Sales and dollar volume top in 2016, still lags 2015

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

Summary – Sept 2016:

  • 61 :: Total residential sale transactions (highest since Aug 2013)
  • $87,928,000 :: Total residential sales volume (highest since Oct 2015)
  • $1,441,000::  Average sales price of reported and unreported sales (highest in past 6 months)
  • 95% ::  Ratio of sales price to list price (down from average)
  • 195 ::  Average days on market prior to selling (highest in past 5 months)

What it means: After a very active August, both transactions and sales volume increased again in September reaching a new recent high in the Jackson Hole real estate market. There were 61 property sales in Teton County in September, the highest amount recorded in over 3 years! After doubling from July to August, monthly dollar volume climbed even higher, recording close to $90 million in sales in September, a level not seen since Oct 2015. While the 2016 market has been strong, overall it has fallen short of activity levels and volume seen in 2015. For example, since January 2016, there have been 328 sales in the Jackson Hole area compared with 356 transactions by this time last year. Further, 2016 year-to-date sales volume of $433,000,000 pales in comparison to the $557,000,000 in volume reached through September in 2015. Nine months into 2016, the data suggests we may have hit a “peak” in the Fall of 2015. That being said, the recent increasing trend of sales transactions may contribute to different results at year end. It will be interesting to see the sale/volume numbers for the fourth quarter of 2016 in the Jackson real estate market – stay tuned! The average sales price increased again in September reaching it’s highest level in the past 6 months, however it is still roughly 25% lower than the average sales price seen last September and October. The sale price to list price ratio dipped down below the typical level (96%) in September as buyers received a 5% discount to list price, on average. That being said, roughly 20% of properties still sold at, near or ABOVE the listing price, especially in the sub $700,000 price range (8 of 21 sales). The average number of days a property sits on the market before selling increased in September but still remained below 200 days for the 5th month in a row. Interestingly, while 18 properties sold within 90 days of listing (29% of all sales) many properties that sold in September had been on the market for quite some time. Twenty one properties (34% of all sales) had been on the market for over 6 months while 11 properties had been marked for over a year before finally selling in September. This suggests that many sellers didn’t want to spend another winter trying to sell their property. It’s important to note that as a buyer, now may be a good time to capitalize on many Sellers’ increasing motivation to sell their home before the snow flies. (Please connect me if you are interested in discussing some of these opportunities.) 

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