2018: April Market Report

What happened in April?

The big headline of the April market report is that nearly 40% of all April sales occurred in the high end of the market. After a first quarter of 2018 that saw 60% of sales happen in the “locals” market (sub $1 million), there were 11 sales over $3 million last month, including 6 sales over $5 million and one sale close to $15 million (a newly completed 10,000+ sq ft estate in Dairy Ranches). As a result, the average sales price skyrocketed to over $4 million (the median sales price also increased significantly to $1.7 million). April sales volume topped $85 million, quite the strong number considering that the total sales volume for the first 3 months of the year was a combined $103 million.

The good news for local buyers is that new listings increased in April, with 36 new properties hitting the market – the most monthly listings since Sept 2017. The average listing price of these new listings was $1.8 million, however the median listing price was just under $1 million. The average days on market dropped to 159 days and the sale price to list price ratio increased to 96%. This ratio has been at or above 96% since the beginning of the year, illustrating that many properties are selling close to list price as demand remains strong.
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$2,134,609

Average List Price

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$115,268,900

LIST PRICE Volume

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$118,833,300

Total Sales Volume

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$4,097,700

Average Sales PRICE

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38%

of transactions sold over $3M

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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.