Sale Transactions & Dollar Volume increase in May, but still lag 2015 summer sale statistics

The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

Summary – May 2016:

33 :: Total residential sale transactions (highest in past 6 months)
$38,200,000 :: Total residential sales volume (jump from last month)
$1,160,000:: Average sales price of reported and unreported sales (up after a low last month)
96% :: Ratio of sales price to list price (back up to typical level)
173 :: Average days on market prior to selling (lowest in 8 months)

What it means: Both sale transactions and dollar volume jumped up in the month of May after a sluggish early spring. Dollar Volume increased 54% from April, while sale transactions in May were the highest in the past 6 months. This is great news as we enter the busy summer selling season, however these sale statistics are still lagging 2015 numbers. Compared to May 2015, both sales transactions AND dollar volume are down 42% (see chart below). It will be interesting to see if the entire summer selling season will lag 2015, or if we are simply off to a slower start this year. The average sales price increased slightly in May, but still remains low, dipping below $1.2 million for only the 3rd time in the past 12 months. The sale price to list price ratio stabilized at 96% after a low a few months ago. In May, 5 properties sold at or near the listing price, including two 3-bdrm condos in Hansen Meadows, selling at $410,000 and $440,000. The average number of days a property sits on the market before selling dropped significantly in May, marking the lowest level seen since last September, as 11 properties (or 33% of all sales) sold within 90 days of listing. There were also several properties that sold BEFORE even hitting the market or being entered into the Multiple List Service (MLS). (Note: If you are searching for a particular property type/price range, please contact me so that I can help identify additional properties for you that may not be officially listed in the MLS.)