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Teton Valley Real Estate Market Report
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Get to know Compass Real Estate Teton Valley
Compass is the fastest growing and most technologically advanced real estate organization in the world. We are the benchmark for innovation, marketing prowess and programming. This translates to better exposure for our clients and more successful deals.
evolving over the last few years. As a market leader in Teton Valley, we strive to stay ahead of the competition by adopting and implementing forward thinking change. Compass is home to more than 29,000 of the top agents in 150+ cities across the country; our 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.
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The real estate business has been rapidly
T H E M O S T A C C U R AT E R E P O R T I N T E T O N VA L L E Y.
Welcome to our Quarter One 2022 Market Report
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Compass Real Estate is the #1 Brokerage in Sale Volume providing you, our clients, with the most comprehensive insight in the Teton Valley Market.
COVE R : SO L D L I ST P R I C E : $ 2 8 2 5 5 , 0 0 0
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Experience the Compass Real Estate difference by working with Teton Valley’s leading real estate experts. We are a team of trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating a legacy of excellence that honors and celebrates our people and the exceptional place we call home. To start your search of all active Teton Valley listings, scan the QR code.
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HIGHLIGHTS
The Teton Valley Market
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With wide open space, gorgeous mountain views and an exceptional quality of life, Teton Valley ID, has never been more popular. The desire for locations that offer open space, outdoor recreation and safety, continues to push demand for local real estate to new heights. As the neighboring town of Jackson WY is experiencing a slow-down in dollar volume from lack of inventory, Teton Valley Idaho realized an increase comparing Q1 2022 vs. 2021. While the total number of transactions in Teton Valley decreased by 27%, total dollar volume grew by 24% to $118M Q1 2022 vs. 2021. The greatest increase was in the condominium segment, up 288% in dollar volume to $19M and 2X in transactions. The condominium inventory is very tight with only 2 listings for sale at the time of this report. Single family home transactions
dropped 25% yet dollar volume rose 7% driving the average sales price up to $1.2K. This is due in part to the highly successful, Compass represented Tributary Development, 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 still highly competitive.
Total Dollar Volume 24% Increase YOY
$1,198,126
Single Family Home Average Sale Price 43% Increase YOY
$829,000
Single Family Home Median Sale Price 22% Increase YOY
215
Total Transactions 27% Decrease YOY
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178
Active Listings
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$118,189,244
Sales Distribution by Segment Single Family
18%
Condo/Townhome
16%
Vacant Land
62%
Commercial
2% <1%
Other
Sales Volume Year-to-Date $80M $70M $60M $50M $40M $30M $20M $10M $5M Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept
Oct.
2022 Data
Nov.
Dec.
2021 Data
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HIGHEST SALE
$7,920,000 LOWEST SALE
$71,500
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Transaction Distribution by Location
Alta: 2 Victor: 84 Driggs: 93
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Tetonia: 36
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2
93
84
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SOLD LIST PRICE: $ 1 ,1 9 5 , 0 0 0 T E TO N I A
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Single Family While demand for single-family homes continues to climb, the drastic lack of inventory has impacted transaction volume. Transactions decreased 25% to 39 in Q1 of 2022. However, with both median and average price on the rise, $829K and $1.2M respectively, dollar volume increased 7% comparing Q1 2022 vs. 2021. Tributary Resort continues its robust sales with over $33M in sales in Q1 2022 alone. The majority of single family homes sold in the Victor and Driggs areas. Tetonia had 36 sales while Alta had only 2. Number of Transactions 39 Total Dollar Volume $46,726,932 Minimum Price Sold $434,070 Maximum Price Sold $3,000,000
32% ▲ 2% ▲ 43% ▲
Median Sale Price $829,000
22% ▲
Average Days on the Market 153
44% ▲
Inventory 44
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7% ▲
Average Sale Price $1,198,126
Number Pending Transactions 51
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-25% ▼
Condo & Townhome SOLD LIST PRICE: $ 2 9 9, 0 0 0 V I C TO R
Total dollar volume in the condo and townhome segment increased by 288% to $19M in Q1 of 2022. This was due to both an increase in the number of transactions, which increased by 119% and an increase in the average sale price which increased 77% to $542K.
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Low inventory, and a decrease in days on market show there is continued demand for condos and townhomes.
