Year-to-date real estate sales in Teton Valley have increased 29% over the same period last year, driven, in large measure, by home sales under $300K. During Q3-2014, a total of 128 properties sold, a 28% increase over Q3-2013. Additionally, there was a 9% reduction in the total number of properties on the market. Limited inventory and the increase in total sales, helped reduce the average days-on-market for all properties by 39%. Victor was host to the majority of sales, with approximately half of both home & lot sales taking place in the south end of Teton Valley in Q3-2014.
Home Sales
The residential market had 85 homes sell in Q3-2014, a dramatic 47% increase over Q3-2013. The median sale price for homes in Q3 was $210,000 down 1% from last year, while the average was $282,000 which is even with last year. Year-to-date 2014 there has been a 4% increase in the average sales price for all homes and a 30% decrease in days-on-market. Short Sales and REO’s made up just 15% of residential sales this quarter.
The median sales price for homes sold under $300,000 was $189,500, while the average sales price was $184,000, a 17% increase over Q3-2013. Residences in this price-range accounted for 73% of all homes sold this year and had a 41% increase in total sold dollar volume year-to-date when compared to 2013. With only 121 homes listed below $300K, down 37% from Q3-2013, prices in this range may continue to climb.
Resort Sales
The resort market, including homes and land in Teton Springs, Teton Reserve and Huntsman Springs, had 10 sales this quarter and represented 9% of property sales year-to-date. Resort sales included 3 lots, 3 condos and 4 homes, with only one lot listed as being either a short sale or REO. The median sales price of the four resort homes that sold this quarter was $900,000. This is a lot closer to the median list price of $955,000 for the 39 resort homes currently listed than we’ve seen in the past.
Land Sales
The total number of lot sales remained steady in Q3-2014 compared to Q3-2013, with 36 sales. Lots sold had a median sales price of $69,000 with 19% being short sales or REO’s. The total number of lots sold year-to-date saw an 11% increase when compared to YTD-2013. Interestingly, the total dollar volume of lot sales year-to-date is down 23%; meaning, there are more lower priced lots selling when compared to last year. The median price for lots year-to-date is $56,500. With over 450 lots currently on the market, it is still very much a buyer’s market.
What This Means for You
The real estate market in Teton Valley is very active. Homes are selling quickly and prices have been increasing slowly each quarter, since the market low in the fall of 2012. The primary exception continues to be 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 segment of the market.
With interest rates still at historic lows and residential inventory ever decreasing, now could be the perfect time to enlist an agent to watch the market for your Teton Valley property, before it’s out of reach. Please feel free to contact Sage Realty Group to help you in this search or to get a free Comparative Market Analysis on your existing property.”