The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What’s new in Feb 2016? (New Listing Analysis)

• 31 :: Total number of new listings in February
  • Total New Listing Volume: $80,500,000
  • Average List Price: $2,600,000
• 26 new residential properties (single family, condo, townhome)
  • Average List Price: $2,900,000
  • New listings already under contract or sold: 2
• 5 new building sites
  • Average List Price: $1,170,000
  • New listings already under contract or sold: 1

What it means: After several slow months, new listings in February picked up slightly, but still lag new inventory levels seen last year at this time (see chart below). We should expect to see more new listings as we move into spring, however what remains to be seen is if those levels will be on par with the last several years, where we saw a healthy spike in new listing in May, June & July. Given the very low sales numbers (see Summary section above), February’s new listings still outpaced sales last month. In February, there were 7 single family homes that hit the market in the $1-2 million price range in East Jackson, Indian Trails, The Aspens, Polo Ranches and Melody Ranch. The least expensive single family home listing in February was a 4 bdrm, 3.500 sq foot home in Indian Trails, listed for $1,125,000. There were also 5 single family homes new to the market in Teton Village, priced between $3 – $8 million. Conversely, there were only 3 new listings under $500,000 in February including a 3 bedroom condo in E Jackson (no garage) for $419,000 and a 1 bedroom condo in Teton Village for $399,500. Five new lot listings hit the market including a 6.2 acre lot with beautiful views at the top of Game Creek ($695,000 and pictured below) and a 3.23 acre parcel on the Ridge of Spring Creek Ranch ($2.7 million).

Given the low inventory levels, Sellers may  be in a great position to sell this Spring. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis.

Notable new listings in February include:

• 3.5 acres on Fall Creek Rd in Red Top with a temporary structure (not financeable) $380,000
• Two commercial lots located across the street from Snow King & Phil Baux Park – $1,600,000
• Two bed/2.5 bath fully furnished condo in the 199 Pearl building -$1,650,000

Click HERE to view all new February residential listings.

Click HERE to view all new February land listings.

Click HERE to read the full Monthly Market Update for March 2016.

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