2018: Q1 Review

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New Listings – What’s New?

The number of new listings hitting the market in first quarter of 2018 is up slightly when compared to last year, thanks to an usually busy January 2018, where nearly 40 new listings hit the market (vs. 21 in Jan 2017). However, the overall dollar volume of these new listings is down slightly in Q1 2018. As a result, the average listing price for the first quarter is down 15%, from $2.092 million to $1.78 million. The decrease was helped by the strong Jan 2017 (which saw an average listing price of $3.3m) and a somewhat weaker March 2018 (which saw an average listing price of $1.2m).

We are officially entering the “busy listing season” of April/May/June, so it will be interesting to see how much new inventory hits the market (and at what price points). Stay tuned….

$1,781,873

AvERAGE LIST PRICE

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$174,002,500

LIST PRICE Volume

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Transactions/Sales Volume – What Sold?

Sales transactions are up nearly 40% in Q1 2018 (vs. this time last year). February 2018 in particular was a very busy month, with 45 sales (vs. only 25 sales in Feb 2017). Sales Volume, however is down 8% in the first quarter of this year. Much of this decline can be attributed to the usually high sales volume of January 2017, where nearly $90 million in property sales occurred (compare that to Jan 2018 where we saw only half that volume).

$132,681,658

Total Sales Volume

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$1,272,155

Average Sales PRICE

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

High-end building sites hit the market in August in Jackson real estate market

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The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

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

  • 77 :: Total number of new listings in Aug
    • Total New Listing Volume: $244,036,000
    • Average List Price: $3,169,000
  • 44 new residential properties (single family, condo, townhome)
    • Average List Price: $2,746,000
    • New listings already under contract or sold: 11
  • 33 new building sites
    • Average List Price: $3,733,000
    • New listings already under contract or sold: 3

What it means: The amount of new listings hitting the market has been slowly declining from the peak in May. However, thanks to an influx of vacant lots hitting the market in August, overall new listing levels saw an uptick last month. Fourteen land parcels at the Snake River Sporting Club, a golf and equestrian community south of Jackson, hit the market in August. Note that without these new lot additions to the inventory, overall new listings in August would have followed the declining trend seen over the last few months. The total dollar volume of new listings increased significantly after a slow July, as a result of several high priced lot listings across the Valley. In addition to the 14 lots listed for sale down in the Snake River Sporting Club (10 of which were 35 acre ranch parcels listed between $1.7mm-$2.7mm), there were also two 35 acre parcels listed in the Bar BC Ranch ($8.9 & $9.9 million) and four tracts making up the 580 acre Spring Gulch Ranch ranging in price from $10.9mm – $14.5mm. It’s no surprise that the average listing price in August topped $3 million, easily the highest average monthly listing price in the past year.  With the help of these lot listings, August’s new inventory is in line with new inventory levels seen in the past 2 years. While these new listings will no doubt help the overall low inventory levels, it’s also important to note what new inventory is NOT coming onto the market. Only 10 of the new listings in August (less than 20% of all listings) were priced under $700,000, with 4 of them already under contract (as of Sept 10th). On the other hand, 35 new listings in August (or 45% of all new listings) were priced in excess of $2 million.   

Notable new listings in August include:

  • Rarely listed Golf Creek condo at JH Golf & Tennis – $795,000
  • Nearly 10,000 sq foot home in the Gill Addition backing up to the Elk Refuge – $7,500,000
  • 13 acres atop Horse Creek Mesa with nearby Forest Service access – $350,000
  • Largest lot in Stilson Ranch (7 acres) along the Village Rd – $2,900,000

Click HERE to view all new August residential listings.

Click HERE to view all new August land listings.

