Monthly Market Update for February 2014

Jackson Hole, WY

Summary – January 2014:

• 24 :: Total residential sale transactions (down again from last month’s 33)
• $18,000,000 :: Total residential sales volume reported to MLS (also down significantly from past months)
• $930,000::  Average sales price of reported sales (similar to last month)
• 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
• 550 ::  Average days on market prior to selling (up significantly from the last few months)

What it means: The New Year was off to a slow start, with only 24 residential sale transactions amounting to $18 million of reported sales volume in the month of January. Even if we include the 4 unreported sales, which could add roughly another $6.5 million to the sales volume totals, that number is still low compared to recent months (see chart below). Remember that December was also an unusually slow month with only 33 transactions for $28 million in sales volume. At first glance, these numbers may suggest that the market is slowing down or plateauing. I don’t believe that is the case as there are 52 properties in Teton County currently under contract for sale that should be closing in the next few months. A more plausible explanation for the past few slow months may be our current drought of inventory. For example, there is only ONE existing house for sale in Rafter J, only TWO 1-bdrm condos for sale in The Aspens and currently NO single family homes for sale in the Town of Jackson priced under $500,000.  Low inventory levels (a.k.a. supply) inevitably put upward pressure on prices as we see demand remain strong in Teton County. The result? Quick sales on well priced properties, especially homes located in these low supply sub-markets – many times with multiple offers on the property! With low inventory levels, we also see an absorption of the existing older inventory, some of which has been on the market a very long time. This month there were several sales of property that first hit the market 2, 3, and over 4 years ago!

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