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Report: Summer sales sluggish but average sales price rises

By   /  August 12, 2010  /  2 Comments

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The most recent Jackson Hole Sotheby's Market Update reported fewer sales in July 2010 than during July 2009, the first time this year a month has underperformed compared to last year.

July marked the first month in 2010 with year-to-year sales below those in 2009. There were 18 real estate sales in Teton County in July for a total sales volume of $27.935 million, compared with 22 unit sales in July 2009 for $33.280 million, according to Teton County Multiple Listing Service.

That was the headline during a market update presented on Wednesday at the Jackson Hole Sotheby’s weekly office meeting. The entire 11-page report – which includes a closer look at average sales prices, year-to-date comparisons back to 2002, current national sales data and more – is available as a PDF via email upon request.

And with nearly two weeks already gone in August, closed transactions continue to be sparse with just five closings for an approximate sales volume of more than $5 million.

However, in the last 24 hours the Hotsheet is reporting two large under contracts – a home on the golf course at Teton Pines and a slopeside home in Teton Village – with list prices totaling more than $10 million. That makes five homes reported as under contract so far in August with list prices totaling more than $17 million!

Other highlights from the market update include:

  • July’s average sales price rose to $1.552 million from $1.513 in July 2009, an increase of 2.6 percent.  Year to date, residential average sales price increased 12 percent to $1.4 million; condos jumped 52 percent with single-family homes rising 14 percent.
  • During the last nine years, 2010 tracks most closely year to date with 2003 in terms of sales volume with $193.2 million in 2010 compared to $191.5 million in 2003. However, at this point in 2003 there had been 293 transactions compared to just 138 thus far in 2010.
  • Unit sales in July were down 18 percent from the same month last year and sales volume fell 16 percent.
  • There were seven sales higher than $1 million in July compared to nine in July 2009.
  • August 2010 sales will need to exceed 17 units and a total of $15.874 million to avoid a second consecutive year-to-year monthly slowdown.
  • Even though July was slower than its 2009 counterpart, year-to-date unit sales are up 70 percent and volume is up 69 percent compared to 2009.
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2 Comments

  1. […] Buyers will still have to come up with a down payment, qualify for a loan and most likely have to deal with the short sale process. These days, none of those things should be taken for granted. But for those willing to be both aggressive and patient, jumping from renting (or deed-restricted housing) to owning is once again starting to look good on paper. Please see my similar post on jhproperty.com, as well as last month’s piece on how the high end of the market has been, until recently, driving the Jackson Hole real estate market in 2010. […]

  2. […] month I wrote about how the high end of the Jackson Hole real estate market was where the action is, with above average sales of properties just below $2 million and above. […]

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