2019: May Market Report

What happened in May?

What Sold

Sale transactions increased in May, recording 41 transactions, the highest monthly level so far in 2019. Dollar volume increased from April but was in line with previous months this year, suggesting that while more sales occurred in May, they were at lower price points. In fact, two thirds of May sales were under $1 million, with nearly 20 sales in the $500,000-$1,000,000 price point (commonly referred to as the "local's market"). While a few high sales pulled the average sales price up towards $1.5 million, the median sales price remained under $1 million for the second month in a row. The majority of May sales were for condos/townhomes, including several in the newly remodeled Virginian Village complex in town. The average days on market increased in May, in part thanks to 4 vacant lots that finally sold after 1-2 years on the market. The sale price to list price ratio held strong at 96% as many properties sold close to their listing prices. There were 9 sales that occurred at or above full listing price, illustrating high demand and tough competition for desirable properties that are priced in line with the market.

Real Estate Transactions

$59,646,869

Total Sales Volume

176

Average Days on Market

$839,000

MEDIAN SALES PRICE

61%

Townhome/Condo Sales

66%

of property sales under $1,000,000

6

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

Listing activity exploded in May with over 100 new listings hitting the market last month. New listings in May of this year exceeded all of the busy summer months of 2018. In fact, the last time we saw over 100 new listings in a single month was back in July 2017. May's new listings totaled nearly $225 million, a  monthly dollar volume not seen since August 2018. Of the 101 new listings in May, 35 of them were for vacant land, an activity level not matched since May of 2014. These available building sites covered the entire Valley from Solitude down to the Snake River Sporting Club, Ranging in price from $345,000 - $16,000,000. The average listing price of May's new inventory is $2.2 million, the highest monthly average we've seen so far this year. The median sales price also increased in May, up to just under $1.3 million. The majority (40%) of new listings in May were in the $1-3 million price range. Twenty-two new listings entered the market priced above $3 million, including homes in Granite Ridge and Shooting Star out at Teton Village and two lots in the newly-created Seven Springs subdivision along the Snake River on the Westbank. On the other end of the spectrum, only 10% of the new inventory was under the $500,000 mark and included 1-2 bedroom condos in Ponderosa Village and Virginia Village in the Town of Jackson. Nearly 1/4 of May's new listings are already under contract or closed, signaling a strong start to what should be a very busy summer selling season.

New Listings

$224,672,000

New Listing Volume

35

Vacant Lot Listings

$2,224,475

Average List Price

$1,295,000

MEDIAN LIST PRICE

22%

over $3M Price Point

11

Listings under $500k

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.