Jackson Hole Sotheby’s internal research into the first three quarters of 2013 released last week provides several indicators that real estate sales are on pace to be the strongest since 2007.
One of the most encouraging statistics is a significant drop (yes, drop) in average sales price during Q3 from $1.5 million to $1 million. This was driven by a 64 percent increase in property sales priced below $1 million (and significantly fewer large-ticket sales during this three-month stretch) and a 40 percent increase in unit sales. Why is this a positive? Contact me to discuss.
Also encouraging is an almost across the board drop in days on market, thanks to low inventory overall, quick sales in the entry-level segment and recent sales of several properties (mostly high-end building sites) that have been on the market for more than 1,000 days. Teton Village property days on market fell from an average of 477 to 408, a 14.4 percent decrease, while those in the area west of the Snake River (Wilson, Aspens, Teton Pines) dropped most dramatically from 364 days to 263.
Additional highlights from the 36-page presentation, which is available upon request, include:
- Year-over-year unit volumes have increased in 10 of the last 11 quarters.
- Sales volume in Q3 dropped slightly to approximately $162 million compared to 2012 .
- Town of Jackson continues to post remarkable numbers as sales volume rose 85 percent and unit sales jumped 68 percent in Q3, thanks in large part to a 68 percent increase in condo sales.
- Condos represented the strongest property type, with a 60 percent jump in sales volume year over year and approximately 18 percent of the total market share.
- Teton Village saw condo unit sales increase to 12 from 8 with average sales price unchanged.
- Of the 162 unit sales in Q3 2013, 143 were priced below $1.5 million, including 61 single-family homes, 50 condominiums, 25 building sites and 7 commercial properties.
- Total Jackson Hole listings fell 13.8 percent from 819 to 706 from September 2012 to 2013. These include 271 single-family homes and 137 condos and townhouses.
- The current value of all Teton County, Wyoming, listings is approximately $1.4 billion.
All information is according to Teton County Multiple Listing Service and compiled by Jackson Hole Sotheby’s. Contact me directly for a copy of this report or a more personalized look at market statistics, including sold, pending, neighborhood statistics and a comparable market analysis.