2017 ends strong, with over $90 million in sales volume

The Colbert Real Estate Report

Monthly Market Update for January 2018

Jackson Hole, WY

Summary – December 2017:

  • 36 :: Total residential sale transactions
  • $93,356,000 :: Total residential sales volume 
  • $2,593,000::  Average sales price 
  • $1,410,000 :: Median sales price
  • 96% ::  Ratio of sales price to list price 
  • 280 ::  Average days on market prior to selling 
What it means:  After an unusually busy November, real estate sales dipped down in December, matching transaction levels seen last year at this time. December monthly sales volume was another story however, recording the highest total monthly volume of the year. In fact, the last time monthly sales volume numbers reached above $90 million was back in September 2015! The year definitely ended with a bang with several very large sales, including a 7,300 sq foot home on 35 acres in Crescent H Ranch (listed at $17 million) and a 10,000 sq foot estate in the exclusive Indian Springs neighborhood, which was listed for $12.5 million (both sales prices were undisclosed to the MLS). Additionally, several other high end homes sold in The Gill Addition, 3 Creek Ranch, Solitude and the Snake River Sporting Club. As a result, the average sales price jumped up to $2.6 million, the highest monthly average in recent history (with the one exception of Jan 2017, where a $50 million sale in Wilson pulled the average sales price up to $3.35 million). While averages can be affected by high outlier sales, the median sales price also jumped up significantly to over $1.4 million, as 14 properties sold for more than $2 million in December (nearly 40% of all sales). The average sales price to list price ratio ticked up to 96% after several months hovering at 95%. However, only 4 properties sold at, near or above their listing price, suggesting that many sellers became more motivated to make a deal before the end of the year. Over the past 6 months, the average days a property is exposed to the market before selling has averaged around 150 days. In December, the marketing time spiked to 280 days as much of the old inventory was cleared off the market. In fact, 10 of the properties were on the market for over a year before finally selling in December. 
 

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