What happened in January?
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.