Teton Valley Market Report – Q1 2019

    The first quarter of 2019 was very active with an 18% increase in the number of properties sold when compared to Q1-2018.  The increase in total sales was driven by strong residential home sales, with 93% more homes selling in Q1-2019 when compared to Q1-2018. Land sales continue to be active, however, the first quarter noted a decline in the number of building sites sold, and average sale price, when compared to Q1-2018.

    Home Sales

    Residential home sales were extremely active in Q1-2019, with a 93% increase in the number of homes sold when compared to Q1-2018. The increase in the number of homes sold drove total sold dollar volume up over 100% when comparing Q1-2019 to Q1-2018. Homes continue to sell at a rapid pace with average days on market down 20% in Q1-2019 compared to Q1-2018.

    Teton Valley homes priced under $350,000 noted a sharp increase in the number of homes sold in Q1-2019 compared to Q1-2018, with 21 homes selling, an increase of 91%. However, the number of homes for sale in this category continues to decline, with 14% fewer homes on the market in Q1-2019, when compared to Q1-2018. As homes in this category come on the market, they are selling rapidly, with an average time on the market of 5-months.

    Resort Sales

    The resort market includes homes, condos and building sites in Teton Springs, Teton Reserve, and Huntsman Springs. Five resort homes sold in Q1-2019 with a 15% decrease in median sales price compared to Q1-2018. Lower priced resort homes continue to be in demand, while higher priced resort homes remain on the market.

    Land Sales

    The number of building sites on the market remains high, with roughly a two-year supply of building sites listed for sale. Additionally, building sites are taking longer to sell, with a 48% increase in average days on market in Q1-2019 when compared to Q1-2018. Although more land sold in 2018 when compared to 2017, more and more building sites continue to come on the market, and as building sites come on the market, they tend to be listed at higher prices. This seems to be the primary factor for the increase in days on market of building site inventory.

    What This Means to You

    Homes are continuing to sell quickly and it is a seller’s market for homes. With relatively limited inventory, homes continue to sell quickly and at competitive prices. If you are considering selling your home, the market is strong and this is a very good time list your home for sale.

    While it would be easy to look at the number of building sites on the market, compared to recent sales, and call this a buyer’s market. The details are more complicated than this simple analysis suggests. While there is no doubt a large number of building sites on the market, a high percentage of those listed for sale are priced too high to sell. The average building site has been on the market for 1.25-years. Additionally, not considered in the average days on market is the fact that some building sites have been on, and off, the market for several years making the actual average days on market higher. So, while there are a lot of building sites for buyers to consider, there are only a fraction of them that most buyers consider purchasing. If you have a building site to sell, there are buyers actively looking to make a purchase. However, pricing is a key factor in which building sites buyer’s purchase. If you are in the market to purchase a building site, you will find a wide range of pricing that reflects the seller’s motivation to sell.

    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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