Lack of inventory results in high demand on entry/mid level real estate

The Colbert Real Estate Report

Monthly Market Update for July 2017

Jackson Hole, WY

Summary – June 2017:

  • 44 :: Total residential sale transactions
  • $44,442,000 :: Total residential sales volume 
  • $965,000::  Average sales price 
  • $733,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 170 ::  Average days on market prior to selling 

What it means:  While sales transactions and dollar volume both increased from May to June this year, they still lagged 2016 numbers (see charts below). Overall dollar volume in June 2017 was nearly 50% less than June last year, where we saw close to $80 million in sales. Much of this can be explained by low levels of available inventory – there just ins’t that much to sell! The hot segment of the market continues to be the mid-level market (see “What Sold?” below) as the median sales price in June was $733,000 and the average sales price stayed below $1 million for the second month in a row (see chart below). While the overall sales price to list price ratio dropped to 95% in June, the entry-level market remained very competitive. Of the 17 property sales under $600,000 in June, 12 sales (a whopping 70%) sold at, very near or ABOVE the listing price, many times fetching multiple offers in a very short marketing time.  The overall average days on market dropped significantly in June, illustrating a market where high-demand, well-priced properties continue to sell quickly. In fact, over 50% of property sales in June occurred within 90 days or less of listing. The majority of these quick sales occurred in the $500,000 – $800,000 price range, a market segment in high demand for both locals and investors.   (Note: If you are searching for property in Teton County in the sub $1 million market, please contact me so that I can be on the look out for these fast moving properties before they officially hit the market.)

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