Market Report WEST SID E OF THE T E TONS
Quarter 3
2021
Teton County, Idaho — Q3 2021 Sales Volume Vs. Units Sold 20 0 9-2020
SA L ES VO LU M E
U N ITS SO LD
U N I TS SO L D
$450M
900
$400M
800
$350M
700
$3 0 0 M
600
$250M
5 00
$ 20 0 M
4 00
$15 0 M
3 00
$10 0 M
20 0
500M
10 0 20 0 9
2010
2011
2012
2013
2014
2019 was Teton Valley’s best year since the Global Financial Crisis. Transactions grew to 586 sales (which outpaced the Jackson Hole market) and the complementing dollar volume swelled to $181M. The median home price had also rebounded to nearly $450,000 for a 3-bedroom, 3-bath floor plan on 2.5 acres. Then came Covid, and the real estate surge that came with it. By the end of 2020, transactions had nearly doubled yearover-year to more than 1,100 sales. Dollar volume followed suit to $364M. How much more could the market grow? For the first nine months of 2021, Teton Valley has resoundingly answered that question. YTD transactions show nearly 900 sales with $450M in overall sales volume
2015
2016
2017
2018
2019
2020
(and where vacant land sales are up 70% over the first nine months of 2020 and represent 67.2% of all sales in 2021). The upper-end of the Teton Valley market in particular (that is, property with a listing price of greater than $1M) has pushed the market to new heights. Ninety-nine sales in this market segment (or 11% of all transactions) tallied $207M of the overall market volume (or nearly 50% of the 2021 YTD total). And while the average home price now exceeds $1M (or, more specifically, $1,053,870), the median home value has grown in just two years 66.6% to $750,000. If Teton Valley continues its break-neck pace for Q4, the year-end total is poised to break $600M… or nearly triple the overall dollar volume from just two years ago.
Sales Volume By Area
Sales Volume By Price Category
YTD 2020 VS. 202 1
YTD 2020 VS. 2021
Y T D 2020
YT D 2021
U N ITS SO LD
At A Glance
YTD 2020
$ 20 0 M
YTD 202 1
UNITS SO LD 99
$ 20 0 M 311 349
$ 160 M
$ 16 0 M
Cover Properties: #D42XMH, #9SBVRT
637
$120 M
288
214
161 509 112
212
$80M
$ 1 20 M
$80M 35
23
$4 0 M
133
$40M
23
A LTA
VICTO R
D RIGGS
T ETO NIA
< $500K
$500K-$1M
>$1M
Land & Ranches
Featured Property: #9RJJVF
Sales Volume By Area
So far in 2021, two out of three sales in Teton Valley have involved a vacant parcel of land (or
Y TD 2020 VS. 202 1 2020
2021
603 transactions, which was a 70% increase
U N ITS SO LD
over the same period in 2020). The $189M generated from these sales also was greater 204
$70 M
171
than the entire market volume (that is, including homes and commercial properties) for all of
$60 M
2019. “Buy land,” said Mark Twain, “they’re not making it anymore.”
214
$50M
Victor (214 sales) and Driggs (204 sales)
$40M
represented
$30M
the
majority
of
the
activity,
generating 77% and 84% increases, respectively, 121
$ 20 M
112
111
$10 M
from the first nine months of 2020. In 2020, the median land sale was a 0.73-acre
14 11
homesite in Teton Springs that sold for $89,000. Twelve months later, the median price jumped
ALTA
V I CTOR
DRIGGS
T E TO NI A
nearly 90% to $169,000 (for a 1-acre parcel just
CUR R E N T A R E A STATS
At A Glance
north of Driggs).
Number of Land & Ranch Sites Sold Q3 2021
% Change in Average Sales Price from Q3 2020
Q3 2021 Average Land & Ranch Sites Sale Price
Average Days on Market
603
+100.8%
$313,362
158
Condominiums
Featured Property: #L89L7J
CU R R E N T A R E A STATS
At A Glance
While overall transactions continue to outpace the record-setting totals from 2020, condos and townhomes in Teton Valley are limited to finite communities in and around the towns of Victor and Driggs. Rapidly appreciating pricing and a lack of inventory have stunted the overall stats for this market segment. In looking at individual property values for condos and townhomes, however, we see similar appreciation spikes to values of homes and vacant land. In 2020, the median condo/townhome sale came in at $314,000 (for a 1,389 sq.ft., 2-bedroom, 2.5-bath townhome in Victor, or roughly $225/sq.ft.). For the first nine months of 2021, however, the median price had grown 21% to $380,000 (for a 981 sq.ft., 2-bedroom, 2-bath townhome in Victor, or $387/sq.ft.).
Sales Volume By Area
* excludes fractional units
YTD 2020 VS. 2021 2020
2021
UNITS SOLD
$16 M 43
$14 M
27
31
$12 M $10 M
25 $8 M $6 M $4 M $2 M 0
0
ALTA
0
VICTOR
DRIG G S
0
T E TO NI A
Number of Condominiums Sold Q3 2021
% Change in Average Sales Price from Q3 2020
Q3 2021 Average Condominiums Sale Price
Average Days on Market
58
+24.9%
$394,034
79
Single Family Homes
Featured Property: #75ZG23
Sales Volume By Area
In 2019, the entire Teton Valley market only saw 21
Y TD 2020 VS. 202 1 2020
sales in excess of $1M. But by the end of September, the 2021
average home price for Victor, Driggs, Tetonia and Alta
U N ITS SO LD
$10 0 M
came in at a staggering $1.053M (up 57.1% from 2020). Several large sales in Alta, Wyoming, helped to push the
96
average price in the Wyoming hamlet to $2.15M. But in
$ 90 M
looking at the average price for Victor ($974,000), Driggs
$80M
69
1 20
($1.14M) and Tetonia ($862,500), the numbers suggest resort communities like Teton Springs and Tributary have
$70 M
caught fire in the post-Covid market. Of particular note is the home sale activity in Tetonia.
$ 60 M $50M
While the other Teton Valley regions have had home sales
60
held down by lack of inventory, Tetonia has seen 41 home 41
$40M
sales so far in 2021 (up 95% over 2020). And while overall year-over-year home sales in Teton
$3 0 M
Valley are flat (220 sales through Q3 in 2020 vs. 215
9 $ 20 M
21
12
sales so far in 2021), the corresponding dollar volume from this segment of the market is up 58.6% to $226.5M
$ 10 M
(compared to $142.8M for the same period in 2020).
CU R R E NT A R EA STATS
At A Glance
A LTA
VICTO R
D RIGGS
TETONIA
Number of Single Family HomesSold Q3 2021
% Change in Average Sales Price from Q3 2020
Q3 2021 Average Single Family Home Sale Price
Average Days on Market
215
+57.1%
$1053,870
87
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DRIGGS NORTH
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A lth o u gh th e fo rego ing data has been co m piled from sources deemed reliable, Jackson Hole Sotheby ’s Internationa l Rea l ty d o es n o t gu a ra ntee its authenticity. It is intende d for informational purposes only, is s ubject to prior sale, error, rev i si o n , a n d ca n ce l l a t i o n witho ut no tice, and sho uld be independently verified with the source of s uch information. Source d a ta is p rov i d e d by Teto n Board of Realto rs MLS for areas one throug h ten, and s upplemented with proprietar y sa l es d a ta fo r $ 0 sa l es. ® , ™ and SM are licensed tradem arks to Sotheby ’s International Realty Affiliates LLC. An Equal Opp o r t u n i ty Co mpa ny. Eq u a l H o using Oppo r tunity. J ackso n Hole Sotheby ’s International Realty is Independently Owned and Op e ra te d .