The Colbert Real Estate Report
Monthly Market Update for Dec 2016
Jackson Hole, WY
What’s new in Nov 2016? (New Listing Analysis)
- 19 :: Total New Listings in Nov
- New Listing Volume: $24,788,000
- Average List Price: $1,300,000
- 15 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,407,000
- New listings priced under $1 million :: 10 (66%)
- New listings already under contract or sold: 4
- 4 :: New Building Sites
- Average List Price: $922,500
- New listings priced under $1 million :: 2 (50%)
- New listings already under contract or sold: 0
What it means: New inventory hitting the market continues to dwindle as we enter the slow part of the real estate season in Jackson Hole, with only 19 new properties listed in November. The dollar volume of new inventory also dropped, totaling less than $25 million last month. Overall, November tends to be the slowest month of the year for new residential listings. The low levels of new inventory seen this past Nov 2016 are similar to levels seen in Nov 2014 & Nov 2015 (see chart below). Interestingly, we did see several new listings hit the market in Teton Village in November, just in time for the opening of Jackson Hole Mountain Resort. The asking prices of new inventory increased only slightly in November and still remain well below the average listing prices of the busy summer months (i.e. over $3 million in Aug 2016). Nearly 3/4 of the new listings in November were priced under $1 million, good news for a market segment that has seen high demand and low supply over the last several months. The market responded quickly as 3 well priced properties in this price point went under contract quickly after listing, including a highly desirable short term rental condo at the base of Snow King Mountain in the Town of Jackson.
Notable new listings in Nov include:
- Rare vacant lot for sale in Rafter J neighborhood – $375,000
- Three different townhome options in Rafter J starting at $525,000
- Four different condo hotels in Teton Village starting at $795,000
Click HERE to view all available November residential listings.
Click HERE to view all available November land listings.
(Contact me to view any pending or sold properties.)
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