2019: Q2 in Review

Transactions/Sales Volume – What Sold?

$1,348,555

Average Sales Price

TRANSACTIONS

$148,341,025

Total Sales Volume

Market Analysis

Both real estate sales and overall dollar volume are down compared to the second quarter of 2018. After outpacing 2018 in April and May, recent low transactions in June 2019 resulted in an overall slight drop of 6 fewer sales in Q2 2019. Overall sales volume during the same period dropped 45% from Q2 2018, with each month in 2019 recording lower dollar volumes. However, the large quarterly drop was a result of a very strong April 2018, which saw $118 million in sales, the highest monthly volume in all of 2018. While the average monthly average sale price was dwarfed by April's high-dollar volume numbers, the other months in Q2 2019 also trailed monthly averages seen in Q2 2018. The median sales price was off each month as well, never exceeding $1,000,000 in the second quarter of 2019The majority of sales in the second quarter of this year were in the "local's market" range of $500,000 to $1,000,000, beneficial for local's looking to get into, and move up in, the Jackson Hole market. While there was a decline in quarterly property sales in the $1-3 million range in Q2 2019, there was a significant increase in high end sales, with twice as many sales occurring over $3 million in the second quarter of this year. Q2 2019 also saw a significant increase in sales under $500,000, no doubt thanks to the recently remodeled Virginian Village, which accounted for 15 of the 28 sales in the second quarter.

Want to know more?

Contact Katie to further discuss market stats and trends and how it affects Jackson Hole property values.

New Listings – What’s New?

$2,962,339

AvERAGE LIST PRICE

NEW LISTINGS

$728,735,500

LIST PRICE Volume

Market Analysis

New listing activity was up in the second quarter of 2019, with 27 more properties hitting the market than in the second quarter of 2018. After a slow start in April 2019, new inventory levels exploded with over 100 new properties coming onto the market in both May and June of this year. The dollar volume of this new inventory was slightly down in April and May (compared to Q2 2018), however June saw $259 million more volume (and 32 more listings) than June 2018. As a result, the average listing price was up in the second quarter of 2019, reaching $2.9 million (vs. $2.3 million in Q2 2018), no doubt helped by the slew of high-end listings in June. Lot listings remained strong, again representing 24% of all new inventory hitting the market in the second quarter. Perhaps mirroring the "greening of the grass" in Jackson Hole, new listings in the $1-3 million range continued to grow each month through the second quarter with nearly 50 new listings coming on the market in June. It appears many high-end homeowners were also waiting for the flowers to bloom with over 50 new listings over $3 million entering the market in May and June 2019. 

THINKING ABOUT SELLING?

Contact Katie to discuss how to best position your home for sale in the current summer market.
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.