Star Valley Real Estate
MARKET REPORT Year End 2020
#1 IN SALES VOLUME SA L E S T R A N SAC T I O N S & AC T I V E L I ST I N G S
2X M O RE AC TIV E L ISTIN GS TH A N O U R C LO SE ST C O M P E TITO R SO L D N E A RLY 2X M O RE TRA N SAC TIO N S TH A N O U R C LO SE ST
W E PA R T I C I PAT E I N T H E M O S T R E A L E S TAT E A C T I V I T Y O F A N Y O T H E R B R O K E R AG E , P R OV I D I N G YO U A S I N G U L A R INSIGHT INTO THE LOCAL MARKET
C O M P E TITO R H IGH E ST D O L L A R VO LU M E SO L D O F A N Y B RO K E RAGE IN STA R VA L L E Y
Once again, we are proud to report that our Star Valley branch participates in the most real estate activity in Star Valley. This business prowess provides knowledgeable insight into all segments of the local market empowering our clients to make the most informed decisions. The Star Valley lifestyle has never been more desirable. The trend that started in the second quarter of 2020, the exodus from cities to locations with open space, safety and quality of life, ramped up substantially pushing demand for local real estate to new heights. According to data collected from the Teton County Multiple List Service (MLS) the overall Total Sales Volume for 2020 increased an incredible 93% over 2019 to over $273M. In addition, Total Transactions increased 59% Year-OverYear 2020 vs. 2019. The overall average sales price for real estate in Star Valley jumped 22% to $305K Year-Over-Year 2020 vs. 2019. In the Single-Family-Home category, the average sales price rocketed to $481K, pushed up by an increase in sales in the higher-end of the market. The single family home segment and land segment drove the 2020 market uptick with an increase in total sales volume of 72% and 158% respectively. Overall active listings at the time of this report in Star Valley are down and pending listings are up, confirming the lack of available inventory and increased demand will continue into 2021. The following pages provide a more detailed look at Single Family, Condos, Land, Commercial and Ranch segments of the Star Valley real estate market Year-Over-Year 2020 vs. 2019. *Cover: SOLD | $1,025,000 | Central Star Valley
Average Sale Price
22% Increase YOY
Total Transactions
59% Increase YOY
$305,300
795 Median Sale Price
-2% Decrease YOY
272
$210,000
Active Listings
Total Dollar Volume
$272,713,194
93% Increase YOY
YEAR END 2020 | HIGHLIGHTS
The Star Valley Market
starvalleyrealestate.com | Pg. 2
Single Family
Condo/Townhome
40% 4%
Vacant Land Commercial
53% 3%
Highest Sale: $4,300,000
Lowest Sale: $4,300
*MAXIMUM LIST PRICE SOLD
*MINIMUM LIST PRICE SOLD
Sales Volume Year-to-Date 2019 vs. 2020, Star Valley
2020 Data
2019 Data
$40M $30M $20M $10M $5M Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
YEAR END 2020 | MARKET OVERVIEW
Sales Distribution by Segment
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North Star Valley: 263
Central Star Valley: 368
South Star Valley: 164
263
368
164
YEAR END 2020 | MARKET OVERVIEW
Transaction Distribution By Location:
starvalleyrealestate.com | Pg. 4
# of Transactions 316
32%
Total Dollar Volume $157,495,144
72%
Total dollar volume in the Single Family Home segment is up 72% to $157M Year-Over-Year 2020 vs. 2019, an all-time record. With little inventory in lower-priced Single Family Homes, it is not surprising that the average sales price was pushed up 26% to $482K in this category.
Minimum Price Sold $40,000
-41%
Maximum Price Sold $4,300,000
-10%
Average Sale Price $481,490
26%
Overall, the number of Single Family Homes transactions increased 32% and that trend does not show signs of slowing down. A large percentage of transactions occurred in the Alpine, WY segment of the area.
