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2017 Q3 Teton Valley Real Estate Market Report

We have had beautiful colors, with a mixture of snow and sunshine, this fall in Teton Valley. Halloween is right around the corner, and we invite you to celebrate in Downtown Driggs as local businesses will participate in trick or treating from 3:00-5:30 PM on the 31st. Prepare for winter with the Teton Valley Ski Education Foundation’s Annual Tugboat Memorial Ski Swap on Saturday, November 4th at Rendezvous Elementary. With a few snowfalls, and a base layer set, Grand Targhee is planning to open their lifts for the 2017/18 ski season on Friday, November 17th.

Market Report

Year-to-date, the total sold dollar volume of all properties in Teton Valley has increased by 18% over the same period last year, driven by a 23% increase in residential sales. The number of homes sold year-to-date is up 17% over 2016. However, the market saw a slight dip in sales during Q3-2017. The average price of building sites is steadily increasing and year-to-date is up 13% over the same period in 2016.

Home Sales

Home sales in 2017 have been very strong, with 17% more homes selling year-to-date than the same period last year. Not only are more homes selling, but the average sale price is up 5.2%, driving total sold dollar volume up 23% for the year. While the average home price rose 5.2%, the median home price is $310,000, up just slightly from $300,000 this time last year.

The number of homes sold under $300k, this year, remains about the same as 2016. This is driven by a 22% decrease in the number of homes listed for sale under $300K.. The number of homes in this price range has steadily decreased since 2011, when the market peaked at 314 homes under $300K listed for sale. As the median price of homes in Teton Valley continues to increase, currently at $310,000, there will be fewer homes on the market in this category.

Resort Sales

The resort market, including homes and land in Teton Springs, Teton Reserve and Huntsman Springs, saw the sale of 15 properties in Q3-2016, representing about 10% of property sales in Teton Valley. The average sale price of homes has dropped 7% and the median sale price is down nearly 20% year-to-date compared to 2016. Last calendar year resort home sales noted several homes in the million-dollar range accounting for the dramatic difference in median sales prices between 2016 & 17. While the sales of condos have remained consistent, the number building sites has dropped 24% year-to-date.

Land Sales

The number of building site sales were nearly the same year-to-date 2017 compared to 2016 with both Q3-2017& 2016 sales at 68 lots . The average lot price year-to-date was up 13% compared with 2016, yet their median sales price dropped 5% to $60,750. Buyers have a lot of choices when searching for building sites, as there were 970 lots on the market year-to-date, a jump of 9% compared to 2016, yet the total number of lot sales has remained the same. While days-on-market has dropped by 29% from last year, an important factor to consider is; there is a 3.75-year supply of building sites currently on the market.. As the number of lots on the market continues to increase, and saturate the market, the median price for building sites will level and may see a decrease.

Commercial Sales

The total number of commercial sales is up slightly year-to-date. However, total sold dollar volume is up a dramatic 93% when compared to 2016. This is driven by a couple high priced sales of hangars located in the Teton Aviation Center. The number of commercial properties on the market has seen a 21% increase year-to-date compared to 2016.

What This Means to You

The real estate market in Teton valley remains very active. Home sales remain steady and the average home price continues to rise since the market low of 2012. The consistently high number of building sites on the market gives buyers the choice of location and price.

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