Trees are budding and the valley floor is turning distinctly green. We’ve been enjoying flocks of migrating sandhills, redwing blackbirds, geese, ducks and more flying overhead and along the banks of the Teton River. Valley residents are embracing Spring by biking, boating, running and of course, still skiing. This weekend marks the end of Grand Targhee’s wonderful 2013/2014 season with their first annual Crazy Horse Snowmobile Hill Climb & Bonus Ski Weekend. You can also buy discounted season’s passes for next year until April 30.
We look forward to running into you on the slopes or around the valley and are always eager to answer your real estate and market questions. Contact us for a free Comparative Market Analysis (CMA) of your current property today!
While the number of properties sold during Q1-2014 fell 8% in Teton Valley when compared to Q1-2013, the average price of all sold properties rose 10% and the total sold dollar volume increased 9%. The most notable development in the Teton Valley real estate market is the drastic reduction in amount of time properties have been on the market. While there has not been a dramatic reduction in inventory, the average number of days on market for listings dropped 36% this quarter over Q1-2013, showing that properties are selling considerably faster than a year ago.
Steady demand for homes and a reduction in inventory has led to an 11% increase in the average price of homes sold and a 14% increase in sold dollar volume when compared to Q1-3013. With listed inventory down 7%, homes are on the market 36% fewer days than they were during the same period last year.
Short sales and REO’s (bank-owned real estate) represent less than 1% of the current residential listings on the market, but made up seventeen (39%) of the 44 residential sales in the 1st quarter. For perspective, at the same time last year, short sales and REO’s made up 12% of homes listed. Fewer foreclosures on the market will gradually help increase sales prices.
The number of homes sold under $300,000 fell 16% from Q1-2013, but their average sales price rose 20% to $178,000. Inventory dropped 8%, leaving 143 homes currently on the market in this price range and 116 listed over $300,000 for 259 total residential listings.
The resort market, including homes and land in Teton Springs, Teton Reserve, Huntsman Springs, and River Rim represented 14% of property sales in the 1st quarter. The average price of the 8 resort homes that sold this quarter was $445,000, with none being listed as selling short or REO. Despite recent sale prices, the ever-optimistic resort market has an average list price of $945,000 for homes currently offered. The average list price for lots is currently $143,500.
There continued to be a steady stream of lots purchased in Q1-2014. While the number of sales fell slightly from Q1-2013, the average price for a building site increased 22% to $99,000. Days on market fell a dramatic 39%. However, with 479 lots on the market, land is still a buyer’s market.
With fewer distressed properties coming onto the market and low residential inventory, it looks as if 2014 might set the stage for higher home prices and a step towards recovery in the land market. Demand for land is sure to grow as the best residential properties in an already limited market go under contract first. With higher demand and a limited supply of homes, market prices will likely continue rise over the coming months and push some buyers to look towards building. Take advantage of spring, follow the birds and make your home in Teton Valley before prices fly north!