Real estate sales in Teton Valley were very active in the first quarter of 2015, with a 14% increase in the total number of properties sold, driven in large measure by lot sales. Home sales have been brisk, resulting in 19% drop in residential listing inventory and a 41% drop in days on market when compared to Q1-2014. While total dollar volume is down slightly from Q1-2014, this is largely due to low inventory of homes on the market. Buyers are actively searching for homes and have driven the average price of homes up 15% from Q1-2014.
Home Sales
Steady demand for homes, combined with low inventory, has led to a 15% increase in the average price of homes sold this quarter when compared to Q1-2014. With listed inventory down 19%, homes are on the market 41% fewer days than they were during the same period last year.
With fewer homes on the market, the number of homes sold under $300,000 fell 28% from Q1-2014, while the average sales price rose 18% to $211,300. Listed inventory of homes in this price range dropped 42%. Currently there are 143 homes on the market, 40 of which are listed under $300K.
With only 5 residential short sales or REO’s closing in the 1stquarter, it is safe to say that distressed sales are no longer a contributing factor in our market.
Resort Sales
The resort market, including homes and land in Teton Springs, Teton Reserve, and Huntsman Springs, represented 15% of property sales in the 1st quarter. The average price of the 7 resort homes that sold this quarter was $475,500, while the median price was $490,000. The average price for resort lots sold this quarter was $100,600, with a median price of $71,000. The resort market has an average list price of $1,109,600 for homes currently offered. The average list price for lots is currently $154,700.
Land Sales
There was a dramatic 61% increase in the number of lots sold in the 1st quarter of 2015 when compared with Q1-2014. This rush helped reduce days-on-market by 29%, bringing it down to an average of 550 days-on-market. While sold dollar volume was up 18%, the average price of lots sold was down 27% to $71,900. Only 3 of the 37 sales in Q1-2015 were either short sales or REO, indicating that they were not likely the cause of the boom in sales. The likely source of the increase in lot sales is the limited housing inventory, pushing prospective buyers to build when they can’t find a home that fits their needs.
Commercial
Four commercial properties sold in Q1-2015, a 300% increase from Q1-2014. The average sales price for these properties was up 93% at $125,612. Recent sales brought the days on market down 49% to an average of 355 days. There were 16 commercial properties on the market during the 1st quarter, a 23% increase when compared to last year.
What This Means to You
With demand for homes higher than it has been for years, and low residential inventory, it looks as if 2015 may lead to a continued increase in home prices. Given the limited residential inventory, if you were considering selling your home, this could be the summer to move it readily at a better market value than we’ve seen in the past few years. Demand for land is steadily growing. A limited supply of homes on the market is sure to push more buyers to build rather than settling for an existing home that doesn’t meet their needs. This is will likely drive lot sales higher than we have seen in the past few years. Take advantage of spring, follow the birds and make your home in Teton Valley before prices fly north!