Teton Valley Real Estate
MARKET REPORT Mid-Year 2020
Even with the market uncertainty created by the impacts of COVID, the Teton Valley Real Estate market has performed well in the first half of 2020 vs. 2019. Unlike other markets, Teton Valley, ID did not experience the same level of slowdown in dollar volume. Overall, while the number of transactions was down 8%, total dollar volume was up 3% when comparing YTD 2020 vs. 2019. The average sales price grew 12% to nearly $340,500 YTD 2020 vs. 2019. Due to lack of inventory in Single-Family Homes, this segment posted a slight decline both in the number of transactions and dollar volume, down 17% and 12% respectively, driving up the average sales price to $546,000. Vacant Land total dollar volume was up 24% while transaction volume was nearly flat, down 5%. Condominiums and Townhomes increased both in number of sales and dollar volume in the towns of Victor and Driggs. The Farm and Ranch segment of the market reported a large increase in dollar volume with the sale of the 960 acre Teton Timbers Ranch which was listed at $4,250,000. Commercial properties traded more briskly and saw an increase in activity with both the number of sales and total dollar volume increasing 75%. *Cover: SOLD | List Price: $1,750,000* | Driggs, ID *MAXIMUM LIST PRICE SOLD
Average Sale Price
12% Increase YTD
Total Transactions
8% Decrease YTD
$340,492
219 Median Sale Price
$290,000
Active Listings
561 $74,567,781
Total Dollar Volume
3% Increase YTD
MID-YEAR 2020 | HIGHLIGHTS
Teton Valley Mid-Year Market Report
16% Increase YTD tetonvalleyidahorealestate.com | Pg. 1
MID-YEAR 2020 | MARKET OVERVIEW
Sales Distribution by Segment Single Family
37%
Condo/Townhome
12% 48%
Building Site Commercial
3%
Highest Sale: $4,250,000*
Lowest Sale: $22,500*
*MAXIMUM LIST PRICE SOLD
*MINIMUM LIST PRICE SOLD
Sales Volume Year-to-Date 2019 vs. 2020, Teton County 2020 Data
2019 Data
$30M $20M $10M $5M Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
tetonvalleyidahorealestate.com | Pg. 2
Alta : 7
Victor : 98
Driggs : 74
Tetonia : 40
40
7
74
98
MID-YEAR 2020 | MARKET OVERVIEW
Transaction Distribution By Location:
tetonvalleyidahorealestate.com | Pg. 3
S I N G L E - F A M I LY The average price of single-family homes continues to increase, up 5% YTD 2020 vs. 2019. Average days on market have decreased 13%, as the demand for single-family homes in Teton Valley is high and inventory remains low. The lack of inventory is also impacting the number of transactions and total dollar volume both down slightly YTD 2020 vs. 2019.
# of Transactions 79
-17%
Total Dollar Volume
-12%
Minimum Price Sold $94,000
-41%
Maximum Price Sold $1,750,000
9%
Average Sale Price $546,048
5%
Median Sale Price $496,500
15%
Average Days on the Market 167
-13%
MID-YEAR 2020 | SINGLE - FAMILY
SOLD | $620,000 | Tetonia, ID
# Pending Transactions 2 Inventory 102 tetonvalleyidahorealestate.com | Pg. 4
CONDOMINIUM & TOWNHOME The total number of condo and townhome transactions dipped 7% mid-year YTD 2020 vs. 2019, but the total dollar volume has increased 5% pushing the average sales price up 11%. The median sale price saw a 14% increase and average days on market dropped by 55% as demand for the convenience of condominium and townhome living increases in Teton Valley.
# of Transactions 25
-7%
Total Dollar Volume
5%
Minimum Price Sold $158,500
-17%
Maximum Price Sold $465,000
9%
Average Sale Price $322,407
11%
Median Sale Price $314,500
14%
Average Days on the Market 84
-55%
MID-YEAR 2020 | CONDO & TOWNHOME
SOLD | $324,000 | Driggs, ID
# Pending Transactions 1 Inventory 13 tetonvalleyidahorealestate.com | Pg. 5
BUILDING SITES Though transactions dipped slightly, the total dollar volume for vacant land increased by 24% and the average sale price rose 30% YTD 2020 vs. 2019. Average days on market dropped by 21% as well-priced parcels traded more briskly.
# of Transactions 101
-5%
Total Dollar Volume
24%
Minimum Price Sold $22,500
-25%
Maximum Price Sold $835,000
22%
Average Sale Price $11,173
30%
Median Sale Price $85,000
40%
Average Days on the Market 252
-21%
MID-YEAR 2020 | VACANT LAND
SOLD | $212,000 | Victor, ID
# Pending Transactions 12 Inventory 395 tetonvalleyidahorealestate.com | Pg. 6
FARM & RANCH Due to a large acreage ranch sale in the valley, total dollar volume and average sale price both saw dramatic increases, 78% and 138% respectively driving the average sales price up over $1,800,000 YTD 2020 vs. 2019.
# of Transactions 3
-25%
Total Dollar Volume
78%
Minimum Price Sold $550,000
10%
Maximum Price Sold $4,250,000
341%
Average Sale Price $1,826,667
138%
Median Sale Price $615,000
-24%
Average Days on the Market 575
29%
MID-YEAR 2020 | VACANT LAND
SOLD | $550,000 | Tetonia, ID
# Pending Transactions 1 Inventory 21 tetonvalleyidahorealestate.com | Pg. 7
COMMERCIAL As the economy of Teton Valley continues to thrive, there was a significant increase in commercial sales mid-year 2020 compared to mid-year 2019. Following suit total dollar volume rose by 75%, and the average sale price held steady at the mid $530,000 price point. Inventory is holding steady, and the overall average days on market has dropped by 49%.
# of Transactions 7
75%
Total Dollar Volume
75%
Maximum Price Sold $1,150,000
26%
Average Sale Price $534,643
No Change
Median Sale Price $417,000
-19%
Average Days on the Market 372
-49%
# Pending Transactions 1
MID-YEAR 2020 | LUXURY
SOLD | $435,000 | Victor, ID
Inventory 26
tetonvalleyidahorealestate.com | Pg. 8
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
™