'24 Spring/Summer Market Report

'24 Spring Summer Market Report
Teton Valley, ID & Alta, WY

Residential

For what seems to be the first time in a long time, the average sales price and the median sales price both dropped compared with last season. The average sales price dropped a little less than $100,000 while the median sales price dropped by 17,500. This was likely a result of a number of new lower priced condo sale inventory. Interest rates finally began to break with some good news as we dipped into Fall, but that data is not reflected in the numbers below as higher interest rates continued through the Summer months. Although it felt like average days on market increased, the average during this time period compared with last season actually decreased to 130 days on market, on average. The cost of construction continues to press higher, though the market does seem to be stabilizing to some degree. Home inventory remains relatively low, particularly in The starter home sector of the market, particularly anything other than a condo or townhouse. As is typically witnessed in the summer months, the number of sales outpaced the prior season by about 20%.

Stats

Homes Sold: 127

Average Sales Price: $1,065,282

Median Sales Price: $785,000

Average Days on Market: 130

Land

Summer is Teton Valley's "time to shine" when it comes to land sales, and as expected, lots sale volume was up by about 25% compared with the prior season. Despite the strong selling season, the average sales price dipped by nearly $100,000, an unusual shift in the market, primarily supported by new, more affordable communities and lot sales within city limits in Driggs and Victor, as well as a handful of lower priced sales far from the Valley's core, where sales prices tend to be the highest. This theory is supported by the sales price median, which was almost identical to the prior season. Average days on market were also relatively unchanged, reducing by just a few days compared with Winter sales. Overall, the disparity between the lowest and highest priced sales was great, the lowest being just $50,000 followed by the highest disclosed sales price of 2.1 million. Inventory in certain aspects of the market still remains quite limited, including parcels lacking subdivision restrictions, multifamily parcels, and parcels in the direct Teton View Corridor.

Stats

***Source: Teton Board or Realtors. Predictions and/or forecasts regarding the real estate market provided herein are solely speculative and are not guaranteed.