2018: October – What Sold?

What happened in October?

What Sold

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.

Real Estate Transactions

$91,639,359

Total Sales Volume

125

Average Days on Market

$1,049,000

MEDIAN SALES PRICE

$1,729,045

Average Sales Price

9%

of property sales were under $500,000

25

TRANSACTIONS UNDER $1M

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If you are interested in particular location or type of property, please make sure I know about it so I can be on the lookout for soon-to-be-listed and/or off market properties as well.
Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

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