When compared to 2015, the number of sales rose 13% and the dollar volume remained relatively unchanged, totaling $505 million. In contrast, the average and median sale prices both dipped, 9% and 10% respectively. The drop in prices is the result of a 10% decrease in sales over $5 million and the 14% increase in sales below $1 million in 2016.
The under $1 million market continued to be robust, representing 41% of all home sales. Even though the year ended with 113 home sales under $1 million (up 14%), the current inventory represents a slim 14 homes in this price range, with only 3 listed under $750,000. This segment continues to reflect brisk activity and the ever-intensifying appetite for properties priced below $1 million: When a well-priced home hits the market in this segment, a bidding war is sure to ensue within 72 hours.
Single-family home hot spot: The Town of Jackson and the Westbank shared the spotlight. In town, 77 homes sold (up 15%) and on the Westbank, 77 homes sold (up 17%), the latter of which represents 52% of all homes sold in 2016. The area reporting the greatest increase in home sales was south of WYDOT, where 19 sales occurred, a spike of 90%.
This information came from the Hole Report, found here: http://jacksonholerealestatereport.com/