MARKET REPORT WEST SIDE OF THE TETONS QUARTER 2
2021
TETON COUNTY, IDAHO — Q2 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
While Teton Valley, Idaho, has often been referred to as the “Quiet Side of the Tetons,” the west side real estate market has been anything but “quiet” for the last 12 months. Unlike Jackson, which saw a measurable slow down during Q2 2020 (that is, during the onset of COVID), Teton Valley has shown a consistent uptick of activity throughout the global pandemic. To put the valley’s growth in perspective, in 2019 (i.e., pre-COVID), Teton Valley and Alta, Wyoming, generated 586 transactions for the entire calendar year that totaled $181.9M. It should also be noted that 2019 was also a banner year for the west side real estate market. Fast forward 18 months, and the valley’s real estate market has exploded. For the first six months of 2021,
2015
2016
2017
2018
2019
2020
Teton Valley is up 163.2% on transactions (or 577 closed transactions for YTD 2021 vs. 220 sales for the same period in 2020) and is up 217% for dollar volume (or $236.1M for 2021 vs. $74.5M in 2020). More impressive still is looking back on the totals from the last 12 months (that is, July, 2020 through June, 2021). In trying to assess what a post-COVID Teton Valley real estate market looks like, the last 12 months have seen nearly 1,500 closed sales and more than $525M in dollar volume. In other words—and if this level of activity continues through the 2021 calendar year—Teton Valley and Alta, Wyoming, will have grown from a sub-$200M market to a more-than-half-a-billion-dollar market in just two years.
SALES VOLUME BY AREA
SALES VOLUME BY PRICE CATEGORY
YTD 2020 VS. 2021
YTD 2020 VS. 2021 UNITS SOLD
YTD 2021
YTD 2020
YTD 2021
YTD 2020
$100M
UNITS SOLD
$100M 189
221 Cover Properties: #D42XMH, #8M6WWK
UNITS SOLD
51
437
$80M
$80M
$60M
150
$40M
98
$40M
75 40
7
ALTA
VICTOR
DRIGGS
172 41
17
$20M
89
$60M
TETONIA
$20M
7
< $500K
$500K-$1M
>$1M
LAND & RANCHES
Featured Property: #8M6WWK
SALES VOLUME BY AREA
The Teton Valley real estate market can easily be defined as a “land grab” at the moment.
YTD 2020 VS. 2021
2020
2021
Of the 577 properties that have sold thus
UNITS SOLD
far in 2021, 408 (or 70.1%) have been vacant
127
147
parcels of land. That percentage is an increase
$28M
123
$24M
over the same period in 2020 (where roughly 5 out of every 10 sales were raw land), but the more-than-400 transactions on the year to date is a 292.3% increase of transactions over the
$20M
first six months of 2020 (when only 104 vacant
$16M
parcels of land sold).
$12M
While individual values will vary across the
11
$8M
33
33
36
$4M
valley (for example, if one parcel of land has a Teton view vs. another), the median land sale price also doubled from $75,000 in 2020 (for a
2
0.74-acre parcel in Teton Springs) to $149,950 in
AT A GLANCE
CURRENT AREA STATS
ALTA
VICTOR
Number of Land & Ranch Sites Sold Q2 2021
408
DRIGGS
TETONIA
2021 (for a 2.9-acre parcel in Driggs).
% Change in Average Sales Price from Q2 2020
Q2 2021 Average Land & Ranch Sites Sale Price
Average Days on Market
+47.0%
$238,655
158
CONDOMINIUMS/TOWNHOUSES
AT A GLANCE
CURRENT AREA STATS
Unlike the vacant land and freestanding home market in Teton Valley, the townhome and condominium market is somewhat finite. Not only is inventory scarce, but townhome complexes are clustered in a limited number of locations (mostly around Victor and Driggs). Statistically, the numbers for this market segment are comparatively unimpressive; transactions are up 28% and dollar volume is up 37.6% year over year. In delving into the data, however, and looking at some 2021 sales in this category, individual sales share a very telling story. For example, in June, 2020, a 3-bedroom, 2-bath, 1,481 townhome at Buffalo Junction in Driggs sold for $290,000. Eleven months later in May, 2021, a similar unit sold for $450,000 (or a 55.2% increase in less than a year). Number of Condominioms Sold Q2 2021
16
Featured Property: #TZX567
SALES VOLUME BY AREA
*excludes fractional units
YTD 2020 VS. 2021
2020
2021
UNITS SOLD
$10M $9M $8M $7M
14
$6M
18 $5M
13 12
$4M $3M $2M $1M
0
0
ALTA
0
VICTOR
DRIGGS
0
TETONIA
% Change in Average Sales Price from Q2 2020
Q2 2021 Average Condominioms Sale Price
Average Days on Market
+7.5%
$345,609
91
SINGLE FAMILY HOMES
Featured Property: #H7GBSP
SALES VOLUME BY AREA
Arguably stifled by a lack of inventory and rapidly escalating prices, the home segment of the Teton Valley
YTD 2020 VS. 2021
2020
2021
market saw “only” a 55.7% jump in overall transactions
UNITS SOLD
thus far in 2021, but a 180.6% increase in dollar volume. So while one of out five sales in 2021 involved a house, more
$50M
than half of the YTD dollar volume in Teton Valley involved
50
$45M
41
home sales (or $121.1M out of the total YTD market dollar volume of $236.1M).
$40M
A surge in the upper-end of the market (that is, listings
$35M
of more than $1M) helped fuel the statistics. In the first
$30M
six months of 2020, only three homes sold in excess of
48 26
$25M $20M
$1M. Thus far in 2021, that number has sky-rocketed to 41 sales of homes greater than $1M and has pushed the average home price in Teton Valley to $984,000.
$15M
6
In looking at the median home price year-over-year,
19
the numbers are equally as astonishing. For the first six
$10M
months of 2020, the median home sale was $497,573
5
$5M
7
(for a 3-bedroom, 2-bath, 1,633 sq.ft. home in Golf Vista Estates). Fast forward to 2021, and the median sale
AT A GLANCE
CURRENT AREA STATS
ALTA
VICTOR
Number of Single Family Homes Sold Q2 2021
123
DRIGGS
TETONIA
had increased to $780,000 or more than 56% (for a 4-bedroom, 4-bath, 3,768 sq.ft. home outside of Victor).
% Change in Average Sales Price from Q2 2020
Q2 2021 Average Single Family Home Sale Price
Average Days on Market
+80.25%
$984,244
99
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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.