Spring is here in Jackson Hole! Temperatures in the valley are rising into the 50’s and 60’s and the snow is melting quickly, making way for all of your favorite summer activities.
With the turn of our seasons comes the end of the first quarter. The real estate market in Jackson Hole remains steady when comparing dollar volume sold year-to-date within this same time frame last year. The interesting flux in this is that although the dollar volume remained steady, the number of sold properties decreased by 19% – which means there have been fewer sales in 2016 but at higher prices compared to the first quarter of 2015. Consistent with the decline in property sales is a noticeable fall off of building permit applications with the Town of Jackson – with 33 last year at this time and only 17 this year.
In Teton County, Wyoming, the average price of a sold property this year so far is approximately $1.78M, whereas the first quarter of 2015 was $1.47M. This increase in average sales price can be attributed to the strong single family home sales, with average sales prices up 24.5% and time on market decreasing by 32%. Additionally, the available inventory for all types listings is down by 7% compared to this same time last year.
We expect to see an increase in listings before summer consistent with the historical increase we have seen in previous years. An eight year study by Zillow, Inc. shows that nationwide, listing a property for sale in early May can be most productive for sellers. Although summer comes a little later in Jackson Hole and our market does not always follow national trends, we do see more available inventory in the summer and more buyers visiting the area during that time.
Bottom line, the number of sales is down compared to 2015 but there is reason to expect more purchase opportunities based on both historical trends and seasonality. I am ready to help you if you are a seller or a buyer. Please reach out and let me know how I can be of assistance.