Star Valley Real Estate
MARKET REPORT Mid-Year 2020
Once again we are proud to report that Jackson Hole Real Estate Associates of Star Valley participates in the most real estate activity of any other brokerage, providing you a singular insight into the local market. Our office sold 58% more dollar volume in Q2 of 2020 and maintains 40% more active listings than our closest competitor. After a robust Star Valley market in Q1 2020, the world was suddenly upended by an international pandemic. While many markets experienced a significant slow down due to the uncertainty, Star Valley Real Estate continued at a brisk pace. Overall dollar volume increased 33% YTD 2020 vs. 2019 while transaction volume increased a modest 4% pushing up average sales price 28%. It appears that the demand for real estate in this unique and beautiful valley is not slowing down anytime soon. As the world continues to carefully re-open, many are discovering the unique lifestyle benefits and quality of life that Star Valley offers to its residents. *Cover: SOLD | List Price: $2,795,000* | North Star Valley *MAXIMUM LIST PRICE SOLD
Average Sale Price
28% Increase YTD
Total Transactions
4% IncreaseYTD
$286,651
209 Median Sale Price
$227,000
Active Listings
518 $59,050,182
Total Dollar Volume
33% Increase YTD
MID-YEAR 2020 | HIGHLIGHTS
The Star Valley Market
8% Increase YTD starvalleyrealestate.com | Pg. 1
Single Family
Condo/Townhome
45% 5%
Vacant Land Commercial
MID-YEAR 2020 | MARKET OVERVIEW
Sales Distribution by Segment
45% 4%
Highest Sale: $4,300,000
Lowest Sale: $8,500
*MAXIMUM LIST PRICE SOLD
*MINIMUM LIST PRICE SOLD
Sales Volume Year-to-Date 2019 vs. 2020, Star Valley
2020 Data
2019 Data
$30M $20M $10M $5M Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
starvalleyrealestate.com | Pg. 2
North Star Valley: 68
Central Star Valley: 87
South Star Valley: 51
68
87
51
MID-YEAR 2020 | MARKET OVERVIEW
Transaction Distribution By Location:
starvalleyrealestate.com | Pg. 3
S I N G L E - F A M I LY While the number of transactions is down by 10% in the SingleFamily Home Segment, total dollar volume has increased by 15%. This continues to drive the average sales price up - 28% YTD 2020 vs. 2019, as the Star Valley lifestyle is becoming more popular for second home buyers. Inventory and average days on market for single family homes has decreased by 23% and 18% respectively indicating a strong demand with the single family home segment.
# of Transactions 89
-10%
Total Dollar Volume $38,451,300
15%
Minimum Price Sold $87,500
-17%
Maximum Price Sold $4,300,000
278%
Average Sale Price $432,037
28%
Median Sale Price $330,000
12%
Average Days on the Market 150
MID-YEAR 2020 | SINGLE - FAMILY
SOLD | List Price: $1,500,000 | North Star Valley
# Pending Transactions 7 Inventory 135
*MAXIMUM LIST PRICE SOLD starvalleyrealestate.com | Pg. 4
CONDOMINIUM & TOWNHOME Condominium and Townhomes saw no change in active listings at the end of quarter two. The number of transactions however has increased by 29%, positively impacting the total dollar volume as well as the average sales price which is up by 45%. An increase in transactions indicates the popularity of in-town living in Star Valley. With the increase in average sales price, it’s notable that Condominiums are selling at 97% of list price and Townhomes at 93%, indicative of a healthy market.
# of Transactions 9
29%
Total Dollar Volume $3,264,732
87%
Minimum Price Sold $132,500
-9%
Maximum Price Sold $649,000
86%
Average Sale Price $362,748
45%
Median Sale Price $265,000
10%
Average Days on the Market 254
MID-YEAR 2020 | CONDO & TOWNHOME
SOLD | List Price: $250,000| North Star Valley
# Pending Transactions 4 Inventory 11 starvalleyrealestate.com | Pg. 5
VAC A N T L A N D Vacant Land has remained relatively stable when compared to mid-year 2019. Number of transactions increased by a modest 3% while the total dollar rose by 8%. The minimum price sold in the Vacant Land Category saw a 33% increase.
# of Transactions 89
3%
Total Dollar Volume $7,537,650
8%
Minimum Price Sold $8,500 Maximum Price Sold $524,000
33% -25%
Average Sale Price $81,322
0%
Median Sale Price $44,500
-30%
Average Days on the Market 382
MID-YEAR 2020 | VACANT LAND
SOLD | List Price: $35,000| Central Star Valley
# Pending Transactions 17 Inventory 300 starvalleyrealestate.com | Pg. 6
COMMERCIAL The Commercial Segment has slowly gained traction as commercial development in Star Valley increases. Commercial sells are up by 75% YTD 2020 vs. 2019. The average sales price increased 16%. There are 34 active commercial listings in Star Valley - nearly a quarter of those located in Alpine.
# of Transactions 7 Total Dollar Volume 2,162,000 Minimum Price Sold $
75% 109% %
Maximum Price Sold $700,000
65%
Average Sale Price $917,750
16%
Median Sale Price $225,000
2%
Average Days on the Market 341 # Pending Transactions 1 Inventory 34
MID-YEAR 2020 | COMMERCIAL
SOLD | List Price: $250,000| North Star Valley
starvalleyrealestate.com | Pg. 7
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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