The Teton Valley real estate market continues to be very active. When comparing year-to-date 2016 to the same period in 2015, the average home price is up 19% with the median home price up 6% to $292K. The total number of building site sales in the first half of the year were up 11%, with the average price increasing 7% and the median lot price up 21% to $60K. While the price of homes is rising, the total number of homes sold year-to-date is down 18% when compared to the first half of 2015. Consequently, total sold dollar volume is down 9% year-to-date when compared to 2015.
Comparing the first half of 2016 to the same period in 2015, the average home sale price increased 19% to $358,600, while the median sale price increased 6% to $291,500. During the same period, the total number of homes sold fell 18% while the total number of homes on the market remained the same as last year. In another major market change, the number of days a home is listed before selling (days-on-market), fell a dramatic 34% to an average of 7 months.
The number of homes sold under $300,000 fell 32% year-to-date. This is partly due to a 15% decline in inventory of homes in this price range. Sales, year-to-date, show a 2% increase in the average sales price ($214,600) and a 6% increase in median sales price ($226,500). Despite a decline in the number of sales, days-on-market fell 36% to 4.75 months.
The resort market, including homes and land in Teton Springs, Teton Reserve and Huntsman Springs represented 8% of all Teton Valley property sales year-to-date. The median price for the 7 homes that sold in the first half of 2016 was $695,000, while the median price for the 4 condos sold was $292,500. The 5 lots sold year-to-date had a median sale price of $56,000. There are currently 43 resort homes on the market with a median price of $889,000, 6 condos with a median price of $297,000, and 68 building sites with a median price of $99,500.
Building sites experienced an 11% increase in the total number of sales year-to-date (101) when compared with 2015. The continued surge in lot sales drove sold dollar volume up 19% over the same period. Demand for land increased the average sale price 7% to $80,880 and increased the median price 21% to $60,000 year-to-date. In the same timeframe, increased lot sales have driven days-on-market down 23% and resulted in a 6% decline in building sites listed for sale; however, with 650 lots on the market, there are still plenty of building sites from which to choose.
Unlike residential and building site sales, commercial property in Teton Valley has not seen an increase in sales volume. There were six commercial sales in the first half of 2016, compared to ten sales in the first half of 2015. Year-to-date, the average sale price was down 29% ($201,750) and days-on-market fell 36%. Additionally, the number of commercial properties listed for sale dropped 22%.
What This Means to You
Residential sales are very active. When homes in a desirable location are listed at market price, they are selling rapidly. For sellers, it seems more and more important to have a correctly priced home with top-notch marketing materials; buyers will respond quickly if you do. For buyers, it is advantageous to have thought through and prioritized the most important aspects of a purchasing a home for you. This will allow you, as a buyer, to respond quickly when the right home becomes available.
Lot sales continue to gain ground in both interest and sales and there is a direct correlation between the decline in residential inventory and the increase in recent building site sales. Discerning buyers are clearly willing to build when they can’t find the home they’re looking for and there’s clearly been an uptick in building around the valley.