What happened in March?
There was an uptick in sales last month with 30 transactions occurring in March, however sales volume dropped slightly, down to just under $58 million. As a result, both the average and median sales prices were down in March, as nearly 50% of property sales occurred under $1 million. Properties that sold in March had only been on the market for an average of 147 days, the shortest monthly marketing time seen since Oct 2018. Demand remains high as half of March sales were on the market for less than 90 days before closing. Sellers appeared to be motivated this winter, as properties sold at 95% of their listing prices in March, only the second time this monthly ratio has dipped below 96% in the past 17 months. Single family homes represented over half of all sales in March, while only 2 building sites sold – a 31 acre lot on Saddle Butte and a rarely available vacant lot in Cottonwood Park.
Thinking of Selling?
Should you wait until the snow melts? Buyers are ready to buy and inventory is low, however some properties do sell better when the grass is green. Contact me for a opinion of your property's market value and an analysis on the best time to sell.
After a slow and quiet February, new listings picked up in March with 36 new properties hitting the market totaling $62M – double the listing volume seen last month! The average listing price increased to $1.7M and the median listing price also increased, up to $1.32M from a low of $997,000 in February. The dramatic increase in listing volume was helped not only by 5 high-end listings in Flat Creek Fishing Club, Crescent H, Bar B Bar and Teton Village, but also by a spike in listings in the $1-3M range, where 15 new properties hit the market in March, including 4 single family homes in the Town of Jackson. While 10 new listings under $500,000 hit the MLS in March, many came on as “pending” sales in Virginian Village, a remodeled condo development near the Library in Town that has been attracting the interest of local buyers for the past several months.