Sales Volume drops significantly in November in Jackson Hole real estate market

The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

Summary – Nov 2015:

41 :: Total residential sale transactions (down for the second month)
$52,500,000 :: Total residential sales volume (a BIG drop from the last few months)
$1,280,000:: Average sales price of reported and unreported sales (down after many months near $2m)
96% :: Ratio of sales price to list price (consistent for past 7 months)
216 :: Average days on market prior to selling (up for second month in a row)

What it means: Real estate sale transactions dipped again in November after a busy Fall season. Sales volume dropped off significantly in November, representing only half of sales volumes seen this summer. The average sales price also decreased significantly, down nearly 35% from the averages of Aug-Sept-Oct. Properties are consistently selling, on average, at 96% of the current listing price. That being said there were several properties that sold this month for significantly less than their original listing price including a 2 bedroom home in Rafter J that sold for $50,000 less than the listing price, a Moosecreek townhome in Teton Village that sold at 90% of list price and a property at the base of Snow King, which sold for nearly $200,000 less than its original listing price. Properties that sold in November were, on average, on the market longer than sales in the previous 2 months. in particular, a unique distressed property (short sale) on Fish Creek Road finally sold after being on the market for over 2 years (pictured below). That being said, there were 12 properties that sold in November (29% of all sales) after less than 3 months on the market, including a 3 bedroom condo at Snow King with short term rental zoning, which had multiple offers in the first few days and sold for $15,000 OVER the listing price. Bottom line: Well priced properties continue to sell quickly, while aggressively priced properties sit on the market and/or eventually sell at deep discounts. This demonstrates that Buyers are ready to buy but are motivated by value and are not willing to over pay for a property.