New listings up slightly in December, but still very low
The Colbert Real Estate Report
Monthly Market Update for January 2016
Jackson Hole, WY
What’s new in Dec 2015? (New Listing Analysis)
- 26 :: Total number of new listings in December
- Average List Price: $2,400,000
- 23 new residential properties (single family, condo, townhome)
- Average List Price: $1,833,000
- New listings already under contract or sold: 4
- 3 new building sites
- Average List Price: $1,970,000
- New listings already under contract or sold: 1
What it means: New listings picked up slightly in December, but still remained low. With only 26 new listings, December 2015 marked the second slowest month for new listings in the past year (November 2015 was the lowest with only 18 new listings). While winter is usually a slower time for new inventory, the small up tick in December could be explained by sellers’ motivation to list their properties in time for the holiday rush of visitors and skiers (potential real estate buyers). In particular, 10 of the new listings in December were in Teton Village including a rarely listed 5 bedroom Snow Ridge condo for $1,600,000, which went under contract in early January. The average sales price of new listings increased for the second month in a row, jumping up to nearly $2 million, in part thanks to 2 high end land listings, both with Flat Creek frontage, but in different parts of the Valley. A 35 acre parcel in the Flat Creek Fishing Club Subdivision south of Jackson was listed for $5.65 million and a 1.17 acre lot in Shooting Star at the base of Jackson Hole Mountain Resort was listed for $2.85 million in December (pictured below). As of Jan 10th, just under 20% of these new listings are pending or sold (down from nearly 30% in November), suggesting that many of the new listings prices may be a bit above market. Due to the low sales in December (see Summary section above), new inventory slightly outpaced inventory leaving the market (i.e. sales). While low inventory levels usually contribute to rising values, it’s becoming apparent that buyers are not willing to “buy just to buy” and are holding out for well-priced properties. It will be interesting to see the pricing trends of new inventory hitting the market in 2016, and to see if Sellers are still holding on to 2015 values (which were some of the highest seen since the peak in 2007) or if we will see sale and listing prices leveling off in the New Year. That being said, now may be a great time to sell a property as there is little new inventory coming onto the market at competitive prices. (Please contact me for a free in-depth analysis on the current market value of your property.)
Notable new listings in December include:
- Two bedroom/one bath townhome with garage in Cottonwood Park – $499,000
- Completely re-built 2 bedroom home on the Village Road – $950,000 (pictured below)
- Four bedroom, true ski-in/ski-out home in Teton Village – $9.5 million
Click HERE to view all new December residential listings.
Click HERE to view all new December land listings.
Lot for Sale in Shooting Star development – $2.85 million
Click HERE to read the full Monthly Market Update for January 2016.
Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.
