Transactions and sales decline in July after explosive June in Jackson Hole real estate market

The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

Summary – July 2016:

31 :: Total residential sale transactions (vs. 58 in June)
$29,125,000 :: Total residential sales volume (vs. $78 million in June)
$940,000:: Average sales price of reported and unreported sales (lowest in past year)
96% :: Ratio of sales price to list price (typical level)
133 :: Average days on market prior to selling (lowest in past 3+ years!)

What it means: The explosion of real estate activity we experienced in June proved to be more of an anomaly than signaling the start of a record breaking summer trend. After recording the highest transaction level in 3 years (58) and the highest sales volume in 2016 ($75 million) in June, the Jackson Hole real estate market eased off a bit in July with 31 sales totally less than $30 million in sales volume. Interestingly, last July was also lackluster with only 34 sales and $30 million in sales volume. It will be interesting to see if these next few months will mirror the sustained increase in activity seen in Aug/Sept/Oct of 2015 (see chart below). After increasing two months in a row, the average sales price dropped significantly in July, dipping below the $1 million mark for the first time since July 2015 ($902,000). The lower average sales price was driven by several sales in the $500,000 – $700,000 range (see “What Sold?” below). While the sale price to list price ratio held steady at 96%, over 1/4 of buyers paid at, near or ABOVE the listing price for properties in July, including a twinhome in Rafter J, which had multiple offers and sold for $20,000 OVER the listing price. This illustrates that there is still strong demand for well priced properties, especially in the sub $650,000 price range. After hitting a high of 225 days in January 2016, the average number of days a property sits on the market before selling took another dip, reaching a low not seen in the past 3+ years (since I began tracking this statistic). In fact, 50% of all sales in July sold within 90 days of hitting the market (!) – most likely a result of 10 year low inventory levels (see Mid Year Summary). Many buyers know the market well and are prepared to act quickly when they find a property that suits their needs. (Note: If you are searching for a particular property type/price range, please connect me so that I can alert you about well priced properties entering our market. You can also sign up for email updates for new listings in your price range.)