What happened in February?
After a solid January (with 38 sales and $82 million in dollar volume), sales dipped in February, with just 26 transactions, the lowest monthly sales since March 2018. Despite the lower sales, the price point of those sales actually increased, resulting in nearly $60 million in volume. The average sales price ticked up $170,000 to just under $2.3 million, while the median sales price jumped up $300,000 from January, the second large monthly increase in a row. Seven properties sold above $3 million, now the 11thconsecutive month where we’ve seen at least 5 sales in this high-end segment. Conversely, there were only 9 sales in February under the $1 million mark. The majority (38%) of sales occurred between $1-3 million. Interestingly, at least 1/3 or more of all sales have occurred in this price range for the last 10 months, suggesting this is the new mid-point of the market. The sales price to list price ratio bounced back to 96% in February after dipping to 95% in January for the first time in over a year. The average time to sell a house in Jackson Hole was just under 6 months, a stat that has been consistent for the past 3 months. However, 42% of the sales in February closed in under 3 months of listing, as demand remains strong for well-priced properties. Townhome and condo sales represented half of all sales in February, the highest monthly percentage seen since June 2017. Several condos sold in Teton Village in February, not a surprise as many visitors flocked to the area for the record setting snow fall.