Third Quarter
2024 WEST SIDE OF THE TETONS
Teton Valley, Idaho — Q3 2024
As the Teton Valley region headed into its busy summer season, tensions around valley were particularly high in early June.
It’s not uncommon for energy and anxiety to spike as schools let out for the year and businesses ramp up for what is often the three months that make or break a successful year.
In June, however, the region was upended by the collapse of a section of Teton Pass. What ensued was an unexpected month of uncertainty and of added stress to an already frenetic time of year.
Now that the dust has settled, the Teton Valley community and real estate market has managed to hold its own for Summer 2024. Through Q3 2024, transactions are up slightly compared to the first nine months of 2023 (that is,
Sales Volume By Area
429 closings thus far in 2024 compared to 421 sales a year ago). The complementing sales dollar volume of $281.9M is down 8.5 percent compared to the same period in 2023, mostly due to buyers gravitating toward lower-priced inventory and due to an erosion in individual property values. Lower mortgage interest rates have given buyers a much needed shot in the arm, but choices remain slim. Inventory has only seen a slight uptick in the last 12 months, with a total of 399 active listings available in Victor, Driggs, Alta and Tetonia (compared to 363 properties on the market one year ago).
Given the unique challenges Teton Valley has faced during the summer of 2024, it seems the region has a solid chance of outperforming the year-end 2023 totals of 575 transactions and a valley-wide dollar volume of nearly $440M.
Sales Volume By Price Category
YTD 2023 VS. 2024
Condominiums/Townhomes
Real estate markets rejoiced with the Federal Reserve’s recent 50-basis-point rate cut.
Lower mortgage interest rates increase the purchasing power of would-be buyers across all property types and prices, but the Teton Valley condo and townhome market stands to particularly benefit from the Fed’s recent action.
The Teton Valley condo and townhome market has sputtered along through Q3 2024. Transactions are down slightly compared to last year (46 sales so far in 2024 compared to 48 last year), but recent sales have nearly been halved from 2022 when 82 properties had sold through September (and when mortgage interest rates were in the low 6 percent range).
The median – or mid-point – sale for the first nine months of 2024 was $579,000 for a 3-bedroom, 2-bath, 1,500-sq.ft. unit in Valley Centre in Driggs (or $377/sq.ft.). That number is down from 2023’s Q3 median sale of $599,000 for a newly constructed 2-bedroom, 2.5-bath, 1,175-sq.ft. unit at Moraine Square also in Driggs (or $510/sq.ft.).
Active listings have remained relatively constant year over year, with 38 properties listed for sale as of October 1, 2024 (compared to 34 in 2023).
Sales Volume By Area
Single Family Homes
Sales Volume By Area
YTD 2023 VS. 2024
Home sales in Victor, Driggs, Tetonia and Alta have struggled so far in 2024, with 13.9 percent fewer transactions than first nine months of 2023. Inventory has also grown from 74 active listing in the fall of 2023. One year later, 110 homes are currently on the market in Teton Valley.
While the average home price only dropped slightly from $1.32M twelve months ago to $1.29M this year, the median price actually increased from $925,000 in 2023 (for a 5-bedroom, 3,800 sq.ft. home in Willow Creek Ranch in Victor) to $980,000 at the end of Q3 2024 (for a 5-bedroom, 3,350-sq.ft. home in Brookside Hollow also in Victor).
Sale prices on the year to date range from $165,000 for a bank-owned foreclosure sale in Victor to more than $5M for a 3,100-sq.ft. home on 60 acres bordering national forest in Victor.
Like other segments of the market, home sales promise to increase with falling mortgage rates. Current choices on the market for potential buyers range from $425,000 for a 2-bedroom, 510 sq.ft. home on 1.3 acres in Victor to $13.5M for a 3,800 sq.ft. log home and guest house on 80 acres in Alta.
Featured Property: #95R4KC
Sales Volume By Area
As is often the case, vacant land sales comprised the majority of transaction in Teton Valley through Q3 2024. Of the 429 total sales through September, 60 percent (or 259 transactions) involved parcels of raw land.
Land sales in 2024 have also outpaced the larger Teton Valley market. Sales are up nearly 20 percent compared to 2023 and the corresponding sold dollar volume of nearly $100M (or $97.5M to be exact) represents a 21.8 percent jump over the same period of last year.
While all four Teton Valley regions saw positive gains, Victor was the most active, posting 111 sales and more than $31M in sales volume.
The large majority of the regional land sales occurred in the lower price bracket (that is, below $500,000) with 218 of the total 259 transactions (or nearly 85%). Inventory for this segment of the market has remained relatively constant year over year with 249 active listings as of October 1, 2024 (compared to 251 this time last year).
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