New listing volume dropped significantly in March, down nearly $45 million
from February 2020, and dipping below $100 million for the first time since November 2019
. As a result, the average listing price dropped to $1.9 million
from a high of $3.9 million just 3 months ago in December 2019. Again, it’s typical for the higher-end listings to wait until May / June to enter the market (i.e. last year we saw an average list price of $4.2 million in June
). The median listing price was also down in March, dropping $640,000 to just over $1 million
as a whopping 19 properties
) entered the market between $500,000 – $1,000,000.
Despite the snowy conditions, we saw another 8 properties come online over $3 million
, including houses in John Dodge, Spring Creek Ranch, Solitude, and Teton Village. So, while new listings continued hitting the market through March despite the early effects of coronavirus, pending sales appear to be down with only 6 these 40 new March listings under contract (as of April 9). Again, I think new listing numbers and dollar volume in April, and more significantly May, will really illustrate the coronavirus’ impact our Jackson Hole real estate market in 2020. Stay tuned!