Month: April 2022

Teton County, Idaho — Q1 2022

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.

Continue reading “Teton Valley Real Estate Market Report | Q1 2022”

Teton County, Wyoming — Q1 2022

By most accounts, a mediocre ski season did little to slow the pace of the Jackson Hole real estate market for the first three months of 2022. A lack of inventory, however, resulted in a 56.9% decrease in transactions and a 48.4% drop in overall dollar volume compared to the same period in 2021.

But ask any buyer currently searching for a place to hang their hat in Jackson Hole, and they’ll probably tell you that they wished they purchased something last year. The simple principles of supply and demand continue to push individual property values to record levels for NW Wyoming. 

For the first quarter last year, the median home sale was a 3,600 sq.ft., 4-bedroom home on West Gros Ventre Butte that sold for $2.9M. Fast forward twelve months, and the median price for a home has grown 37.9% to more than $4.0M (for a 2,700 sq.ft., 4-bedroom home with a guest house in East Jackson). 

But the statistics fail to tell the whole story. During the height of the Covid pandemic, more than 600 homes sold across the valley. Conversely, only 35 homes are currently on the market in Teton County. Many existing property owners are reluctant to put their home on the market for ANY price given lack of options for them to find a new domicile. 

Like the last two years, the upper end of the Jackson Hole market outperformed all other segments in Q1 2022. Sales volume for listings greater than $5M ($101.9M and which also only accounted for 23.7% of transactions) nearly eclipsed sales volume for all other price points ($104.1M).

With this dynamic in place, it seems inventory will remain low for the foreseeable future. All signs also point to another busy summer for valley, suggesting too that demand to call Jackson Hole home will remain strong for the rest of 2022.

Continue reading “Jackson Hole Real Estate Market Report | Q1 2022”