The Colbert Real Estate Report
Monthly Market Update for Aug 2015
Jackson Hole, WY
What’s new in August 2015? (New Listing Analysis)
- 81 :: Total number of new listings in Aug (another drop after a high in June)
- Average List Price: $1,785,000
- 63 new residential properties (single family, condo, townhome)
- Average List Price: $1,900,000
- New listings already under contract or sold: 9
- 18 new building sites
- Average List Price: $1,670,000
- New listings already under contract or sold: 2
What it means: New listings took another dip in August as the summer selling season is nearing its end. This is typical for this time of year, as August 2014 saw a similar number of new listings (75). New inventory continues to outpace monthly sales. In August, for every sale there were 1.6 new listings, however that gap is quickly closing (see chart below). It is typical for this gap to be the largest during the spring and early summer season when there is an influx of new listings. The average listing price of all new listings in August (land and residential combined) dipped below $2 million for the first time since April 2015. Keep in mind this average is still $700,000 higher than the average SALES price in August ($1,070,000). Earlier this spring and summer (March through June), between 22% – 32% of a month’s new listings went under contract or sold by the time the next month’s report was published (usually around the 10th of the next month). Last month at this time, only 17% of the new July listings were under contract, and this month, only 14% of August’s new listings are under contract or sold. This downward trend illustrates the recent slow down in the market and may suggest that many new listings continue to be over priced for the current market.
Notable new listings in August include:
- Several condo-hotel rooms at the White Buffalo Club in Town: 1 bdrms start at $320,000 and 3 bdrms (with large kitchen) start at $948,000 (pictured below)
- 4 bdrm townhome in Town with grand-fathered short term rental zoning for $795,000
- To-be-built spec new home in downtown Wilson: $1,350,000
Click HERE to view all new August residential listings.
Click HERE to view all new August land listings.