Median Sale Price $363,500
15%
S I N G L E - F A M I LY
Average Days on the Market 147 # Pending Transactions 32 Inventory 45
YEAR END 2020 | SINGLE - FAMILY
SOLD | List Price: $2,795,000 | North Star Valley
starvalleyrealestate.com | Pg. 5
# of Transactions 25
19%
Total Dollar Volume $8,879,232
-8%
The number of transactions is up slightly, showing continued interest for in-town and close community living in Star Valley.
Minimum Price Sold $265,000
-4%
Maximum Price Sold $799,000
-54%
Due to lack of inventory, the condominium and townhome segment saw a decrease in total dollar volume when compared to 2019.
Average Sale Price $355,169
-23%
Median Sale Price $265,000
-4%
Due to a significant sale in quarter four of 2019, metrics are trending down, but average days on market are holding steady as demand in this segment continues.
Average Days on the Market 140
CONDOMINIUM & TOWNHOME
# Pending Transactions 2 Inventory 4
YEAR END 2020 | CONDO & TOWNHOME
SOLD | List Price: $554,900| South Star Valley
starvalleyrealestate.com | Pg. 6
VAC A N T L A N D Vacant Land in Star Valley broke new records for sales activity in 2020. Total sales volume in Land has more than doubled to $51M Year-Over-Year 2020 vs. 2019. Transactions increased 79% with a huge jump in transaction in the North Star Valley area of 158%
driven by a surge of activity on Star Valley Ranch. At the beginning of 2020, nearly 72 lots were available, and at the time of this report only 6 remain.
The Star Valley area is, and will continue to experience a building boom based on this recent activity.
# of Transactions 409
79%
Total Dollar Volume $50,803,868
158%
Minimum Price Sold $4,300
-33%
Maximum Price Sold $1,875,000
168%
Average Sale Price $124,215
44%
Median Sale Price $60,000
4%
Average Days on the Market 276 # Pending Transactions 7 Inventory 181
YEAR END 2020 | VACANT LAND
SOLD | List Price: $400,000| Central Star Valley
starvalleyrealestate.com | Pg. 7
FARM & RANCH The number of farm and ranch transactions saw a significant increase, up 550% when compared to 2019. With very few transactions in 2019, this also pushed up sales volume 495% to over $12M. Large and expansive Ranch properties in and around Star Valley are becoming more desired than ever before. Open space, safety and quality of life are paramount to buyers.
# of Transactions 13
550%
Total Dollar Volume $12,098,950
495%
Minimum Price Sold $499,000
-85%
Maximum Price Sold $2,000,000
45%
Average Sale Price $930,688
-9%
Median Sale Price $585,000
-43%
Average Days on the Market 717 # Pending Transactions 7 Inventory 21
YEAR END 2020 | FARM & RANCH
SOLD | List Price: $1,999,995| Central Star Valley
starvalleyrealestate.com | Pg. 8
COMMERCIAL The commercial segment has increasingly gained traction this year with a 257% increase in number of transactions, and a 55% decrease in average days on market. The average sale price saw a 23% increase, this coupled with the increase in transactions, has driven up the total dollar volume 341%, when compared to 2019.
# of Transactions 25
257%
Total Dollar Volume $10,243,000
341%
Minimum Price Sold $21,000
-88%
Maximum Price Sold $2,250,000
296%
Average Sale Price $409,720
23%
Median Sale Price $310,000
22%
Average Days on the Market 276 # Pending Transactions 7 Inventory 20
-55%
YEAR END 2020 | COMMERCIAL
SOLD | List Price: $2,395,000| North Star Valley
starvalleyrealestate.com | Pg. 9
307. 733. 6060 tel 307. 733. 3483 fax www.JHREA.com
www.starvalleyrealestate.com
www.tetonvalleyidahorealestate.com www.westernranches.com 80 West Broadway Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 270 W Pearl Jackson, WY 83001 Snake River Sporting Club Jackson, WY 83001 46 Iron Horse Drive Alpine, WY 83128 307. 654. 7575 tel 235 S Main St Thayne, WY 83127 307. 883. 7575 tel 65 S Main St Driggs, ID 83422 208. 354. 7325 tel
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