Teton Valley properties are moving at a rapid pace with average days on market for all properties down 42% when comparing Q1-2018 to Q1-2017. Total properties on the market remained about the same, however the number of properties sold decreased 9% in Q1-2018 compared to Q1-2017.
Residential homes are selling at a rapid pace, taking about seven months to sell. The average days on market for sold homes has decreased 17% in Q1-2018 compared to Q1-2017. Although homes are moving quickly, the total sold dollar volume is down 36% resulting from an 11% drop in homes on the market when compared to 2017. The strong residential market has led to a continued increase in median home sales price, $399,250, up 31% from Q1-2017.
As the average and median home sales price continues to rise in Teton Valley, the number of active homes in our market category under $300,000 continues to decrease. Therefore, Sage Realty Group has decided to increase this section of our market report to under $350,000. The number home sales in this category were 11 in Q1-2018, representing 39% of total residential home sales. With median home prices rising, inventory in this market segment dropped 33% in Q1-2018 compared to Q1-2017. Fewer homes on the market lead to quicker home sales, with an average days on market down 9%.
The resort market, including homes and land in Huntsman Springs, Teton Reserve, and Teton Springs, represented 6% of total property sales in the first quarter. There are currently 24 resort homes on the market with a median list price of $922K. Five homes sold in Q1-2018 at a median sale price of $770K. There were no resort condominium sales in Q1. However, there are currently six active listings with a median list price of $270,500. Teton Reserve recently constructed a second domestic well, servicing the development, allowing building permits to be issued in the development. This will likely increase lot sales and may result in some new home construction.
The total number of building sites sold noted a 12% increase during Q1-2018 compared to Q1-2017, with prices remaining about the same. The market for building sites remains buyers market with nearly a three-year supply of sites on the market, and although there was an increase in sales, the inventory for lots jumped 7% in the Q1-2018. There are currently 633 building sites on the market and 201 sites sold over the past 12-months.
What This Means to You
Homes are selling quickly and since the market low of 2012, prices continue to rise. With a limited inventory of homes and eager buyers, homes remain a sellers market. If you are considering selling your home, the market is strong and this is a very good time to be selling. For buyers, it is advantageous to have thought through and prioritized the most important aspects of a purchasing a home for you. In addition, it is recommended to get pre-approved for a home loan. This will allow you, as a buyer, to respond quickly when the right home becomes available.
Take advantage of continued low interest rates and enlist one of our agents 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.