Summer '23 Market Report

The Summer real estate market is in full swing here in Teton Valley! As with most years, new listing inventory and sales are on track to outpace the Winter season, exacerbated by the increasing rates that softened the market through the 2022, 2023 Winter season.

Land

Building site inventory is on the upper end of years past with 242 active listings at the time of this writing. With nearly 120 land sales since the beginning of the year, average days on Market has hovered around 150 days with an average sale price of just over $245,000. The sales to list ratio is just under 95%, showing sellers are negotiating, but not by much.

Residential

Residential inventory remains low, mostly bolstered by condo and townhouse listings. There are 126 residential listings at the time of this writing, and 102 sales since the beginning of the year. The average time on market has reduced from Winter levels, and the average sales price still pushes over the $1m mark, sitting at a little over $1.15m. Sales to list price ratios are even stronger than the land market, another sign of a robust Summer ahead, at nearly 97%. The median sales price for the first half of 2023 sits at $825,000 and $479 per square foot, which includes the land.