Two teams, Tom Evans Real Estate and Huff | Vaughn | Sassi, from Jackson Hole Sotheby’s International Realty were recognized among the “Top 100 Agents and Teams at Sotheby’s International Realty” globally on November 3, 2022 in New York City. The private dinner and reception honoring these top-producing sales agents took place at The Pool within the Seagram Building in Midtown Manhattan, and was hosted by Sotheby’s International Realty President & CEO Philip White.
The inaugural Top 100 Agents and Teams at Sotheby’s International Realty awards dinner.
In attendance for the inaugural event from Jackson Hole Sotheby’s International Realty were Jill Sassi, Arthur Corontzes and Andrew Marshall from the Huff | Vaughn | Sassi team. The “Top 100” distinction was identified based on closed sales volume from 2021 globally. Beyond recognition alone, the event served as an opportunity for top-producing agents from across the brand’s global network to connect and discuss emerging trends within the luxury real estate market as a whole. The weekend’s events also included a private tour of Sotheby’s New York, whose Upper East Side office serves as headquarters for the auction house’s global business.
“Being part of the “Top 100” was an absolute honor, and to be recognized amongst the top and most accomplished agents from around the world was something my entire team has worked towards collectively for the past 7 years,” said Jill Sassi, Sales Associate with Jackson Hole Sotheby’s International Realty, of the event. “The private tour of the auction house really solidified what I have always felt the brand offered—unwavering quality and class. This is why we would not have considered affiliation with any other brand in the world.”
“These awards are extremely well earned” said Jeff Hornig, owner of Jackson Hole Sotheby’s International Realty. He continued, “for each of these teams to be in the Top 25 is a testament to the quality of service they deliver and the incredible network of the top professionals they have built relationships with brick by brick. Jackson Hole is lucky to have agents in our community this well respected within the Sotheby’s International Realty global network. They are simply the best of the best.”
Jill Sassi, Philip A. White, Jr.Arthur Corontzes, Philip A. White, Jr.Andrew Marshall, Philip A. White, Jr.
While the summer of 2021 would be a tough act to follow, the Teton Valley real estate market has kept relative pace this year despite increasing inventory, rising mortgage interest rates and a return to normalcy following the global pandemic.
Year-to-date transactions on the quiet side of the Tetons are down 32.9% (611 sales this year compared to 910 closings for the same period in 2021) yet dollar volume has only slipped a modest 13.1% ($459.6M last year vs. $399.6M this year). It’s interesting to note, however, the valley real estate market at the end of summer 2020 (a record at the time with 656 closings for $230.1M) was only 45 more transactions and $169.5M less in dollar volume for the same period this year.
The Teton Valley market ended the summer on a strong note. September was the second biggest month of 2022 with 63 transactions accounting for $52.8M in dollar volume (only March had a higher monthly dollar volume with $59.7M in sales).
Price adjustments and an increase of homes for sale in Teton Valley, Idaho and Alta, Wyoming, led to the uptick in September’s sales activity.
It seems unlikely the year-end 2022 totals will eclipse the record-breaking year of 2021 with 1,154 transactions for more than $629M in dollar volume. At present, however, the year-to-date dollar volume for the first nine months of 2022 ($399.6M) has already eclipsed the valley’s 2020 year-end total of $364.4M (which was a record at the time two years ago).
LAND & RANCHES
Nearly 1,500 parcels of land have sold in Teton Valley within the last 24 months, including 365 transactions thus far in 2022. Like the overall market, transactions have lost steam for the last nine months, yet six out of ten transactions in Alta, Wyoming and Teton Valley, Idaho involve raw land.
Despite the slow down, the average sale price for undeveloped property grew 20.3% by the end of Q3 ($412,455 for this year vs. $342,873 last year). The median sale on the year-to-date (a 2.5-acre parcel in Driggs that sold in January for $210,000) is a 24.3% increase over the median transaction last year (a 1-acre parcel in Driggs that sold in March, 2021 for $169,000).
