The Colbert Real Estate Report
Monthly Market Update for Nov 2016
Jackson Hole, WY
Summary – Oct 2016:
- 51 :: Total residential sale transactions (down but still strong)
- $87,505,000 :: Total residential sales volume (identical to Sept’s high)
- $1,716,000:: Average sales price of reported and unreported sales (continuing upward trend)
- 97% :: Ratio of sales price to list price (highest since April 2015)
- 169 :: Average days on market prior to selling (down from last month)
What it means: The Jackson Hole real estate market remains robust after a strong October in both property transactions and dollar volume. The high dollar volume seen in September continued into October with nearly $90 million in property sales. Transactions held strong after a busy summer selling season, charting over 50 sales in the month of October. While transaction levels have been increasing in the summer of 2016 (when compared to 2015), monthly sales volume has generally lagged behind 2015 (i.e. things are not selling for as much this year). However, over the past two months, the gap seems to be closing, with Oct 2016 posting numbers very similar to Oct 2015 (see charts below). Is this a new trend? Is the 2016 real estate market finally catching up to 2015 numbers? It will be interesting to see if sales remain strong for the remainder of the year – Stay tuned! The average sales price has been steadily increasing since July, reaching it’s highest level in the past 9 months in October. Note that we are still lagging October 2015, which saw an average sales price close to $2 million. After many consistent months (and a slight dip in September) the sale price to list price ratio increased to 97%, as Buyers were paying within 3% of list price for many properties last month. In fact, 11 properties (21.5% of sales) in October sold at, near or over the listing price, including a 4 bedroom home in need of many repairs down in Hoback River Ranches which sold for $50,000 OVER the listing price. The average number of days a property sits on the market before selling dropped in October, marking the third lowest level seen in the past year. Well priced properties continued to sell quickly in October with 19 sales occurring within 90 days of listing. Many of these quick sales occurred in the sub $1 million market, in neighborhoods like Indian Trails, Cottonwood Park, Rafter J and East Jackson, where quality inventory remains low. It is therefore very important for Buyers to be prepared to act quickly when they see a property that fits their needs. For buyers looking to purchase with financing, it’s helpful to start a discussion with a banker ahead of time in order to understand the types of loans available and determine a comfortable price range. (Please connect with me for a list of my preferred local lenders.)
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