Transactions/Sales Volume – What Sold?
Average Sales Price
Total Sales Volume
Overall real estate sales were down slightly in Q1 2019, recording 6 fewer sales than Q1 2018. While January and March 2019 saw a high level of sale activity, an unusually slow February, when only 26 properties sold, pulled down the total transactions for the quarter. Despite slightly fewer sales this year, overall dollar volume actually increased 50% from Q1 2018, jumping from $132 million last year to nearly $200 million this quarter.
You’ll recall that 2018 was an explosive year in the Jackson Hole Real Estate market. Well, it seems that the trend has continued into the start of 2019. The average sales price in Q1 2019 was up a staggering 60% compared to this time last year, strongly outpacing average sale prices in each month of the first quarter. Sometimes high-end sales can skew average sales prices, however the median sales price for Q1 2019 was also up significantly each month so far this year, in some cases double the average median sales prices seen in the first several months of 2018.
In analyzing transactions by price point, the “hot spot” of the first quarter was homes in the $1-3M price range, accounting for 40% of all sales. While sales in the $500,000 - $1,000,000 range started out the year strong with 10 sales in January, activity slowed after that, with only 11 sales occurring in the next two months combined.
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New Listings – What’s New?
AvERAGE LIST PRICE
LIST PRICE Volume
New Listings were up 15% in Q1 2019 compared to this time last year, as 113 new properties hit the market so far this year. Sellers, perhaps motivated by the hot market in 2018, were encouraged to list their homes at the start of 2019, with nearly half of the quarterly listings (55) coming onto the market in January, usually a slow month for new listings. The dollar volume of new listings was also up 23%, increasing from $174 million in Q1 2018 to $213 million in Q1 2019. January was again the busy month, accounting for 56% of the new dollar volume of the first quarter. The average listing price increased from $1.775 million in Q1 2018, to just under $1.9M this year, in part thanks to a strong January where the new listing average hit $2,176,000. The median list price fluctuated in the first quarter of 2019, reaching $1.12M in January, dropping to below $1 million in February and then spiking up to over $1.3M in most recently in March.
In breaking down the price point of these new listings, the “hot spot” of the first quarter was new listings in the $500,000 - $1M range, accounting for nearly 30% of all new listings in the first quarter. While this is welcomed news for local buyers faced with limited inventory, the market remains competitive in this price point, with more than half of the 32 new listings already sold or under contract. After starting out the year strong, with 11 new listings over $3 million in January, high-end listings slowed as only 8 hit the market in February and March.