Q1 / 2024 COMPASS.COM 1 MARKET REPORT Q1 2024 STAR VALLEY STAR VALL EY 42 N 011 ° 75 "63' W
Q1 Market Report
The Star Valley Market
Welcome to the Q1 2024 Market Report for Star Valley, Wyoming! The real estate market in Star Valley has seen significant activity in the first quarter, overall the market had 62 transactions, an 11% increase over Q1 2023, that totaled $25.6 million in sales.
The single-family home segment has been energetic in Q1 2024, with 22 transactions recorded, marking a 5% increase over the previous period. The total dollar volume surged impressively by 56% to reach $16.94 million, indicating robust activity and increasing property values in the area. The median sale price also saw a substantial uptick, rising by 52% to reach $630,000.
Interestingly, even though we saw a surge in condominium and townhome purchases in 2023, there were no sales in this segment during Q1 2024. This shift in market behavior could be attributed to various factors, including changes in buyer preferences, supply constraints, or a temporary lull in new developments. It will be important to monitor this trend closely in the coming months to understand if this is a temporary fluctuation or indicative of a longer-term change in the market dynamics.
The land segment in Star Valley, Wyoming, experienced a significant uptick in activity, with 38 transactions recorded, representing a remarkable 100% increase over the previous period. Despite the increased number of transactions, the total dollar volume saw a more modest rise, up 12% to $7.8 million, indicating a mix of smaller and larger land parcels changing hands. The median sale price for land, however, experienced a slight decrease of 7% to $190,000.
These shifts across the diverse segments of the Star Valley real estate market present a dynamic environment for both buyers and sellers, offering opportunities and challenges in different property categories.
Understanding the evolving market conditions across all market segments will enable buyers, sellers, and real estate professionals to make informed decisions in this dynamic market.
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We are #1 in both dollar volume and transaction volume providing you with a singular insight to the local real estate market.
Q1 / 2024 COMPASS.COM 3 Total Dollar Volume 10% Increase YOY $25.6M Avg SFH Sales Price 49% Increase YOY $770K Total Transactions 11% Increase YOY 62 Median SFH Sales Price 52% Increase YOY $630K Active Listings 4% Decrease YOY 249
Sales Distribution by Segment
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2024 Data 2023 Data $60M $50M $40M $30M $20M $10M $5M Jan. Feb. Mar. April May June July Aug. Sept Oct. Nov. Dec.
Sales Volume Year-to-Date
North Star Valley: 12 Central Star Valley: 35 Southern Star Valley: 15
Location Q1 / 2024 COMPASS.COM 5 12 35 15
Transaction Distribution by
Single Family Homes
The single family home market in Star Valley, Wyoming has been vibrant in Q1 2024, with 22 transactions recorded, marking a 5% increase over the previous period. The total dollar volume surged impressively by 56% to reach $16.94 million, indicating robust activity and increasing property values in the area. The median sale price also saw a substantial uptick, rising by 52% to reach $630,000.
Despite the increased sales and higher prices, the current inventory levels remained stable, suggesting a balanced market. Notably, Central Star Valley has emerged as a focal point for single-family home activity, witnessing the highest number of sales, indicating a strong demand in this region.
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Sold | List Price: $1,995,000 | Southern Star Valley | Represented by Speakman Realty Group
Number of Transactions Market Stats All of Star Valley Total Dollar Volume Minimum Price Sold Maximum Price Sold Average Sale Price Median Sale Price Average Days on Market Pending Transactions Inventory Number of Transactions Total Dollar Volume Median Sale Price Average Sale Price North Star Valley Central Star Valley South Star Valley Market Stats by Area Q1 / 2024 COMPASS.COM 7 56% 5% 164% 110% 49% 52% 1% 21% 0% % Change 5 $3.9M $793K $675K 14 $10.7M $765K $630K 3 22 $16.94M $315K $1.995M $770K $630K 148 15 80 $2.3M $753K $385K
Vacant Land
Sold | List Price: $225,000 | Central Star Valley | Represented by Kendell Foreman
The land segment in Star Valley, Wyoming, experienced a significant uptick in activity, with 38 transactions recorded, representing a remarkable 100% increase over the previous period. Despite the increased number of transactions, the total dollar volume saw a more modest rise, up 12% to $7.8 million, indicating a mix of smaller and larger land parcels changing hands. The median sale price for land, however, experienced a slight decrease of 7% to $190,000.
Current inventory levels increased by 4%, suggesting a growing availability of land for sale in the area. Interestingly, pending transactions decreased by 24%, indicating a potential slowdown in future land sales. Central Star Valley emerged as the hotspot for land sales, with the majority of transactions occurring in this region, highlighting its popularity among buyers.
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Number of Transactions Market Stats All of Star Valley Total Dollar Volume Minimum Price Sold Maximum Price Sold Average Sale Price Median Sale Price Average Days on Market Pending Transactions Inventory Number of Transactions Total Dollar Volume Median Sale Price Average Sale Price North Star Valley Central Star Valley South Star Valley Market Stats by Area Q1 / 2024 COMPASS.COM 11 12% 100% 8% 73% 41% 7% 87% 24% 4% % Change 7 $2.4M $347K $305K 21 $2.8M $132K $97K 10 38 $7.8M $48K $775K $206K $190K 291 13 143 $2.6M $260K $218K
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