Forty-one new listings entered the market in February, a slight, but welcomed uptick from December and January. Even though there were 3 more new listings than last month, dollar volume was down nearly $20 million from January. The average listing price dropped to $2.87 million, dipping below $3 million for the first time in the last 5 months. However, the median listing price was up, nearly reaching $3 million – the highest level since September 2020.
This can be explained by a surprising 10 new listings hitting the market in the $500,000 – $1,000,000 range – the first time we’ve seen double digits in this price point in the last 6 months. New listings in this range included several condo/townhomes in Town and smaller studio condo hotels in Teton Village. No new listings entered under $500,000
– a price point that has all but disappeared from the Jackson Hole market. On the other end of the spectrum, high-end listings continue to stream onto the market with 20 new listings in February over $3 million. Over the past 9 months, 214 luxury properties have entered the Jackson Hole market
compared to 145 total for 2019.
The majority of new listings in February were actually condos / townhomes including several condo hotels in Teton Village and the first of a dozen “ultra luxury” townhomes in Town, known as The Glenwood
and set to be completed in Feb 2022. Unusual for the middle of winter, 8 new lots hit the market in February including building sites in John Dodge, The Gill Addition and north of town. Despite the added inventory, there are only 22 lots available for sale
in all of Teton County, with a median price of $3.5 million.