The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Feb 2016:

• 19 :: Total residential sale transactions (lowest in past year)
• $34,688,000 :: Total residential sales volume (up slightly from last month)
• $1,825,000::  Average sales price of reported and unreported sales (up from last month)
• 94% ::  Ratio of sales price to list price (down from last several months)
• 194 ::  Average days on market prior to selling (down from last month)

What it means:  Even with the extra Leap Day, real estate sale transactions hit a new low in February with only 19 sales reported to the MLS.  Sales volume remained low, but was a slight improvement from January.   The average sales price rose in February thanks to a $10+ million sale in Indian Springs (see What Sold below). Interestingly, the ratio of sale price to listing price dropped down to 94% after several months of 95-96% illustrating that buyers purchased property at even more of a discount in February. In particular, only 1 of the 19 sales occurred at or very near to the listing prices (compare that to December, where 35% of all sales sold at, near, or above the listing price). While this could be evidence that Sellers are becoming more motivated, more likely I believe that many sellers are pricing their properties above market and then are willing to sell at a price closer to recent sale comps. For example, one home sale in Teton Pines was originally listed at $5.2 million, reduced to $4.3 million and finally sold last month for $3.85 million. Properties that sold in February were on the market for an average of 194 days and marked the first time this statistic has dipped below 200 days since Oct 2015. There were 5 properties (or 26% of all sales) that sold in under 3 months, while two different high end properties sold after 2 years on the market, including a Granite Ridge property that sold after 426 days on the market.

Click HERE to read the full Monthly Market Update for March 2016.

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.