December sales lowest since Jan 2015 in Jackson Hole real estate market
The Colbert Real Estate Report
Monthly Market Update for January 2016
Jackson Hole, WY
Summary – Dec 2015:
- 23 :: Total residential sale transactions (2nd lowest in past year)
- $44,525,000 :: Total residential sales volume (another drop)
- $1,935,000:: Average sales price of reported and unreported sales (back up after a dip last month)
- 95% :: Ratio of sales price to list price (slight drop after many consistent months)
- 217 :: Average days on market prior to selling (identical to last month)
What it means: Real estate sale transactions dropped off significantly in December, marking the lowest number of monthly sales since Jan 2015, and perhaps signaling a new trend of slowing real estate activity. Sales volume also declined again, representing the 3rd lowest levels seen in the past year. The average sales price was back up near $2 million, a typical average price over the last several months. The ratio of sale price to listing price dropped slightly to 95% after 7 months at 96%, suggesting that recently buyers are purchasing property at more of a discount (on average). That being said however, 35% of all sales in December sold at, near, or above the listing price, including all 3 sales that occurred under $500,000. Properties selling in December were, on average, on the market slightly longer than sales in the summer months. The 10 acre Forest Service parcel on North Cache finally sold after 910 days on the market (and after falling out of contract with several previous buyers). Conversely there were also several property sales that occurred very quickly in December including a cabin on 3 acres in Red Top Meadows (listed for $489,000) and an Aspens one bedroom condo with a unique floor plan (listed for $405,000). Both properties sold in under 70 days from hitting the market. Well priced and high demand properties continue to sell quickly, however many aggressively priced properties are sitting on the market. Heading into 2016, I anticipate this trend to continue as Buyers continue to be motivated by value and are not ready or willing to pay more than a property is worth (based on the most recent market comps).
Aspens Condo with unique floor plan sold quickly in December
Click HERE to read the full Monthly Market Update for January 2016.
Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.
