September sales fizzle as summer selling season ends

The Colbert Real Estate Report

Monthly Market Update for Oct 2017

Jackson Hole, WY

Summary – Sept 2017:

  • 40 :: Total residential sale transactions
  • $59,816,000 :: Total residential sales volume 
  • $1,495,000::  Average sales price 
  • $1,130,000 :: Median sales price
  • 95% ::  Ratio of sales price to list price 
  • 171 ::  Average days on market prior to selling 

What it means:  After plateauing in July and August, real estate sale transactions dipped in September, signaling the end of the busy summer selling season. September sales were significantly lower than in Sept 2016, which saw the highest monthly sales in all of 2016. Overall, summer sales in 2017 were lower than transactions recorded in the summer of 2016.  Similarly, dollar volume over the past several months was also lower than in 2016. Between June and Sept 2017 $226 million in sales occurred, $26 million LESS than the same time frame last year.  After hovering just under $1 million in May and June, the average sales price has increased over the last few months, reaching $1.5 million in September. The median sales price has also increased, jumping up to $1.33 million last month. While the overall sales price to list price ratio continues to hover around 95%, it appeared many sellers were willing to negotiate a bit in September with fewer properties selling at or above their respective listing prices.  We should see this trend continue as we enter the Fall, as many owners who hoped to sell this summer will become more and more motivated to sell.  After reaching a low in July and August, the average marketing time increased in September as listings that had been on the market for quite some time finally sold.  This trend was not market wide however: Of the 20 property sales under $1,000,000 in September, 14 sales (70%!) sold in under 3 months, suggesting that demand for this "entry level" local's market remains very strong.  

 

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