On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 third quarter comprehensive market report for the Jackson Hole area. The summer season is winding down in Jackson Hole, but the real estate market is still in full force. The third quarter of this year brought forth a continuation of the momentum experienced throughout the first half of the year, with increased transactions, rising prices and decreasing inventory.
Every segment of the market showed continued growth when compared to this time last year. The overall market experienced a 17% increase in the number of transactions, and the total dollar volume increased approximately 30%. A shift in the price range of transactions was a continued trend through the third quarter. There were 15% fewer transactions under $500,000 and 110% more transactions over $5 million. This trend in the over $5 million segment was evident when considering the increased median sale price, up 15%. The summer season brought reprieve to the inventory drought in some segments of the market, however, the overall supply of inventory decreased by approximately 8% when compared to this time in 2014. The market appears to be positioned for continued growth through the remainder of the year with approximately 80 properties under contract at the end of the third quarter.