2019: April Market Report

What happened in April?

What Sold

Real estate transactions increased slightly from last month (30 sales) and are tracking slightly higher than this same time last year (29 sales in Apr 2018). However, overall sales volume in Jackson Hole dropped significantly, down $20 million from last month, recording the lowest monthly volume since March 2018. As a result, the average monthly sales price ($1,143,000) also reached its lowest level in the last year. Likewise, the median monthly sales price ($785,000) was the lowest seen since June 2017 and only the 3rd time in the past year it has dipped below $1 million. The average days on market dropped 120 days, as half of all properties sold in April were on the market less than 3 months before closing.  Properties sold, on average, at 96% of list price in April, despite the fact that only 5 of the 33 properties sold at or above listing price, illustrating the strong buyer demand across the market. As suggested by the low sales volume and low average sales price, a large majority (69%) of the property sales occurred under $1 million in April, including 6 sales of remodeled Virginian Village condos in Town, selling between $303,000 - $417,000. After a yearlong stretch with at least 5 high-end ($3M+) property sales per month, only one sale occurred in this segment in April (a 4,500 sq ft home in 3 Creek Ranch, listed for $3.7 million.) While usually representing over half of all monthly sales, single family home sales slowed in April, with only 7 transactions (21% of all sales). On the other hand, 10 land sales occurred in April, the highest monthly tally since Nov 2017. These lot sales represented every corner of the Valley including Bar B Bar, Solitude and JH Golf & Tennis up north, lots in Town, the Westbank and 3 Creek Ranch and 3 contiguous lot sales in Riverview Ranch, a newly platted subdivision south of Wilson.

Real Estate Transactions

$37,730,289

Total Sales Volume

120

Average Days on Market

$785,000

MEDIAN SALES PRICE

48%

Townhome/Condo Sales

30%

of property sales under $500,000

1

TRANSACTION OVER $3M

Thinking of Selling?

Is now the right time to sell? 2018 was an explosive year in the Jackson Hole real estate market and Q1 stats suggests those trends are continuing. Contact me for a opinion of your property's value in this competitive seller's market.

New Listings

We are on the front end of the busy spring/summer listing season here in Jackson Hole, as we see more and more properties coming to market each month, including 41 new listings in April. The overall dollar volume of these new April listings totaled $65 million, equating to an average listing price of just under $1.6 million, a slight dip from last month, but a number much lower than monthly averages typically seen in the past year. The median list price also dropped in April, down more than $200,000 from March 2019. While new listings in April were equally split between over/under $1 million, 17 of those new listings occurred in the $500,000 - $1,000,000 segment -- including townhomes in Town, The Aspens and Teton Village, and one single family home in Porcupine Creek, listed for $949,000. This comes as good news for local buyers, who have been frustrated with consistently low inventory levels in this segment. Demand remains strong and competition is high however, as over a third of April listings are already under contract.

New Listings

$64,900,500

New Listing Volume

33

Residential Listings

$1,582,939

Average List Price

$1,100,000

MEDIAN LIST PRICE

7%

under $500K Price Point

4

Listings over $3M

Stay a step ahead in Jackson's competitive market

If you are interested in particular location or type of property, please make sure I know about it so you don't miss out on any soon-to-be-listed and/or off market property options.
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.