Q1 2023 Teton Valley Real Estate Market Report

QUARTER ONE 2023

Teton Valley Real Estate Market Report

Get to know Compass Real EstateTeton

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.

The real estate business has been rapidly 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.

Compass Real Estate is the #1 Brokerage in Sale Volume providing you, our clients, with the most comprehensive insight in the Teton Valley Market.

COVER: SOLD

LIST PRICE: $4,300,000 | DRIGGS

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.

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The Teton Valley Market

Located on the eastern side of the Teton Range, often referred to as the ‘quiet side of the Tetons,’ Teton Valley is known for its western-style architecture, friendly community, and excellent access to outdoor activities. The area has a thriving arts scene and hosts several events throughout the year, including the Teton Valley Balloon Rally and the Teton Valley Summer Festival. Surrounded by almost 3 million acres of National Parks, National Forest, wilderness, and affordability compared to neighboring towns, has helped Teton Valley flourish in the past few years.

The overall market is continuing to slow, as the number of sales has decreased by 57% totaling 99 sales. Continuing to rise, are average sales price and median sales price, which were up 32% and 20% respectively. Total dollar volume is down, but there is an influx of inventory hitting the market, at the time of this report

active listings in Teton Valley are up 75%. The segments that continue to make up the majority of market share are single family homes and vacant land.

Single family homes saw a modest increase in median sales price, up 5% compared to Q1 2022, but the decrease in transactions ultimately led to a decrease in total sales volume, down 10%. Condominium and townhome total sales number and total sales volume decreased drastically, due to low inventory.

The commercial segment held steady with the same number of sales, but a decrease in total sales volume. Vacant land continues to trade relatively quickly with a 21% decrease in days on market.

Overall there continues to be a strong demand for property in Teton Valley. The following pages provide a more detailed look into the Q1 2023 top segments of the Teton Valley market.

$71,597,870

Total Dollar Volume 39% Decrease YOY

$1,234,069

Single Family Home Average Sale Price

3% Increase YOY

Single Family Home Median Sale Price

5% Increase YOY

$867,000 99 311

Total Transactions

57% Decrease YOY Active Listings

Sales Distribution by Segment

Year-to-Date

HIGHEST SALE $7,450,000

LOWEST SALE $76,500

Transaction Distribution by Location

Single Family

SOLD LIST PRICE: $599,000

DRIGGS

The number of active listings continues to grow in the single family home segment, up 43% vs Q1 of 2022, but they are staying on the market longer, an increase of 31% as buyers are taking their time surveying the influx in inventory.

While the number of transactions dipped slightly, as did total dollar volume, down 13% and 10% respectively. Median sales price remained steady with a subtle increase of 5% when compared to Q1 2022.

Number of Transactions 34

Total Dollar Volume $41,958,341

Minimum Price Sold $535,000

Maximum Price Sold $4,300,000

Average Sale Price $1,234,069

Median Sale Price $867,000

Average Days on the Market 201

Number Pending Transactions 21 Inventory 63

Condo & Townhome

SOLD LIST PRICE: $475,000 VICTOR

At the time of this report, there are 20 active condo and townhome listings in the Teton Valley market, for perspective there were only 2 active listings when the Q1 2022 report was created. This increase in inventory has not affected days on market, which held steady with a subtle increase of 5%.

The decrease in number of sales in Q1 2023 has led to a decrease in the total sales volume. The median and average sales prices did not contribute much to the sales volume decrease as they have only decreased 10% and 11% respectively, when compared to Q1 of 2022.

Number of Transactions 8

Total Dollar Volume $3,946,500

Minimum Price Sold $327,500

Maximum Price Sold $740,000

Average Sale Price $493,312

Median Sale Price $475,000

Average Days on the Market 92

Number Pending Transactions 13 Inventory 20

Vacant Land

SOLD LIST PRICE: $949,000

VICTOR

The vacant land has been the biggest driver in the Teton Valley market over the past few years and Q1 2023 was no different. It represented over 50% of the valley’s total sales.

The total number of vacant land sales has slowed to 49 in Q1 of this year, a 62% decrease. Average and median sales price also dipped when compared to Q1 2022, down 18% and 10% respectively, leading to a decrease in total dollar volume.

Number of Transactions 49

Total Dollar Volume $10,622,529

Minimum Price Sold $76,500

Maximum Price Sold $750,000

Average Sale Price $216,786

Median Sale Price $168,750

Average Days on the Market 148

Number Pending Transactions 36 Inventory 187

Commercial

SOLD LIST PRICE: $1,122,000 DRIGGS

The number of commercial sales were the exact same as Q1 2022, but the dip in average sales price led to an 18% decrease in total sales volume in Q1 of 2023.

Commercial inventory has been historically low in Teton Valley and at the time of this report has risen slightly, but the increase in days on market indicate that buyer’s are taking their time when it comes to making an offer.

Number of Transactions 4

Total Dollar Volume $2,838,000

Minimum Price Sold $125,000

Maximum Price Sold $1,350,000

Average Sale Price $709,500

Median Sale Price $681,500

Average Days on the Market 118

Number Pending Transactions 4 Inventory 4

IN 2022.

*PICTURED ABOVE IS A SALE PREVIOUSLY REPRESENTED BY COMPASS IN 2022.

Farm & Ranch

SOLD LIST PRICE: $1,695,000

VICTOR

In Q1 of 2023 only 1 farm and ranch sale was reported to the MLS, which led to a decrease in average sales price, median sales price, and inevitably total dollar volume when compared to Q1 of 2022.

Active listings are down, but pending listings are up 50%, and average days on market has decreased 65%, showing buyer interest.

Number of Transactions 1

Total Dollar Volume $7,450,000

Minimum Price Sold $7,450,000

Maximum Price Sold $7,450,000

Average Sale Price $7,450,000

Median Sale Price $7,450,000

Average Days on the Market 181

Number Pending Transactions 3 Inventory 5

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