Monthly Market Update for December 2013

Jackson Hole, WY

Summary – December 2013:

• 33 :: Total residential sale transactions (down again from last month’s 46)
• $28,000,000 :: Total residential sales volume reported to MLS (also down significantly from past months)
• $900,000::  Average sales price of reported sales (down from last month’s $1.387m)
• 94% ::  Ratio of sales price to list price (up slightly from last month’s 93%)
• 185 ::  Average days on market prior to selling (down significantly from the last few months)

What it means: Usually, December is a very active month in the real estate market as many buyers and sellers try to close on properties before the end of the year. This was certainly NOT the case in December 2013, as we saw only 33 completed transactions, the least amount of sales since March 2013. Similarly, total sales volume was also lower than expected as only $28 million of property exchanged hands in December 2013. (Note: There were 2 undisclosed sale prices in Dec which could add another $4 million to total volume.) Compare that to $58 million in November and a high of nearly $80 million in August 2013. December’s average sales price ($900,000) dipped below the typical average of $1 million as many lower end condos and building sites sold (See “What Sold” section). In December, the sales price to list price ratio increased slightly and the average days on market dropped significantly (down to 185 from 370 in Nov) suggesting that many of the properties that sold in December were priced well and sold quickly. In fact, 67% of properties that sold in December were on the market less than 6 months before selling and 9 properties sold in under 90 days.

  Please visit the Monthly Market Update tab for the entire January / Year End 2013 Market Report.

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