Would-be land buyers currently have more inventory to choose from, helping to shift the current climate from a “seller’s market” in early 2021 to a “buyer’s market” by the end of Q3. This time last year, 268 vacant parcels of land were being offered for sale. Twelve months later, the active listings on the market are up 15.3% to 309 properties for sale.
CONDOMINIMUMS/TOWNHOMES
In an otherwise downward-trending market in Q3 2022, condos and townhomes in Teton Valley were the lone statistical outlier. Both transactions and complementing dollar volume enjoyed year-over-year increases of 39% and 107.9% respectively, thanks to new construction projects in the Town of Driggs.
Of the 82 transactions thus far in 2022, 46 of the sales occurred in the new neighborhoods of Moraine Square and Valley Centre, and generated $28.9M of the $48.3M on the year to date.
In 2021, the median transaction through Q3 was a 3-bedroom, 2-bath, 1,500 sq.ft. townhome in Driggs that sold for $385,000 (or about $250/sq.ft.) in May. So far this year, the median price grew 36.4% to $525,000, or about $340/sq.ft. (also for a 3-bedroom, 2-bath, 1,500 sq.ft. townhome in Driggs).
SINGLE FAMILY HOMES
Despite a 30.9% drop in sales for the first nine months of 2022, the average home price in Teton Valley increased 14.4% in the last 12 months to $1.24M. Just two years ago, the average home price in the valley was $708,000 (or a 76% increase from 2020).
An increase in inventory and motivated sellers helped home sales keep tempo, despite rising mortgage interest rates. On October 1, 2021, only 47 homes were on the market. One year later, that number has grown 145% to 115 homes for sale.
The median home sale through Q3 2021 was $750,000 (for a 3-bedroom, 2-bath, 2,200 sq.ft. home in Driggs on 2.5 acres). Twelve months later, the midpoint sale escalated to more than $1.05M (for a 5-bedroom, 5-bath, newly-constructed 2,400 sq.ft. home in Driggs on 2.5 acres).
In 2019, only 15 homes sold for more than $1M. By the end of September, 2022, 71 homes of $1M or more had closed (which was on par with 2021’s total of 76 homes in the same price range).
As the valley turns the corner from summer into autumn, the fleeting warm days of October still harken back to early summer with its crisp mornings and idyllic afternoons.
For the Jackson Hole real estate market, however, there’s been a noticeable shift from early summer to the end of Q3, 2022.
A drop in demand coupled with growing inventory has pushed the valley from a frenzied seller’s market to a buyer’s market where rising interest rates and looming national and global concerns have introduced trepidation for those shopping for real estate in late 2022. Curiously, September was the strongest month on the year to date for Teton County transactions (29 properties sold in the Teton Board of Realtors MLS last month) and the second strongest month for dollar volume (September posted $95.9M in sales, second only to May’s total of $108.7M). The transitioning seasons make it difficult to pinpoint exactly where Jackson Hole is in a shifting market, but recent price reductions by sellers looking to affect a sale prior to the end of 2022 is one logical explanation for September’s spike in activity.
While year-to-date totals for the Jackson Hole market are down sharply from the Covid frenzy of last year, a potential adjustment in the market—and in individual property values—may set up the regional real estate market for a more balanced year in 2023.
Iconic western properties blend a rich lifestyle with land stewardship.
by Staff Writers
The iconic sign atop Teton Pass has long heralded Jackson Hole as “the last of the old west.” While the majority of those residing in the region have gravitated away from the valley’s farming and ranching roots in the ninety-or-so years since the signs were erected, ranching remains a tradition and a way of life for stalwart families across the mountain west.
The modern landscape is defined, in part, by lands these families have tended, and in many cases have helped to preserve. Whether through applied conservation easements or practical stewardship, the western ranching ideals of Jackson Hole and the surrounding region preserve viewsheds, epitomize open spaces, and serve as habitat and migration corridors for wildlife.
