Sale Prices remain strong despite low sales, volume

The Colbert Real Estate Report

Monthly Market Update for Nov 2017

Jackson Hole, WY

Summary – Oct 2017:

  • 37 :: Total residential sale transactions
  • $56,333,000 :: Total residential sales volume 
  • $1,523,000::  Average sales price 
  • $900,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 147 ::  Average days on market prior to selling 

What it means: Real estate sales continued to decline in October, with 37 total transactions, the lowest number of sales since April 2017. With the busy selling season over, we should expect to see this slowing trend continue into the winter. Compared to this time last year (Oct 2016 saw 57 sales for $87 million), sales and volume are down significantly, most likely a result of lower inventory levels. Despite sales volume declining, the average sales price actually increased slightly in October (to over $1.5 million) as the prices of homes remain very strong. Ten properties sold for over $2 million in October (which pulled up the average sales price), however the median sales price last month was slightly below average, as several “entry level” properties also sold (18 sales under $750,000, 8 sales under $500,000). The overall sales price to list price ratio continues to hover around 95%, meaning buyers are purchasing homes for a 5% average discount. However, properties are selling even more quickly as available quality inventory declines. In October, 18 sales (nearly 50%) sold within 90 days of listing, with many fetching multiple offers in the first few days of hitting the market. Fast selling properties included condos in Town and The Aspens, townhomes in Town, a high-end home in Wilson and a $6+ million home in John Dodge.  October also saw several sales down in the Snake River Sporting Club, including several of the new Fairway Lodges, which are zoned for short term rentals (only a few remain). 


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