2019: June Market Report

What happened in June?

What Sold

Real estate sales in Jackson Hole actually dipped in June, down to 36 transactions (after 41 sales occurred in May). Sales volume also dropped, totaling roughly $50 million in June (down from $59 million in May). Otherwise, the start of the busy summer selling season (May and June) were quite similar, with an average sales price hovering right around $1.4 million and a median sales price just under $900,000. The average days on market and sale price ratio were also identical between May and June, with properties selling, on average, at 96% of their listing price in just under 180 days. However, what made June unique was that nearly 1/3 of the closed sales occurred at or ABOVE their listing price, illustrating the continued competitiveness of the Jackson market. While the majority of sales in June occurred in the $1-3 million range, there were 10 sales under $500,000, including five condos in the Virginian Village and Ponderosa Village developments, seemingly a hot segment right now with many of these condos selling at or above the listing prices. Two-thirds of all sales in June were for single family homes, an increase from a trend seen over the last few months.

Real Estate Transactions

$50,963,867

Total Sales Volume

179

Average Days on Market

$869,500

MEDIAN SALES PRICE

56%

Single Family Home Sales

53%

of property sales under $1,000,000

5

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.

New Listings

Over 100 new listings hit the market in June for the second month in the row as the busy summer selling season continues in Jackson Hole. While June and May were similar in their number of new listings, their volume certainly was not. June saw nearly $440 million in listing volume, approximately double the volume seen in May for a similar number of listings. One particular new listing certainly tipped the scales - a 7 parcel assemblage totaling nearly 300 acres along the Snake River, listed for a cool $80 million. However, even without that listing, June 2019 had by far the highest monthly listing volume seen since I began tracking volume in June 2015. As expected, the average listing price jumped up in June to just over $4 million, however the median listing price was up as well, reaching $1,845,000. To put that in perspective, compare it to the busy summer selling season of 2018, when median list prices were in the $1.6 million range. In addition to the $80 million listing, there were four other new listings in excess of $15 million including two homes in Fairway Estates north of town, a home in Teal Trace in Wilson and a large ski chalet in Teton Village at the base of Jackson Hole Mountain Resort. The influx of luxury listings didn't stop there, with 9 additional listings priced over $5 million entering the market last month. While June saw a similar number of listings coming online in the local's market ($500,000 to $1,000,000), only 2 new property options came on under $500,000 (compared to 11 in May).

New Listings

$439,163,000

New Listing Volume

17

Vacant Lot Listings

$4,222,721

Average List Price

$1,845,000

MEDIAN LIST PRICE

75%

over $1M Price Point

2

Listings under $500k

Stay a step ahead in Jackson's competitive market

We are right in the middle of the busy summer selling season with new listings hitting the market every day, many selling quickly even before they officially hit the MLS. If you are interested in particular location or type of property, please make sure I know about it so you can stay ahead of the market. 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.