Jackson Hole Real Estate activity explodes in June, reaching levels not seen in nearly 3 years

The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

Summary – June 2016:

58 :: Total residential sale transactions (highest in nearly 3 years!)
$77,934,000 :: Total residential sales volume (highest in 2016)
$1,345,000:: Average sales price of reported and unreported sales (another increase)
96% :: Ratio of sales price to list price (typical level)
173 :: Average days on market prior to selling (remains low)

What it means: The Jackson Hole real estate market is on fire! There were nearly 60 sale transactions in June, the highest level of monthly transactions since August 2013. Sales Volume also spiked in June, marking the highest monthly volume seen since last October 2015. While May 2016 statistics lagged 2015 (see June’s Market Report), the activity level in June 2016 leaves no doubt that the busy summer selling season is in full swing! The average sales price increased again in June, but still remains below the highs seen in the past year (see chart below). The sale price to list price ratio has returned to stable levels at 96%, meaning, on average buyers are purchasing at a 4% discount to the listing price. That being said, 11 properties sold at, near or above the listing price in June, including an older cabin and guest house on 1.5 acres off the Village Road, which sold for $25,000 OVER the listing price. The average number of days on market remained at 173, the lowest level seen since last September. Well priced properties continue to sell quickly, as 24 properties (41% of all sales!) sold within 90 days of listing. Again this month, there were also several properties that sold BEFORE even hitting the market or being entered into the Multiple List Service (MLS). (Note: If you are searching for a particular property type/price range, please contact me so that I can help identify additional properties for you that may not be officially listed in the MLS.)