The Mead Ranch occupies the southern reaches of the Spring Gulch corridor just beyond the town of Jackson and is host to grazing cattle, resident and migrating wildlife, as well as to iconic viewsheds.
The Mead Ranch, bounded by East and West Gros Ventre Buttes, occupies the southern end of the Spring Gulch corridor just outside of the town of Jackson. The central valley location was among the first homesteaded within Jackson Hole, and is currently utilized in support of the family’s sustainable cattle ranching operation.
The ranch maintains Spring Creek priority water rights that date back to 1898. Several springs and seeps within the property provide additional water for elk, moose, and mule deer that frequent the ranch. Waterfowl including ducks, geese, and sandhill cranes feed and loaf among the creek frontage, which extends for more than a mile within the property.
The ranch’s 257 acres feature a conservation easement that preserves the historical farming and ranching use of the property’s southern end. Approximately sixty-four acres to the north remains unencumbered and provides for a variety of use opportunities. The eastern boundary of the ranch abuts undeveloped a Wyoming state lands parcel on East Gros Ventre Butte. To the northeast, projecting acreage across Spring Gulch Road encompasses a gently-sloped bench screened by aspen groves and overlooking the entirety of Spring Gulch to the Tetons beyond.
The Travis Teton Ranch, on the western slope of the Tetons in Alta, comprises 318 acres of agriculturally-zoned land directly bordering a BLM parcel to the northeast, and the Targhee National Forest to its east.
Kiln Creek flows through the property, as do smaller and seasonal waterways. Mixed stands of aspen and evergreens strip throughout the property’s gently rolling contours to naturally divide the ranch’s cultivated lands. Open meadows and forested areas connect to the Targhee National Forest along the parcel’s eastern edge. An approximately 120-acre Bureau of Land Management parcel adjoins the ranch to its northeast for complete eastern access to public lands.
Of course, not all western ranches are defined solely by their production. The Rocky Mountain west has a rich tradition of guest ranches, and in the Jackson Hole region, the residential ranch frequently connotes large acreage without the traditional agricultural or utilitarian purposes. Big Rock Ranch, located just a mile south of Wilson, Wyoming, combines three separately deeded parcels into a nearly-75-acre residential ranch on a private and peaceful location off North Fall Creek Road. Set atop a small, elevated bench at the mouth of Black Canyon, Big Rock Ranch features open meadows, mature groves of aspen and evergreen, and a tranquil stream that adjoins Trail Creek. The ranch and the forested slopes below Teton Pass are frequented by elk, moose and other wildlife. Views from Big Rock Ranch include the pastoral Fish Creek Ranch and down-valley vistas, while Glory Bowl is prominently visible above. A refined log cabin on the property provides an option for current enjoyment, or for guest or caretaker accommodations to compliment a main home.
Big Rock Ranch, located just a mile south of Wilson, features three deeded parcels for a combined residential ranch offering of nearly seventy-five acres in a private location.
The River Ranch, outside of Riverton, Wyoming offers more than 800 acres along the Wind River. The ranch is accessed via the Black Bridge, a relocated railroad bridge that provides an iconic entrance to the private inholding of the Wind River Reservation. Current ranch operations include both agriculture production, and a private hunting club that is supported by a new hunting camp with two modern cabins. Water rights to the ranch date to 1907 and 1909 for diversion from the Wind River, and are augmented by the ranch’s two clear springs. Native prairies, riparian corridors and stands of cottonwood and willow define this central Wyoming ranch that has been family-run for nearly sixty years.
A relocated railroad bridge across the Wind River leads to the over 800-acre River Ranch, a private inholding just outside of Riverton in central Wyoming. Mature cottonwoods and willows form a riparian corridor along the braided channels of the river and open to rolling sage country and provide habitat for a number of game species. The ranch hosts agricultural operations and a private hunting camp.
