MARKET REPORT WEST SIDE OF THE TETONS QUARTER 1
2021
TETON COUNTY, IDAHO — Q1 2021 SALES VOLUME VS. UNITS SOLD 2009-2020
SALES VOLUME
SALES VOLUME
UNITS SOLD
$450M
900
$400M
800
$350M
700
$300M
600
$250M
500
$200M
400
$150M
300
$100M
200
500M
100
2009
2010
2011
2012
2013
2014
Coming off an record-setting 2020 in Teton Valley, Idaho and Alta, Wyoming, the Teton Valley real estate market
2015
2016
2017
2018
2019
2020
sales for the same period last year) and 200% more dollar volume ($92M vs. $31M) than Q1 2020.
continued its upward trajectory in the first three months of
While 75% of the 283 sales in Q1 2021 were less than
2021. “Upward trajectory” is also a bit of an understatement.
$500,000, the upper end of the Teton Valley market posted
At the end of last year, Teton Valley was up an even 100%
55 sales equating to nearly $50M in volume (or $18M more
on year-over-year dollar volume (that is, 2019 posted
than the entire Q1 market last year).
$181M in sales while 2020 ended the year at $364M). For
Even with inventory at an all-time low, all signs point
Q1 2021, however, Teton Valley spiked with nearly 200%
toward a very busy summer for the Teton Valley real estate
more transactions (283 sales in the last 90 days vs. 96
market.
SALES VOLUME BY AREA
SALES VOLUME BY PRICE CATEGORY
Q1 2020 VS. 2021
Q1 2020 VS. 2021
Q1 YTD 2020
UNITS SOLD
Q1 YTD 2021
Q1 YTD 2020
$50M
Q1 YTD 2021
UNITS SOLD
$50M 228
121
$40M
Cover Properties: #HCV5M6,
UNITS SOLD
$40M 83
$30M
$30M
39 16
75
$20M
$20M
52
80
32
$10M
11
$10M 1
4
ALTA
5
11
VICTOR
DRIGGS
TETONIA
< $500K
$500K-$1M
>$1M
LAND & RANCHES
Featured Property: #3CKBXR
SALES VOLUME BY AREA Q1 2020 VS. 2021
The land grab in Teton Valley continues.
2020
2021
UNITS SOLD
$14M
69
82
For the first three months of 2021, 75% of all transactions involved a vacant parcel of
56
$12M
land. That’s up from only 61% at the 2020
$10M
year-end. How much have things spiked in
$8M
12 months? Victor land volume is up 506%
$6M
percent since Q1 2020. But that pales in comparison to Driggs land sales volume
$4M
4
$2M
21 12
0
AT A GLANCE
CURRENT AREA STATS
ALTA
VICTOR
Number of Land & Ranch Sites Sold Q1 2021
211
8
DRIGGS
(up 1600%) and Tetonia (up a staggering 2,389%).
TETONIA
% Change in Average Sales Price from Q1 2020
Q1 2021 Average Land & Ranch Sites Sale Price
Average Days on Market
+141.2%
$205,510
163
CONDOMINIUMS/TOWNHOUSES
Featured Property: #T87XND
SALES VOLUME BY AREA Stifled mostly by a lack of inventory,
2020
the condo and townhome market in Teton Valley was nearly flat in Q1.
$10M
Isolated projects like Sage Hen and the
$9M
Ponds in Victor saw multiple sales in
$8M
early 2021. More noteworthy, however,
$7M
is the average price increase in the
$6M
last 12 months. For example, a Sage Hen sold for $250,000 in July, 2020 as the COVID market was just starting to heat up. In March, a similar unit sold for $345,000 (or a 38% increase in less than 9 months).
2021
$4M
8
$3M
AT A GLANCE
CURRENT AREA STATS
9
7
7
$2M $1M
0
ALTA
16
UNITS SOLD
$5M
0
Number of Condominioms Sold Q1 2021
*excludes fractional units
Q1 2020 VS. 2021
0
VICTOR
DRIGGS
0
TETONIA
% Change in Average Sales Price from Q1 2020
W1 2021 Average Condominioms Sale Price
Average Days on Market
-9.1%
$305,437
127
SINGLE FAMILY HOMES
Featured Property: #E85E6K
SALES VOLUME BY AREA Q1 2020 VS. 2021
2020
2021
While the Teton Valley real estate
UNITS SOLD
climate can easily be summarized as
28
$25M
a “Seller’s market,” nowhere is this
$22.5M
more evident than with home sales.
$20M
High demand and low supply drove
$17.5M
the average home sale price from
$15M
$539,565 in Q1 2020 to $843,381
16
$12.5M
in early 2021 (or a 56% increase).
21
While averages can be skewed by
$10M $7.5M
6
8
$5M $2.5M
1
AT A GLANCE
the median home price saw a nearly 3
0
similar increase from $465,000 in Q1 2020 to $678,000 in 2021 (or a 46%
ALTA
CURRENT AREA STATS
a handful of expensive home sales,
VICTOR
Number of Single Family Homes Sold Q1 2021
50
DRIGGS
TETONIA
increase).
% Change in Average Sales Price from Q1 2020
Q1 2021 Average Single Family Home Sale Price
Average Days on Market
+51.5%
$843,381.24
110
MAIN OFFICE
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3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025
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HOTEL TERRA
DRIGGS NORTH
3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025
10 NORTH MAIN STREET DRIGGS, IDAHO 83422
FOUR SEASONS RESORT 7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025
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1 SOUTH MAIN STREET DRIGGS, IDAHO 83422
Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas one through ten, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.