2018: October New Listings

What happened in October?

New Listings

While increasing slightly from September, the 46 new listings in October represent only half of the listing levels seen in the busy summer months. Despite the modest increase in the number of new listings, the overall dollar volume of those new listings ($84 million) dropped significantly from September ($148 million), representing only a quarter of the volume seen in the height of the summer. As a result, the average new listing price in October was also down significantly, dipping below $2 million for the first time since March 2018. These drops can be attributed to the fact that fewer high end listings (above $3 million) hit the market in October. After an average of 20 new high end listings hit the market each month this summer, there were 14 such listings in September and only 6 new listings priced over $3 million coming onto the market in October.  Usually the homes with the highest price tags strategically put their homes on the market at opportune times to sell (i.e. the summer!). Despite a lower average, the median listing price actually increased in October, helped by a spike in listings in the $1-3 million range, where 25 new properties came onto the market.

New Listings

$1,828,630

Average List Price

40

Residential Listings

$84,117,000

New Listing Volume

$1,425,000

MEDIAN LIST PRICE

54%

$1M-$3M Price Point

2

Listings below $500,000

Good time to be a Buyer

With the arrival of the "off-season" in Jackson Hole, some think the real estate market also slows down. However, Sellers motivation levels may be increasing with the pending arrival of winter and perhaps more importantly, year end. Contact me to discuss which properties represent potential for a great buy.
Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

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