What happened in October?
While increasing slightly from September, the 46 new listings in October represent only half of the listing levels seen in the busy summer months. Despite the modest increase in the number of new listings, the overall dollar volume of those new listings ($84 million) dropped significantly from September ($148 million), representing only a quarter of the volume seen in the height of the summer. As a result, the average new listing price in October was also down significantly, dipping below $2 million for the first time since March 2018. These drops can be attributed to the fact that fewer high end listings (above $3 million) hit the market in October. After an average of 20 new high end listings hit the market each month this summer, there were 14 such listings in September and only 6 new listings priced over $3 million coming onto the market in October. Usually the homes with the highest price tags strategically put their homes on the market at opportune times to sell (i.e. the summer!). Despite a lower average, the median listing price actually increased in October, helped by a spike in listings in the $1-3 million range, where 25 new properties came onto the market.
Good time to be a Buyer
With the arrival of the "off-season" in Jackson Hole, some think the real estate market also slows down. However, Sellers motivation levels may be increasing with the pending arrival of winter and perhaps more importantly, year end. Contact me to discuss which properties represent potential for a great buy.
October saw a spike in real estate sales, recording 53 transactions – the second highest monthly transaction total in 2018. Overall sales volume increased at a similar rate, reaching just over $91 million in the month of October. While the average sales price remained similar to September, the median sales price dropped $400,000 (down 28%) to just above $1 million, as nearly 50% of all sales fell in the sub $1 million price point. The average days on market dropped to 125, the second lowest monthly average since I began tracking stats in 2013! To help reduce swings in this category, outliers having more than 1,000 marketing days are removed. Interestingly, there were 3 such outliers in October: Vacant lots in Solitude and Jackson Hole Golf & Tennis, and a unit in Hotel Terra, all sold in October after all being on the market nearly 2,000 days (that’s over 5 years!). After 6 straight months holding steady at 97%, the average sales to list price ratio dipped to 96%. However, there were still 11 properties that sold at or above listing price, meaning that many properties sold under 96% in October, suggesting owners’ added motivation to sell at the end of summer. Eight sales occurred in the high end market, with 3 properties selling over $6 million in the Willowbrook, Woodside and Indian Springs neighborhoods.