Teton Valley Real Estate Market Report | Q1 2024

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Market Report 2024 WEST SIDE OF THE TETONS First Quarter
Featured Property: #D93HPW

Teton Valley, Idaho — Q1 2024

The Teton Valley real estate market started the year off on the right foot by posting 109 transactions in the first three months of the year, or up 10.1 percent compared to the same period in 2023. Low inventory, however, threatens to keep the market in check for the rest of 2024. Year-to-date sales also generated nearly $70M in sales volume.

At the beginning of April, 224 properties were listed for sale in Victor, Driggs, Alta, and Tetonia. That number is down from 281 last year, or a decline of more than 20 percent. The limited inventory, however, should help to sustain individual property values if the current sales pace

Sales Volume By Area

continues heading into summer.

Vacant land sales led the way for Q1 2024 with 66 sales (or 60 percent of all transactions). That number is up 32 percent from last year, signing a possible resurgence of spec home builders and owners willing to build.

At the end of Q1 2023, the median (or mid-point) sale for Teton Valley was $430,000 for a 1-bedroom unit in Teton Creek Resort. Twelve months later, the median sale for Q1 2024 was unchanged at $430,000 (for a 10-acre parcel in Tetonia).

Heading into the hectic summer season, the Teton Valley real estate market seems poised to keep pace with 2023.

Sales Volume By Price Category

UNITS SOLD SALES VOLUME YTD SALES VOLUME
YTD 2023 VS. 2024
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $50M $100M $150M $200M $250M $300M $350M $400M 100 200 300 400 500 600 UNITS SOLD 2010-2024 700 2011 2010 $450M $500M $550M $600M $650M Sales Volume Vs. Units Sold 800 900 1,000 1,100 1,200 1,300 YTD 2023 VS. 2024
*Based on the Teton Board of Realtors MLS, Areas 12, 16, 17 and 19, for 2023 and 2024. $10M $20M $30M $40M $50M $60M $70M YTD 2024 YTD 2023 UNITS SOLD ALTA VICTOR DRIGGS TETONIA 2 4 43 39 35 35 19 31 $10M $20M $30M $40M $50M $60M $70M < $500K >$1M $500K-$1M 55 63 23 21 25 21 YTD 2024 YTD 2023 UNITS SOLD 2024 Cover Property: # 95R4KC

Condominiums/Townhomes

Probably no portion of the market has been hit harder by high mortgage interest rates than the Teton Valley condo and townhome segment.

Two years ago, when a 30-year-fixed mortgage rate was 4.875%, condo and townhomes sales generated $24.7M in dollar volume via 46 transactions in Q1 2022. Two years later, dollar volume fell to only $5.9M on 10 closings in Q1 2024 (although both sales and dollar volume are up this year over Q1 2023).

Anecdotally, individual properties are holding their value from 2022. Two years ago, four 2-bedroom, 1,175 sq.ft. townhomes featuring new construction in Moraine Square sold for $499,000. In February, 2024, a similar floor plan sold in Moraine Square for the same $499,000 (although its listing price was reduced from $549,000 before the property ultimately sold).

At the beginning of April, 28 condos or townhomes were listed for sale in Victor and Driggs. Given the current pace of sales for the first three months of 2024, current inventory levels place this portion of the valley in a “Buyer’s Market” climate.

Sales Volume By Area *excludes fractional units YTD 2023 VS. 2024 Average Days on Market 155 % Change in Average Sales Price from Q1 2023 +24.5% CURRENT AREA STATS Number of Condominiums Sold Q1 2024 10 Q1 2024 Average Condominiums Sale Price $585,350 At A Glance
Featured Property: #PTR7NE TETONIA 0 0 DRIGGS 5 4 VICTOR 5 5 ALTA 0 0 2024 2023 UNITS SOLD $5M $10M $15M $20M $30M $35M $40M $45M $25M

Single Family Homes

Of the $68.8M of total dollar volume generated by all sales in Teton Valley for Q1 2024, $36.9M (or 53.6 percent) came from the sale of single-family homes. In looking at total transactions, however, the 29 home sales for the last three months only accounted for 26.6 percent of Teton Valley’s total 109 closings.

Year-to-date sales ranged from $165,000 (for a 2-bedroom, 1,559 sq.ft. bank foreclosure offered “as-is” in Victor) to $5.1M (for a 60-acre compound with a 3,100sq.ft. home in Victor). The median sale price for Q1 2024 was $982,000 (for a 3-bedroom, 1,800 sq.ft home in Tetonia), which is on par compared to 2023’s Q1 median of a 5-bedroom, 4,700 sq.ft. home on 4 acres in Victor that was listed for $1M.

Limited inventory suggests listing prices will remain strong heading into summer. In April, 2023, 75 homes were listed for sale across Teton Valley. One year later, that number has fallen to just 36 (or a 52 percent year-overyear reduction).

Sales Volume By Area YTD 2023 VS. 2024
Average Days on Market 153 % Change in Average Sales Price from Q1 2023 +3.7 CURRENT AREA STATS Number of Single Family Homes Sold Q1 2024 29 Q1 2024 Average Single Family Home Sale Price $1,271,980 At A Glance Featured Property: #LB86Q6
$5M $10M $15M $20M $30M $35M $40M $45M $25M TETONIA 1 7 DRIGGS 7 13 VICTOR 14 19 ALTA 1 1 2024 2023 UNITS SOLD

Land & Ranches

The vacant land market segment in Teton Valley outperformed all other property types for Q1 2024, up 32 percent for transactions (or 66 closings this year compared to 50 closings in Q1 2023) and up 31.1 percent for sales dollar volume (or $22.7M in Q1 2024 vs. $17.3M last year).

For the first three months of the year, sales ranged from $79,000 (for a 1-acre parcel in Tetonia) to $3.125M (for a 35-acre parcel in Alta). The median (or mid-point) sale was $220,000 (for a 1-acre parcel in Driggs), up 46.6 percent from the Q1 2023 value of $150,000 (for a 2-acre parcel in Driggs).

The uptick in sales and value could be attributed to tightening inventory. In April 2023, 207 properties were listed for sale in Teton Valley and Alta. One year later, active listing shrunk to 158 (or a 23.6 percent decrease in the last twelve months).

Featured Property: #CL9NRT
Area YTD 2023 VS. 2024 Average Days on Market 174 % Change in Average Sales Price from Q1 2023 -0.6% CURRENT AREA STATS Number of Land & Ranch Sites Sold Q1 2024 66 Q1 2024 Average Land & Ranch Sites Sale Price $344,102
Glance
Sales Volume By
At A
2024 2023 UNITS SOLD TETONIA 18 24 DRIGGS 22 15 VICTOR 17 16 ALTA 3 1 $5M $10M $15M $20M $30M $35M $40M $45M $25M
Featured Property: #WZBDS7

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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.

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