Year-to-date, the number of properties sold in Teton Valley increased 11% over the same period last year, driven primarily by a 48% increase in the number of lots sold this year. In Q3-2015, a total of 144 properties sold, a 12% increase over Q3-2014. The average price of all properties has increased 7% year-to-date when compared to 2014. However, with 41% of sales being building sites, sold dollar volume was down 4% year-to-date. The increase in number of properties sold has reduced the average days on market 27% this year.
There has been a dramatic increase in home prices this year. Year-to-date, the median home price in Teton Valley is up 32% when compared to the same period in 2014. Homes are selling quickly, on average less than eight months, as noted by a 38% drop in days-on-market from last year. While the total number of homes sold this year is down 8% compared to last year, this is driven largely by fewer homes on the market.
Homes with a sale price under $300,000 represented 57% of all home sales this year. The median sales price for homes in this market segment increased 18% year-to-date from 2014 to $222,250. Inventory of homes for sale in this market segment is down 30% from 2014 and the average days on market have decreased 49% year-to-date.
The resort market, including homes and land in Teton Springs, Teton Reserve and Huntsman Springs, had 16 sales this quarter and represented 11% of property sales in Q3-2015. Resort sales included 5 homes, 5 condos and 6 lots. The median sale price of resort homes that sold in Q3-2015 was $950,000 compared to $665,000 year-to-date, indicating some movement at the upper end of the market.
While the average price of lots has remained steady for the past two years, the total number of lots sold has increased a dramatic 48% when compared with 2014 with 145 sales year-to-date. Building sites had an average sales price of $84,400 and a median sale price of $46,000 year-to-date. The number of available lots increased 10%, while the average days on market fell 25%. The surge of lot sales increased the total sold dollar volume by 53% year-to-date.
Commercial sales were up 140% with 12 sales year-to-date. The average price of commercial properties sold was down 18% from 2014 ($263,320). The majority of sales were located in Driggs.
What This Means to You
The real estate market in Teton Valley remains very active. Homes sales are steady with increasing sale prices each quarter since the market low in the fall of 2012. The low inventory of homes has pushed buyers into purchasing land, and there are a number of new homes under construction; both custom homes and spec-homes. With only 16 homes (9% of residential sales) and 10 lots (7% of land sales) listed as either short or REO year-to-date, distressed properties are no longer influencing sale prices.
Take advantage of low interest rates and enlist an agent 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.