The Colbert Real Estate Report
Monthly Market Update for March 2017
Jackson Hole, WY
Summary – Feb 2017:
- 25 :: Total residential sale transactions (up slightly from low last month)
- $34,037,000 :: Total residential sales volume (down after strong year-end)
- $1,361,000:: Average sales price of reported and unreported sales
- 96% :: Ratio of sales price to list price (back to levels seen last summer)
- 264 :: Average days on market prior to selling (highest in past several years)
What it means: Real estate transactions in the Jackson Hole market crept along in February, marking another month with less than one sale per day. This slow start to the New Year is similar to Jan & Feb of 2016, which suggests we may not see sales pick up until May or June this year. After January’s high sales volume (which was skewed by one VERY large sale), sales volume in February returned to levels typical of this time of year. Looking back to 2016, it wasn’t until June before we saw sales volume top $50 million (see chart below). Similarly, the average sales price dropped back down to typical levels after last month’s atypically high sale. In February we did see an uptick in the sales price to list price ratio, as properties sold for 96% of the listing price (on average). Considering there were only 2 properties that sold at, near or above the listing price (including an Aspen condo which sold for $40,000 OVER the listing price), many properties sold at a stronger price than in months past (see chart below). Looking back to the spring/summer of 2016, we saw similar sales to list price ratios, suggesting we may be reaching that trend a bit early this year. The average days on market spiked in February, recording the highest level in the past several years, as quite a bit of older inventory was cleared out in February. Six different properties sold after sitting on the market for over a year including a tri-plex in East Jackson, higher end houses in Teton Pines and John Dodge and a 79 acre ranch off of Spring Gulch Road, which sold after nearly 2 years on the market.
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