What happened in April?
While April is typically a slow month for new real estate listings, this April was particularly slow with only 19 new properties entering the market. Compare that to April of last year, when more than double (41) the listings came online, suggesting that the Coronavirus may be affecting sellers' plans to list this year. Whether people are taking a "wait-and-see approach" to the larger market or have legitimate concerns about other buyers and Realtors entering their home, we are starting to see the effects of COVID-19 on our inventory levels for Spring. Interestingly, despite recording only half of the new listings seen last April, the total dollar volume of April's new listings this year is similar ($63 million this year vs. $65 million last April 2019).
The unusually high dollar volume can be explained by the fact that 16 of April's 19 new listings were priced over $1 million, with 6 high-end listings entering the market over $3 million, including a 5-bedroom ski-in ski-out house in Teton Village, a 9,000 sq ft home on 18 acres in Bar-B-Bar and the historic Gill Huff Ranch, consisting of 160 acres at the base of Teton Pass, which is already under contract. Only 3 new listings entered the market under $1 million in April, including a 1,200 sq ft house in Hoback, a trailer in Evans Trailer Court, and a 4 bedroom remodeled Creekside townhome, the latter two of which are already under contract. As a result, the average listing price for April topped $3.3 million! The median list price was also up significantly, jumping to $2.3 million vs. the previous 12-month average of $1.5 million. Over 60% of April's new listings were for single-family homes. Strangely, not one new vacant lot entered the market in April, an interesting stat considering 10 vacant lots were listed last month and 8 lots came online in April of last year.
May and June are traditionally the busiest months for new listings with over 100 properties entering the market in both May and June of 2019. It will be interesting to see the number of new listings over the next few months, which will help determine the true effects of COVID-19 on our inventory levels this spring (which will no doubt have an effect on pricing and values).