The Teton Valley real estate market was extremely busy in 2018, with total sold dollar volume up 12% from 2017. This increase was driven by a dramatic increase in land sales and double-digit increase in the median sales price of homes. This marks the sixth consecutive year of increases in sold dollar volume.
The 2018 residential home market recorded an 18% increase in median sales price and 9% increase in average price over 2017. However, the total number of homes sold was down compared to 2017, driven by fewer homes on the market but not a decrease in demand. Homes sold at nearly the same pace in 2018 as compared to 2017, with a 3% drop in average days on market. The average time to sell a home in 2018 was six months.
As the median home price continues to rise, the number of homes selling under $350K continues to decrease. There was a 28% drop in the number of homes sold under $350K during 2018 as compared to 2017. Homes in this category consisted of 43% of all home sales in 2018, whereas they made up 56% of home sales in 2017. With strong demand for homes at this price point, they sell quickly with an average time on market of just over 4.5 months.
The resort market includes homes, condos and building sites in Teton Springs, Teton Reserve, and Huntsman Springs. Although the broader home market recorded an 18% increase in median sale price, resort home sales noted an 8% decrease in median sale price during 2018. Resort building site sales were up from 19 lots sold in 2017 to 32 lots sold in 2018; however, the median sale price was down 48% to $49K.
2018 building site sales saw an incredible increase in sales in 2018 compared to 2017, with an 81% jump in sold dollar volume. This increase was driven by a 32% increase in the number of lots sold, a 37% increase in the average lot price and a 13% increase in the median price. Interestingly, even with the dramatic increase in lot sales, the number of lots on the market remained about the same in 2018 compared with 2017. This is a result of a steady increase in the number of building sites coming on the market.
2018 noted a 34% increase in sold dollar volume of commercial property compared to 2017. However, the average commercial property price remained the same as 2017. The increase in total dollar volume was driven by a 33% increase in the number of commercial properties sold in 2018, totaling 16 properties.
Homes are continuing to sell quickly, and prices have been increasing each year since the market low in 2012. With relatively limited inventory, homes will likely continue to sell quickly and at competitive prices. If you are considering selling your home, the current market holds potential for the perfect combination of reduced 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. If you are a considering the purchase of a home, call one of our experienced agents to help you understand values and be in a position to respond quickly as new homes come on the market.
While there has been a lot of demand for building sites over the past year, location and the correct price are key factors in finding a buyer. Give us a call to discuss the best way to differentiate your building site from others on the market. If you are in the market to purchase a building site, there are a lot of options. Give us a call to help you determine which areas best suit your needs.