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Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home. 
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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

Real Estate activity rebounds after slow July, but still lags 2015

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New listings slow, overall inventory very low in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

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

  • 73 :: Total number of new listings in July
    • Total New Listing Volume: $133,226,000
    • Average List Price: $1,825,000
  • 58 new residential properties (single family, condo, townhome)
    • Average List Price: $1,677,000
    • New listings already under contract or sold: 13
  • 15 new building sites
    • Average List Price: $2,393,000
    • New listings already under contract or sold: 3

What it means: The amount of new inventory hitting the market is slowly declining from the peak in May, with 73 new listings coming online in July. The dollar volume of July’s new listings also declined, making up only 1/2 of the new listing volume from June. (Remember that June’s new listing volume was inflated due to 2 very high-end properties hitting the market for a combined $81 million, however even after removing these two outliers, listing volume in July was still down roughly $30 million from June.) Even though we’ve seen close to 300 new properties hit the market this summer, current inventory levels are the lowest since the peak of the real estate market in 2007. New inventory in 2016 has lagged both 2014 and 2015 numbers in nearly every month of the year (see chart below).  While the average listing price of new lots remained above $2 million, the average listing price of homes dropped significantly from June to July, mostly as a result of those two high-end listings in June.  Six condos priced under $500,000 hit the market in July, including a one bedroom end unit in the Berry Patch in The Aspens, listed for $435,000. On the other end of the spectrum, 8 homes priced between $3-6 million came onto the market in July, including homes in Tucker Ranch, Teton Pines and Jackson Hole Golf & Tennis. Many buyers continue to move quickly on well priced inventory, as over 20% of July’s new listings are already sold or have sales pending (by Aug 10th).   

Notable new listings in July include:

  • Two 1 bedroom condos close to downtown Jackson – $320,000 – $325,000
  • 40 acres bordering National Forest in Squaw Creek – $895,000
  • New Construction in “downtown” Wilson – $1,795,000
  • Two 3,330 sq foot cabins at Shooting Star Resort – $4,500,000 each

Click HERE to view all new July residential listings.

Click HERE to view all new July land listings.

NewListingbyMonth

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What Is Your Home Worth?

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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

Transactions and sales decline in July after explosive June in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for Aug 2016

Jackson Hole, WY

Summary – July 2016:

  • 31 :: Total residential sale transactions (vs. 58 in June)
  • $29,125,000 :: Total residential sales volume (vs. $78 million in June)
  • $940,000::  Average sales price of reported and unreported sales (lowest in past year)
  • 96% ::  Ratio of sales price to list price (typical level)
  • 133 ::  Average days on market prior to selling (lowest in past 3+ years!)

What it means:  The explosion of real estate activity we experienced in June proved to be more of an anomaly than signaling the start of a record breaking summer trend. After recording the highest transaction level in 3 years (58) and the highest sales volume in 2016 ($75 million) in June, the Jackson Hole real estate market eased off a bit in July with 31 sales totally less than $30 million in sales volume. Interestingly, last July was also lackluster with only 34 sales and $30 million in sales volume. It will be interesting to see if these next few months will mirror the sustained increase in activity seen in Aug/Sept/Oct of 2015 (see chart below). After increasing two months in a row, the average sales price dropped significantly in July, dipping below the $1 million mark for the first time since July 2015 ($902,000). The lower average sales price was driven by several sales in the $500,000 – $700,000 range (see “What Sold?” below). While the sale price to list price ratio held steady at 96%, over 1/4 of buyers paid at, near or ABOVE the listing price for properties in July, including a twinhome in Rafter J, which had multiple offers and sold for $20,000 OVER the listing price. This illustrates that there is still strong demand for well priced properties, especially in the sub $650,000 price range. After hitting a high of 225 days in January 2016, the average number of days a property sits on the market before selling took another dip, reaching a low not seen in the past 3+ years (since I began tracking this statistic). In fact, 50% of all sales in July sold within 90 days of hitting the market (!) – most likely a result of 10 year low inventory levels (see Mid Year Summary). Many buyers know the market well and are prepared to act quickly when they find a property that suits their needs.  (Note: If you are searching for a particular property type/price range, please connect me so that I can alert you about well priced properties entering our market. You can also sign up for email updates for new listings in your price range.) 

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What Is Your Home Worth?