Also located in the central portion of the state, and only ten miles outside of Lander, the Twin Creek Ranch occupies 418 acres in the rolling bluffs and breaks northwest of the Wind River Mountains, Here, the ranch is characterized by undulating sage and grass-covered plateaus, views to the southern mountains, and the eponymous Twin Creek which winds through the property. The ranch is surrounded on three sides by public land—a combination of BLM and Wyoming state parcels—providing thousands of contiguous acres for recreation. Two creekside homes provide the ranch with a combined 4,200 square feet of residential space.
Regardless of the locale, Wyoming ranches are emblematic of the wide array of natural beauty and diverse landscapes that the state has to offer. From working Teton vista ranches in Jackson Hole to large acre recreational ranches throughout the state, Wyoming offers unrivaled opportunities for stewardship and a multitude of uses.
Aspens and Racquet Club units epitomize current market offerings.
by Staff Writers
Condominiums at the Aspens and the Jackson Hole Racquet Club remain a consistent fixture in the area’s real estate market. Their convenient access to the dining and amenities of the Westbank Center, and central location between Wilson and Teton Village makes these units highly-desirable for both residences and income-producing rental properties alike.
Quick summer access to Grand Teton National Park is available via the less-traveled Granite Canyon Entrance Station on the Moose-Wilson Road, as are the renown multi-season activities and dining of Teton Village. The neighboring Teton Pines Country Club offers golf and racquet sports in the summer, and is home to the Teton Pines Nordic Center for groomed classic and skate skiing during the winter months.
Unit 7-1-2 in Jackson Hole Racquet Club’s Alpine Fir building is truly unique among condominiums in the Wilson area. Originally intended as two individual one-bedroom condos, the units were combined during construction to create a distinctive two-bedroom, two-bathroom ground floor residence. The condo underwent a complete, contemporary renovation in 2021 that provided both an aesthetic update as well as structural enhancements that include new exterior doors and windows, insulation and soundproofing.
Unit 7-1-2 in the Alpine Fir building of the Jackson Hole Racquet Club offers a truly unique and completely renovated floor plan comprising two bedrooms and two bathrooms amid 1,572 square feet.
The condominium’s floor plan comprises 1,572 square feet with an open and bright combined kitchen and living area that opens to the patio via dual sliding doors. Dark stained posts, beams, doors and trim provide a visual counterpoint to the unit’s bright white walls, kitchen cabinets and countertops. Efficient updates like cove heating, and a built-in office nook help to further maximize the available space.
In addition to the two traditional bedrooms, the residence’s versatile accommodations extend to include a bunk room with convenient under-bed storage, and a custom-upholstered day bed in the living room.
The spacious, single-level condo is offered to the market tastefully furnished. Its resort zoning allows for true flexibility of ownership as short-term rentals are permitted.
The Strawberry building is the newest construction among the Aspens condominiums, having been completed in 2010. Unit 39-2-4 is a three-bedroom, two-bath residence of 1,138 square feet. The end unit features numerous postmodern design elements. A curved metal staircase and angular fireplace accent the unit’s living room. Geometric relief features adorn the tall, pitched ceiling and curves and angles are reflected through interior design elements of this Berry Patch condo.
Also located within the Racquet Club, Hollyhock 20-1-1 is a one-bedroom, one-bathroom ground floor end unit located just north of the Aspens Market. The updated, fully-furnished unit is 735 square feet and benefits from a strong rental history—making it ideally suited for a first-time homebuyer or a rental property in Jackson Hole.
A light-filled one-bedroom, one-bathroom unit, Hollyhock 20-1-1 has a strong rental history for short-term rentals.
White-painted wood paneled ceilings reflect window light from the condo’s generous windows throughout the interior. Natural wood accents, a central stone fireplace and hardwood floors provide a rustic warmth to this quintessential Jackson Hole ski condo.
Despite a continued shortage of inventory in the Teton County, Idaho and Alta, Wyoming areas, the Teton Valley real estate market managed to post a 12.8% year-over-year gain in dollar volume for the first six months of 2022 (or $277.3M in sales this year vs. $245.7M through Q2 2021).
