The ski season rounded out at Grand Targhee with 490″ to date. The 4th Annual Crazy Horse Snowmobile Hillclimb is coming up this weekend and doubles as a bonus weekend of skiing for those still hankering for more. Lifts will reopen for the summer season on June 16th. Locals can also check out Jackson Hole News & Guide’s 35th Annual Home Show this Friday & Saturday at Snowking.
Teton Valley properties are moving at a rapid pace with total sold dollar volume up 74% and days-on-market down 29% when comparing Q1-2017 to Q1-2016. Higher priced home sales led Q1-2017, with 72% of homes selling over $300K – increasing average sale prices and sold dollar volume across the board.
The residential market was very active with 44 sales in Q1-2017, a 63% increase over Q1-2016. Strong sales led to a 10% increase in the average sale price over Q1-2016 and an 18% increase in the median sale price ($334,500). Given the strong market activity, homes are selling in just over 9 months, 32% faster than they were a year ago.
Homes with sale prices under $300K represented 28% of all homes sold in Q1-2017. Inventory in this market segment is down 14% from Q1-2016. Low inventory led to a 3% increase in average sale price, with a median sale price of $222,500. Additionally, sold dollar volume was up 16% and days-on-market fell a dramatic 36% with homes in this price range selling in just under 6 months.
The resort market, including homes and land in Teton Springs, Teton Reserve, and Huntsman Springs, represented 11% of total property sales in the 1st quarter. There are currently 30 resort homes on the market with a median list price of $897K. Five homes sold in Q1-2017 at a median sale price of $1,125,500. Resort condominiums saw one sale at $325K while the 7 condos currently listed have a median list price of $360,570. There were 3 lot sales with a median sale price of $98,500 which falls in line with the $99K median list price for the 75 lots currently on the market.
The median price for lots sold in Q1-2017 was $79K up 13% from the prior year. Lot sales continue to be active and 1st quarter results show that parcels sold 29% faster than they did a year ago, with an average of 19 months-on-market. Additionally, there were two parcels over 50 acres that sold in Q1-2017.
The 1st quarter had one commercial sale for $195K. There were 34 commercial listings on the market in Q1-2017 with an average of 312 days-on-market, a 33% decline over Q1-2016.
What This Means to You
Homes are selling quickly and for the fifth year in a row, prices continue to rise. With limited inventory and willing buyers, we are in a seller’s market. If you are considering selling your house, the market is strong and this is a very good time to be selling. If you are a buyer, it is important to make time to see listings as they come on the market and have a clear idea of features that are most important to you. With low inventory and increasing residential sale prices, buyers are more and more interested in building sites and constructing their own home; however, increasing lot sales and building permits have led to difficulty finding contractors available to build custom homes.
Take advantage of continued low interest rates and enlist an agent to watch the Teton Valley market for the property of your dreams. Contact Sage Realty Group to help you in this search or to get a free Property Value Assessment of your existing property.