TETON VALLEY REAL ESTATE
Market Report | Mid-Year 2021
We are pleased to announce, Jackson Hole Real Estate Associates is now Compass Real Estate. 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 Teton Valley, ID 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 Teton 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.
M I D -YE A R 202 1 | HI GHLI GHTS
"W TET O 09
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Single family home transactions increased 56% pushing dollar volume up 183% and driving the average sales price up to $990K. Single-family home inventory is very tight as we head into third quarter down 40% with only 60 listings. Average days on market decreased in all segments of the market, indicating that the demand for property in Teton Valley remains strong, and the market is competitive.
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Total number of transactions in Teton Valley increased by 162%, boosting the total dollar volume up by 216% to $237M Year to Date 2021 vs. 2020. The greatest increase was in the vacant land segment up 294% in transactions and 7X in dollar volume to $82M
VA LLEY ° 31'50
With wide open space, gorgeous mountain views and an exceptional quality of life, Teton Valley ID, has never been more popular. The trend that started in the second quarter of 2020, the exodus from cities to locations with open space and safety, ramped up substantially, continuing to push demand for local real estate to new heights.
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The Teton Valley Market
$237,128,440
$410,968
Total Dollar Volume
Average Sale Price
216% Increase YOY
21% Increase YOY
$216,250
557
Median Sale Price
Total Transactions
-26% Decrease YOY
162% Increase YOY
349 Active Listings
Cover: SOLD | List Price: $2,500,000 | Driggs
tetonvalleyidahorealestate.com
-38% Decrease YOY
2
Single Family
Highest Sale $4,650,000
21%
Condo/Townhome
6%
Vacant Land
Lowest Sale $21,000
71%
Commercial
2%
Sales Volume Year-to-Date $60M
2021 Data
$50M 2020 Data $40M $30M $20M $10M $5M Jan.
Feb.
Mar.
tetonvalleyidahorealestate.com
April
May
June
July
Aug.
Sept
Oct.
Nov.
Dec. 3
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 Alta: 17 Victor: 221
150
Driggs: 189 Tetonia: 150
17
189
221
tetonvalleyidahorealestate.com
4
SOLD | List Price: $915,000 | Tetonia
The demand for single-family homes continues to climb, shown by a drastic lack of inventory and a 62% decrease in average days on market Year to Date 2021 vs. 2020. Transactions increased 56% and total dollar volume rose 183%. Sales of homes in Tetonia area quadrupled and sales of home in Driggs doubled. The average sale price of single-family homes continues to rise, up 81% to $990K Year to Date 2021 vs. 2020.
tetonvalleyidahorealestate.com
Number of Transactions 123
56% ▲
Total Dollar Volume $121,885,000
183% ▲
Minimum Price Sold $170,000 Maximum Price Sold $3,900,000
81% ▲ 123% ▲
Average Sale Price $990,035
81% ▲
Median Sale Price $750,000
51% ▲
Average Days on the Market 96
-62% ▼
Number Pending Transactions 82
486% ▲
Inventory 60
-40% ▼
5
M ID -YE AR 202 1 | SI NGL E — FAM I LY
Single — Family
SOLD | List Price: $300,000 | Victor
Condo and townhome average sales price and median sales price saw moderate increases, while dollar volume rose by 38% to $11M. Inventory remains low with only 6 listings available at the time of this report as the demand for the convenience of townhome living continues.
Number of Transactions 32
28% ▲
Total Dollar Volume $11,059,500
38% ▲
Minimum Price Sold $170,000
7% ▲
Maximum Price Sold $515,000
11% ▲
Average Sale Price $384,579
19% ▲
Median Sale Price $400,000
27% ▲
Average Days on the Market 34 Number Pending Transactions 39
-83% ▼ 11% ▲
Inventory 6
tetonvalleyidahorealestate.com
6
M I D -YE A R 202 1 | COND O AND TOWNHO M E
Condo and Townhome
SOLD | List Price: $350,000 | Driggs
The number of transactions skyrocketed Year to Date 2021 vs. 2020, up 294% in transactions and 7X in dollar volume to $82M. Victor Driggs and Tetonia all experienced an unprescedented increase due to lack of available built product. Average sales price increased 76% to $207K.
tetonvalleyidahorealestate.com
Number of Transactions 398
294% ▲
Total Dollar Volume $82,279,780
595% ▲
Minimum Price Sold $32,000
-65% ▼
Maximum Price Sold $1,625,000
95% ▲
Average Sale Price $206,733
76% ▲
Median Sale Price $146,000
72% ▲
Average Days on the Market 156
-38% ▼
Number Pending Transactions 98
717% ▲
Inventory 266
-33% ▼
7
MI D -YE AR 202 1 | VAC ANT L A N D
Vacant Land
SOLD | List Price: $399,000 | Driggs
Large and expansive ranch properties in and around Teton Valley are becoming more desired than ever before. Open space, safety and quality of life are paramount to these buyers. Transactions of farm and ranch land nearly tripled Year to Date 2021 vs. 2020 and median sales price rose to $1.2M. In this segment, more listings traded at lower prices than last year-to-date.
tetonvalleyidahorealestate.com
Number of Transactions 10
233% ▲
Total Dollar Volume $15,304,160
179% ▲
Minimum Price Sold $399,000
-27% ▼
Maximum Price Sold $4,650,000
9% ▲
Average Sale Price $1,530,416
-92% ▼
Median Sale Price $1,200,000
95% ▲
Average Days on the Market 190
-67% ▼
Number Pending Transactions 8
800% ▲
Inventory 14
-33% ▼
8
M I D -YE AR 202 1 | FAR M AND R AN CH
Farm and Ranch
SOLD | List Price: $1,610,000 | Driggs
As Teton Valley’s economy continues to gain momentum, there has been a significant increase in commercial sales Year to Date 2021 vs. 2020. Led by the Driggs region, the number of transactions rose by 38%, leading to a 21% increase in total dollar volume during 2020. Average sales price is up down yet days on market are also down indicated increased demand. Active listings are down with only 9 available at the time of this report.
tetonvalleyidahorealestate.com
Number of Transactions 11
38% ▲
Total Dollar Volume $4,973,000
21% ▲
Minimum Price Sold $140,000
-38% ▼
Maximum Price Sold $1,475,000
28% ▲
Average Sale Price $452,091
-12% ▼
Median Sale Price $301,000
-15% ▼
Average Days on the Market 266
-28% ▼
Number Pending Transactions 4
300% ▲
Inventory 9
-65% ▼
9
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