The Colbert Real Estate Report
Monthly Market Update for May 2017
Jackson Hole, WY
Summary – April 2017:
- 26 :: Total residential sale transactions (similar to last 4 months)
- $53,080,000 :: Total residential sales volume (spike from last 2 months)
- $2,041,000:: Average sales price of reported and unreported sales
- 97% :: Ratio of sales price to list price (spike from last month)
- 234 :: Average days on market prior to selling (down again from last month)
What it means: So far in 2017, monthly sales transactions have been consistent, hovering around 25 sales per month). This pattern is similar to, but slightly higher than, the first few months of 2016, where a total of 89 sales had occurred through April (vs. 99 in 2017). Total dollar volume of these sales tells a different story however: In the first 4 months of 2016, $133 million in property sales had occurred. Compare that to 2017, where just shy of $200 million of real estate has sold through April. While this spike in volume was helped by several larger transactions (including a 264 acre property selling for $50+ million in Jan 2017), it could also signal an overall trend of sale prices increasing in 2017. Thanks to several high end sales last month (see “What Sold” below), April’s average sales price topped $2 million for only the second time in the past 2 years. On average, properties in April were selling at 97% of the listing price, with 6 properties (or 23% of all sales) selling at, near, or above the listing price. The average days a property sits on the market before selling declined for a 3rd month in a row (see chart below), with 8 properties selling within 3 months of hitting the market. If these trends continue, it could further indicate an overall increase in values as we enter the busy summer selling season – stay tuned.
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