Rate of new inventory continues to decline, now matches rate of inventory selling in Jackson Hole real estate market
The Colbert Real Estate Report
Monthly Market Update for October 2015
Jackson Hole, WY
What’s new in October 2015? (New Listing Analysis)
- 46 :: Total number of new listings in Oct
- Average List Price: $1,118,000
- 36 new residential properties (single family, condo, townhome)
- Average List Price: $1,300,000
- New listings already under contract or sold: 4
- 10 new building sites
- Average List Price: $935,000
- New listings already under contract or sold: 1
What it means: New listings hitting the market each month continue to drop since the height of the listing season in June, however compared to October 2014, we did see more new listings this year (36 v 46). The average listing price of new inventory dropped in October and was the lowest average in the past 8 months (see chart below). As of November 10th, only 11% of these new listings are under contract or sold. Compare that to last month where nearly 30% of the September new listings were under contract by mid October. The rate of new inventory coming onto the market in October was identical to inventory leaving the market (i.e. sales). This is the first time since November 2014 that new listings have NOT exceeded sales in any given month (see chart below). Fewer and fewer sellers choose to list their property in the winter months, believing that their property will show much better during the spring/summer when everything is green. That being said, now may be a great time to sell a property as there is not much new inventory (i.e. competition) coming onto the market. (Please contact me for a free in-depth analysis on the current market value of your property.)
Notable new listings in October include:
- A 2 bed / 2 bath single family home with 1 car garage and fenced backyard in Town: $607,500
- Two building sites in Kelly with direct Teton views: $479,000 each
- A 6,500 sq ft modern designed house atop Spring Creek Ranch: $15,000,000 (pictured below)
Click HERE to view all new October residential listings.
Click HERE to view all new October land listings.
Modern Home in Spring Creek – Listing in October for $15,000,000
Click HERE to read the full Monthly Market Update for November 2015.
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