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October extends trend: More units, less sales volume

By   /  November 14, 2011  /  No Comments

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This graph produced by Jackson Hole Sotheby's illustrates the trend in 2011 for increased unit sales and relatively flat sales volume.

Buyers continue to return to the Jackson Hole real estate market with a focus in 2011 on the low end. In October, for example, this was evident as unit sales (38) increased 31 percent year over year, while sales volume ($36 million) slipped 6 percent.

A report produced by Jackson Hole Sotheby’s summarizing 2011 sales through October quantifies the recent trend toward more transactions for lower sales prices resulting in relatively flat sales volume. Key points in the 37-page presentation include:

  • Year-to-date unit sales in 2011 through Q3 rose 30 percent while dollar volume declined 3 percent.
  • October was the ninth month in the last 10 in which average sales price has been lower than the previous year.
  • In September, unit sales increased 70 percent year over year while sales volume increased less than one percent.
  • Q3 2010 unit sales increased 33 percent compared to Q3 2011
  • Unit sales have increased during seven of the last eight quarters.
  • Average sales prices have been lower than the previous year’s month in eight of the last 10 months.
  • Condos are the leading property type with a 22 percent increase in sales volume through Q3 in 2011 compared to 2010, and a 46 percent increase in unit sales.
  • Sales below $1.5 million represent 80 percent of the units sold in 2011 compared to 72 percent in 2010 through Q3. Sales below $850,000 increased 49 percent.

    Three of the sales so far in November are in Town of Jackson, seen here from atop High School Butte. Picture was taken last week, prior to weekend snowstorms that have provided a welcome blanket of white.

Looking ahead, November sales are thus far considerably slower with just 7 reported as of today. Highlights include:

  • A 2-bed condo in Teton Village a short walk from Jackson Hole Mountain Resort for more than 20 percent off its list price of $279,000.
  • Town of Jackson single-family home in Indian Trails listed for $625,000 that closed after 579 days on market.
  • East Jackson home in Eastridge for $337 per square foot, sold after 183 days on market.
  • A 50-year-old home near the National Elk Refuge on a double-lot listed at $750,000 after just 43 days.

 

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