Monthly Market Update for May 2014
Jackson Hole, WY
Summary – April 2014:
- 35 :: Total residential sale transactions (identical to last month)
- $29,000,000 :: Total residential sales volume reported to MLS (up $2 million from last month)
- $892,000:: Average sales price of reported sales (up slightly from last month’s $847k)
- 94% :: Ratio of sales price to list price (down significantly from last month’s 96%)
- 355 :: Average days on market prior to selling (up significantly from last month’s 190 days)
What it means: Most of April’s statistics were similar to March with 35 residential sale transactions and $29 million in total residential sales volume (see charts below) and an average sales price of $892,000. However two statistics fluctuated significantly from last month. Average Days on Market increased substantially from last’s month’s low of 190 days. This increase can be explained by several sales of older inventory including a lot in 3 Creek Ranch that was on the market for 2,635 days before selling! The sales price to listing price ratio dropped down to 94%, suggesting that buyers were purchasing, on average, at a 6% discount off the listing price (see chart below). Upon additional analysis, it appears that several buyers were able to secure a purchase at an even larger discount. In April, there were 5 properties that sold for less than 90% of the list price. This suggests that while some Sellers may be pricing aggressively, in some cases Buyers are not having to pay above market prices. If will be interesting to see if this trend can continue as we head into the spring/summer listing season.
Please visit the Real Estate Market Report tab for the entire May Market Report.
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