The Colbert Real Estate Report
Monthly Market Update for June 2016
Jackson Hole, WY
What’s new in May 2016? (New Listing Analysis)
- 110 :: Total number of new listings in April
- Total New Listing Volume: $206,025,000
- Average List Price: $1,870,000
- 78 new residential properties (single family, condo, townhome)
- Average List Price: $1,860,000
- New listings already under contract or sold: 13
- 32 new building sites
- Average List Price: $1,890,000
- New listings already under contract or sold: 1
What it means: Hello Inventory! New listing activity exploded in May as over 100 new listings hit the market last month, totaling over $200 million in listing volume. Without a doubt, the busy summer selling season is here! In the early parts of 2016, inventory levels lagged 2014 & 2015 numbers (see chart below), however new listings in May surpassed 2015 levels and nearly matched 2014 levels. New listings in May outpaced sales at a rate of more than 3 to 1, meaning for every sale in May, 3 new listings came onto the market. The average asking price of May’s new listings was close to $2 million, as many high end properties hit the market. In particular, there were 13 new listings over $3 million in Teton County in May, including a 35 acre property in Ely Springs Ranch ($10.3 million), the re-listing of the Lazy Moose Ranch in Wilson ($8.75 million) and a 5,100 sq foot home in Bar-B-Bar Meadows north of town (listed for $3.25 million and pictured below). At the other end of the spectrum, 9 condos priced under $500,000 were added to the summer inventory, including a 2-story, 2 bed/2 bath townhome on Glenwood ($395,000) and a 2 bedroom Ponderosa Village condo, currently the least expensive property in Teton County, listed at $265,000. Compared to April, May also saw nearly 3 times as many new lot listings, with an average listing price near $2 million. The least expensive lot listing in May is a 4.3 acre lot located south of Wilson for $380,000, while the most expensive lot listing was a 35 acre parcel in Crescent H Ranch listed for $6.75 million.
Notable new listings in May include:
- Beautifully remodeled 3 bedroom East Jackson townhome with Teton views – $599,000
- Re-development potential on double lot in Town with older single family home and large shop – $1,195,000
- Newly constructed 2,400 sq foot home in downtown Wilson – $1,350,000
- 6 acres of private land on the Wilson bench on Teton Pass – $1,200,000
Click HERE to view all new May residential listings.
Click HERE to view all new May land listings.
As we enter the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.
As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.