2018 Q3 Teton Valley Market Report

    Teton Valley properties are moving rapidly with a 10% drop in days-on-market when compared to 2017.  The total number of properties (homes and land) sold year-to-date is up 11% over the same period last year. The most notable market change is the number of building site sales this year. With the cost per square foot of existing homes approaching the cost of new construction, and with a dramatic decrease in inventory of homes on the market, many buyers are choosing to buy a building site and construct a home, rather than buying an existing home. The total number of building sites sold this year is up 31% over the same period last year, and the median price of those building sites has increased 15%.

    Home Sales

    Homes continue to sell at a rapid pace. On average homes are selling in about 6.5 months. Year-to-date in 2018 there have been 187 total homes sold, with over 45% of those sales taking place in the third quarter. There has been a dramatic increase in home prices this year. The average home sales price has increased 21% and the median sales price has increased 25% (to $380,000)year-to-date in 2018 compared to 2017.

    Homes with sale prices under $350,000 represented 43% of all home sales this year, down 59% from 2017, as a result of low inventory. The median sales price in this market segment rose 17% to $299,500 in Q3-2018 compared to Q3-2017, and the average home price rose 11%. The number of homes sold year-to-date, in the under $350K market segment, noted a decrease of 32% compared to 2017. The total number of homes on the market in this category has dropped significantly, driving the decrease in the number of homes sold. However, homes in this category are selling quickly, at an average of 5 months on the market.

    Resort Sales

    The resort market, including homes and land in Teton Springs, Teton Reserve and Huntsman Springs, had 47 sales this year-to-date and represented 11% of property sales in 2018, a 44% increase compared to 2017. Resort sales included 23 homes, 2 condos and 22 building sites. Counter to the broader market the number of home and building site sales has increased, yet the average and median prices dropped. Resort home sales saw a 13% decrease in the average price and a 5.5% drop in the median price to $640,000. Similarly, resort building sites noted a 16% drop in the average sale price to $69,000 and a 26% drop in the median sales price to $47,750.

    Land Sales

    Teton Valley has had a dramatic increase in building site sales year-to-date in 2018 compared to 2017, with a 31% jump in total lots sold and a 64% increase in total dollar volume sold. The total dollar volume sold increase is driven by the increase in lots sold and an increase in the average and median sales prices. The average sales price of building sites increased by 25% year-to-date, and the median sales price rose to $70,000 an increase of 15% year-to-date in 2018 compared to 2017.

    Commercial Sales

    Commercial sales year-to-date in 2018 saw a 36% increase in total sales compared to 2017.  Six commercial sales took place in Q3 representing 40% of sales for 2018.

    What This Means to You

    The real estate market in Teton Valley remains very active. Homes sales are steady with continuing increases of sale prices. If you are considering selling your house, the market is strong and this is a very good time to be selling. If you are a buyer, it is important to make time to see listings as they come on the market and have a clear idea of features that are most important to you. The consistently low inventory of homes over the last two years has pushed buyers to purchase building sites, giving the land market a boost and making it hard to find a contractor to build a custom home.

    The real estate market in Teton Valley is very active and we at Sage Realty Group are here to help you stay abreast of the changes. Please give us a call if you would like to discuss the local real estate market or if you would like help buying or selling a property.

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