SIDE OF THE TETONS
Market Report 2022 WEST
Year End
Despite barely missing the symbolic year-end $500M mark for total dollar volume, the Teton Valley real estate market had its second-best year ever in 2022 by posting $492.7M in dollar volume with 749 transactions.
While sales for the valley were down 35.6% in 2022, individual property values generally held firm as the post-Covid wave of real estate demand began to recede. For the three main property types in Teton Valley (homes, condos/townhomes and vacant land), all three categories posted year-over-year gains for average individual sale prices.
The regions of Alta, Wyoming and Tetonia, Idaho both saw precipitous declines in total dollar volumes for sales
(down 59.6% and 53.6%, respectively), but Victor and Driggs managed to hold their own in a transitional year for the market with modest drops of only 14.6% and 3.3%. The $411.0M of sales generated in Victor and Driggs also accounted for 83.4% of all dollar volume in the Teton Valley region. It should be noted too, the yearend total for the entire Teton Valley region in 2021 was $364.4M.
Jackson Hole Sotheby’s International Realty represented 149 sellers in the last 12 months, helping more sellers navigate an uncertain year than any other firm, and successfully closed one in five of all listings in Teton Valley for 2022.
$50M $100M $150M $200M $250M
$300M Teton County, Idaho — Year End 2022 2021 VS. 2022
Sales Volume By Price Category < $500K >$1M $40M $80M $120M $160M $200M $240M 2021 VS. 2022 Sales Volume By Area 2022 2021 UNITS SOLD ALTA 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $50M $100M $150M $200M $250M $300M $350M $400M 100 200 300 400 500 600 UNITS SOLD UNITS SOLD SALES VOLUME 2009-2022 700 2011 2010 2009 $450M $500M $550M $600M $650M Sales Volume Vs. Units Sold Cover Property: #8EHR4R $500K-$1M 800 900 1,000 1,100 1,200 1,300 794 VICTOR DRIGGS TETONIA 411 232 137 211 127 34 16 467 316 405 286 257 131 2022 2021 UNITS SOLD
Volume By Area
Like in years past, vacant land sales drove the Teton Valley market in 2022.
Raw land accounted for 57.5% of all sales (or 431 out of a total of 749 transactions) in the last 12 months. That number, however, was down from 65.9% in 2021, potentially stunted by an increase in the average sale price for this category (up 16.2% over 2021 to $396,974) along with elevated construction costs in the region.
The median sale price for 2022 was $210,000 (for a 2.84-acre parcel in Trout’s Teton Valley Ranch just north of Driggs), up 23.9% from $169,500 in 2021 (for a 3.04-acre parcel in Silver Dollar Ranch in Tetonia).
Inventory for this segment of the market was up 41.4% year over year. In January, 2022, 162 parcels of vacant land were on the market. Twelve months later, that number had grown to 229 listings. And with only 16 vacant land sales in the month of December, 2022, the current ratio of sales to active listings (or 16 sales compared to 229 active listings) squarely puts the Teton Valley climate into a “Buyer’s Market” (or where there’s more than six months of inventory based on the current absorption rate) heading into 2023.
Land & Ranches
2021 VS. 2022 $10M $20M $30M $40M $50M $60M $80M $90M $100M $70M ALTA 286 166 VICTOR 252 149 DRIGGS 207 109 TETONIA Average Days on Market 139 % Change in Average Sales Price from 2021 +16.2% CURRENT AREA STATS Number of Land & Ranch Sites Sold 2022 431 2022 Average Land & Ranch Sites Sale Price $396,974 21 7 At A Glance 2022 2021 UNITS SOLD
Featured Property: #3CKBXR Sales
After a record-breaking year on all fronts in 2021, Teton Valley condo and townhomes was the lone market segment that managed to post positive year-over-year gains in 2022. Transactions were up 17.5% (or 94 closings in the last 12 months compared to 80 closings in 2021), and the complementing dollar volume from these sales was also up 59.8% in 2022 (or $56.5M in 2022 compared to $35.4M in 2021).
