2018: Q4 in Review

Transactions/Sales Volume – What Sold?

$1,993,477

Average Sales Price

TRANSACTIONS

$259,152,032

Total Sales Volume

Market Analysis

Real estate transactions were up slightly in Q4 2018, recording 130 sales (vs. 123 in Q4 2017). In comparing month over month, even though 2018 saw a lower number of sales in both November and December, the 53 sales in October 2018 helped the 4th quarter overall. Sales volume in Q4 2018 was up 20% compared to Q4 2017, recording $260 million in sales. Even though 2018 ended quietlysales volume significantly exceeded volume in both October and November of 2017. The average sales price of Q4 2018 was just over $2 million, up 10% from Q4 2017, when the average sales price was $1.82 million. However, the median sales price was nearly identical between the fourth quarters of 2017 and 2018, suggesting that while the high end prices are getting higher, the remainder of the market values remained steady. The majority (37%) of sales in Q4 2018 occurred in the $1-3 million price point, helped by 25 new listings in this price segment in October alone. In Q4 2018, 46% of sales were for single family homes, with only 15% of sales representing vacant land (not surprising given the time of year).

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New Listings – What’s New?

$2,308,273

AvERAGE LIST PRICE

NEW LISTINGS

$249,293,500

LIST PRICE Volume

Market Analysis

New listing activity increased significantly from Q4 2017, with 108 new properties hitting the market in Oct/Nov/Dec 2018. New listings in 2018 outperformed 2017 in each month, resulting in an overall 37% increase in new listings in Q4 2018. Even more dramatic, the dollar volume of the new listings in Q4 2018 exceeded the volume in Q4 2017 by nearly $100 million, a staggering increase of 64%! New listing volume in 2018 significantly outperformed 2017 in every month including October, where sales volume was 2x that of 2017. As you can imagine, the average sales price in Q4 2018 increased significantly as well, up to $2.385 million from $1.97 million in Q4 2017. The median listing price fluctuated throughout the 4th quarter of 2018, following a similar trend to Q4 2017, with the exception of Dec 2018, which saw a median list price of nearly $2 million, the highest monthly median since Sept 2017.

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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.