The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

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

• 25 :: Total number of new listings in January
  • Average List Price: $1,160,000
• 22 new residential properties (single family, condo, townhome)
  • Average List Price: $1,200,000
  • New listings already under contract or sold: 2
• 3 new building sites
  • Average List Price: $860,000
  • New listings already under contract or sold: 1

What it means: January saw a continued a trend of very little new inventory entering the market (not even 1 new listing per day!). Compare that to the peak of summer, when 80-120 new listings were hitting the market every month. While the winter months are usually slow for new listings, this winter we are seeing even fewer new listings compared to last year (see chart below). It is interesting to note that 3 of the “new” listing aren’t actually new at all, but back on the market with different real estate companies (new year, new realtor?).  Of those Sellers who listed their properties in January, the majority were close to the skiing activities in Teton Village, The Aspens/Pines and Snow King Resort. Five new listings hit the market in Teton Village including two condo-hotel units in Teton Mountain Lodge and a 3,400 sq foot Granite Ridge cabin (pictured below). At Snow King Resort, the inventory of Love Ridge condos went from 0 to 3, as several new units hit the market in January. The average listing price of new inventory dropped in January, thanks to several new entry level condos in Town, including a 2 bed/1 bath condo near Powderhorn Park for $349,000. Activity seems to be cooling a bit in January as only 3 of these new listings (or 8%) have gone under contract by Feb 10th, marking one of the lowest levels of activity in recent months. That being said, a rarely listed 3 bed / 3 bath / 1 car garage in The Aspens (listed at $990,000) and a commercial lot in Hoback (listed at $299,000) did go under contract quickly illustrating that well priced and/or high demand properties are selling quickly.  While low inventory levels may have contributed to rapidly rising values in 2015, we may be entering a phase of the market where transactions decline AND values are stagnant, or may even decline a bit. While I don’t for see a drop off like we saw several years ago, I do anticipate a slight market correction in 2016.   (If you are curious about the value of your property in the current market, please contact me for a free and honest analysis.) 

Notable new listings in January include:

• Love Ridge condo at Snow King (1 of 3 new listings) – $1,350,000 – a list price not seen since the 2007 peak
• Nicely remodeled and immaculately cared for 3 bedroom home in Town on Aspen Drive – $975,000
• Two bed/1 bath condo near Lucky’s Market – priced below last comp at $349,000

Click HERE to view all new January residential listings.

Click HERE to view all new January land listings.

 

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

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