Monthly Market Update for November 2013

Jackson Hole, WY

Summary – October 2013:

57 :: Total residential sale transactions (very close to the high of 61 transactions in Aug)
$68,000,000 :: Total residential sales volume reported to MLS **
$1,300,000:: Average sales price of reported sales ** (up 33% from last month’s $833k)
96% :: Ratio of sales price to list price (up from last month’s 94%)
321 :: Average days on market prior to selling (similar to the last several months, higher than usual)

What it means: October sales numbers were close to this year’s high in number of transactions (Aug & May 61) and also came close to this year’s high in reported sales volume (Aug $79.5m). **In October there were 7 undisclosed sale prices on several very high end pieces of property including 293 acres with amazing Teton views along Spring Gulch Rd listed for a combined $29.6 million (pictured below), the Riva Ridge estate auction, which was last listed for $33 million, and an 8,000 sq foot log home off of Fish Creek Rd listed for $15 million (also pictured below). None of those sales prices (along with $8.4 million of other listings) were reported to the Multiple Listing Service (MLS). Since the majority of the data from this report is based on MLS data, the actual total sales volume could actually be closet to $150 million! If these sales prices were reported it would have also pushed the average sales price up higher than the $1.3 million, which on its own is already a higher than normal average. Needless to say there were several very high end sales in the month of October.