Q3 / 2023
THE Q3 2023 STAR VALLEY
COMPASS REAL ESTATE MARKET
REPORT C O M PA S S . C O M
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Q3 Market Report The Star Valley Market
COMPASS X STAR VALLEY
Throughout 2023, the real estate landscape in Star Valley, Wyoming displayed a range of divergent patterns among segments. As we navigate the post-pandemic era, it’s essential to reflect on the remarkable surges the region encountered when the demand for expansive outdoor spaces soared. Although we are presently witnessing notable declines in several sectors, it’s worth noting that these figures remain significantly elevated compared to the pre-pandemic era, underscoring the enduring impact of the recent shifts in real estate dynamics. In the single-family home segment, 112 transactions were recorded, marking a 30% decrease from previous periods. This decline was mirrored in the total dollar volume, which decreased by 44% to $76.7M, accompanied by a 14% decrease in the median sale price, settling at $528K. Concurrently, the current inventory of single-family homes surged by 21%, offering buyers more options and potentially fostering a balanced and competitive market. Conversely, the condo and townhome market in Star Valley experienced a remarkable turnaround. With transactions soaring by an astounding 167%, driven by new developments and previously low inventory levels, it’s important to note that this segment’s smaller size can magnify
changes. This surge led to a 101% increase in total dollar volume, reaching $7.4M, while the median sale price decreased by 19% to $485K, possibly due to an expanded inventory. The increasing availability of condos and townhomes is transforming this market, creating diverse opportunities for both buyers and sellers. The vacant land market, once holding the most significant market share, witnessed a substantial 52% decrease in activity, with 106 transactions. This decline in demand is reflected in the median sales price, which fell by 18% to $131K, making vacant land more accessible. Inventory levels surged by 28%, offering prospective buyers a broader selection. Nevertheless, the extended inventory didn’t lead to quicker sales, as days on the market increased by 8%. The total sales volume in this segment plummeted by 68%, totaling $21.6M, signaling a significant shift. These statistics suggest a shifting landscape for vacant land, with a potentially more favorable market emerging for buyers. Overall, in Q3, out of 240 total properties sold in Star Valley, the total sales volume for the area reached $114.5M, marking a 51% decrease, reflecting the changing dynamics of this captivating real estate market. In light of these obstacles, the overall rise in inventory unveils promising investment prospects within the Star Valley market.
Cover | Sold | List Price: $2,600,000 | Central Star Valley
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Q3 / 2023
Compass Real Estate sells more property than any other brokerage in Star Valley.
$114.5M $684K $528K Total Dollar Volume 51% Decrease YTD
Av g SFH Sales Price 19% Decrease YTD
240
Total Transactions 41% Decrease YTD
Median SFH Sales Price 14% Decrease YTD
394
Active Listings 20% Increase YTD C O M PA S S . C O M
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Sales Volume Year-to-Date $60M $50M $40M $30M $20M $10M $5M Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept
Oct.
COMPASS X STAR VALLEY
2022 Data
Sales Distribution by Segment
Nov.
Dec.
2023 Data
Q3 / 2023
Transaction Distribution by Location
75
North Star Valley: 75 Central Star Valley: 108 Southern Star Valley: 57
108
57
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Single Family Homes
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Sold | List Price: $765,000 | Southern Star Valley
The single family home market in Star Valley, Wyoming ended quarter 3 with a total of 112 transactions, there was a noticeable 30% decrease compared to previous periods. This decline was mirrored in the total dollar volume, which decreased by 44% to $76.7M, reflecting changing market dynamics. The median sale price also saw a 14% decrease, settling at $528K. Interestingly, despite these adjustments, the current inventory of single-family homes in Star Valley surged by 21%. This increase in inventory suggests that buyers may have more options to choose from, potentially contributing to a more balanced and competitive market for those looking to make Star Valley their home.
All of Star Valley % Change Number of Transactions
112
30%
Total Dollar Volume
$76.7M
44%
Minimum Price Sold
$225K
41%
Maximum Price Sold
$6.5M
8%
Average Sale Price
$684K
19%
Median Sale Price
$528K
14%
Average Days on Market
118
18%
Pending Transactions
33
Inventory
125
1000% 21%
Q3 / 2023
Market Stats
Market Stats by Area North Star Valley
Central Star Valley
South Star Valley
Number of Transactions
30
49
33
Total Dollar Volume
$24.6M
$37.2M
$14.9M
Average Sale Price
$820K $745K
$759K $515K
$451K $371K
Median Sale Price
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Condo / Townhomes
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Sold | List Price: $510,000 | North Star Valley
The condo and townhome market in Star Valley, Wyoming experienced a remarkable transformation when compared to 2022. The number of transactions jumped by 167%, the surge can be attributed to new developments mostly in the Alpine area and previously low inventory levels that drove more buyers to explore housing options. It is crucial to keep in mind that any shift in this particular segment may seem dramatic due to the relatively low number of properties available. This surge in transactions also translated into a significant increase in total dollar volume, up by an impressive 101% to $7.4 million. Despite the increase in sales activity, the median sale price saw a decline of 19%, settling at $485,000. This shift in pricing may be due to the expanded inventory, providing more choices for potential buyers. As inventory continues to increase, the condo and townhome market in Star Valley appears to be evolving and offering diverse opportunities for both buyers and sellers.
All of Star Valley % Change Number of Transactions
16
167%
Total Dollar Volume
$7.4M
101%
Minimum Price Sold
$400K
18%
Maximum Price Sold
$500K
25%
Average Sale Price
$460K
25%
Median Sale Price
$485K
19%
Average Days on Market
85
16%
Pending Transactions
1
Inventory
9
50% 13%
Q3 / 2023
Market Stats
Market Stats by Area North Star Valley
Central Star Valley
South Star Valley
Number of Transactions
14
2
0
Total Dollar Volume
$6.8M
$585K
-
Average Sale Price
$483K $490K
$293K $293K
-
Median Sale Price
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Vacant Land
COMPASS X STAR VALLEY
Sold | List Price: $325,000 | Central Star Valley
With 106 transactions recorded, there was a substantial 52% decrease in activity, indicating a potential slowdown in demand for undeveloped properties. In previous years, the vacant land segment held the most market share. This was further reflected in the median sales price, which dropped by 18% to $131,000, making vacant land more accessible to potential buyers. Inventory levels surged by 28%, providing prospective purchasers with a wider array of options. However, the extended inventory didn’t necessarily translate into quicker sales, as days on the market increased by 8%. The total sales volume plummeted by a staggering 68%, with a total of $21.6 million, signaling a significant adjustment in this segment of the real estate market in Star Valley. These statistics suggest a changing landscape for vacant land, with a potentially more buyer-friendly market emerging.
All of Star Valley % Change Number of Transactions
106
52%
Total Dollar Volume
$21.6M
68%
Minimum Price Sold
$46K
2%
Maximum Price Sold
$1.3M
68%
Average Sale Price
$203K
33%
Median Sale Price
$131K
18%
Average Days on Market
120
8%
Pending Transactions
29
Inventory
228
61% 28%
Q3 / 2023
Market Stats
Market Stats by Area North Star Valley
Central Star Valley
South Star Valley
Number of Transactions
28
56
22
Total Dollar Volume
$8.8M
$7.3M
$5.5M
Average Sale Price
$316K $170K
$130K $84K
$249K $206K
Median Sale Price
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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