2018: Q3 Market Update & Review

New Listings – What’s New?

$3,357,072

AvERAGE LIST PRICE

NEW LISTINGS

$678,113,000

LIST PRICE Volume

Market Analysis

The 2018 summer listing season was explosive, with over 200 new listings hitting the market in the third quarter totaling a staggering $678 million in dollar volume. While the total number of new listings was very similar to Q3 2017 (200 sales), the overall dollar volume was another story, coming in $222 million higher than Q3 2017, an increase of nearly 50%! As one can imagine, the average listing price increased significantly from $2.2 million in Q3 2017 to $3.3 million in this past third quarter. Interestingly, while the median listing price this year outpaced the median listing price in July and August last year, the reverse can be said for September. The median listing price in Sept 2017 was close to $2 million, however this September saw many new listings under $1 million which pulled the median listing price closer to $1 million. It will be interesting to track whether the drastic increase in listing prices translates to a similar increase in sales volume in the remainder of 2018 – stay tuned!

THINKING ABOUT SELLING?

Contact Katie for information about your home and its current market value.

Transactions/Sales Volume – What Sold?

Both real estate transaction levels and overall sales volume are both up from this time last year. Transactions increased 11% from Q3 in 2017, with nearly 150 sales in the Jackson Hole market over the past 3 months. However, overall dollar volume was up nearly 50% compared to this time last year, with nearly $275 million in sales (vs. $183 million in Q3 2017). As a result, the average sales price also increased from $1.397 million to $1.867 million in Q3 2018. The median sales price (many times a more indicative metric) was also up, increasing from just over $1 million last year to $1.23 million in the third quarter. In looking at the price point breakdown from Q3 last year and this year, it’s apparent that the additional real estate sales occurred in both the $1-3 million segment and the over $3 million segment, which saw twice as many sales in Q3 this year. The type of properties selling also shifted quite a bit from Q3 2017, when 34% of all sales were for single family homes. In the 3rd quarter of 2018, half of all sales were for single family homes. Conversely, condo and townhome sales, which represented 50% of sales in Q3 2017, accounted for less than 35% of sales in Q3 2018.

$1,233,542

Average Median Sales Price

TRANSACTIONS

$274,099,401

Total Sales Volume

Market Analysis

Both real estate transaction levels and overall sales volume are both up from this time last year. Transactions increased 11% from Q3 in 2017, with nearly 150 sales in the Jackson Hole market over the past 3 months. However, overall dollar volume was up nearly 50% compared to this time last year, with nearly $275 million in sales (vs. $183 million in Q3 2017). As a result, the average sales price also increased from $1.397 million to $1.867 million in Q3 2018. The median sales price (many times a more indicative metric) was also up, increasing from just over $1 million last year to $1.23 million in the third quarter. In looking at the price point breakdown from Q3 last year and this year, it’s apparent that the additional real estate sales occurred in both the $1-3 million segment and the over $3 million segment, which saw twice as many sales in Q3 this year. The type of properties selling also shifted slightly as more single family homes were sold in Q3 2018, representing 56% of all sales in the third quarter this year, an increase of 10% from this time last year.

Want to know more?

Contact Katie to further discuss market stats and trends
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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