Number of Transactions 35 Total Dollar Volume $18,959,693
119% ▲ 288% ▲
Minimum Price Sold $241,500
42% ▲
Maximum Price Sold $940,000
119% ▲
Average Sale Price $541,705
77% ▲
Median Sale Price $525,000
71% ▲
Average Days on the Market 88 Number Pending Transactions 36 Inventory 2
-31% ▼
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SOLD LIST PRICE: $ 94 9 , 0 0 0 V I C TO R
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Vacant Land With a dearth of single family homes and condos for sale, many buyers are choosing to build. The average sale price of vacant land continues to rise up 46% to $264K Q1 2022 vs. 2021. Yet the lack of inventory dipped dollar volume 11% and lower transaction volume 39% to only 130 in Q1 of 2022. At the time of this report, Teton Valley has 79 pending transactions indicating a strong Q2 2022 in the land segment. Number of Transactions 130 Total Dollar Volume $34,322,619 Minimum Price Sold $71,500
120% ▲ 53% ▲
Average Sale Price $264,020
46% ▲
Median Sale Price $189,000
30% ▲
Average Days on the Market 188
19% ▲
Inventory 130
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-11% ▼
Maximum Price Sold $1,400,000
Number Pending Transactions 79
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-39% ▼
Commercial
SOLD LIST PRICE: $ 1 , 49 9, 0 0 0 DRIGGS
As Teton Valley’s economy continues to grow, there has been an increase in average sales price for commercial properties to $866K Q1 2022 vs. 2021. Although transactions dipped, dollar volume rose significantly due in part to a $2M sale in this segment. Tight inventory coupled with a drop in days on market illustrates increased demand for commercial real estate.
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Number of Transactions 4
-33% ▼
Total Dollar Volume $3,465,000
87% ▲
Minimum Price Sold $295,000
111% ▲
Maximum Price Sold $2,000,000
281% ▲
Average Sale Price $866,250
180% ▲
Median Sale Price $585,000
119% ▲
Average Days on the Market 53
-81% ▼
Number Pending Transactions 1 Inventory 5
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SOLD LIST PRICE: $ 39 9, 0 0 0 DRIGGS
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Farm & Ranch Large and expansive ranch properties in and around Teton Valley are becoming more desired than ever before. Open spaces, safety and quality of life are paramount to these buyers. The average sales price of farm and ranch properties rose 264% Q1 2022 vs. 2021. Increasing the total dollar volume to $13.5M.
Number of Transactions 4
-43% ▼
Total Dollar Volume $13,545,000
108% ▲
Minimum Price Sold $1,575,000 Maximum Price Sold $2,550,000
265% ▲
Median Sale Price $1,537,500
126% ▲
Average Days on the Market 523
187% ▲
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83% ▲
Average Sale Price $3,386,250
Number Pending Transactions 2
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28295% ▲
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As a former subsidiary of Jackson Hole Real Estate Associates, Western Ranches has now been acquired by Compass. With the acquisition comes a new name: Ranch & Land. It’s a name that foreshadows grand ambitions. Under the Ranch & Land banner, our team will expand to rural luxury real estate markets across the country. “Our goal is for clients to come directly to Compass because of our national network in Ranch and Land,” Compass regional marketing lead Jaymee Espinueva said. “We’re not relegated to just Washington or Idaho or Wyoming. This network spans the entire country.” Ranch & Land will grow to include professionals like Madeline Mordarski, a Florida-based business operations lead at Compass. Mordarski has been riding horses all of her life. Soon, she will oversee the launch of an equestrian division for Ranch & Land. 22
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“Compass has always known luxury,” Mordarski said. “Now we have agents who are equestrians themselves. They already have that focus, so when you bring in the luxury experience, market share and technology of Compass… all those tools together put us in a really great position.” While this transition won’t change much for the excellent brokers and agents in our valley, it is a big step for the organization as a whole. Brokers will now have even further market reach for their listings. Of course, their deep seated knowledge of western land and traditions will stay the same. Don’t worry, we’re still your go-to for ranch real estate from Teton County to the Bighorns.
307.733.6060 COMPASS.COM LUXURYATCOMPASS.COM COMPASSRANCHANDLAND.COM 80 West Broadway Jackson, WY 83001 270 W Pearl Jackson, WY 83001 420 W Pearl Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 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 8 North Main St. Victor, ID 83455 65 S Main Street Driggs, ID 83422 208.354.7325 501 Huntsman Springs Driggs, ID 83422