2020: February Market Report

What happened in February?

What Sold

Real estate sales were down in February, recording only 27 transactions - the lowest monthly total since last February 2019. Overall sales volume was also down $30 million after a strong January that saw nearly $90 million in sales volume. February volume was the lowest monthly volume since June 2019. Despite lower sales and volume, the average sale price remains strong, reaching close to $2,250,000 for only the first time in the past year. February saw several high end sales including 2 Granite Ridge homes in Teton Village, selling for a combined $15 million. The majority (56%) of sales in February were for single family homes. Not surprisingly given the snow levels, only 3 vacant lots sold in February. The $1-3 million price point was again the hot spot, with nearly half of last month's sales occurring in this price range. There were 0 sales under $500,000 in February, the first month without a sale in the entry level market since I began tracking this stat in January 2018. The average days on market dropped down to 168 days after reaching 191 last month. Interestingly, the sale to list price ratio hit 97% for the first time since July 2019, illustrating that properties, on average, were selling closer to listing price in February, with nearly 1 in 4 properties selling at or above their listing price last month.

Real Estate Transactions

$60,598,698

Total Sales Volume

168

Average Days on Market

$1,495,000

MEDIAN SALES PRICE

56%

Single Family Home Sales

67%

of property sales over $1M

0

TRANSACTION UNDER $500,000

Thinking of Selling?

As we approach the end of winter, new inventory entering the market is scarce. Many would be sellers are waiting until spring to list, however there is a great opportunity now to take advantage of unmet demand in the current market. Contact me to chat about the benefits of listing now vs. waiting until the Spring.

New Listings

New listings spiked in February with 42 properties hitting the market, the highest monthly level of new inventory since last September 2019. List volume was also up, reaching nearly $120 million. However, the average list price dropped to $2.85 million from the highs seen in December and January ($3.9M & 3.45M respectively). The median listing price was also down, dropping significantly to $1,650,000, as 14 new properties entered the market under $1 million including two condos and town under $400,000 that went under contract immediately. The majority (21) of February's new listings were condos and townhomes, including short term rental condos in Teton Village, The Aspens and Jackson Hole Golf & Tennis. Only 4 building sites came onto the market including a two lot re-development opportunity in East Jackson, listed at $2.85 million.

New Listings

$119,741,000

New Listing Volume

4

Vacant Lot Listings

$2,850,976

Average List Price

$1,650,000

MEDIAN LIST PRICE

3

listings under $500,000

8

Listings over $3M

Winter is a Great Time to be a Buyer

Because winter is not a desirable time to list a property for many sellers, those that do list can have a compelling reason to sell. Pair that motivation with recently lowered interest rates, and there are some great opportunities for buyers right now. Contact me to learn where I see the best winter deals.
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.