2020: January Market Report

What happened in January?

What Sold

The New Year started out strong with 41 real estate sales in January 2020, an increase of 20% from December 2019. Those 41 sales translated to $90 million in sales volume, the highest monthly volume in the past 3 months. As a result, the average sale price for January 2020 reached $2.2 million, breaking $2 million for the first time since August 2019. The median sale price dropped $130,000 to $1.27 million in January with 34% of all sales occurring under $1 million and another 12 sales occurring between $1,000,000 - $1,300,000. Days on market increased slightly in January, with the average property selling in 191 days, however high demand and well priced listings are selling much more quickly. The sale to list price ratio remained at 95% for the third month in a row, with 7 of the 41 sales occurring at or above the listing price including a stand-alone townhome on East Hall, that received five offers in the first few days of listing, quickly selling for full price of $1,095,000 . The majority (41%) of the sales in January were single family homes, while townhomes accounted for 37% of all sales. Interestingly, there were 9 lot sales in January representing nearly 1 in every 4 sales last month, quite the increase considering that vacant land accounted for an average of 14% of all sales over the last 8 months. Nearly half (44%) of all sales occurred in the $1-3 million range, perhaps signalling a trend after representing 50% of all sales in Dec 2019. The high end segment started the New Year strong with 9 sales over $3 million in January, including several homes around Teton Village in Shooting Star, Granite Ridge, and Lake Creek Ranch.

Real Estate Transactions

$89,912,254

Total Sales Volume

191

Average Days on Market

$1,270,000

MEDIAN SALES PRICE

41%

Single Family Home Sales

66%

of property sales over $1M

4

TRANSACTION UNDER $500,000

Thinking of Selling?

As new inventory entering the market goes down, Buyers options are dwindling. If you are thinking about selling, now may be a good time to capture interested buyers attention. Contact me to chat about your property's value in today's market.

New Listings

The first month of the New Year saw 32 new listings enter the market, a slight increase over December 2019, however still roughly one-third of new inventory seen during the summer months. Listing volume topped $110 million for the second month in a row. The average listing price dropped slightly from December but remained strong at $3.4 million, continuing to outpace the average sale price by more than a $1 million for the last 2 months. The median list price spiked in January, topping $2 million for the first time since I began tracking this stat in April 2017. Not a surprise, considering that over 80% of January new listings were over $1 million with a whopping 40% of new listings over $3 million last month. Several high end homes came on the market at 3 Creek ($11.75 million), Solitude ($7.5 million) and a beautiful custom home north of town, listed for $16.9 million (and already under contract!). Only 5 new listings entered the "locals market" ($500,000 - $1 million) and only one property hit the market under $500,000 - a one bedroom condo in East Jackson, listed for $365,000 that received 3 immediate offers. New listings were split almost equally between single family homes (14) and townhomes (13) with 5 vacant lots coming onto the market in January, including a unique parcel on Huffsmith Hill with stunning Teton views, listed for $5.1 million.

New Listings

$110,237,000

New Listing Volume

5

Vacant Lot Listings

$3,444,906

Average List Price

$2,347,000

MEDIAN LIST PRICE

1

listings under $500,000

13

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. This can present great opportunities for buyers to take advantage of some sellers added motivation. 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.