The summer selling season is here; as new listings (and asking prices) increase

The Colbert Real Estate Report

Monthly Market Update for July 2017

Jackson Hole, WY

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

  • 104 :: Total New Listings in June
    • New Listing Volume: $252,992,000
    • Average List Price: $2,433,000
  • 79 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,439,000
    • Median List Price: $1,250,000
    • New listings priced under $1 million :: 35  (44%)
    • New listings already under contract or sold: 19  (24%)
  • 25 :: New Building Sites
    • Average List Price: $2,413,000
    • Median List Price: $1,150,000
    • New listings priced under $1 million :: 11 (44%)
    • New listings already under contract or sold: 1 (4%)

What it means: The summer selling season is here! Over 100 new listings hit the market in June, the highest monthly tally since May 2016. Listing prices of this new inventory also spiked, resulting in over $250 million in listing volume, a high level not even seen during last year's busy summer months (see chart below). As a result, the average listing price for June inventory stayed strong, hovering just below $2.5 million. Several high end listings came onto the market in June, including four large parcels of land (158 acres in total) in the famed Crescent H Ranch south of Wilson - listed for $24 million, and two larger estate homes north of Town at Split C Ranch ($12.5M) and in the Dairy Ranches west of Jackson ($11.5M). The median listing price (of homes/condos/townhomes) in June was $1.25M, an increase over last month ($1.17M), but still well below the average (which can be disproportionately pulled up by several high end sales). In June, 44% of new residential listings were priced under $1 million (similar to last month).  Nineteen properties were already under contract (by July 10), with 11 of those pending sales occurring in this very active sub $1 million price range. Another 25 new building sites hit the market in June (similar to May), however with much higher prices. The average price tag for a newly listed vacant lot in June was just over $2.4 million, again pushed up by several high end lot listings in Crescent H Ranch and Trails End Ranch. Similar to residential listings, the median price for building sites ($1.15 million) was much lower than the average listing price, with 44% of new listings priced under $1 million. The least expensive lot listing was a parcel in the Pacific Creek neighborhood in Moran for $315,000, while a rare lot in Rafter J was listed at $419,000

Notable new listings in June include:

  • Three bedroom townhome with garage in Jackson - $550,000
  • Two bedroom house on 3 acres south of Wilson - $877,000
  • Two single family homes on Cache Creek Dr in East Jackson - starting at $1,620,000
  • Building site at end of cul-de-sac next to open space in Rafter J - $419,000

Click HERE to view all available June residential listings.

Click HERE to view all available June land listings.

(Note: Links above are good for one month after report is published.)

 

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