Greetings from Jackson Hole!
Fall has come to the Tetons. The nights are cool and crisp and the days are full of sunshine. Although there is a hint of winter in the air with snow is starting to accumulate in the high country the golf courses, rivers and trails are still in peak form.
The winter flight schedule has been released. You can click on the below link for more exact flight information from each city.
Q3 of 2019 was robust in sales, both the in number of and total dollar volume. At the end of Q2 we were well off the pace of last year. At the end of Q3, we are much closer to the record breaking 2018 numbers.
Dollar Volume was up 2% from Q3 2018 and up 39% from Q3 2017.
Total Dollar Volume for Q3 2018 was 110% of the 5 year quarterly average.
Year to Date Dollar Volume is down 5% from 2018.
The Number of Sales were up 16% from Q3 2018 and up 25% from Q3 2017.
The number of sales in Q3 were 112% of the 5 year quarterly average.
Year to date the number of sales are down 1% from 2018.
The number of listings continues to be historically low. However, for the first time in the last ten years August did not represent the high point in listings for the year as they continued to increase, albeit slightly, in September.
However, I do not yet think this represents a leading indicator of a slowdown in our marketplace as the average days on the market for sold listings is 111 days, the lowest number ever for Jackson Hole Real Estate. Digging deeper into the increased number of listing but historically short days on the market, there are two distinct markets developing in Jackson hole. The first, which continues to generate sales, is listings that are well priced relative to recent sales, these continue to sell quickly. The second are listings that are a bit aspirational in pricing, with sellers that would sell for “their price” but have no immediate financial or lifestyle need to do so. These listings are not selling and are contributing to the increased inventory.
If you are a buyer, in most market segments and price ranges there are still low amounts of quality well priced inventory. However, this is the time of year where sellers start to get a bit nervous if their properties haven’t sold during the summer selling season, so it is a good time to try and acquire properties at a discount to the list price. The higher quality opportunities or listings in locations with scarce inventory are transacting without being publicly listed and selling for premiums. If you would like to stay informed of these “off market but listed” properties, please let me know.
If you are a Seller, it continues to be an excellent time to list your property. We are continuing to see property values increase, however at a much slower rate than the past two years. Correctly priced properties still face favorable selling conditions. Call or email me for a current market valuation of your properties worth.