New inventory still slow to the market in February
The Colbert Real Estate Report
Monthly Market Update for March 2017
Jackson Hole, WY
What’s new in Feb 2017? (New Listing Analysis)
- 26 :: Total New Listings in Feb
- New Listing Volume: $34,484,000
- Average List Price: $1,326,000
- 24 :: New Residential Properties (single family, townhome, condo)
- Average List Price: $1,269,000
- New listings priced under $1 million :: 14 (58%)
- New listings already under contract or sold: 8 (33%)
- 2 :: New Building Sites
- Average List Price: $2,020,000
- New listings priced under $1 million :: 1 (50%)
- New listings already under contract or sold: 0 (0%)
What it means: New listings increased slightly in February but continue a 5 month trend of less than 30 new listings per month (less than 1 per day of the month). Compare that to the busy spring/summer listing season, where new listings can sometimes top 100 per month. The price point (and therefore sales volume) of February’s listings was significantly less than January, which saw many high end listings hit the market. Over half (58%) of the new inventory hitting the market in February was priced under $1 million. Given the high demand for this price point, it’s no surprise that 1/3 of February’s new listings have already been placed under contract. A 2 bedroom Town condo priced below $300,000, a single family home in Rafter J and a nicely remodeled 2 bedroom top floor condo in The Aspens did not last long on the market, each going under contract within days of hitting the market (at prices close to or above the listing prices). Only two new building sites hit the market in February. Understandably this time of year is not a popular time to list vacant lots with all the snow. New lot inventory last month included a half acre lot in Indian Trails and a 6 acre parcel atop Spring Creek Ranch, listed for $3.5 million.
Notable new listings in Feb include:
- Two Creekside townhomes in Town – each priced at $640,000 with 1 under contract
- Single family home in Town with potential to create a separate apartment – $989,000
- Nearly 1/2 acre building site in Indian Trails – $540,000
Click HERE to view all available February residential listings (excluding 8 pending sales).
Click HERE to view all available February land listings.
(Contact me to view any pending or sold properties from February.)
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