New listings increase as we enter busy summer selling season, but still lagging levels from last year

What’s new in May 2015? (New Listing Analysis)

  • 85 :: Total number of new listings in May (a jump from last month’s 66)
  • 67 new residential properties (single family, condo, townhome)
    • Average List Price: $1,650,000
    • New listings already under contract or sold: 15
  • 18 new building sites
    • Average List Price: $2,375,000
    • New listings already under contract or sold: 1

What it means: The number of new listings continues to increase each month as we have now entered the busy summer selling season in the Jackson Hole real estate market. We are seeing slightly fewer new listings than we did during this time last year (see chart below). Despite the new listings, inventory levels continue to remain very low. New listings in May barely replaced the inventory that was sold in May (see chart below). Many of the recent new listings appear to be ‘testing’ the market with aggressive listing prices that are significantly higher than past sales. In some cases, buyers are willing to pay that premium because inventory levels are so low. Many buyers may feel a sense of urgency to get into a market that has been increasing at a fast pace for the last 6 months. When these higher sales prices are achieved they set the new bar for future listings in that neighborhood or condo complex, which then contributes to the increasing market.  Of the 15 new residential listings in May that are already under contract or have closed, 13 of them were priced under $1 million with only 3 of them priced under $500,000. This again points to a consistently hot market in the $500,000 – $1 million range (see “What Sold?” above). The month of May saw many new high end lots hit the market (with an average list price of $3,275,000) including four 40 acre parcels of land available in Buffalo Valley for $18,900,000 and two different 35 acre ranch parcels in the Bar BC listed for $8.5 million and $8.95 million (pictured below).

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.




Teton views from a 35 acre ranch parcel in the Bar BC

Thinking of listing this summer? There is still time.ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.