2020: March New Listings in Jackson Hole

What happened in March?

New Listings

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!

New Listings

$76,223,000

New Listing Volume

10

Vacant Lot Listings

$1,905,575

Average List Price

$1,010,000

MEDIAN LIST PRICE

1

listings under $500,000

8

Listings over $3M

Is now a good time to buy?

With the recent effects of the coronavirus, is now the right time to buy? Interest rates are historically low, but will values in Jackson Hole go down in the next 6 months? Will places like Jackson Hole become more enticing now that the global pandemic has buyers seeking less densely populated areas? Should we expect to see price adjustments this spring? The reality is that no one has a crystal ball. Each market segment will see different impacts from the coronavirus. I'm here to help you navigate this unprecedented time. Please reach out for an informal discussion; let's chat about your unique situation.
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.

Leave a Reply

Your email address will not be published. Required fields are marked *