New Property Listings slow in Sept 2016

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

What’s new in Sept 2016? (New Listing Analysis)

  • 43 :: Total New Listings in Sept
    • New Listing Volume: $68,564,000
    • Average List Price: $1,595,000
  • 37 :: New Residential Properties (single family, condo, townhome)
    • Average List Price: $1,470,000
    • New listings priced under $1 million :: 20 (54%)
    • New listings already under contract or sold: 8
  • 6 :: New Building Sites
    • Average List Price: $2,363,000
    • New listings priced under $1 million :: 1 (17%)
    • New listings already under contract or sold: 2

What it means: After slowly declining over the past few months since the peak in May (110 new listings), new inventory dropped off significantly in September, with only 43 new properties hitting the market last month. While September is not historically a popular month for sellers to list their properties, this September’s new listings still fell far short of 2015 (see chart below). Dollar volume of new listings plummeted in September, recording roughly 1/4 of the dollar volume seen in August ($68MM vs. $244MM). The price points of these new listings were also down, as evidenced by a sharp drop in the average listing price. (Keep in mind that August’s high average listing price was helped by several high-end land parcels in the Bar BC, Spring Gulch Ranch and the Snake River Sporting Club.) Twenty-one of the new residential listings in September were priced under $1 million (nearly 50%), with 6 of them priced under $500,000. Compare that to August, when only 39% of new listings were under the $1 million mark. The well priced properties continue to move quickly as 8 of these sub $1 million listings are already under contract or sold (by Oct 10), including a 4 bedroom townhome at the base of Snow King Mountain, which went under contract within hours of hitting the MLS. The trend of high-end land listings continued in September, with 4 of the 6 new lot listings priced over $1.5 million, including 2 lots in Shooting Star and one in Granite Ridge, both located at the base of Jackson Hole Mountain Resort.   

Notable new listings in Sept include:

  • Deed Restricted Employee Housing condo at base of Snow King Mountain – $299,000
  • Live/Work Units (downstairs office, upstairs living) across from Whole Grocer – starting at $660,000
  • Nicely updated home close to parks, hiking and amenities in West Jackson – $765,000
  • Four bedroom home nestled in the trees over looking Fish Creek area in Wilson – $3,195,000

Click HERE to view all available September residential listings.

Click HERE to view all available September land listings.

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