New Listings – What’s New?
AvERAGE LIST PRICE
LIST PRICE Volume
There were 9% fewer new listings in the second quarter of 2018 compared to this same time last year. This overall decrease was caused by a slower than usual June 2018, which saw 30% fewer listings than June 2017. With a decrease in transactions, we also saw a decline in new listing volume, which was down 11% from this time last year. Fewer new listings will contribute to already low inventory levels, and we should expect to see increased demand and competition, which will continue to put upward pressure on pricing. Despite lower transactions and sales volume, listing prices are increasing, as the median list price was consistently above monthly levels seen this quarter last year.
THE BUSY SEASON IS HERE!
Contact Katie for information about your home and its current market value.
Transactions/Sales Volume – What Sold?
Average Median Sales Price
Total Sales Volume
The second quarter of 2018 was explosive, recording $268 million in real estate sales in Teton County. That is more than DOUBLE Q2 sales volume last year! Quite the amazing feat given that the number of transactions increased only 7.5% from Q2 2017 to this year. As a result, the average sales price and median sales price was much higher in Q2, easily outpacing monthly averages from Q2 2017. The price point of property sales in Q2 shifted significantly compared to this time last year, when the majority of properties sold between $500,000 - $1,000,000, considered the "locals" market. In the second quarter of this year, there were significantly more sales in the $1-3 million range and the high end market above $3 million (see bottom left graph). Single family home sales increased significantly and made up more than half of all sales in the second quarter. On the other hand, condo and townhome sales, which made up 50% of all sales in Q2 2017, represented only 38% of sales this past quarter.