April ’17 Market Stats
December ’16 Market Stats & Year End Report
Teton Valley 2016 Overview
Teton Valley including Alta saw nearly 200 residential single-family sales in 2016, an improvement from 2015, even though inventory remains low. Condo and townhouse sales were on par with the year prior, though prices have increased in various sectors in the Valley. The number of building site sales in the Valley increased by 10% in 2016, and the average sale price ended at over $120,000 for the month of December 2016.
Residential Snapshot
Homes in Driggs saw a 24% Improvement in absorption ratess, a 12% increase in the average sale price, and a 33% decrease in the average number of days on Market.
Victor saw similar similar absorption when compared to 2015, and a 10%increase in the average sale price. The average number of days on Market decreased by about 19%.
The Tetonia area also performed well with an 4% Improvement regarding absorption, and a 39% decrease in the average number of days on Market. Average sales prices were slightly lower than 2015, by about 2%.
Alta, WY sale price information is skewed due to the lack of available sales as with most years, and this is due to the number of available listings which has diminished as the market improves.
Teton County, WY 2016 Overview
Teton County Wyoming ended it’s year with a bang, with nearly 400 residential sales including condos, townhouses and timeshares.
Residential Snapshot
The Town of Jackson saw a small increase in terms of absorption rate change, and the average sale price did increase, but only by about 2%. The number of days on Market was almost identical to the year prior, around 4 months on average.
Wilson, WY saw a decrease in the number of days on Market, and also a decrease in the average sale price. Like the Alta, WY market, the Wilson market is small, and easily skewed by high dollar listings, or low inventory.
Congratulations to the team at Teton Valley Realty, closing 140 transactions in the Teton Valley Market in 2016, over 50% more than it’s closest competitor.
Here’s to a successful 2017!
August ’16 Market Stats
Looking towards Winter 2017, Looking back on this time last year:
Teton Valley saw continued growth and increasing prices for residential and residential land throughout the spring and summer 2016 season. The 2016 season brought 107 sales with the average price coming in around $350,000 (including Alta, WY). While the 2015 Spring and Summer season brought 114 sales, the average sales price was about 9% lower with an average around $320,000. The increased average and the lower number of sales indicate lower supply, which we anticipate will continue through the upcoming Winter 2017 season.
With regards to land sales, the 2016 Summer season brought 102 sales with an average price of $88,000 whereas the 2015 season brought only 92 sales with an average price of $73,000, showing increasing prices at about 7% compared to last season, and a 10% increase in the number of sales. The supply is not limited such as with residential, though buyers and investors are looking to building to solve the housing supply and rental market crunch. Therefore we anticipate prices continue to rise, and the number of sales continue to grow each year, eating into current inventory.
August 2016:
August 2016 reached new heights when compared to recent history. For the first time since 2007, the single family residential average sales price for the month was well over 400,000. Even the median price was in excess of 300,000, at 335,000.
The single family residential isn’t the only sector in the spotlight, building sites breached the 100,000 mark with an average sales price of 111,855, this is nearly twice the average sales price we saw in August of 2015.
Rental Market
Though the inventory is low and the real estate market is feeling the effects (both good and bad), nothing’s feeling the crunch quite like the rental market. The transition season has been all but nonexistent for the past several years, and the end of the 2016 Summer season is no exception. Vacancies are few and far between, and demand is as high as ever. With very little new construction for dedicated housing, we do not anticipate much relief for the transitional Workforce. As the residential Market continues to improve due to lack of inventory and home ownership costs increasing, this will only compound the issue for those residing in the area.
July ’16 Market Stats
We are seeing continued growth in the Teton Valley and surrounding areas. The average sales price for a single-family residence in Teton County Idaho during the month of July was over $365,000. This is a stark contrast to the average sale price throughout the recession.
Another surprising statistic is the number of building sites under contract and sold throughout the month of July 2016 in Teton County Idaho alone. With 21 building site sales last month, and 21 pending sale, that’s nearly what we saw sold throughout the entire year in 2011 at only 52 sales. 2010 produced exactly the same number of sales as 2011, just 52 land sales. Past 12 months sales are currently at 204 sales.
