The Colbert Real Estate Report
Monthly Market Update for December 2014
Jackson Hole, WY
Summary – Nov 2014:
- 30 :: Total residential sale transactions (down significantly from last month’s 56)
- $23,800,000 :: Total residential sales volume reported to MLS (only 1/3 of last month’s volume)
- $915,000:: Average sales price of reported sales (down again closer to typical average)
- 95% :: Ratio of sales price to list price (same as last month)
- 170 :: Average days on market prior to selling (down from last month’s 206)
What it means: After a very active summer and fall, this off season saw the real estate market cool off a bit. There were only 30 residential sale transactions in the month of November, one of the slowest month’s in the past year (see chart below). Sales volume also dropped significantly, down from $73 million in October and $90 million in reported sales in September. There were 4 unreported sales in November, accounting for an estimated $18 million in additional sales volume, bringing the total sales volume in November to just under $41 million, which is this lowest total volume seen in the past 4 months. After high average sales prices of $2 million in September and $1.4 million in October, November saw the average sales price drop down to, well, average (see chart below). In November there were 10 condo sales under $500,000 (see “What Sold” below), which helped push the average sales price down this month. The sale price to list price ratio in November stayed at 95%, meaning that on average, buyers were getting a 5% discount to list price. However there were 3 properties that sold at quite a considerable discount including a house in Moran (sold at a 11% discount), a house south of Jackson (sold at a 15% discount) and a difficult building lot in Game Creek, which sold for 73% of the listing price. This suggests that, while we have seen listing prices increasing in the last several months (see Market Focus below), some Sellers are still very motivated to sell at market prices. Average days on market in November was the lowest seen in the past 2 years, probably a result of significantly lower inventory levels.
Click HERE to read the full Monthly Market Update for November.
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