What happened in December?
Identical to November, 31 new listings hit the Jackson Hole market in December, the lowest levels seen since the early months of 2018. However, the overall dollar volume of the new December listing topped $100 million for the first time in the 4th quarter. Helped by several high-end listings in Ely Springs ($17.8m), Bar-B-Bar ($8.75m) and Ellen Creek in Teton Village ($8.5m), the average listing price was nearly $3.3 million in December. The median listing price was just under $2 million, the highest value seen in all of 2018. Only one new lot listing came onto the market in December (not unusual for this snowy time of year) – a 0.39 acre lot on Karns Hillside, listed for $950,000. Of the 31 new listings, 77% were listed above $1 million, with 12 new listings priced over $3 million.
Thinking of Selling?
In December, more than 3 out of 4 new listings were priced over $1 million. Inventory for the sub million market remains low, with continued high demand. If you are thinking of selling this spring, why wait? Contact me for a opinion of your property's market value.
2018 ended somewhat quietly in the Jackson Hole real estate world. Down from 45 sales in November, December recorded only 32 sales, the lowest monthly total since April 2018. Sales volume was also down, reaching just over $66 million, the lowest volume seen since March 2018. While the average sales price was just above $2 million, the median sales price (a more accurate indication of “middle of the road” values) came in just above $1 million in December, a steady trend seen throughout the 4thquarter. After spiking to 98% in November, the sales price to list price ratio dropped back down to 96% in December, below the average of 97% seen through much of 2018. Only 4 properties sold at or above the listing price, as more sellers appeared willing to negotiate with the year-end approaching. The average days on market increased slightly to 177 days in December, just above the annual average of 153 days. In December, 3 of the new Town Square Condos (atop the new Marriott hotel) closed. After first coming onto the market in October of 2016, 4 of the 9 units are now sold.