The Colbert Real Estate Report
Monthly Market Update for February 2016
Jackson Hole, WY
Summary – Jan 2016:
- 21 :: Total residential sale transactions (lowest in past year)
- $32,690,000 :: Total residential sales volume (down again from last month)
- $1,560,000:: Average sales price of reported and unreported sales (down from last month)
- 95% :: Ratio of sales price to list price (same as last month)
- 225 :: Average days on market prior to selling (up slightly from last month)
What it means: Real estate sale transactions continued to decline in January, reaching a low not seen in the past several years! Sales volume also decreased again, representing the 3rd lowest levels seen in the past year. While January is typically a slow month for sales (Jan 2015 had only 22 sales), some evidence suggests that these sluggish levels of activity may stick around. The average sales price dipped to $1.5 million in January, after 3 of the last 4 months saw average prices up near $2 million mark. The ratio of sale price to listing price remained at 95% for the second month in a row suggesting that recently buyers are purchasing property at slightly more of a discount (on average). In January, only 2 properties sold within 1% of the listing price (compare that to December, where 35% of all sales sold at, near, or above the listing price). Properties that sold in January were on the market for an average of 225 days. In particular, there were 7 properties that sold after 6 months on the market and 4 that sold after being on the market for over a year. This could be a result of not much new inventory hitting the market, forcing buyers to focus on the existing, older inventory. There were several high-end sales in January, in which the sales prices were not disclosed to the MLS including a 10 acre estate perched above the Town of Kelly (listed for $7.5 million), a 6,000 sq foot house in Crescent H (listed for $7.9 million and pictured below) and a 6 bedroom home at the base of Jackson Hole Mountain Resort.
Click HERE to read the full Monthly Market Update for February 2016.
With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!
May I ask for your vote?
Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!
I very much appreciate your support!