March '2020 Market Update

It's an interesting and strange time here in the world amongst the "great pause" and covid-19 outbreak. Real estate showings are obviously slower at the moment, but inquiries, and online listing activity is busy as ever. It is normally during the Spring months that new listings begin to hit the market, and we're beginning to see some new listings. Inventory still remains low, as does new listing activity. It has yet to be seen if the low inventory of residential real estate and new listings is due to current events or simply a sign of the times with high construction costs, and limited inventory as a result.

Sales, on the Wyoming side of the Tetons and throughout Jackson are down over 10% compared to earlier in the year, and over 20% compared to last year. Again, we attribute this mostly to the lack of inventory. Surprisingly, sales in Teton Valley Idaho are up from last month and earlier in the year, on par with this time last year. Many of these sales were likely negotiated in the first two months of the year, so it will be interesting to see next month's numbers.

Make sure to subscribe to our new weekly newsletter and monthly market report the check in on activity next month.