While transactions were down 24.2% for the same period of time (or 598 sales for 2021 vs. 453 for the first half of 2022), buyers have a slightly more choices heading into the summer of 2022 with listings up 16.6% as of July 1st. Despite a jump in mortgage interest rates and other external factors beyond Eastern Idaho, activity remains high in Victor, Driggs and Alta, Wyoming.
This uptick in activity is particularly noteworthy in the upper price brackets. For properties listed between $500,000 and $1M, transactions and dollar volume are up 34.1% and 34.5%, respectively, compared to the first six months of 2021. In that same vein, sales in the greater than $1M bracket are up 20.8% on the year-to-date and the complementing dollar volume from those sales has grown 44%. It’s interesting to note this upper-end of the Teton Valley market has accounted for fewer than 15% of the total sales thus far in 2022, but the dollar volume generated from these sales is responsible for nearly half of the total dollar volume in the region (or $134.3M of the $277.3M in sales volume through the end of June).
It seems with escalating prices in Teton County, Wyoming, buyers continue to seek value on the quiet side of the Tetons.
To call the last couple years of the Jackson Hole real estate marketing “interesting” would be a gross understatement.
Trepidation during the early days of Covid was quickly displaced by the frenetic pace that endured for the next two years as droves of visitors and part-time residents sought refuge in northwestern Wyoming. With historically low mortgage interest rates and the uncertainty of a global pandemic, a higher-than-normal percentage of visitors and locals purchased real estate in and around Teton County.
Today—as interest rates climb upward and as equity markets correct—the summer Jackson Hole real estate market appears to have two major forces shaping the remainder of 2022: the inventory of property available for sale is slowly creeping upward for the first time in two years (at the moment, the 92 homes for sale in Teton County represent a 20% increase over the same period last year), and the number of sales is seeing a decline from the record-setting stats of 2020 and 2021.
But even with the dip in overall transactions, individual property prices continue to set new high water marks. This is particularly evident in the upper end of the Jackson Hole market (that is, listings priced in excess of $5M) where the 26 closings in 2022 generated more than $200M in sales volume (or 45.8% of the YTD Teton County total).
The spring and early summer closure of the Jackson Hole Airport limited the number of visitors in the region and led many intent sellers to delay officially listing their property until the reopening (potentially influencing the 54% decrease in sales for May and June year-over-year). With non-stop flights from 18 cities back in service the Jackson Hole region stands poised for another busy summer season.
Teton and Gros Ventre panoramas define parcels just north of town.
by Staff Writers
The Jackson Hole valley is defined by the mountain ranges that surround it—primarily the iconic Teton range on the west, and the wild Gros Ventre to the east. The majority of the Tetons are encompassed within Grand Teton National Park, while the Gros Ventre are one of several expansive ranges within the Bridger-Teton National Forest. Together, these vast public land holdings, along with numerous other federal and state-owned lands define an estimated 97% of Teton County, Wyoming.
Given the incredibly rugged, and occasionally unforgiving nature of the landscape in Teton County, the majority of buildable land and the area occupies the valley floor. The Jackson Hole region benefits from the strong adoption of private conservation tools as well as public preservation, with conservation easements protecting migration corridors, habitat, and viewsheds from additional development. A few thousand acres of private lands hold on to the ranching and agricultural traditions of the valley.
The remaining undeveloped residential land within the county, with all of these factors taken into account, lies well below a fraction of a percent. While filtered Teton views are found throughout the valley, unobstructed panoramic mountain vistas are predominantly a feature of the subdivisions and building sites located between the town of Jackson and the southern boundaries of Grand Teton National Park.
Panoramic views of the Tetons and an easy-to-build 4.23-acre lot make this lot on Vista Lane in the Elk Ridge subdivision the ideal location for a home north of Jackson.
