The total dollar volume of real estate sales in Teton Valley experienced another year of significant growth in 2019. The overall market had a 14% increase in total dollar volume, driven by a 17% increase in the median sales price. While the total number of properties sold in 2019 was about the same as 2018, the average days on market of sold properties dropped 7%.
Home sales remained very active through 2019, with a 17% increase in sold dollar volume compared to 2018. The number of homes sold increased by 12% driving this increase. Homes continue to sell quickly, at an average of 6-months after going on the market. This means homes typically go under contract 4 ½ months after being listed for sale. Although the total sold dollar volume of homes was up dramatically in 2019, the average and median sale prices were up nominally (4% and 5% respectively) compared to 2018. It appears as though the rapid rate of home price appreciation has settled into a more typical range for real estate, likely due to existing home sale prices being capped by new construction cost per square foot.
Year to Year Total Residential Sales
The market for homes under $350K remained almost exactly the same in 2019 as it was in 2018. There were 107 home sales in this category, down slightly from the prior year, and the average and median prices remained about the same. The only major deviation from 2018 was the average days on market went up 14%. This is not on indication of lower demand, rather, a reflection of some homes in this price range being in poor condition or being over priced, and taking longer to sell.
The resort market, including homes and land in Teton Reserve, Teton Springs and Tributary (formerly Huntsman Springs), had 49 sales in 2019 and represented 8.5% of total property sales in Teton Valley. There were 26 home sales in 2019, exactly the same as in 2018, and the median and average home prices, in this market segment, remained nearly the same as well. While the average resort home sold for $792K in 2019, there are currently 29 resort homes listed for sale with an average list price of 1.1 million.
Building site sales in the resort market did not follow the broader market increase. Rather, the number of resort building site sales was down 47% from 2018.
The total dollar volume of building site sales increased 13% when compared to 2018, driven by a 14% increase in the average sale price. However, the number of lots sold remained nearly the same, with 281 lots sold in 2019, and 283 in 2018. While there continues to be demand for building sites, and the average sale price continues to go up, the number of building sites on the market remains very high, with a 2.5 to 3.4 year supply of building sites on the market.
Year to Year Total Land Sales
What This Means to You
Homes are selling quickly and it continues to be a sellers market for homes. However, home prices appear to be reaching a plateau as existing home prices reach the cost of new construction. Demand for homes continues to be strong and with limited inventory of homes for sale, they will continue to sell quickly and at competitive prices. Please consider calling Sage Realty Group for a free Comparable Market Analysis and a listing packet detailing our marketing plans for your property.
There are a lot of building sites on the market and the ones that are priced right and in a good location are selling. If one, or both, of these key factors are off, buyers tend to look elsewhere to purchase land, as they have a lot of choices. As a seller, it is more important than ever to price your building site correctly. Otherwise, buyers will find another property that suits their interest. If you are in the market to purchase a building site, there are some good values to be found. However, with so many building sites on the market, it can seem overwhelming to find them. Feel free to give us a call to help in your search.