New Listings steadily increase, still lag previous years

The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

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

  • 50 :: Total New Listings
    • New Listing Volume: $125,588,000
    • Average List Price: $2,511,000
  • 32 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $1,981,000
    • New listings priced under $1 million :: 17  (53%)
    • New listings already under contract or sold: 7  (22%)
  • 18 :: New Building Sites
    • Average List Price: $3,450,000
    • New listings priced under $1 million :: 7 (38%)
    • New listings already under contract or sold: 2 (11%)

What it means: After a slow winter, new listings are steadily increasing as we approach the busy summer selling season. There were 50 new listings in April, marking the highest level of new monthly inventory seen since Aug 2016. Note that while new listings have increased in 2017, they still trail new inventory levels seen in the past several years (see multi-colored chart below). The total dollar volume of new listings spiked in April, hitting $125 million, nearly doubling the volume from the previous month. There were several high end building sites listed in April in the Bar BC Ranch (located north of town on the Snake River) including 3 different 35 acre parcels priced between $8-9 million each and a 105 acre parcel listed for $17 million. As a result, the average listing price jumped to $2.5 million overall ($3.45 million for new vacant lots). That being said, more than 50% of the new residential listings were priced under $1 million, with 7 new listings priced under $500,000, including 4 condos in the Town of Jackson. On the other hand, only 1 of the 18 new lot listings was priced under $500,000 – a building site down in the Snake River Sporting Club for $495,000. Nine high demand new listings went under contract quickly, including a nicely remodeled Rafter J condo (listed for $599,000), that received multiple offers in the first day on the market. While nearly 1 in 4 new April residential listings is already under contract (by May 10th), the trend of “entry level” properties being snatched up quickly has slowed a bit in April, suggesting sellers may be testing the market with bolder listing prices as we approach the busy summer. 

Notable new listings in April include:

  • Two bedroom condo in Town of Jackson – $319,000
  • Four bedroom townhome with 1 car garage in Town – $470,000
  • Three bedroom, 1,800 sq foot house at Hoback Junction – $725,000
  • Three large ranch parcels at the Snake River Sporting Club – starting at $2.6 million

Click HERE to view all available April residential listings.

Click HERE to view all available April land listings.

(Note: Links above are good for one month after report is published.)

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