November 2020 Real Estate Market Report

# Sales

Earlier this summer I wrote about the sudden market craze and it's impact on land sales. Then, there were 292 (August 16th) land sales with around 100 more pending sale. I predicted by year end we would hit 600 sales in Teton Valley & Alta. We've hit 582 as of this writing with 100 more pending sale. We'll see how many of those close this year.

While we're talking sales, residential is also way up in terms of # of sales. 365 YTD with another 75 pending, to be exact. That's way up from 2019 with "only" 289 sales, but land is what stands out here.

Sales Prices

Sales prices, as you might guess, are also up significantly. Both land and residential averages are slightly skewed as a result of a few seemingly fantastical sales prices, but the average land price is down, likely due to affordable lots being snapped up.

The averages sales price in 2019 was $132,821 while 2020 is down about 20% to an average sales price of $118,775.

The average residential sales price in 2019 was $449,732. The average price based on sales to date is $585,480, up nearly 25%.

New Homes & Construction

Building and building permit (and building costs) numbers are strong, but rising build costs seem to be keeping things at bay. The county is reporting 112 permits (not including city permits) for the Spring & Summer season. Not having historical data, I'll use sales data to make a point;

2020 YTD has seen 145 sales built in 2019 and 2020.

2019 saw 175 sales built in 2018 and 2019.

2007 saw 302 sales that were built in 2006 and 2007.