What happened in July?
Real Estate Sales jumped in July with nearly 50 transactions occurring, the highest monthly total since October 2018. While more properties sold in July, they were also selling for higher prices, as total dollar volume jumped up to $84 million - the highest monthly dollar volume seen in all of 2019. As a result, the average sales price increased to over $1.7 million in July, after two months hovering right around $1.4 million. After spending the last three months below the $900,000 mark, the median sales price crept up to just over $1 million in July, indicating that prices were up across the board not just in the high-end. The average days on market drop significantly to 129 (after 2 months right below 180 days). Not only were homes selling more quickly in July, they were also selling closer to listing price. The sale to list price ratio reached 97% (the first time this year) as a whopping 18 properties sold at or above their list price! Townhome and condo sales were hot in the hottest month of the year, representing nearly 50% of all sales and including 3 Ponderosa Village condos and several townhomes in West Jackson. As a result the $500,000 to $1 million price point saw a bump, accounting for 37% of all sales. However, the luxury market was still well represented with 8 sales over $3 million including 2 newly built Caddis homes in the Snake River Sporting Club.
Real Estate Transactions
Total Sales Volume
Average Days on Market
MEDIAN SALES PRICE
of property sales under $1,000,000
TRANSACTION OVER $3M
Thinking of Selling?
Summer is in full swing, with many properties hitting the market every day. Is now the right time to list your property for sale? What should you be doing to get your home ready for sale? Contact me for a opinion of your property's value in the busy summer real estate market.
The busy summer selling season continues in Jackson Hole with 91 new listings hitting the market in July, bringing the new summer inventory total to nearly 300 over the last 3 months. While paling in comparison to a record-setting June, where 104 new listings hit the market totaling a staggering $439 million, July new listing volume was still strong at $320 million, more volume then we saw in May despite fewer listings. Another way to see this trend is to look at the average and median list prices throughout the past few months. May kicked off the summer selling season with a bang, June was record-setting, and July has leveled off a bit but remained very strong, ahead of May numbers (volume wise). New listings in the luxury segment continue to flood the market with 28 new July listings priced over $3 million, adding to the 52 luxury properties added to the market in May and June. Compare that to the under $500,000 market, where only 17 new listings came on the market during the past 3 months. The $1-3 million segment has seen the most new listings this summer, with 52 new properties hitting the market in July alone, and reaching a total of 140 throughout the past 3 months. This represents roughly half of all new inventory this summer. Twenty of July's new listings are already under contract as of August 12th, representing 22% of new monthly listings.