What’s new in June 2015? (New Listing Analysis)
- 109 :: Total number of new listings in June (another jump from last month)
- 83 new residential properties (single family, condo, townhome)
- Average List Price: $2,130,000
- New listings already under contract or sold: 24
- 26 new building sites
- Average List Price: $2,430,000
- New listings already under contract or sold: 0
What it means: As we move into the heat of summer, new listings continue to hit the market at an accelerated rate. We are now reaching new listing levels seen last year (June 2014: 115 new listings). These new listings are adding inventory to the market at a rate not seen since this time last year, as there were 3x as many new listings as sales in the month of June (see chart). While inventory is obviously increasing, so too are listing prices. The average listing price of all new listings in June (land and residential) was a staggering $2.28 million, nearly twice the average listing price in March ($1.277 million). As evidenced by the stall in sales in June (see Summary above), it appears many buyers are not biting on these aggressively priced homes. It will be interesting to see if the lull continues into July or if Sellers are pressured to become more realistic in their listing prices. (Anecdotely, early this week there were price reductions for 3 different listings in Rafter J, an area that has seen aggressive pricing this summer.) Of the 24 new residential listings in June that are already under contract or have closed, 10 of them were priced over $1 million with ONLY 1 priced under $500,000. As evidenced by the high average listing price, almost every segment of the market saw an increase in listing prices. Notably there were 4 new estate listings priced over $11 million, including the Split Creek Ranch, a beautiful 6,000 sq foot log home on 10 secluded acres north of Jackson (pictured below).
Click HERE to view all new June residential listings.
Click HERE to view all new June land listings.
Click HERE to read the full Monthly Market Update for July 2015.
Thinking of listing this summer? There is still time.
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 pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.