Sales Volume and Transactions down in July in Jackson Hole

The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

Summary – July 2015:

33:: Total residential sale transactions (down again after May’s high)
$28,300,000 :: Total residential sales volume reported to MLS (down again from last month)
$944,000:: Average sales price of reported sales (down after several months of increases)
96% :: Ratio of sales price to list price (same as last few months)
158 :: Average days on market prior to selling (down for the 5th month in a row)

What it means: After a spike in May, transaction levels and sales volume dropped significantly in June and July appears to be following the same trend, dropping to pre-summer sales levels. Reported sales volume in July marked the lowest volume in the past 6 months. There were only 3 unreported sale prices in July and all were for properties priced under $550,000. This is interesting as most unreported sales are for very high end property sales. (These buyers may have received a great deal (or maybe feared they paid too much) and therefore didn’t want the real estate community to know the final sales price.) The average sales price declined in July after a spike in June ($1.3 million) and dipped below the $1 million mark for only the second time in 2015. The average days a property is on the market before closing continues to decline (5th month in a row), and now represents the second lowest number of days in the past year. Well priced properties continue to go under contract very quickly, many times within a day of being listed in the MLS. In particular, in the month of July nearly 50% of all sales occurred within 90 days of being listed. While many sellers are listing their properties very aggressively given past comps, we saw several price reductions in July, suggesting that some Sellers may be feeling pressured from the well priced properties that are going under contract quickly.