2019 Q2 – Teton Valley Market Report

    The total dollar volume of real estate sold in Teton Valley the first half of 2019 was 9% higher than it was during the same period in 2018. The increase in total dollar volume was driven by a 28% increase in total dollar volume of residential home sales during the first half of the year. It is fair to say, the housing market in Teton Valley was extremely active during the first half of 2019 with the total number of homes sold up 26% over the first half of 2018.

    Home Sales

    Total residential sales were very strong in the first half of 2019, with 123 sales; an increase of 26% compared to the first half of 2018. In the first six months of 2019 the total dollar volume sold increased by 28% over the same time frame in 2018. Interestingly, even with the increased sales, the average days on market, and the number of homes on the market, remained relatively constant compared to 2018. This is a result of homes coming on the market to replace those that are selling.

    Teton Valley homes priced under $350K had 14% more sales in the first half of 2019 when compared to the first half of 2018, and the average sale price was up 7%. The total dollar volume sold for homes in this category was up 22% in the first half of 2019, compared to 2018. The demand for homes in this price range is strong and represents 40% of all homes sold. As home prices continue to rise, the inventory for homes in this category continues to decrease; resulting in a 24% drop in homes listed for sale under $350K during the first half of 2019, compared to the same time frame in 2018.

    Resort Sales

    Resort sales, including homes, condos and building sites in Tributary (formerly Huntsman Springs), Teton Springs and Teton Reserve had 22 sales in the first six months of 2019. The median home sale price was $675K in the first six months of 2019, an 11% increase from the first six months of 2018. The average home sale price was up 9% to 786K compared to the first half of 2018.

    Land Sales

    Total number of building sites sold in the first half of 2019 was 106 lots, down from 134 lots during the same time frame in 2018. The number of lots sold in the first half of 2019 may not be a result of a downturn in the market, but more reflective of the high number of land sales in the first half of 2018. Building sites are starting to sell more quickly, with the average days on market down 11% in 2019 compared to the same time frame in 2018. However, there are still a lot of building sites on the market. With the current inventory, and rate of sales, there is a 3.5-year supply of building sites on the market.

    What This Means to You

    The real estate market in Teton Valley remains very active. Homes are selling quickly and inventory is low. While the average home price has risen each year since the market low in 2012, this is the first year we are likely to see a single digit increase from the prior year. This is a result of existing home prices approaching that of new construction. If you are considering selling your home, now is the perfect time to do so, with average days on market down and limited inventory of homes on the market. As a seller it is important to have a correctly priced home with top-notch marketing materials; buyers will respond quickly if you do.

    Although land sales slowed in the first half of 2019 compared to 2018, there remains an abundant amount building sites on the market, making it a buyers market. Buyers have a lot of options when choosing a building site.

    Whether you are a buyer, or seller, of real estate in Teton Valley, please consider calling Sage Realty Group for a free comparable market analysis of the property you are considering buying or selling. We are glad to help you understand current market values.

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