The Colbert Real Estate Report
Monthly Market Update for Feb 2017
Jackson Hole, WY
Summary – Jan 2017:
- 23 :: Total residential sale transactions (lowest in 11 months)
- $77,095,000 :: Total residential sales volume (*without $50M sale = $27 million)
- $3,351,000:: Average sales price of reported and unreported sales (*without $50M sale = $1.24 million)
- 94% :: Ratio of sales price to list price (lower than average)
- 177 :: Average days on market prior to selling (3rd month of decline)
What it means: The New Year was not off to a very strong start in the Jackson Hole real estate market, with only 23 sales recorded in January. This is the lowest number of sale transactions since Jan & Feb of 2016, which suggests we may not see sales pick up until later this Spring. There was one VERY large sale in January that skews the monthly sales volume and average sales price numbers for this month. A unique 264 acre property with frontage and access to BOTH the Snake River and Fish Creek, was listed for $53 million in June 2016. While the final sales price was not disclosed in the MLS, an estimate is made using the average sales price to list price ratio for the month (94%), suggesting that this property may have sold somewhere just south of $50 million, easily the highest sale ever recorded in the Teton County MLS. Obviously a sale like that is not typical (even in our Jackson Hole market), where the last sale above $20 million occurred back in Aug 2015 (Home on 72 acres in the Bar BC listed for $25 million). Without this outlier sale this month, sales volume would have been $27 million (see chart below) and the average sales price would have been $1.24 million. These stats, in my opinion, paint a more accurate picture of the current real estate market. Without the $50 million transaction, January sales volume is the second lowest in the past year and the average sales price dips below $1.3 million for the first time since August 2016. Overall in January, properties were selling at a 6% discount to list price (lower than average), as many property owners sold at deep discounts in January (probably motivated by the additional months of winter ahead). Properties are selling more quickly than in past months, with the average property sitting on the market for just less than 6 months in January. Properties that are priced well and/or in high demand areas continue to sell quickly, with 6 properties (26% of all sales) selling in the first 3 months of listing. Five of these sales were for single family homes and/or townhomes in the Town of Jackson priced under $800,000. (Note: If you are searching in any of these submarkets (Town of Jackson, Properties priced under $1 million, etc.) please contact me so that I can be on the look out for these types of high demand properties before they officially hit the market.)
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