February '23 Market Report

Despite cooling market trends across the Nation, Teton Valley's real estate market remains resilient. Limited supply seems to be propping up the market with the usual new construction difficulties often found locally. Year over year price averages reflected a surprising bump in 2022 compared with the year prior, but sellers are aware of National trends and negotiations are taking place. Construction costs have eased ever so slightly with dropping lumber prices, but subcontractor availability has prevented significant relief that so many are waiting for.

Residential:

Teton Valley (including Alta, Wyoming) saw 364 transactions in 2021 compared with 293 in 2022. Notwithstanding, average sales prices jumped approximately $100,000 with the median sales price increasing even more significantly from $660,000 to $775,000. All of that said, the sold to list ratio stayed firm at nearly 100% in 2021, dropping in 2022. Early indicators in 2023 carry similar trends.

Land:

Land seemed to stabilize late in 2021 with no significant changes since. 2021 was a record year for the number of land transactions with 725 recorded sales. Similar to the residential market, sales dropped in 2022 but more significantly with 410 closings but average and median prices saw minor gains. Early 2023 indicators here also show similar trends.

With absorption at around 6 months for both residential and land, buyers don't need to carry an extreme sense of urgency when shopping in either market sector. However, buyers should be prepared to act quickly on aggressively priced or particularly unique properties. For longer winded listings, there may be more opportunities for negotiations as we come into Summer.