With Music on Main, Targhee Fest, Tin Cup, Bluegrass Fest, the Wydaho Festival and more condenced into our short summer, Teton Valley has been busy. In addition to spending time on the local rivers and in the mountains, we also had the spectacular luck of experiencing a Total Eclipse – Teton Valley was directly within the line of totality. It was awesome!
Now the leaves are starting to turn and the first flakes have fallen. We’ve turned on the heat and moved inside to catch up on… Q2?! Please enjoy the report and know that you won’t have to wait so long for the unveiling of Q3. Thank you for your consideration.
Market Report
The total number of properties sold in Teton Valley from January through June was 16% higher than it was in the first half of 2016. In the same comparison, the average sales price rose 20% and equated to a 49% increase in sold dollar volume for the first half of the year. The real estate market was very active during the first half of 2017. While the number of properties on the market was up a mere 5% from last year, the average days-on-market for sold properties fell a considerable 26%.
Home Sales
Residential sales were strong in Q2-2017 with 74 closings. In the first 6 months of 2017 there was a 44% increase in the number of homes sold when compared to 2016 and total sold dollar volume was up 59%. The median sales price for all residences during the first half of 2017 was $310,000.
Homes under $300K had 26% more sales in the first half of 2017 when compared to the first half of 2016, and the average sale price was up 9%. The median price through the first half of the year was $242K for homes in this price range. Low inventory, down 23% during the first half of the year, led to a 21% reduction in Days on Market (to 6-months).
Resort Sales
Residential resort sales, including homes in Huntsman Springs, Teton Springs and Teton Reserve increased 29% with 9 sales. The median home sale price was $665K in the first 6 months. In the same time frame, 3 condos sold with a median sale price of $325K. There were 7 lot sales with a median sale price of $89,500, a 60% increase.
Land Sales
The number of lots sold through the end of Q2-2107 fell 5% from Q2-2016. The median price for land was $63K at the end of the 2nd quarter, a negligible difference from the year before. The number of lots on the market increased 11%. Steady sales decreased days-on-market 28% through the end of the 2nd quarter.
Commercial Sales
There were six commercial sales in the first 6 months of 2017. The average price for these sales was $360K. Commercial listings increased 14% with 49 listings and days-on-market decreased 31% when compared to the first 6 months of 2016.
What This Means to You
The residential market was decidedly active in the 2nd quarter. Low inventory equated to homes moving faster, but only increased average sales prices minimally through the 2ndquarter. Lot sales have been steady; however new lot listings outpaced sales through the first 6 months of 2017. Meaning that land inventory is still high with 814 lots on the market in the first half of the year.