Two new developments in Driggs—Moraine Square and Valley Centre townhomes—accounted for 44.7% of all condo/ townhome sales (or 42 transactions out of a total of 94) and represented 47.1% of the total dollar volume on the year (or $26.6M of the total $56.5M reported in 2022).
The average condo/townhome sale price increased 36.0% to $601,473 in 2022 and the median sale in 2022 was up 28.5% to $525,000 (for a 3-bedroom, 2-bath, 1,537 sq.ft. townhome in Valley Centre, or $341/sq.ft.). In 2021, however, the median sale was a 2-bedroom, 1,160 sq.ft. condo in Teton Springs (or $352/sq.ft.), suggesting individual property values fell slightly in the last 12 months, or the volume of sales from newer, larger townhomes skewed the results for this segment of the market.
$5M $10M $15M $20M $30M $35M $40M $45M $50M $25M Sales Volume By Area *excludes fractional units 2021 VS. 2022 TETONIA 0 1 DRIGGS 57 42 VICTOR 36 38 ALTA 0 0 Average Days on Market 87 % Change in Average Sales Price from 2021 +36% CURRENT AREA STATS Number of Condominiums Sold 2022 94 2022 Average Condominiums Sale Price $601,473 At A Glance Condominiums/Townhomes Featured Property: #L57HZQ 2022 2021 UNITS SOLD
In a year that saw the median home sale in Jackson Hole grow to more than $3.5M, homes in Teton Valley, Idaho and Alta, Wyoming, outperformed the general market stats, down 29.6% on transactions and down 21.4% on dollar volume (the overall market was down 35.6% and 22.2%, respectively).
While the average home sale price grew 11.7% to $1,214,895 (or up from $1,087,693 in 2021), the median home sale price increased 13.3% to $850,000 (for a 7-bedroom, 3,300 sq.ft. home in Driggs; in 2021, the median home sale was $750,000 for a 3-bedroom, 2-bath, 2,100 sq.ft. home on 2.5 acres also in Driggs).
The 202 home sales in Teton Valley represented 27.0% of all transactions, and the complementing dollar volume from these sales ($245.4M) accounted for nearly half of the total volume for the market. One outlier set for this market segment were the 17 sales in Tributary, which were fewer than 10% of the home transactions in Teton Valley, but presented nearly $50M in sales volume on the year (or with average sales price of nearly $2.9M).
So long as home prices remain lofty in Jackson Hole, it seems demand will remain strong for home on the Quiet Side of the Tetons.
$10M $20M $30M $40M $50M $80M $70M $90M $100M $110M $120M $60M Sales Volume By Area 2021 VS. 2022 TETONIA 48 21 DRIGGS 71 95 VICTOR 101 131 ALTA 9 13 Single Family Homes Average Days on Market 110 % Change in Average Sales Price from 2021 +11.7% CURRENT AREA STATS Number of Single Family Homes Sold 2022 202 2022 Average Single Family Home Sale Price $1,214,895 At A Glance Featured Property: #S2YRNZ 2022 2021 UNITS SOLD
MAIN OFFICE 185 WEST BROADWAY JACKSON, WYOMING 83001
EAST BROADWAY 110 EAST BROADWAY JACKSON, WYOMING 83001
HOTEL TERRA 3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025
FOUR SEASONS RESORT 7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025
TETON MOUNTAIN LODGE 3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025
TETON PINES RESORT 3415 NORTH PINES WAY WILSON, WYOMING 83014
JHSIR.COM
JACKSON HOLE RACQUET CLUB 3535 NORTH MOOSE-WILSON ROAD WILSON, WYOMING 83014
ALPINE 168 HWY 89 #B-2 ALPINE, WYOMING 83128
DRIGGS NORTH 10 NORTH MAIN STREET DRIGGS, IDAHO 83422
DRIGGS SOUTH ONE 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.