Curious about the value of your home? Complete the Home Valuation Request form to receive an estimate of the market value of your home. 
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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

Sales and dollar volume down again, available inventory lowest since 2007: Mid Year update from The Jackson Hole Report

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Sale transactions and dollar volume are down again in the second quarter of 2016, mostly due to dwindling well-priced inventory under $1 million.  The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 2nd quarter 2016. Click HERE to read the full 2016 Mid Year Report. A summary of statistics/trends follows:

OVERALL MARKET

  • Total number of Sale Transactions are down 16%
  • Sales under $1 million are down 21%
  • Overall dollar volume is down 14%
  • Despite dwindling sales, the Average Sale Price increased by 3% in Q2 2016
  • Hot Price Point: Properties priced under $1 million, where 53% of the sales occurred in the second quarter
  • Hot Location: The Town of Jackson, which accounted for 35% of all sales in the second quarter
  • Overall inventory is down by 7% (compared to Q2 2015), representing the LOWEST inventory levels since the market peak in 2007

HIGH END MARKET

  • High-end property sales ($2+ million) were down 23% from Q2 2015
  • However, despite declining sales, high-end properties under contract have increased by 42%
  • There are 68 properties for sale over $5 million, an increase of 11%
  • The most expensive property for sale in Teton County is a 264 acre property just south of Wilson with 7,715 sq ft main house, guest house, and expansive frontage on both the Snake River and Fish Creek, listed for $53 million (pictured below)

264 acre property on Snake River & Fish Creek – $53 million (listed by JH Sotheby’s)

SINGLE FAMILY HOMES

  • Single family (SF) home sales in the second quarter were up only slightly (2%) from last year at this time
  • SF home sales over $1 million are up 18%, SF home sales over $3 million are up 43%
  • Overall SF home inventory is down 12%, with only 20% of listings priced under $1 million
  • Only 13 homes are available under $750,000, down 71% from this time last year
  • The average asking price of new listings is up 11% to $3.65 million – the second highest average ever!

Click HERE to view the 39 single family home listings priced under $1 million

3 bed / 2 bath in Cottonwood Park – $650,000 (Listed by JH Sotheby’s)

CONDO/TOWNHOME

  • Overall condo sales have slowed, down 6% from this time last year
  • Condo sales under $500,000 fell dramatically (down 32%)
  • Overall available inventory is up 10%, however inventory under $300,000 is down 71%
  • The average listing price for condo/townhomes is up 29%
  • 72% of available condos are priced under $1 million, with only 31% priced under $500,000

Click HERE to see the 26 condos/townhomes available under $500,000

Nelson

4 bedroom townhome in East Jackson – $499,000 (listed by RE/MAX Obsidian)

VACANT LAND

  • Lot sales are down significantly (55%) with only 28 sales in the first 6 months of 2016
  • However, the average sales price continues to climb, up 10% in Q2 2016
  • 64% of lot sales are purchased with cash (i.e. no financing)
  • Overall available inventory dipped 5% from Q2 2015, however the supply of lots remains high
  • NOTE: Supply exceeds demand in this segment, with 34 months of inventory currently on the market.
  • The majority of available lots (49) are in the $500,000 – $1 million price range.

 

WHAT TO DO NEXT? 

BUYERS: Given the low levels of available inventory, especially in the entry level market, well priced and well maintained properties will continue to sell quickly. Please connect with me so that I can alert you about soon-to-be-listed properties in your price range. You can also search Jackson Hole properties on my website or sign up for automatic listing updates. As a Buyer, it’s very important to be prepared to act quickly. Get pre-qualified with a local bank (contact me for a list of local lenders) in order to be ready to make an offer on a competitive property.

SELLERS: As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as well priced properties can receive multiple offers. If you are interested in a learning what your property could sell for in this market, please complete the Home Valuation Request Form for a free, in-depth, data-driven market analysis.

New Listings continue to hit Jackson Hole real estate market, especially in the higher end

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The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

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

  • 90 :: Total number of new listings in June
    • Total New Listing Volume: $240,700,000
    • Average List Price: $2,675,000
  • 69 new residential properties (single family, condo, townhome)
    • Average List Price: $2,690,000
    • New listings already under contract or sold: 16
  • 21 new building sites
    • Average List Price: $2,620,000
    • New listings already under contract or sold: 2

