The Colbert Real Estate Report
Monthly Market Update for July 2016
Jackson Hole, WY
What’s new in June 2016? (New Listing Analysis)
- 90 :: Total number of new listings in June
- Total New Listing Volume: $240,700,000
- Average List Price: $2,675,000
- 69 new residential properties (single family, condo, townhome)
- Average List Price: $2,690,000
- New listings already under contract or sold: 16
- 21 new building sites
- Average List Price: $2,620,000
- New listings already under contract or sold: 2
What it means: New inventory continues to hit the market, with 90 new listings coming online in June. Joined with last month, we've seen 200 new properties enter the Jackson Hole real estate market so far this summer. While the number of new listings in June is down slightly from May, the volume of new listings actually increased. As a result, the average sales price of June listings was close to $2.7 million. There were two very high end new listings that no doubt affected these statistics: an 11,000 sq foot home on 40 acres north of Town was listed for $28 million (pictured below) and a 264 acre property (including modern home, guest house, barn, etc.) with frontage on both Fish Creek and the Snake River was listed for $53 million! However, even without these two listings, the average sales price of June's new inventory was over $1.8 million, continuing an increasing trend seen over the last few months (see chart below). The average listing price of new lot listings was also above $2.6 million and included two large parcels in Bar-B-Bar (located along the Snake River north of Town), listed for $12 million and $15.5 million, respectively. Several single family homes hit the market in the $600,000 - $800,000 price range. These homes in Cottonwood Park, Rafter J, the Town of Jackson, Red Top Meadows and Hoback Junction represent the least expensive single family home options in Teton County. Many buyers are moving quickly, as 20% of June's new listings are already sold or have sales pending (by July 10th).
Notable new listings in June include:
- 2 bedroom / 1 bath single family home in West Jackson – $599,000
- Log Cabin with large shop/garage in Hoback – $635,000
- Modern 2 bdrm condo in Pearl @ Jackson in downtown - $1,150,000
- Four lots bordering Elk Refuge in Gill Addition (with older home) – $6,000,000
Click HERE to view all new June residential listings.
Click HERE to view all new June land listings.
As we continue through the busy summer selling season, the amount (and price) of new inventory will continue to dictate future market values. Whether you are a first time or seasoned home buyer, there are many opportunities out there, with several not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for a comprehensive analysis of the current buying opportunities in our market.
As a Seller, the best strategy is to make your property stand out against the competition by pricing it competitively (based on the most comparable sales) and marketing it effectively, as buyers are moving quickly on well-priced, high-demand properties. If you are interested in a learning what your property could sell for in this market, please complete a Home Valuation Form for a free estimate of your home's market value.