High demand for “entry-level” properties, with 25 sales under $1 million

The Colbert Real Estate Report

Monthly Market Update for June 2017

Jackson Hole, WY

Summary – May 2017:

  • 38 :: Total residential sale transactions (up after 4 slow months)
  • $32,560,000 :: Total residential sales volume (lower than usual)
  • $924,000::  Average sales price
  • $637,500 :: Median sales price
  • 97% ::  Ratio of sales price to list price (spike from last month)
  • 216 ::  Average days on market prior to selling (down again from last month)

What it means:  Real estate market activity picked up in May, with a 50% increase in sales transactions as we head into what should be a busy summer selling season. Despite the additional real estate sales however, overall dollar volume was down significantly as May saw an unusually high number of sales in the sub $1 million price range. As such, the average sales price was the lowest in almost two years (dropping below $1 million for only the second time in the past year). Median sales price is also an interesting statistic to analyze as many high end sales can easily influence the average sales price. In May, the median sales price was $637,500, again a result of the 25 sales recorded under the $1 million mark in May.  For the second month in a row, properties continued to sell close to the listing price (on average), with nearly 30% of all sales occurring at, near or above the listing price, suggesting a trend of strong sales prices as we head into summer.  Average marketing time continued to shorten, falling for a 4th month in a row (see chart below), with nearly 40% of all properties selling within 3 months of hitting the market. Both of these trends were most prevalent in the "entry level" market, where many high demand properties received multiple offers within days of hitting the market.  (Note: If you are searching for property in Teton County priced under $1 million, 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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