The total number of properties sold in Teton Valley during Q2-2014 was up 32% from Q2-2014 and up 12% year-to-date compared to the first half of 2013. Although the number of properties sold was up, the total dollar volume of sales during the first half of the year was down compared to last year as a result of several high dollar sales in 2013. The current real estate market is very active, with the number of properties on the market unchanged from last year, but the average days-on-market of sold properties is down 38%.
Home Sales
During Q2-2014, there was a 26% increase in the number of homes sold over Q2-2013, with an 11% increase year-to-date when compared to 2013. During the first half of 2014, the average price of homes sold in Teton Valley rose 7%, the median price was up 8% to $215,000, and the total sold dollar volume rose 19% when compared to 2013. The number of homes sold under $300,000 was up 22% during Q2-2014 when compared to Q2-2013, while the median sale price remained constant at $187,000. Year-to-date, this segment of the market has represented 48% of all home sales.
Resort Sales
The resort market, including homes and land in Teton Springs, Teton Reserve and Huntsman Springs represented 21% of property sales year-to-date. The median price of the 14 resort homes that have sold so far this year was $430,000, with four listed as being either short sales or REO. Despite recent sale prices, the optimistic resort market has forty homes for sale with a median list price of $964,750.
Land Sales
Year-to-date, the total number of lot sales are up 24% over the same period in 2013. A total of 61 lots have sold this year, of which 40% have been short sales or REO’s, at a median sale price of $50,000, up 35% from 2013. In other good news, the average days on market of lots fell 34%. However, with 462 lots currently on the market, it remains a buyer’s market.
What This All Means for You
Since the Teton Valley market low in the fall of 2012, home prices have steadily increased as have the total number of homes sold. The real estate market has more liquidity than seen in the past several years and homes priced with the current market in mind are selling quickly. The primary exception to this good news is; homes priced over $400K, located outside of resort developments. The market has not yet recovered in this price range and interest year to date is low in this market segment.
Lot sales are showing improvement, with more interest and sales. As the inventory of homes has gone down, the number of lots sales has increased. Indicating buyers may be moving toward building, rather than buying homes. While there is no doubt improvement in the lot market, there are still relatively few sales and the lot market is extremely price sensitive.
We look forward to running into you 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!