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Few new listings in January, many with high price tags

February 8, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Feb 2017

Jackson Hole, WY

What’s new in Jan 2017? (New Listing Analysis)

21 :: Total New Listings in Jan
- New Listing Volume: $69,620,000
- Average List Price: $3,315,000
15 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $3,050,000
- New listings priced under $1 million :: 4 (19%)
- New listings already under contract or sold: 3 (20%)
6 :: New Building Sites
- Average List Price: $3,975,000
- New listings priced under $1 million :: 0 (0%)
- New listings already under contract or sold: 0 (0%)

What it means: Even fewer new listings hit the market in January, marking the second slowest month for new listings in the past year. While January is usually a slow month for new inventory, this January was particularly slow when compared to the previous years (see chart below). Despite the low level of new inventory, many of the new listings in last month had some thing in common – a high price tag. Even with only 21 new properties for sale, the total listing volume was just shy of $70 million. That equates to an average new listing price of over $3.3 million for the month of January! Twelve of the 21 new listings last month were priced over $2 million, including nice homes in 3 Creek Ranch and The Aspens, and a rarely listed condo in the Crystal Springs building in Teton Village. Several larger estates in Tucker Ranch, Owl Creek and Crescent H Ranch also hit the market, listed between $5 – $14 million. Four large parcels in the new Sublette Ridge subdivision near the base of Jackson Hole Mountain Resort came onto the market in January, starting at $4.25 million each. The least expensive new listing was a 3 bedroom / 2 bath / 1 car garage condo in Cottonwood Park for $560,000. There were 0 new listings priced under $500,000, a stat that is not welcomed news for entry level buyers.

Notable new listings in Jan include:

Three bedroom/2 bath condo in The Aspens with garage – $765,000
Top floor 2 bedroom Hotel Terra unit in Teton Village – $1,250,000
Four building sites in newly created subdivision at base of JHMR – $4.25MM – $5.5MM

Click HERE to view all available January residential listings.

Click HERE to view all available January land listings.

(Contact me to view any pending or sold properties.)

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Several new high end listings in Teton Village in December

January 12, 2017/in Market Reports, Uncategorized/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Jan 2017

Jackson Hole, WY

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

23 :: Total New Listings in Dec
- New Listing Volume: $37,400,000
- Average List Price: $1,626,000
17 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,860,000
- New listings priced under $1 million :: 7 (41%)
- New listings already under contract or sold: 5 (29%)
6 :: New Building Sites
- Average List Price: $970,000
- New listings priced under $1 million :: 5 (71%)
- New listings already under contract or sold: 1 (6%)

What it means: The pace of new inventory entering the market continues to drag as just 23 new listings hit the market in December, a fraction of new inventory levels seen during the spring and summer months (see chart below). The low levels of new inventory this December are lower than levels seen in Dec 2014 & Dec 2015, a problem for a real estate market already extremely low on inventory. While new listings did increase slightly from November to December, dollar volume of new listings increased $12.5 million, as several high end listings hit the market. In December, there were 7 new listings in Teton Village (home to Jackson Hole Mountain Resort), totaling over $22 million, and including 3 properties priced over $3 million each. As a result of these high priced listings, the average asking price increased in December, reaching over $1.625 million. Well priced and/or high demand properties continue to go under contract quickly. Six properties, including a 2 bedroom condo in Town, a townhome in Rafter J and a 3 bedroom townhome adjacent to open space in The Aspens, already have sales pending.

Notable new listings in Dec include: