On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive market report for 2018 quarter 1. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.
While the total dollar volume in quarter 1 of 2018 was almost the same as 2017, number of transactions increased significantly, up 22%. Average sale price decreased by 36%, this figure was skewed by a large transaction in 2017. The median sale price decreased by 11% and was a function of the type of property transactions that took place in the beginning of 2018. Nearly 60% of the transactions in quarter 1 were in the under $1 million price segment, a 40% increase when compared to the same period last year. New inventory remained very low driving average days on market down, decreased 15%.