What happened in March?
New real estate listings in March dipped slightly from February, with 40 new properties hitting the market. To put that in perspective, last March 2019, 36 new listings entered the market. We typically see a spike in new listings starting in May continuing through June each year (in 2019, 205 new listings hit the market in these two months alone). However, this year is like no other, with COVID-19 disrupting our economy and many people's daily lives. It will be very interesting to see the number of new listings that enter the market during this spring's listing season. Will sellers hold off to wait to see what happens to the market? Will panic drive more sellers to dump their properties?
New listing volume dropped significantly in March, down nearly $45 million from February 2020, and dipping below $100 million for the first time since November 2019. As a result, the average listing price dropped to $1.9 million from a high of $3.9 million just 3 months ago in December 2019. Again, it's typical for the higher-end listings to wait until May / June to enter the market (i.e. last year we saw an average list price of $4.2 million in June). The median listing price was also down in March, dropping $640,000 to just over $1 million as a whopping 19 properties (47.5%!) entered the market between $500,000 - $1,000,000. Despite the snowy conditions, we saw another 8 properties come online over $3 million, including houses in John Dodge, Spring Creek Ranch, Solitude, and Teton Village. So, while new listings continued hitting the market through March despite the early effects of coronavirus, pending sales appear to be down with only 6 these 40 new March listings under contract (as of April 9). Again, I think new listing numbers and dollar volume in April, and more significantly May, will really illustrate the coronavirus' impact our Jackson Hole real estate market in 2020. Stay tuned!