Elk Ridge is a small, ten-parcel subdivision located off Sagebrush Drive and accessed via the Gros Ventre junction. Within the subdivision, 6550 Vista Lane provides full panoramic views of the Tetons and a level, easy-to-build 4.23-acre lot with the potential to build a main home and separate guest home. Cross-valley views of the Gros Ventre from the home site include the signature Sheep Mountain and Jackson Peak views. The subdivision’s central location lies only minutes from the town of Jackson, and is roughly equidistant to the southern entrance to Grand Teton.
Just to the southeast is the subdivision of Fairway Estates, which is adjacent to Jackson Hole Golf and Tennis Club. Here, 250 E. Sagebrush Drive offers a flat perimeter lot comprising 3.63 acres. Expansive Teton views include the Grand and surrounding peaks through to the Jackson Hole Mountain Resort to the south, and Sheep Mountain’s distinctive silhouette is visible to the east. The neighborhood is enhanced by its own community water system.
A corner lot in the nearby Bar-B-Bar Meadows neighborhood offers 1.51 acres with full three hundred and sixty degree views. 147 acres of protected open space adjacent to the property ensure unobstructed mountain views and serve as a migration corridor for wildlife.
An elevated parcel of just over one acre on the northern end of East Gros Ventre Butte provides viewsheds ranging from Mount Glory in the southern Tetons through the Cathedral Group.
The northern end of East Gros Ventre Butte provides an elevated location for an active listing on the aptly-named Grand View Road. 1025 E. Grand View is just over an acre with end-of-the-road privacy and views that extend over hundreds of acres of ranch land to the Tetons beyond. The parcel is not subject to any restrictions of a subdivision or a homeowners association, and future building opportunities are eased by an existing well on the property, plans and preliminary siting discussions with the county.
Within a segment of the valley that is renown for its views, these available parcels provide an ideal balance of convenience and privacy from their central locations. Each presents the opportunity to design your ideal vision of a Jackson Hole home with its iconic peaks as the focal point.
Buyer Demand on the West Side of the Tetons Surges
Available home inventory tightens, but high quality opportunities exist.
by Staff Writers
Teton Valley, Idaho has often earned the monikers of the “quiet side of the Tetons” or the “sunny side of the Tetons.” Regardless of the descriptor used, Teton Valley, and the west side of the Tetons, is having a moment.
While Teton Valley may occasionally be overshadowed by its flashier neighbor to the east, the west slope communities enjoy it that way. Over the course of the last decade the valley has transformed into a destination all its own, helping to drive an extraordinary demand for real estate.
There were 1,154 properties that sold during 2021 within the Teton Valley communities of Victor, Driggs and Tetonia in Idaho and neighboring Alta, Wyoming. By way of comparison, pre-pandemic sales from 2019 totaled 586 units on what had otherwise been a steady, if gradual, multi-year increase.
The average sale price of a Teton Valley home in 2019 was $522,000 and leapt to $1,087,693 by the end of 2021. Total sales volume within the region during the same period rose from $182M to over $629M. While current inventory levels remain somewhat constrained in the first half of 2022, several new listings offer the opportunity to call eastern Idaho home.
A four-bedroom, four-bathroom home in Victor’s Teton Springs development features an open-concept floor plan that encompasses thirty-three hundred square feet with recent updates throughout.
Located just south of Victor, Teton Springs has long been heralded for what the planned development and golf club amenities have offered within Teton County, Idaho and has set the standard for the area’s real estate. A four-bedroom, four-bathroom home at 45 Scott Drive has recently been brought to market and is conveniently offered furnished. An open-concept floor plan centers the home’s primary living spaces around a dual-sided fireplace and provides exceptional opportunity for entertaining. A two-story cathedral ceiling and expansive windows flood the living area with light. Seamless oak flooring unites the home’s expansive kitchen, dining and living areas. Each of the thirty-three hundred square foot home’s bedrooms are configured as suites, and the property has undergone thoughtful updates throughout.
