The Colbert Real Estate Report
Monthly Market Update for Aug 2015
Jackson Hole, WY
What’s new in July 2015? (New Listing Analysis)
- 94 :: Total number of new listings in June (a drop after several increasing months)
- 76 new residential properties (single family, condo, townhome)
- Average List Price: $1,890,000
- New listings already under contract or sold: 13
- 18 new building sites
- Average List Price: $2,590,000
- New listings already under contract or sold: 0
What it means: New listings took a dip in July after several months of steady increases, however we are still ahead of new listings from this time last year (July 2014 = 82 new listings). New inventory continues to outpace sales at a rate of nearly 3x, meaning for every sale, there are almost 3 new listings that hit the market. (Compare that to last fall when for several months there were more sales than new listings – see chart below.) The average listing price of all new listings in July (land and residential combined) remained high at nearly $2.25 million, which is almost 2.5x the average sales price in July (see Summary Section). For the past several months, between 22% – 32% of a month’s new listings are already under contract or sold by the time this report is published (usually around the 10th of the next month). Currently only 17% of the new July listings are under contract, a sharp drop from last month’s 29%. This further illustrates the recent lull in the market, which is also marked by lower transactions and sales volume (see Summary Section).
Notable new listings in July include: two new Elk Run townhomes listed just under $550,000 (one pictured below), a rarely listed Hillside condo overlooking Karns Meadow (already under contract), and 3 properties priced north of $5 million in Shooting Star, John Dodge and Teton Pines.
Click HERE to view all new July residential listings.
Click HERE to view all new July land listings.
Still thinking of listing this summer?
If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.