 million in real estate sales in Teton County. That is more than DOUBLE Q2 sales volume last year! Quite the amazing feat given that the number of transactions increased only 7.5% from Q2 2017 to this year. As a result, the average sales price and median sales price was much higher in Q2, easily outpacing monthly averages from Q2 2017.  The price point of property sales in Q2 shifted significantly compared to this time last year, when the majority of properties sold between $500,000 – $1,000,000, considered the “locals” market. In the second quarter of this year, there were significantly more sales in the $1-3 million range and the high end market above $3 million (see bottom left graph).  Single family home sales increased significantly and made up more than half of all sales in the second quarter. On the other hand, condo and townhome sales, which made up 50% of all sales in Q2 2017, represented only 38% of sales this past quarter.