2019: August Market Report

What happened in August?

What Sold

Real Estate Sales were up in August in Jackson Hole, reaching 50 sales and recording the highest monthly total of the year. Overall Sales Volume was also up this past month, topping $100 million for the first time in 2019. Thanks to 7 high-end sales over $3 million in August (including a 13 acre private estate in Wilson- selling for just under $18 million), the average sale price surpassed $2 million for the first time in the past 6 months. The median sale price was also up, reaching $1,326,000 and illustrating that August prices were up across the board, not just in the high-end. Case in point, over half of August sales were in the $1-3 million range, a price point usually accounting for 20-35% of monthly sales. Only 3 sales occurred under $500,000, the lowest monthly level seen in 2019, representing only 6% of total sales. Single family homes dominated the sale sheet in August, representing 60% of all sales while the number of townhome sales dipped, accounting for less than a quarter of August sales. The average days on market increased slightly in August while the sale to list price ratio dropped back down to 96%, illustrating that properties selling in August sat on the market a little longer and sold for a little less that previous months, perhaps signalling a slowing of the fast paced appreciation seen in the early summer months.

Real Estate Transactions

$101,121,575

Total Sales Volume

150

Average Days on Market

$1,326,250

MEDIAN SALES PRICE

60%

Single Family Home Sales

66%

of property sales over $1M

3

TRANSACTION UNDER $500,000

Thinking of Selling?

There are still (hopefully!) a few months before the snow hits the Valley and buyers continue to watch the market carefully. While some segments have seen the market soften a bit, other segments remain in high demand. Contact me to learn if now is the right time for you to sell.

New Listings

The busy summer listing season continued through August with 93 new listings hitting the market last month. Since May, 389 new properties have entered the market. Quite a high number considering there were 494 total sales recorded in MLS in all of 2018. While the number of new listings was similar to July, the dollar volume of August listings was down over $100 million from July and equated to only half of the listing volume seen in June (with 101 new listings). As such the average listing price dropped to $2.345 million from $3.5 million in July, and down from a staggering $4.2 million back in June 2019. The median list price also dropped; down slightly in August to just under $1.6 million from a high of $1.85 million in June. Over half of the new listings in August were between $1-3 million dollars, also the hot spot for sales this past month. Since May, 188 new listings have entered the market in this price range, by far eclipsing the 63 summer sales in the same price point. Luxury new listings are still very active with 15 new homes coming onto the market above $3 million. Since May, nearly 100 properties have come on to the market in this high-end segment - an increase of nearly 20% over luxury listings during the same time in 2018. Inventory under $500,000 continues to shrink as just 4 new listings entered the market in August, making a total of 21 for the entire summer and representing just 5% of all new listings.

New Listings

$218,169,900

New Listing Volume

11

Vacant Lot Listings

$2,345,913

Average List Price

$1,595,000

MEDIAN LIST PRICE

70%

over $1M Price Point

4

Listings under $500k

Fall is a Great Time to be a Buyer

As the summer comes to an end, many sellers' motivation increases in hopes of selling their property prior to winter's arrival. This presents great opportunities for buyers. Contact me to learn where I see the best fall deals this year.
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.