Prime Time for Locals
The Hole Report is the most accurate market report in the region. All of the stats are derived from a privately maintained database that tracks every sale in Teton County, WY; not only the 65% of sales that go through our MLS. This report compares the first nine months in 2012 to the first nine months in 2011.
THE OVERALL MARKET
When compared with the first nine months of 2012, the overall market continues to gain momentum with a 37% increase in number of sales, although the average and median sale prices dipped by 26% and 5% respectively. These decreases can be attributed to the 50% increase in the number of sales under $1 million. This year’s hot spot is the condo and townhome segment, where the number of sales jumped 60% and the dollar volume increased 72%.
Overall properties under contract has increased 13% when compared to this time last year. Also improving: the dollar volume, and the average and median list prices are up 46%, 30% and 43% respectively. The sharp increase in the median list price under contract is due to the lack of distressed inventory – currently only 2.4% of the properties under contract are distressed. The remaining non-distressed inventory listed below $500,000 is down 36%.
Overall inventory of active listings continues to fall – currently down 15% – and the dollar volume decreased by 8%. Meanwhile, the average listing price increased 8% to $2,545,851, and the median listing price rose 9% to $1.25 million. The decrease in inventory can be attributed to the shrinking locals’ market segment, defined as under $1 million, where available inventory is down 25%.
The upper-end of the market – properties priced at $2 million and above – has experienced a slight slowdown in sales, dipping 10%. Fourteen of the 71 high-end sales closed for more than $5 million – down 46% from last year – and 6 sold for more than $10 million. NOTE: While the number of $2 million-plus transactions represented only 14% of total transactions, this segment accounted for 50% of the overall dollar volume for the first nine months of 2013. To learn more about the luxury market, please visit www.JacksonHoleLuxuryReport.com.
Distressed properties: Great news! The distressed market has nearly vanished. In spite of the fact that 52 properties, or 10% of all 2013 sales, have been considered distressed in some way, only 2% of the active listings (13 properties) have been “distressed” at some point during the recession. NOTE: At press time, there was only one property on the Sheriff’s foreclosure list.
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