With Labor Day behind us, it’s clear to see the Teton Valley real estate market has been bustling with activity thus far in 2018 and is experiencing a robust seller’s market.
Year-to-date single-family home prices have been driven upward due to extremely low inventory. For the first eight months of 2018, 225 residential listings hit the market. And as of September 1st, 97 of these new listings have already sold or gone under contract.
The residential housing market volume increased 30.5% from the same period in 2016 to 2017 ($43.2MM vs. $56.4MM). Individual home prices also saw gains. The median home price in 2016 was $327,500 (for a 3-bedroom, 2-bath, 1,436 sq.ft. home in Shoshoni Plains). In 2017, the median value jumped to $345,000 (for a 3-bedroom, 3-bath, 1,272 sq.ft. home in Red Fox Ranch).
So far for 2018, the median home sale for Teton Valley is a whopping $407,200 (for a 3-bedroom, 3-bath, 2,600 sq.ft. home in Targhee Ridge Estates).
Also, the number of days on the market (DOM) for the first two quarters of 2018 vs. 2017 has dropped. Last year, a home was on the market for an average of 223 days. This year, that number has actually increased to 229, but that number might be falsely inflated by a handful of sales where the property was on the market for more than 1,000 days.
Resort home prices including Teton Reserve, Teton Springs and Huntsman Springs have a median price of $922,000 in 2018 with 24 homes presently on the market. In addition, Teton Reserve has continued to expand its core development by adding an additional domestic well and is in its final stages of design for a new clubhouse.
Victor Stats YTD 2018
The average price for the 63 homes listed for sale in Victor is $$866,225. The median home listing is $699,000 for a property in Teton Springs. The highest home listing price in Victor is $1,995,000 (a 4-bedroom, 5-bath, 5,921 sq.ft. home on 24.79 acres at 1770 Cherry Grove Lane).
Driggs Stats YTD 2018
The average price for the 35 homes listed for sale in Driggs is $583,611. The median home listing is $469,000 for a 5-bedroom home under construction in Sagewood. The highest home listing price in Driggs is $2,300,000 (for a home in Huntsman Springs).
West Side Stats YTD 2018 (MLS Areas 18 and 19)
The average price for the 36 homes listed for sale on the West Side is $717,869. The median home listing is $499,000 for a 3-bedroom, 2-bath, 1,848 sq.ft. home on 9 acres. The highest home listing price on the West Side is $3,995,000 (for a home in River Rim Ranch).
Alta WY Stats YTD 2018
The average price for the 9 homes listed in Alta WY is $1,012,000. The median home listing is $899,000 for a 4-bedroom home in Targhee Towne. The highest priced listing in Alta is $1,975,000 (a 5-bedroom, 4.5-bath, 4,238 sq.ft. home on 12.5 acres).
As summer winds down in Teton Valley and the cool mornings of fall come upon us, the valley experiences a vista of vibrant colors bursting from the hillsides. A perfect climate to hike or bike the trails in Teton Valley and fish in the Teton River. The fall brings on a sense of calm and tranquility to the valley, gearing up for the winter season of powder skiing, snowmobiling, cross country skiing, and much, much more.