What happened in February?
After a very strong start to the year, where 55 new properties hit the market in January, new listing activity slowed significantly in February with only 22 new properties coming to market. This represents the lowest new inventory level since Nov 2017. The price point of February’s new listings were also lower than usual, with 8 condos hitting the market priced under $500,000. As a result, the average list price dropped to $1.4 million and the median list price dipped below $1 million for only the third time in the past year. Many of the new entry level condo listings are located in the Virginian Village development, located next to the library in Town. Newly remodeled, 1 bedrooms start at $309,000 and two bedrooms start at $410,000. Of the 8 new condos that hit the market in February, 7 of them are already under contract, illustrating the high demand for this entry level price point. Only 4 new listings came on in the $500,000 – $1 million range, including two 2-bedroom condos in the Aspens and Teton Village. Five lots hit the market in February including a rare single family lot in The Aspens, priced at $945,000.