Home prices continued to rise steadily last year. Additionally, Teton Valley saw more lots sell than any year since 2007. The year 2014 boasted a 17% increase in the total number of properties sold, an 11% rise in average sales price and a 31% increase in sold dollar volume, for all valley properties, when compared to 2013. Of the 409 sales recorded last year only 23% of the properties sold were distressed sales, compared to 32% in 2013 and 54% in 2012. The decline in distressed properties has played a significant role in reducing the current residential inventory and improving those sale prices.
The local housing market has rebounded from the recession lows of 2012 and sale prices have been steadily increasing over the past two years. Residential sales noted a 16% increase in the number of homes sold, an 11% increase in the average sales price, and a 26% rise in sold dollar volume when compared to 2013. The average sales price for the 258 homes that sold in 2014 was $282,000, while the median sale price was $221,000. Additionally the average days-on-market for residential sales dropped 26%, when compared to 2013, to 292 days. While 2014 showed only a 6% decline in residential inventory over 2013, active listings remain low with only 149 homes currently on the market.
The number of residential sales under $300,000 increased 16%, with a 13% rise in average sales price ($186,000), a 21% decrease in days-on-market, and a 31% increase in sold dollar volume when compared to 2013. Additionally, inventory in this price range was down 12% in 2014, leaving only 49 homes on the market in this price range today.
The resort market, including homes and land in Teton Springs, Teton Reserve and Huntsman Springs, had 37 sales in 2014 and represented 9% of total property sales in the valley. Sales in 2014 included 28 residential properties at a median price of $452,800 and 9 lots at a median price of $63,200. Only 7 of these sales were listed as distressed.
The resort market continues to be optimistic despite recent sale prices. The current median list price for the 38 residential properties available is $944,000 and $125,000 for the 45 resort lots on the market.
Building sites experienced a 12% increase in the total number of sales (128) when compared with 2013. However, sold dollar volume noted a 32% decline and the average price for lots sold was down 8% at $79,300 in 2014. Distressed properties made up 27% of land sales in 2014.
If the residential inventory continues to remain low, land may start gaining value as buyers choose to build homes. There are currently 450 lots on the market, with a median list price of $90,000.
While the commercial market has been especially slow, there were 14 sales in 2014, a 56% increase over the 9 sales in 2013. Only 21% (3) of the properties were listed as distressed. The average sales price for commercial property in 2014 was $337,000, a 49% improvement over 2013.
What This Means to You
Homes are selling quickly and prices have been incrementally increasing each quarter since the market low in 2012. The primary exception continues to be homes priced over $500K, located outside of resort developments. The market has not yet recovered in this price range and interest is currently low in this segment of the market.
With steady snow accumulation in the mountains, low interest rates and limited residential inventory, now could be the perfect time to secure your place in the Tetons or list your current property if you’re ready to make a change. Enlist one of our agents to watch the market for your next Teton Valley property, before it’s out of reach. Please contact Sage Realty Group to help you in this search or to get a free Comparative Market Analysis of your existing property.