What happened in October?
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.