2019: September Market Report

What happened in September?

What Sold

Contrary to what some national forecasts are predicting, the Jackson Hole real estate market is not slowing down! Real estate sales increased again, recording 57 sales in September, the highest monthly total since August 2018. Dollar volume topped $100 million for the second month in a row, crossing that threshold for only the second time in 2019. The average sales price dropped to just under $1.8 million while the median sale price also dropped down to $1.1 million after spiking at $1.326 million in August. While it appears properties were selling for a little bit less in September, they were selling very quickly. The average days on market was the lowest monthly average (111 days) since I began tracking this statistic 6 years ago. Properties may be selling faster as sellers motivation increases as we approach winter and year-end. On average, properties sold at a 5% discount to listing price, with only 9 properties selling at or above their listing price in September. After spiking in August, single-family home sales represented just under half of all sales in September. Townhome and condo sales increased last month representing nearly 40% of all sales. Land sales remained steady with 8 lot sales occurring in September. The majority of sales last month happened in the $1-3 million price point. However, September also saw 22 sales in the $500,000 - $1,000,000 range (the local's market"), accounting for nearly 40% all sales. The high and low end remained consistent in September representing 5% and 11% of all sales respectively.

Real Estate Transactions

$102,172,388

Total Sales Volume

111

Average Days on Market

$1,100,000

MEDIAN SALES PRICE

39%

Condo/Townhome Sales

44%

of property sales under $1M

3

TRANSACTION UNDER $500,000

Thinking of Selling?

Even though the "busy" summer selling season has come to an end, there are many buyers still focused on the Jackson real estate market. New inventory will dwindle as winter approaches. Contact me to learn how you can position your property for sale in the fall season.

New Listings

After averaging nearly 100 new listings for the previous four months, the busy listing season slowed a bit with only 63 new properties hitting the market in September. While it is lower than levels seen in May, June, July and August, September's new listings still outpaced typical winter / spring levels. The volume of all new listings last month was $92 million dollars, less than one-third of the monthly average of $300 million during the busy summer listing season. The average listing price dropped significantly down to $1.4 million from highs of $4.2 million seen in June 2019. The median listing price also dropped, down $470,000 to $1.125 million in September. The biggest change in the price breakdown was in the high-end ($3+ million). After seeing an average of 24 new listings a month in this price range, only 7 of these high end listings came on the market in September, including two Pine Glades Townhomes on Snow King (listed for $3.25 million and $3.95 million). The entry-level (under $500,000) increased slightly in September with 6 new listings including the last available Virginian Village condo at $327,500 and a deed restricted Town Creek townhome for $350,000. While new listings in the local's market ($500,000 - $1 million) remained consistent in September, the majority of new listings were in the $1-3 million range however still represented 20 fewer listings than seen in August.

New Listings

$92,172,500

New Listing Volume

14

Vacant Lot Listings

$1,463,056

Average List Price

$1,125,000

MEDIAN LIST PRICE

55%

over $1M Price Point

6

Listings under $500k

Fall is a Great Time to be a Buyer

As the summer comes to an end, many sellers' motivation increases in hopes of selling their property prior to winter's arrival. This presents great opportunities for buyers. Contact me to learn where I see the best fall deals this year.
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.