Star Valley Market Report | 2022 Year End

YEAR END 2022

Star Valley Real Estate Market Report

Get to know Compass Real EstateStar

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 Star 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 Star 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.

Welcome to our Year End 2022 Market Report

Compass Real Estate is involved in more transactions than any other brokerage in Star Valley.

We are #1 in both dollar volume and transactions, providing you with a singular insight into the local real estate market.

COVER: SOLD

LIST PRICE: $1,250,000

CENTRAL STAR VALLEY

Experience the Compass Real Estate difference by working with Star 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 Star Valley listings, scan the QR code.

The Star Valley Market

Star Valley has seen impeccable growth over the last few years, and it’s no surprise with its gorgeous views, open space, and unmatched quality of life. Surrounded by National Parks, National Forest, and wilderness, Star Valley offers access and privacy simultaneously.

Although sales of commercial property has decreased by 32%, at the time of this report there is an increase of commercial active listings, and average days on market has decreased by 56%. Indicating there is still strong demand for commercial property in Star Valley.

As the market continues to readjust, Star Valley saw a decrease in overall transactions, down 46% for a total of 495. Star Valley also saw a decrease in total dollar volume, down 28% totaling $273M. Although single family home transactions are down 35%, this segment has seen a slow down in activity as the average days on market has increased by 45%. The average sales price of single family homes is still on the rise, up 11% to $795K, this is driving consumers to purchase land with the intent to build or develop. This increased demand has pushed sales at the lower end of the land segment to increase significantly, causing a surge in average sale price, up 82% to $306K in 2022.

Active listings are still on the rise as we head into this new year, and average days on market saw an increase indicating that the demand for property in Star Valley decreased from the year prior, allowing more buyer influence to the market.

The following pages provide a more detailed look into the single family, condominium and townhome, land, commercial, and ranch segments of the Star Valley real estate market, 2022 vs 2021.

$273,269,189

Total Dollar Volume 28% Decrease YOY

$795,971

Average Single-Family Home Sale Price 11% Increase YOY

$598,000 495 235

Median Single-Family Home Sale Price 20% Decrease YOY

Total Transactions 46% Decrease YOY Active Listings 52% Increase YOY

Sales Distribution by Segment

HIGHEST SALE

$5,997,000

Seller represented by Compass.

LOWEST SALE

$25,000

Transaction Distribution by Location

North Star Valley: 146

Central Star Valley: 221

Southern Star Valley: 128

Single Family

SOLD LIST PRICE: $1,390,000

CENTRAL STAR VALLEY

Dollar volume in the single-family home category dropped 28% in 2022 vs. 2021. And not surprisingly with an increase of inventory and affordability, and an increase in interest rates, transactions fell 35% as well.

The single family home average sales price rose 11% to $796K and the median sales price increased by 20%.

For the second time since 2019, active listings are up, by 97%. Pending listings are significantly down 81% for 2022 vs. 2021 suggesting a much slower 2022 than last year.

Number of Transactions 204

Total Dollar Volume $162,378,126

Minimum Price Sold $50,000

Maximum Price Sold $5,997,000

Average Sale Price $795,971

Median Sale Price $598,000

Average Days on the Market 151

Number Pending Transactions 7 Inventory 71

Condo & Townhome

SOLD

LIST PRICE: $554,900

SOUTH STAR VALLEY

Historically, inventory of condominiums and townhomes in Star Valley has always been low, as there aren’t many in this area. With very little inventory in the condominium segment, the market saw zero change in transactions year over year and total dollar volume decreased by 44%.

While inventory is tight, 2022 showed a 200% increase at year end. Average days on market is up 84%, reinforcing the impact of the macro-economic market and rising interest rates has had on the real estate market.

Number of Transactions 16

Total Dollar Volume $8,566,000

Minimum Price Sold $145,000

Maximum Price Sold $900,000

Average Sale Price $535,375

Median Sale Price $485,000

Average Days on the Market 221

Number Pending Transactions 10 Inventory 3

Vacant Land

SOLD LIST PRICE: $209,000

CENTRAL STAR VALLEY

Following a record year for land sales in Star Valley, sales slowed in 2022 vs. 2021 with a 53% decrease in transaction volume yet a 15% dip in dollar volume to $76.6M.

Average days on market posted a 40% decrease. Average sales price jumped 82% to $306K.

Number of Transactions 250

Total Dollar Volume $76,582,713

Minimum Price Sold $25,000

Maximum Price Sold $4,200,000

Average Sale Price $306,331

Median Sale Price $59,500

Average Days on the Market 125 Number Pending Transactions 15

Commercial

SOLD

LIST PRICE: $1,880,000

NORTH STAR VALLEY

Although sales of commercial property has decreased by 32%, at the time of this report there is no change of commercial active listings, and average days on market has decreased by 56%.

Indicating there is still strong demand for commercial property in Star Valley.

Number of Transactions 17

Total Dollar Volume $11,665,500

Minimum Price Sold $159,000

Maximum Price Sold $1,880,000

Average Sale Price $686,206

Median Sale Price $608,250

Average Days on the Market 124

Number Pending Transactions 2

Inventory 18

Farm & Ranch

SOLD LIST PRICE: $4,800,000

CENTRAL STAR VALLEY

While large and expansive ranches are still desirable, the Farm & Ranch segment accounts for the least amount of market share in 2022. Any shifts, no matter how small appear to have a drastic impact.

Sales in the lower end continue to push up the average sales price 54% to $2M.

Number of Transactions 5

Total Dollar Volume $10,120,000

Minimum Price Sold $395,000

Maximum Price Sold $4,200,000

Average Sale Price $2,024,000

Median Sale Price $1,100,000

Average Days on the Market 627

Number Pending Transactions 1

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