The Colbert Real Estate Report
Monthly Market Update for October 2015
Jackson Hole, WY
What’s new in September 2015? (New Listing Analysis)
- 60 :: Total number of new listings in Sept (following a downward trend)
- Average List Price: $1,945,000
- 50 new residential properties (single family, condo, townhome)
- Average List Price: $1,690,000
- New listings already under contract or sold: 14
- 10 new building sites
- Average List Price: $2,200,000
- New listings already under contract or sold: 2
What it means: New listings have been steadily declining since the height of the listing season in June. In the month of September, properties were being listed at a rate similar to before the busy summer selling season, (however when compared to this time last year, we did see roughly 10 more new listings). As of October 15th, nearly 30% of the new listings were under contract including several that received multiple offers within days of hitting the market. As the rate of new inventory coming onto the market slowed in September, it came close to matching the monthly sales for September, meaning that every property that sold last month is being replaced by a new listing. For most of the summer the average listing price of these new listings was higher than the average sales price of properties that sold that month. In other words the “replacement” property was coming on line at a much higher price than those properties that were leaving the market, which arguably contributes to an increasing market. That trend changed in August and September as the listing prices of new inventory was roughly in line with sales, suggesting that the market may be slowing a bit (see chart below).
Notable new listings in September include:
- A duplex in West Jackson: Two 3 bed / 1 bath units with fenced yard and room to build garage $775,000
- A bank-owned 3,200 square foot home overlooking Town on Budge Drive: $1,195,000 (pictured below)
- A 37 acre home site in Bar B Bar on the Snake River: $11,900,000
Click HERE to view all new September residential listings.
Click HERE to view all new September land listings.
Click HERE to read the full Monthly Market Update for October 2015.
Over 40% of property sales last month sold in less than 90 days – Would you like to be notified as soon as a new listing hits the market in a particular location or price range?
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