Over the last year, the total number of real estate sales in Teton Valley increased 6%, while total sold dollar volume was down 6% when compared to the prior 12-month period. The drop in total dollar volume is attributable to the 86% increase in building site sales dollar volume. From a quarterly perspective, the average home price increased 15% from Q1-2015, with the inventory of listed homes down 6% and the average days on market down a whopping 30% – to just over 9 months.
While the residential real estate market is active with buyers, as evidenced by a 6% drop in inventory and 30% drop in average days on market, sold dollar volume was down 20% when comparing Q1-2016 to Q1-2015. In large measure, this was a result of limited inventory. Limited inventory is also behind the 15% increase in average sale price ($357,500).
With a considerably limited number of homes on the market under $300,000, this market segment saw a dramatic 37% reduction in days-on-market to less than 6 months. Competition, given the limited inventory, contributed to the 6% increase in the average sold price of $226,600.
The resort market, including homes and land in Teton Springs, Teton Reserve, and Huntsman Springs, represented 8% of total property sales in the 1st quarter. The average price of the 3 condominiums that sold this quarter was $287,000, while the average price for the few resort condos listed is currently $318,000. There are currently 36 resort homes on the market with an average list price of $1,114,00, but only one recorded sale in the 1st quarter for $1,225,000. The average price for the 2 resort lots that sold in this quarter was $45,000, though the average price for the 62 resort lots listed is $126,500.
The sale of building sites continues to be strong, with total sold dollar volume up 47% from Q1-2015 to Q1-2016. An increase in land sales reduced days-on-market 22% and increased average sale prices 33% to $96,000. The likely cause of the increase in lot sales is the limited housing inventory, pushing prospective buyers to build when they can’t find a home that fits their needs.
Five commercial properties sold in Q1-2016 for an average sale price of $231,400. While the number of sales was down slightly from Q1-2015, the average number of days-on-market declined a dramatic 44%. The average sales price for this market segment fell 13% and sold dollar volume dropped 27% when compared to Q1-2015.
What This Means to You
Given the limited residential inventory, if you are considering selling your home, this could be the summer to move it quickly and at a higher price than we’ve seen in the past few years. Demand for land is steadily growing. A limited supply of homes on the market is sure to push more buyers to build rather than settling for an existing home that doesn’t meet their needs. This is will likely drive lot sales higher than we have seen in the past few years.
Take advantage of spring, follow the birds and make your home in Teton Valley before prices fly north!