The 7th Annual Drigg’s Snowscapes: The Art of Sculpting Snow is underway this week, and Sage Realty Group is a proud sponsor of the Snowscapes Snow Sculpting Competition that graces on Main Street, in Driggs, this week. Stop by and check out the artists at work and watch as their pieces are transformed through Friday. Saturday offers professional judging and a people’s choice award followed by the Snow Ball. Additionally, enjoy the Teton Valley Mid Winter Music Festival at Teton High School on January 22 from 6:30 to 8:30.
Teton Valley properties sold at a similar pace in 2017 compared 2016, with days on market and number of properties sold nearly equal to last year, however, the valley saw in incredible increase of total sold dollar volume, up 24% in 2017 compared to 2016. This sold volume dollar increase was driven by an 18% increase in the average property sale price and a 29% increase in the median sale price. The increase in the average and median sale prices was largely driven by residential sales.
The residential market remained very active through the entirety of 2017, with a 29% increase in sold dollar volume , 14% increase in the median sale price and 12% increase in average sold price over 2016. There was a 34% increase in the average sale price in Q4-2017 over Q4-2016, resulting from a multi-million dollar home sale in Alta, WY during Q4-2017. Homes are selling quickly, with an average days on market of about eight months. The average days on market in 2017 were almost the same as 2016.
As the median home price continues to rise, the number of homes selling under $300K continues to decrease, with 157 on the market in 2017, an 18% decrease from 2016. Homes in this category consisted of 40% of all home sales in 2017, whereas they made up 49% of home sales in 2016. This is reflected in a 7.5% decrease in the total number of homes sold this calendar year in this price category.
The resort market, including homes and building sites, in Teton Springs, Teton Reserve, and Huntsman Springs saw a 35% increase in homes sold in 2017 compared to 2016. This increase in the number of homes sold could be driven by a decrease in both the median and average sold price of homes. The average price was $778K in 2017, a decrease of 8% from 2016 and the median price dropped by 12.5% to $751,500. Building sites saw the opposite effect with a 13.6% decrease in the number of lots sold and a 46% increase in the average sale price.
2017 building site sales were almost the same as 2016, with 214 building sites sold at a median price of $64K. Building sites represented 42% of the total number of properties sold in 2017. One continued point of concern for building site sales is the number of building sites on the market. There were 10% more building sites offered for sale in 2017 versus 2016 and at the end of the year there were 532 building sites on the market. This is almost 2.5-years of inventory.
The 4th quarter had one commercial sale of $158K and a total of 12 sales in 2017 with an average sale price of $342K, a 38% increase over 2016. There were 61 commercial listings on the market in 2017 with an average of 331 days-on-market. The commercial market continues to be slow.
What this Means to You
Homes are selling quickly and prices have been increasing each year since the market low in 2012. With relatively limited inventory, homes will likely continue to sell quickly and at competitive prices.
If you are considering selling your home, the current market holds potential for the perfect combination of limited days on market and a solid sales price. Please consider calling Sage Realty Group for a free Property Value Assessment and a listing packet detailing our marketing plans for your property.
Federal interest rates increased three times in the past year. With interest rates on the rise, 2018 is the time to obtain financing and purchase a home while interest rates are still low.