Few new listings in January, many with high price tags

The Colbert Real Estate Report

Monthly Market Update for Feb 2017

Jackson Hole, WY

What’s new in Jan 2017? (New Listing Analysis)

  • 21 :: Total New Listings in Jan
    • New Listing Volume: $69,620,000
    • Average List Price: $3,315,000
  • 15 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $3,050,000
    • New listings priced under $1 million :: 4  (19%)
    • New listings already under contract or sold: 3  (20%)
  • 6 :: New Building Sites
    • Average List Price: $3,975,000
    • New listings priced under $1 million :: 0  (0%)
    • New listings already under contract or sold: 0 (0%)

What it means: Even fewer new listings hit the market in January, marking the second slowest month for new listings in the past year. While January is usually a slow month for new inventory, this January was particularly slow when compared to the previous years (see chart below). Despite the low level of new inventory, many of the new listings in last month had some thing in common – a high price tag. Even with only 21 new properties for sale, the total listing volume was just shy of $70 million. That equates to an average new listing price of over $3.3 million for the month of January! Twelve of the 21 new listings last month were priced over $2 million, including nice homes in 3 Creek Ranch and The Aspens, and a rarely listed condo in the Crystal Springs building in Teton Village. Several larger estates in Tucker Ranch, Owl Creek and Crescent H Ranch also hit the market, listed between $5 – $14 million. Four large parcels in the new Sublette Ridge subdivision near the base of Jackson Hole Mountain Resort came onto the market in January, starting at $4.25 million each. The least expensive new listing was a 3 bedroom / 2 bath / 1 car garage condo in Cottonwood Park for $560,000. There were 0 new listings priced under $500,000, a stat that is not welcomed news for entry level buyers. 

Notable new listings in Jan include:

  • Three bedroom/2 bath condo in The Aspens with garage – $765,000
  • Top floor 2 bedroom Hotel Terra unit in Teton Village – $1,250,000
  • Four building sites in newly created subdivision at base of JHMR – $4.25MM – $5.5MM

Click HERE to view all available January residential listings.

Click HERE to view all available January land listings.

(Contact me to view any pending or sold properties.)

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