Mid-Year 2022 Market Report - Teton Valley, Idaho

MID-YEAR 2022

Teton Valley Real Estate Market Report

C O M PA S S X T E TO N VA L L E Y

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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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M I D -Y E A R / 20 2 2

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 Mid-Year 2022 Market Report

C O M PA S S X T E TO N VA L L E Y

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 , 1 9 5 , 0 0 0

| V I C TO R

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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.

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HIGHLIGHTS

The Teton Valley Market

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The lifestyle attributes that make Teton Valley desirable, gorgeous surroundings and an exceptional quality of life, continue to push demand for local real estate. As the neighboring town of Jackson Hole is experiencing a slow down in both transactions and dollar volume, Teton Valley Idaho realized an increase in dollar volume comparing MidYear 2022 to Mid-Year 2021.

While the total number of transactions decreased by 24% to 453 deals, total dollar volume grew by 12% to $276M. Large increases in the Farm and Ranch segment along with the Condo segment helped fuel the increase.

Single family home transactions

dipped 25% yet dollar volume dropped only 3% to $125M. Not surprisingly, the average price for a single family home is up 33% to over $1M Mid-Year 2022 to Mid-Year 2021.

For the first time in many months, active listings are up 18%. Today, sellers are taking advantage of continued buyer demand. Combine that with the natural market cycle and the result is an increase in inventory; good news for those looking to buy.

Total Dollar Volume 12% Increase YOY

$1,284,958

Single Family Home Average Sale Price 29% Increase YOY

$1,000,500 Single Family Home Median Sale Price 33% Increase YOY

453

Total Transactions 24% Decrease YOY

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413

Active Listings 18% Increase YOY

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$276,428,654

Sales Distribution

by Segment Single Family

22%

Condo/Townhome

15%

Vacant Land

61%

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

$5,750,000 LOWEST SALE

$82,000

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Transaction Distribution by Location

Alta: 6 Victor: 191 Driggs: 187

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Tetonia: 69

69 M I D -Y E A R / 20 2 2

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187

191

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SOLD LIST PRICE: $1 ,900, 0000 V I C TO R

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Single Family Dollar volume in the single-family home category dropped only 3% Mid-Year 2022 vs. Mid-Year 2021. The lack of inventory along with an increase in interest rates impacted transactions, down 25% Mid-Year 2022 to Mid-Year 2021.

The single family home average sales price rose 29% to $1.3M and the median sales price increased a whopping 33% to over $1M. Good news for buyers, active listings are up by 2X. Pending listings are significantly down by nearly half Mid-Year 2022 vs. Mid-Year 2021 suggesting a much slower Q3 than last year.

Number of Transactions 97

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25% ▼

Total Dollar Volume $124,640,000

3% ▼

Minimum Price Sold $460,350

51% ▲

Maximum Price Sold $4,150,000

6% ▲

Average Sale Price $1,284,958

29% ▲

Median Sale Price $1,000,500

33% ▲

Average Days on the Market 79

18% ▼

Number Pending Transactions 42

49% ▼

Inventory 124

107% ▲

Condo & Townhome SOLD LIST PRICE: $ 5 89, 0 0 0 V I C TO R

With fairly little inventory in the condominium segment, the market saw a significant increase in transactions and total dollar volume Mid-Year 2022 to Mid-Year 2021.

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Clearly the demand for condo product was high in the first half of 2022. However, pending listings are down by half suggesting a slow down in Q3.

Number of Transactions 66 Total Dollar Volume $35,854,793

83% ▲ 180% ▲

Minimum Price Sold $315,000

85% ▲

Maximum Price Sold $800,000

55% ▲

Average Sale Price $543,245

53% ▲

Median Sale Price $525,000

36% ▲

Average Days on the Market 61

79% ▲

Number Pending Transactions 19

51% ▼

Inventory 9

M I D -Y E A R / 20 2 2

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SOLD LIST PRICE: $425,000 V I C TO R

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Vacant Land With a lack of single family home available, many buyers are choosing to build. The average sales price of vacant land continues to rise up 56% to $$318K with median price up 38% to $200K. At the time of this report, pending transactions are down by 68% Mid-Year 2022 to Mid-Year 2021, predicting a slower second half of 2022.

Number of Transactions 270 Total Dollar Volume $86,044,509

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3% ▲

Minimum Price Sold $82,000

152% ▲

Maximum Price Sold $4,500,000

177% ▲

Average Sale Price $318,683

56% ▲

Median Sale Price $200,000

38% ▲

Average Days on the Market 120

23% ▼

Number Pending Transactions 31

68% ▼

Inventory 236

16

34% ▼

11% ▼

Commercial

SOLD LIST PRICE: $ 5,75 0, 0 0 0 DRIGGS

As Teton Valley’s economy grows, there has been a significant increase in average sales price Mid-Year 2022 to Mid-Year 2021 in the commercial sector. The average sales price nearly doubled to $1.5M due largely to a $5.7M sale in this category.

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Tight inventory remains, yet the number of pending listings is very low at the time of this report.

Number of Transactions 7

36% ▼

Total Dollar Volume $10,490,000

111% ▲

Minimum Price Sold $600,000

329% ▲

Maximum Price Sold $5,750,000,

290% ▲

Average Sale Price $1,498,571

176% ▲

Median Sale Price $600,000

99% ▲

Average Days on the Market 72

73% ▼

Number Pending Transactions 1

75% ▼

Inventory 18

100% ▲

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SOLD LIST PRICE: $ 79 9, 0 0 0 T E TO N I A

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Farm & Ranch Large and expansive ranch properties are becoming more and more desirable. Open spaces, safety, and quality of life remain in demand. With a tiny sample size to work with, the total number of transactions dipped to only 5 Mid-Year 2022..

Sales in the higher end continue to push up the average sales price 58% to $2.8M. The median sales more than doubled to $3.8M.

Number of Transactions 5 Total Dollar Volume $16,505,000 Minimum Price Sold $1,500,000

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50% ▼ 8% ▲ 28276% ▲

Maximum Price Sold $7,920,000

70% ▲

Average Sale Price $3,301,000

116% ▲

Median Sale Price $2,550,000

112% ▲

Average Days on the Market 393

107% ▲

Number Pending Transactions 5

38% ▼

Inventory 21

50% ▲

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