Teton Valley Real Estate Market Report | Q1 2020

Page 1

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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TETON PINES RESORT

185 WEST BROADWAY JACKSON, WYOMING 83001

7710 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

3415 NORTH PINES WAY WILSON, WYOMING 83014

EAST BROADWAY

TETON MOUNTAIN LODGE

JACKSON HOLE RACQUET CLUB

110 EAST BROADWAY JACKSON, WYOMING 83001

3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025

3535 NORTH MOOSE-WILSON ROAD WILSON, WYOMING 83014

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

DRIGGS SOUTH JHSIR.COM

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.


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