Contrary to what some national forecasts are predicting, the Jackson Hole real estate market is not slowing down! Real estate sales increased again, recording 57 sales in September, the highest monthly total since August 2018. Dollar volume topped $100 million for the second month in a row, crossing that threshold for only the second time in 2019. The average sales price dropped to just under $1.8 million while the median sale price also dropped down to $1.1 million after spiking at $1.326 million in August. While it appears properties were selling for a little bit less in September, they were selling very quickly. The average days on market was the lowest monthly average (111 days) since I began tracking this statistic 6 years ago. Properties may be selling faster as sellers motivation increases as we approach winter and year-end. On average, properties sold at a 5% discount to listing price, with only 9 properties selling at or above their listing price in September. After spiking in August, single-family home sales represented just under half of all sales in September. Townhome and condo sales increased last month representing nearly 40% of all sales. Land sales remained steady with 8 lot sales occurring in September. The majority of sales last month happened in the $1-3 million price point. However, September also saw 22 sales in the $500,000 – $1,000,000 range (the local’s market”), accounting for nearly 40% all sales. The high and low end remained consistent in September representing 5% and 11% of all sales respectively.

Real Estate Sales jumped in July with nearly 50 transactions occurring, the highest monthly total since October 2018. While more properties sold in July, they were also selling for higher prices, as total dollar volume jumped up to $84 million – the highest monthly dollar volume seen in all of 2019. As a result, the average sales price increased to over $1.7 million in July, after two months hovering right around $1.4 million. After spending the last three months below the $900,000 mark, the median sales price crept up to just over $1 million in July, indicating that prices were up across the board not just in the high-end. The average days on market drop significantly to 129 (after 2 months right below 180 days). Not only were homes selling more quickly in July, they were also selling closer to listing price. The sale to list price ratio reached 97% (the first time this year) as a whopping 18 properties sold at or above their list price!  Townhome and condo sales were hot in the hottest month of the year, representing nearly 50% of all sales and including 3 Ponderosa Village condos and several townhomes in West Jackson. As a result the $500,000 to $1 million price point saw a bump, accounting for 37% of all sales. However, the luxury market was still well represented with 8 sales over $3 million including 2 newly built Caddis homes in the Snake River Sporting Club.