4 Hastings Drive is sited to fully capture the valley’s sunsets over the golf course’s seventh tee box to the Big Hole mountains beyond, and includes a southwest-facing patio with stone fire pit.
74 Hastings Drive, also in Teton Springs, is located on the seventh tee box of the Bronze Buffalo Sporting Club at Teton Springs Resort and the live water of Warm Creek. The home is sited to fully capture the valley’s sunsets over the Big Hole mountains, and a southwest-facing flagstone patio and fire pit are ideal for enjoying the cool mountain evenings. No detail was overlooked—from the four-bedroom, three-thousand square foot home’s cedar and flat stone masonry exterior, timber post and beam interior accents, to the extensive custom cabinetry and built-ins. The home provides turn-key convenience as a furnished offering.
Northwest of Victor, in the Buckskin Ranch subdivision, 6515 Wild Mustang Trail has recently come onto the market. The thoughtfully designed property features a three-bedroom rustic contemporary home with a detached one-bedroom guest apartment and two-car garage on its two and a half acres. Mature landscaping, a fenced yard and a variety of outdoor living spaces enhance the property, whose central valley location affords expansive panoramic views.
A newly listed three-bedroom rustic contemporary home in Victor features a separate one-bedroom guest apartment. Outdoor living spaces, mature landscaping and panoramic mountain views enhance the property’s end-of-the-road location.
Inside, clean and modern design elements accentuate the main home’s open floor plan. Wide plank floors are featured throughout the first floor and walnut cabinetry accents the eat-in kitchen and wet bar. Expansive quartz countertops, high-end appliances and a walk-in pantry make cooking a joy—or take meal prep outside to the built-in grill station on the deck. Oversized sliding glass doors extend the home’s first floor living spaces onto the wrap-around deck and east-facing patio beyond for the ultimate versatility and multi-season entertaining potential.
Everyday functionality is enhanced via a second living room that adjoins the three upstairs bedrooms and includes an additional loft. Downstairs, and adjacent to the porch, a side entry leads into a combination mudroom with laundry facilities complete with the practical addition of a custom pet washing station. This Victor property epitomizes practical contemporary mountain home design.
Demand in Teton Valley continues to outpace the available inventory as interest in the area’s real estate grows and high-quality inventory is rapidly absorbed. By the end of the first quarter of 2022, the average single family home price reached $1,198,126—a more than forty-two percent increase from the same time the prior year. Whether it’s turn-key opportunities in the renowned Teton Springs, or a unique rustic contemporary home—Teton Valley’s real estate market continues to offer high-value opportunities for homeownership in the Tetons.
After two years of unprecedented growth, it might be time to rethink Teton Valley’s “Quiet Side of the Tetons” moniker.
While hindered by a shortage of listings for sale, the Teton Valley, Idaho and Alta, Wyoming market saw a 27% decline in transactions for Q1 2022 (214 sales in 2022 vs. 293 sales for the same period last year). At the same time, however, the market managed to outperform the first three months of 2021 in dollar volume by posting $118.2M in sales for Q1 2022 (or a 24.3% increase year over year).
Part of the disparate stats lies in the upper end of the Teton Valley market. While listings greater than $1M only accounted for 11.2% of all transactions (or 24 sales out of a total of 214 in Q1 2022), the greater-than-$1M market segment generated 42.5% of the overall dollar volume for the last three months.
Condo and townhome sales also stood out as a statistical outlier for Q1 2022. Not only were year-over-year transactions up 118.8% (or 35 transactions so far this year vs. 16 sales for the same period last year), but dollar volume in both Victor and Driggs for this market segment was also up substantially from 2021, due in part to the success of the new Moraine Square development in Driggs (and where 15 units sold in Q1 2022).
Vacant land sales, however, continue to define the Teton Valley market. While transactions dipped 36.5% in Q1 (or 134 transactions thus far in 2022 compared to 211 sales last year), the complementing dollar volume was up 10.4% to $47.9M.
