2020: September New Listings in Jackson Hole

What happened in September?

New Listings

Despite the hot real estate SALES market, new listings dropped off in September, with only 65 properties hitting the market, effectively replacing only 2/3 of the properties sold in September. This marks only the third time this year where monthly new listings have been LESS than monthly sales, and definitely the most dramatic difference. While September saw 25 fewer sales then August, the listing dollar volume was significantly more, reaching $20 million higher than last month. This resulted in an average listing price in excess of $4.2 million as 33 properties came onto the market priced over $3 million and a staggering 9 new listings in excess of $10 million! The median listing price was also up, nearly doubling from August ($1.6 million) and topping $3 million for the first time since I've been recording these statistics.

For the first month in 2020, not a single property entered the market priced under $500,000 and only 13 properties were listed between $500,000 - $1 million, 4 of which are already under contract or sold. While the majority of September's new listings were for single-family homes, there was a significant number (23) of vacant lots coming onto the market, matching the recent uptick in demand for land as existing inventory continues to dwindle.

New Listings

$276,805,500

New Listing Volume

23

Vacant Lot Listings

$4,258,546

Average List Price

$3,075,000

MEDIAN LIST PRICE

0

listings under $500,000

33

Listings over $3M

Is now a good time to buy?

An influx of out of town buyers has definitely put added pressure on the market, with many properties receiving multiple offers upon hitting the market. Now more than ever, it's important to be ready to jump when the right opportunity arises. Know the market, follow the comps, make sure your financing plan is lined up, be ready to act on the right property. If you are looking to buy in this market, please connect with me so that we can make sure you are aware of new listings as soon as they hit the market. If I know what you are looking for, I can keep an eye out for soon to be listed properties as well, alerting you before they hit the market.
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.

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