What it means: New inventory continues to hit the market, with 90 new listings coming online in June. Joined with last month, we’ve seen 200 new properties enter the Jackson Hole real estate market so far this summer. While the number of new listings in June is down slightly from May, the volume of new listings actually increased. As a result, the average sales price of June listings was close to $2.7 million. There were two very high end new listings that no doubt affected these statistics: an 11,000 sq foot home on 40 acres north of Town was listed for $28 million (pictured below) and a 264 acre property (including modern home, guest house, barn, etc.) with frontage on both Fish Creek and the Snake River was listed for $53 million! However, even without these two listings, the average sales price of June’s new inventory was over $1.8 million, continuing an increasing trend seen over the last few months (see chart below).  The average listing price of new lot listings was also above $2.6 million and included two large parcels in Bar-B-Bar (located along the Snake River north of Town), listed for $12 million and $15.5 million, respectively. Several single family homes hit the market in the $600,000 – $800,000 price range. These homes in Cottonwood Park, Rafter J, the Town of Jackson, Red Top Meadows and Hoback Junction represent the least expensive single family home options in Teton County.  Many buyers are moving quickly, as 20% of June’s new listings are already sold or have sales pending (by July 10th).   

Notable new listings in June include:

  • 2 bedroom / 1 bath single family home in West Jackson – $599,000
  • Log Cabin with large shop/garage in Hoback – $635,000
  • Modern 2 bdrm condo in Pearl @ Jackson in downtown – $1,150,000
  • Four lots bordering Elk Refuge in Gill Addition (with older home) – $6,000,000

Click HERE to view all new June residential listings.

Click HERE to view all new June land listings.

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11,000 sq ft home on 40 acres – Listed by JH Sotheby’s for $28 million

As we continue through the busy summer selling season, the amount (and price) of new inventory will continue to dictate future market values. Whether you are a first time or seasoned home buyer, there are many opportunities out there, with several not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for a comprehensive analysis of the current buying opportunities in our market.

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As a Seller, the best strategy is to make your property stand out against the competition by pricing it competitively (based on the most comparable sales) and marketing it effectively, as buyers are moving quickly on well-priced, high-demand properties. If you are interested in a learning what your property could sell for in this market, please complete a Home Valuation Form for a free estimate of your home’s market value.

 

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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

 

New listing activity explodes in May in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

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

  • 110 :: Total number of new listings in April
    • Total New Listing Volume: $206,025,000
    • Average List Price: $1,870,000
  • 78 new residential properties (single family, condo, townhome)
    • Average List Price: $1,860,000
    • New listings already under contract or sold: 13
  • 32 new building sites
    • Average List Price: $1,890,000
    • New listings already under contract or sold: 1

What it means: Hello Inventory! New listing activity exploded in May as over 100 new listings hit the market last month, totaling over $200 million in listing volume. Without a doubt, the busy summer selling season is here! In the early parts of 2016, inventory levels lagged 2014 & 2015 numbers (see chart below), however new listings in May surpassed 2015 levels and nearly matched 2014 levels.  New listings in May outpaced sales at a rate of more than 3 to 1, meaning for every sale in May, 3 new listings came onto the market. The average asking price of May’s new listings was close to $2 million, as many high end properties hit the market. In particular, there were 13 new listings over $3 million in Teton County in May, including a 35 acre property in Ely Springs Ranch ($10.3 million), the re-listing of the Lazy Moose Ranch in Wilson ($8.75 million) and a 5,100 sq foot home in Bar-B-Bar Meadows north of town (listed for $3.25 million and pictured below).  At the other end of the spectrum, 9 condos priced under $500,000 were added to the summer inventory, including a 2-story, 2 bed/2 bath townhome on Glenwood ($395,000) and a 2 bedroom Ponderosa Village condo, currently the least expensive property in Teton County, listed at $265,000.  Compared to April, May also saw nearly 3 times as many new lot listings, with an average listing price near $2 million. The least expensive lot listing in May is a 4.3 acre lot located south of Wilson for $380,000, while the most expensive lot listing was a 35 acre parcel in Crescent H Ranch listed for $6.75 million.

Notable new listings in May include:

  • Beautifully remodeled 3 bedroom East Jackson townhome with Teton views – $599,000
  • Re-development potential on double lot in Town with older single family home and large shop – $1,195,000
  • Newly constructed 2,400 sq foot home in downtown Wilson – $1,350,000
  • 6 acres of private land on the Wilson bench on Teton Pass – $1,200,000

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.

