May 2017 is busy for new listings, but still lags 2016

The Colbert Real Estate Report

Monthly Market Update for June 2017

Jackson Hole, WY

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

  • 86 :: Total New Listings in May
    • New Listing Volume: $190,260,000
    • Average List Price: $2,212,000
  • 62 :: New Residential Properties (single family, townhome, condo)
    • Average List Price: $2,426,000
    • Median List Price: $1,172,000
    • New listings priced under $1 million :: 28  (45%)
    • New listings already under contract or sold: 17  (27%)
  • 24 :: New Building Sites
    • Average List Price: $1,660,000
    • Median List Price: $815,000
    • New listings priced under $1 million :: 15 (63%)
    • New listings already under contract or sold: 1 (4%)

What it means: Continuing the trend as the busiest month for new listings, May saw nearly 90 new properties hit the market in Teton County. By far the highest level of new listings in past year, it still falls a little short of May 2016 however, when 110 new listings hit the market (see charts below). The total dollar volume of new listings in May increased more than 50% from April, but again, still lagged listing dollar volume seen last year at this time. The average listing price remained above $2 million for the second month in a row, in part thanks to several new high-end listings over $10 million, including an 8,000 square foot home on 38 acres along the Snake River south of Wilson (listed for $16 million). It's also helpful to look at the median listing price of the new inventory as it can be a more representative statistic given the amount of high-end properties. In May, the median listing price of residential properties was just under $1.2 million, as 28 new residential listings hit the market in the sub $1 million range, mostly 2-3 bedroom condos and townhomes. The least expensive single family home listing was a 1,700 sq foot cabin with garage on a small lot 15 minutes south of Wilson for $699,000 (currently the least expensive single family home in all of Teton County). Several high-end lot listings also hit the market in May, including 6 building sites priced over $2 million and an 105 acre parcel in the Snake River Sporting Club for $9 million. The median listing price for vacant land was $815,000 in May, a result of 15 new lot listings under $1 million (63% of the vacant land inventory). Well priced properties, especially condos/townhomes priced under $750,000, continue to go under contract quickly (sometimes the same day as hitting the market!) as local demand far exceeds available supply in this price point. 

Notable new listings in May include:

Click HERE to view all available May residential listings.

Click HERE to view all available May land listings.

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

 

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