April New Listings Update: Currently in Teton County, we are seeing inventory levels at a 25 year low. The following benchmarks, such as number of new listings, average sales price of those listings, and how quickly those listings go under contract, should help keep an eye on these inventory levels and can help us understand the relationship between new inventory (new supply) and sales prices.

• 66 :: Total number of new listings in April
• 47 new residential properties (single family, condo, townhome)
  • Average List Price: $1,540,000
  • New listings already under contract or sold: 15
• 19 new building sites
  • Average List Price: $1,544,000
  • New listings already under contract or sold: 0

What it means: The number of new listings have been increasing almost every month since November 2014 (see chart below), however not at a rate to significantly impact the record low inventory levels. Hopefully we continue to see more listings hit the market as we enter the busy listing season (May-June). Currently we are barely replacing the inventory that is selling (see chart below). Judging from the consistent sale transaction levels (see Summary section above), we have yet to see a real impact from these new listings. That being said, many new listings are being snatched up as soon as they hit the market. Of the 47 new residential listings that hit the market in April, almost 1/3 of them are already under contract. Therefore, we should expect to see sales transactions tick up next month. Lot listings aren’t moving as quickly, possibly due to the fact that 17 of the 19 new land listings in April are priced over $1,000,000 (5 of the new land listings are priced in excess of $2 million). The average list price of new listings last month ($1.54m) is nearly $500,000 higher than the average sales price of properties sold last month ($1.135m).

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

 

 

Thinking of Listing this Summer? 

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market.
As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County.
Please contact me for more info or to receive a free market analysis on your property. Properties listed by May 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!