Teton County sees historically low inventory levels as we enter the busy spring/summer listing season
As my colleague David Viehman noted in his year end Jackson Hole Report (and I summarized in a previous analysis),current inventory levels are at or near their lowest levels in 25 years. At the end of 2014…..
- Overall available inventory in Teton County was down 15% from 2013, and is now at the second lowest level in 25 years
- Single family home inventory was the lowest in 25 years
- Condo/Townhome inventory was down 23% compared to year end 2013, marking the 3rd lowest condo inventory in the past 25 years
- Available land inventory was down 12% compared to year end 2013
I went back over the past year and determined the number of new listings (residential property in Teton County) to hit the MLS each month. Typically spring and early summer see the most new listings, which was the case in 2014 when there were 228 new listings in the months of May and June last year. Since the start of the new year we’ve seen a total of only 141 new listings. After 6 months of limited new inventory, listing activity picked up in March with 59 new listings. It will be interesting to see if March’s increase continues into our spring/early summer listing season. How much new inventory will we see in May and June? Will it be at the same levels we saw in 2014?
It’s also interesting to compare the number of new listings with the sale transactions that occur each month. Last spring/early summer there were almost 4 times as many new listings hitting the market as there were sales each month. Compare that to the Fall months of 2014 (Sept/Oct/Nov) where there was not even enough new inventory to replace the sales that occurred those months. In the past 3 months, we’ve seen slightly more new listings than sales, however historically low inventory levels in the past 6 months are likely contributing to the low transaction levels.