STAR VALLEY REAL ESTATE
Market Report | Mid-Year 2021
We are pleased to announce, Jackson Hole Real Estate Associates is now Compass Real Estate of Star Valley. Compass is the fastest growing and most technologically advanced real estate organization in the world. They are the benchmark for innovation, marketing prowess and programming. This translates to better exposure for our clients and more successful deals.
The real estate business has been rapidly evolving over the last few years. As a market leader in Star Valley we strive to stay ahead of the competition by adopting and implementing forward thinking change. Compass is home to more than 19,000 of the top agents in 150+ cities across the country; their network connects us directly with similar luxury brokerages and agents in many of the markets that are most important to us.
This season in Star Valley our local team is even more equipped with the tools, information and insider insight that supports you in the process of buying or selling property. Please enjoy our Year-To-Date Market Report. And, as always, we are here as your trusted advisor, armed with the tools needed to make your real estate experience a pleasant and successful process.
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1 1 0 ° 57'
Than Our Closest Competitor Highest Dollar Volume Sold of Any Brokerage in Star Valley
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Our Closest Competitor
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2x More Active Listings Than
Sold Nearly 2x More Transactions
We participate in the most real estate activity of any other brokerage, providing you a singular insight into the local market
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In Sales Volume Sales Transactions and Active Listings
VAL LEY 42
#1
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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, continues to ramp 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 Year to Date 2021 vs. 2020 more than tripled to $186M. In addition, Total Transactions more than doubled. The overall average sales price for real estate in Star Valley jumped 44% to $305K Year to Date 2021 vs. 2020. In the Single-Family-Home category, the average sales price rocketed to $735K, pushed up by an increase in sales in the higher-end of the market. Both the single-family home segment and land segment drove this market uptick with an significant increases transactions.
starvalleyrealestate.com
M I D -YE A R 202 1 | HI GHLI GHTS
The Star Valley Market 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 the 3rd quarter of 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 to Date 2021 vs. 2020.
$186,262,895
$407,577
Total Dollar Volume
Average Sale Price
214% Increase YOY
44% Increase YOY
$199,000
457
Median Sale Price
Total Transactions
-12% Decrease YOY
118% Increase YOY
253 Active Listings -51% Decrease YOY
3
Single Family
Highest Sale $10,841,000
31%
Condo/Townhome
2%
Vacant Land
Lowest Sale $12,500
64%
Commercial
3% 1%
Other
Sales Volume Year-to-Date $60M
2021 Data
$50M 2020 Data
$40M $30M $20M $10M $5M Jan.
Feb.
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Mar.
April
May
June
July
Aug.
Sept
Oct.
Nov.
Dec. 4
M I D -YE A R 202 1 | M AR KET OVERVI E W
Sales Distribution by Segment
M I D -YE A R 202 1 | M AR KET OVERVI E W
Transaction Distribution by Location North Star Valley: 169 Central Star Valley: 198
169
South Star Valley: 90
198
90
starvalleyrealestate.com
5
SOLD | $555,000 | South Star Valley
Total dollar volume in the Single Family Home segment is up 171% to $104M Year to Date 2021 vs. 2020, 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 70% to $735K in this category.
Number of Transactions 142
60% ▲
Total Dollar Volume $104,368,193
171% ▲
Minimum Price Sold $99,000
13% ▲
Average Sale Price $734,987
70% ▲
Overall, the number of Single Family Homes transactions increased 60% 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 $477,000
45% ▲
starvalleyrealestate.com
Maximum Price Sold $10,841,000
152% ▲
Average Days on the Market 112
-25% ▼
Number Pending Transactions 56
1767% ▲
Inventory 84
-38% ▼
6
M ID -YE AR 202 1 | SI NGL E — FAM I LY
Single — Family
SOLD | List Price: $554,900 | South Star Valley
The number of transactions is remained flat Year to Date 2021 vs. 2020 in this category due to lack of inventory. However, the condominium and townhome segment did increase in dollar volume 87% to $6M. Average sales price also increased, nearly doubling to $771K. At the time of this report there are only 5 active listings as demand in this segment continues.
starvalleyrealestate.com
Number of Transactions 8
-11% ▼
Total Dollar Volume $6,091,100
87% ▲
Minimum Price Sold $527,000
76% ▲
Maximum Price Sold $2,450,000
293% ▲
Average Sale Price $771,000
107% ▲
Median Sale Price $527,000
76% ▲
Average Days on the Market 93
-60% ▼
Number Pending Transactions 3
-63% ▼
Inventory 5
-77% ▼
7
M I D -YE A R 202 1 | COND O AND TOWNHO M E
Condo and Townhome
SOLD | $1,800,000 | Central Star Valley
Vacant Land in Star Valley broke new records (again) for sales activity in Year to Date 2021 vs. 2020. Total sales volume in Land has more than increase 6x from $7.5M to $48M. Transactions tripled due to a lack of available built inventory. Active listings are down 56% and pending listings have doubled Year to Date 2021 vs. 2020.
starvalleyrealestate.com
Number of Transactions 283
204% ▲
Total Dollar Volume $47,965,102
540% ▲
Minimum Price Sold $12,500
47% ▲
Maximum Price Sold $1,650,000
214% ▲
Average Sale Price $169,488
110% ▲
Median Sale Price $80,000
80% ▲
Average Days on the Market 247
-35% ▼
Number Pending Transactions 35
106% ▲
Inventory 76
-58% ▼
8
MI D -YE AR 202 1 | VAC ANT L A N D
Vacant Land
SOLD | $795,000 | Central Star Valley
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. The number of farm and ranch transactions saw a significant increase, up 71% when compared to Year to Date 2021 vs. 2020. Dollar volume grew 214% from $525K to $1.65M fueled by an increase in average sales price.
Number of Transactions 8
33% ▲
Total Dollar Volume $14,111,000
191% ▲
Minimum Price Sold $360,000
209% ▲
Maximum Price Sold $4,200,000
153% ▲
Average Sale Price $1,763,875
118% ▲
Median Sale Price $1,620,000
162% ▲
Average Days on the Market 413
-24% ▼
Number Pending Transactions 3 Inventory 11
starvalleyrealestate.com
9
M I D -YE AR 202 1 | FAR M AND R AN CH
Farm and Ranch
SOLD | $600,000 | Central Star Valley
The commercial segment has increasingly gained traction this year with a 230% increase in dollar volume Year to Date 2021 vs. 2020. The average sale price saw a 92% increase as the commercial sector of this area continues to grow.
Number of Transactions 12 Total Dollar Volume $7,131,500
230% ▲
Minimum Price Sold $249,000
168% ▲
Maximum Price Sold $1,593,000
128% ▲
Average Sale Price $594,292
92% ▲
Median Sale Price $480,000
168% ▲
Average Days on the Market 390
starvalleyrealestate.com
71% ▲
14% ▲
Number Pending Transactions 4
300% ▲
Inventory 21
-36% ▼
10
M I D -YE AR 202 1 | COM M ERCI A L
Commercial
307.733.6060 F: 307.733.3483 JHREA.com starvalleyrealestate.com tetonvalleyidahorealestate.com 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 235 S Main Street Thayne, WY 83127 307.883.7575 65 S Main Street Driggs, ID 83422 208.354.7325