Monthly Market Update for April 2014

Jackson Hole, WY

Summary – March 2014:

• 35 :: Total residential sale transactions (up 25% from last month’s 27)
• $27,000,000 :: Total residential sales volume reported to MLS (up $7 million from last month)
• $847,000::  Average sales price of reported sales (down $100,000 from last month)
• 96% ::  Ratio of sales price to list price (up significantly from last month’s 93%)
• 190 ::  Average days on market prior to selling (down significantly from last month’s 457 days)

What it means: The month of March saw encouraging increases in both transactions and sales volume (see charts below). (Note: Every month, these statistics include all residential sales in Teton County with the exception of fractional sales.)  Two other statistics drastically changed this past month. Average days on market dropped significantly from the last several months to only 190 days vs. a high of 550 days just 2 months ago (see chart below). This is significant because it suggests that much of the old inventory has been absorbed over the past few months and that many of the properties selling recently are selling much more quickly. In March, the quickest sale occurred within 26 days of the property hitting the market. At the same time, the ratio of sales price to list price rose to 96%, meaning that buyers are paying closer to the asking price for properties. This increase could be explained by a lack of comparable inventory and/or more competition from other interested buyers, which can drive the prices up.

Please visit the Real Estate Market Report tab for the entire April Market Report.

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