Jackson Hole Real Estate High-End market is truly back. The 3rd quarter surged above our prior record setting highs of 2007. Q3-2015 volume was 3% higher than the comparable quarter in 2007 on 4% fewer units. Average sales prices jumped 18% on higher sales volume as unit volumes declined 5%. Year to date September 2006 through September, 2015 volume is only 8% behind the peak market of 2007.
Looking at the third quarter of 2015 vs. 2014 average prices reflect robust sales at the higher end with 17 sales reported over $3 million vs. 12 last year. Units selling above $5 million doubled to 8 from 4.
We are also seeing a sales volume jump for Teton Village of 85% with 8 sales over a million vs 5 in Q3 2014. The Condo and Townhome market in the village saw a 142% increase in sales volume YTD. 18 sales at the Village over $1 million this year vs. 6 last year combined with fewer fractional units sold (which declined 21%) to power the overall increase. In total, the number of condos selling for more than $1 million rose to 28 from 10 last year.
Our current *Absorption Rate (*Avg. number of months to sell a property at current (12 month avg.) sales pace. (Change in absorption rate (+/-) since September, 2014). is for properties in the $1.5M-$3.0M Range is 18 months down 7 months. Our “Days on Market” declined for all property types, with condo and single family both falling 82 days.
This is just a snapshot look at our market today please visit http://jacksonholeluxuryproperties.com/market-reports-for-jackson-hole-real-estate/ for the full report.