The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

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

• 54 :: Total number of new listings in April
  • Total New Listing Volume: $83,100,000
  • Average List Price: $1,540,000
• 43 new residential properties (single family, condo, townhome)
  • Average List Price: $1,266,000
  • New listings already under contract or sold: 9
• 11 new building sites
  • Average List Price: $2,600,000
  • New listings already under contract or sold: 0

What it means: New listing activity continued to increase as we approach the busy summer selling season. Fifty-four new properties (including both residential properties & building sites) hit the Teton County real estate market in April. After several months of lagging or matching the inventory levels seen in 2014 & 2015, April saw more new residential listings than in the previous years (see chart below). New listings in April continued to outpace sluggish sales levels, this time at a rate of 2.5 to 1. In April, there were 10 new condo/townhome listings under $750,000, lower than last month’s 17 new listings in this price range, but nonetheless adding much needed inventory to the entry level market. By March 10th, 4 of these new listings were already under contract, illustrating the continued high demand for properties in this price point. At the other end of the spectrum, 6 single family homes hit the market priced in excess of $2 million including homes in Jackson Hole Golf & Tennis, Teton Pines, Game Creek and an 8,300 sq foot home in Town overlooking the Elk Refuge (listed for $4.9m). The middle of the market saw quite a bit of new listing activity as 11 new single family home listings priced between $500,000 – $1,000,000 hit the market, including homes in Rafter J, Cottonwood Park, East Jackson, and a ranch style home on 5 acres south of Jackson (pictured below).  Nearly a dozen new lot listings were added to the inventory in April including 4 building sites in Saddle Butte, located just north of downtown, ranging from $788,000-$1,995,000.

Notable new listings in April include:

• 3 bdrm condo at Snow King with short term rental income – $545,000
• 3 bdrm remodeled townhome (with garage) at the base of Jackson Hole Mountain Resort – $1,275,000
• Rafter J lot in the new King Eider subdivision – $349,000

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

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

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!