The 2017 Great Snow Fest is in full swing this week, with something for everyone in its 6th successful year. Sage Realty Group is a proud sponsor of the Snowscapes Snow Sculpting Competition that graces 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, folks can enjoy avalanche awareness, powder & backcountry ski clinics, a film festival, live music, a pond hockey tournament, snowplane rally, bike races and kids activities. If that isn’t enough in itself, be sure to take advantage of Grand Targhee’s 90” base – with 266″” inches to date.
2016 proved to be another successful year for real estate sales in Teton Valley. The average home price increased 7% from the year prior – the first single digit rise since 2013. Additionally sold dollar volume for all properties increased 10% with a rise in both home and lot sales. When compared to 2015, there was a 5% increase in the total number of properties sold in 2016 and a 22% decline in the average days-on-market a property was listed before it sold.
The number of home sold held steady in 2016 with a slight (4%) increase over last year’s sales and a total of 240 transactions. Since the recession lows of 2012, the average home sales price has increased each year – increasing 17% in 2013, 11% in 2014, and 16% in 2015. This year’s 7% increase in average sales price is reflective of existing home sales approaching new construction costs. Increased sales and prices brought sold dollar volume up 11% when compared to 2015. While there were 6% more homes on the market (534) in 2016 compared to 2015, days-on-market fell 23% to 8-months. There are currently 153 homes on the market with a median list price of $450K.
The number of residential sales under $300K fell 5% from last year, as did the number of homes listed in this price range (123). Given the limited inventory, this sales segment noted a 22% decline in days-on-market, bringing it down to 6-months, and a 6% rise in the median sale price when compared to 2015. This will likely remain a competitive and fast moving market until inventory increases. There are currently only 33 residential listings for sale in this price range, including townhomes and condos, for an average list price of $243K.
The resort market, including homes and land in Teton Springs, Teton Reserve and Huntsman Springs, had 50 sales in 2016 and represented 10% of total property sales in Teton Valley. Sales included 20 homes at a median sale price of $859K, 8 condos with a median sale price of $315K and 22 building sites with a median sale price of $75K. Only one of these sales was bank-owned.
Building sites sales continued to grow in 2016 with a 7% increase in the number of lots sold (221) and a 25% increase in median sales price ($68K) over the year prior. Distressed sales made up a mere 4% of the lots sold in 2016, versus 27% in 2014. The boost in lot sales brought total sold dollar volume up 10% and reduced average days-on-market by 21% (18 months) when compared with 2015. There are currently 452 lots on the market with a median list price of $85K and an average list price of $159K.
The commercial market had 12 sales in 2016, equal to that of the year prior. However, the average sales price fell 6% to $248K and sold dollar volume decreased 4% in the same comparison. With limited interest in this market segment, there was a 22% decrease in the number of commercial properties listed for sale, with a total of 53 commercial listings in 2016.
What This Means to You
Home are selling quickly and prices have been increasing each year since the market low of 2012. With relatively limited inventory, homes will likely continue to sell quickly and at competitive prices. However, as existing home sale prices approach the cost of new construction, the increase in average home sale prices will likely level out and more building sites will start to sell. With the increase in lot sales, builders are busy constructing new homes. In fact, Teton County had 165 building permits issued in last year – compared to 63 in 2012, 98 in 2013, 98 in 2014, and 146 in 2015.
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.
With steady snow accumulation in the mountains, continued low interest rates and a limited residential inventory, now could be the time to secure your dream in the Tetons before the secret’s out. Enlist one of our agents to watch the market for your next Teton Valley property, before it’s out of reach.