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Bar-B-Bar

Newly listed home in Bar-B-Bar $3.25 million – Listed by RE/MAX Obsidian

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As we enter the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

Property sales under $500,000 increase for 2nd month in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

What Sold in May 2016? 

  • 42% :: Percentage of single family home sales (significant drop from previous months)
  • 46% :: Percentage of condo/townhome sales (significant increase from previous months)
  • 12% :: Percentage of Land Sales (down slightly from April)
  • 36% :: Percentage of residential properties selling for over $1 million (up from low last month)
  • 64% :: Percentage of residential properties selling for under $1 million (down from high last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (2nd large monthly increase)
  • 7 :: Commercial Transactions – 5 sales and 2 leases

What it means: After increasing for 3 straight months, single family homes sales declined in May, representing only 42% of all sales and marking the lowest percentage since Aug 2015. Three of these sales were multi-family properties (2 duplexes and 1 four-plex), illustrating investors’ interest in our strong rental market in Jackson Hole. On the other end, the percentage of condo and townhome sales nearly doubled from April to May and accounted for more sales than single family homes for the first time in several months (see chart below). There were 4 land sales in May including two 1.17 acre vacant lots in Shooting Star near Teton Village at the base of Jackson Hole Mountain Resort which sold for $2.7 million each.  Entry level sales had another strong month, with 30% of all sales occurring under $500,000 in May, achieving a double digit increase for the second month in a row (see chart below). The majority of the 10 sales under $500,000 where condos in the Town of Jackson, including a 2 bed/2 bath townhome with a 1 car garage located in central Jackson, which sold in 79 days from listing. Property sales over $1 million rebounded slightly after accounting for only 25% of all sales last month. Property sales over $3 million also rebounded with 4 sales over $3 million including a newly built home on the Westbank, which had been on and off the market for nearly 3 years (pictured below).  The month of May also saw 4 larger commercial sales in Jackson, including the Wilson gas station, an in-town restaurant space and a re-development opportunity on Broadway (currently home to Ocean City).

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New custom home on Westbank – SOLD in May 2016 – Listed by JH Real Estate Assoc

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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New Listings continue to hit the market as busy summer selling season approaches in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

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

  • 54 :: Total number of new listings in April
    • Total New Listing Volume: $83,100,000
    • Average List Price: $1,540,000
  • 43 new residential properties (single family, condo, townhome)
    • Average List Price: $1,266,000
    • New listings already under contract or sold: 9
  • 11 new building sites
    • Average List Price: $2,600,000
    • New listings already under contract or sold: 0

What it means: New listing activity continued to increase as we approach the busy summer selling season. Fifty-four new properties (including both residential properties & building sites) hit the Teton County real estate market in April. After several months of lagging or matching the inventory levels seen in 2014 & 2015, April saw more new residential listings than in the previous years (see chart below). New listings in April continued to outpace sluggish sales levels, this time at a rate of 2.5 to 1. In April, there were 10 new condo/townhome listings under $750,000, lower than last month’s 17 new listings in this price range, but nonetheless adding much needed inventory to the entry level market. By March 10th, 4 of these new listings were already under contract, illustrating the continued high demand for properties in this price point. At the other end of the spectrum, 6 single family homes hit the market priced in excess of $2 million including homes in Jackson Hole Golf & Tennis, Teton Pines, Game Creek and an 8,300 sq foot home in Town overlooking the Elk Refuge (listed for $4.9m). The middle of the market saw quite a bit of new listing activity as 11 new single family home listings priced between $500,000 – $1,000,000 hit the market, including homes in Rafter J, Cottonwood Park, East Jackson, and a ranch style home on 5 acres south of Jackson (pictured below).  Nearly a dozen new lot listings were added to the inventory in April including 4 building sites in Saddle Butte, located just north of downtown, ranging from $788,000-$1,995,000.

Notable new listings in April include:

  • 3 bdrm condo at Snow King with short term rental income – $545,000
  • 3 bdrm remodeled townhome (with garage) at the base of Jackson Hole Mountain Resort – $1,275,000
  • Rafter J lot in the new King Eider subdivision – $349,000

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

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Spoiled Horse

New Listing in Spoiled Horse subdivision – $849,000 – listed by RE/MAX Obsidian

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

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

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