Monthly Market Update for March 2014
Jackson Hole, WY
Summary – February 2014:
- 27 :: Total residential sale transactions (up slightly from last month’s 24)
- $20,000,000 :: Total residential sales volume reported to MLS (similar to last month)
- $947,000:: Average sales price of reported sales (similar to last month)
- 93% :: Ratio of sales price to list price (down from last month’s 95%)
- 457 :: Average days on market prior to selling (down from last month’s high of 550 days)
What it means: The second month of 2014 was very similar to the first with only a slight increase in both transactions (27) and reported sales volume ($20 million). Every month I also like to note the estimated volume of undisclosed sales. Many times buyers and/or sellers choose not to report the sales price to the Multiple List Service (the source of data for my reports). In February, there was an estimated $12.5 million in unreported sales volume. When sales are not reported I multiply the last listing price by the average sale price to list price ratio for that month to come up with a reasonable estimate of sales prices. In the month of February, this ratio dipped down to 93%, meaning on average properties were selling for a 7% discount from the last listing price. Days on market dropped from last month’s high of 550; however 457 is still higher than average (see chart below). This can be explained from several properties selling after many years on the market as we continue to see old inventory being absorbed due to an overall lack of current/new inventory.
Please visit the Real Estate Market Report tab for the entire March Market Report.
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