Teton County, Idaho — Q2 2022
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.
LAND & RANCHES
Sixty percent of all sales for the first six months of this year involved a vacant parcel of land. While transactions fell 34.1% through Q2 compared to last year, the average raw land sale price jumped 58.3% from $235,000 last year to $372,000 for this year.
For the 258 parcels of land currently on the market (ranging from a 1-acre parcel in Tetonia for $72,900 to a nearly 1,200-acre ranch also in the northern end of the valley listed for $33M), the increase in inventory for raw land nearly matches the total number of land sales on the year-to-date (or 276 transactions).
In looking at median sale prices, however, it appears values continue to escalate. Last year, the median sale for the first six months was $149,000 (for a 3-acre parcel in Victor). For the first six months of 2022, the median sale price increased 34.2% to $200,000 (for a 0.12-acre homesite in Teton Springs).
CONDOMINIUMS/TOWNHOMES
Condos and townhomes in Teton Valley, Idaho, have the unique distinction of being the only real estate asset class that posted a positive gain through Q2 2022 for both transactions and dollar volume.
The success of this market segment is due mostly to the launch of the Moraine Square townhomes in Driggs (which accounted for 16 of the 66 total transactions for the first six months of 2022). But in looking at anecdotal cases like sales in the Sage Hen Townhomes, values jumped from roughly $300/sq.ft. in early 2021 to more than $425/sq.ft. one year later (or 41.6% increase in twelve months).
While the average year-over-year sale price increased a staggering 83.3% for all units in this category, the median sale from 2021 to 2022 “only” increased 50% from just under $350,000 in 2021 (for a 2-bedroom condo at Teton Springs) to $525,000 (for a 3-bedroom townhome in Valley Center).
SINGLE FAMILY HOMES
While Q2 home sales only accounted for 21.6% of all transaction on the year-to-date (that is, 98 closings of the total 453 transactions), the complementing dollar represented 45% of the total 2022 market.
Thirteen of these home sales occurred in Tributary, which generated nearly $35M in volume for the first six months of 2022, leaving home transactions in Driggs down just 11.9% compared to the same period in 2021, but with an increase of 31.8% on sales dollar volume.
Home sales around Victor have fared better for the first half of 2022, down just 1.9% compared to the same period last year and up 16.4% on dollar volume.
Prospective buyers also have more home choices in summer 2022 compared to last year, with 123 homes currently on the market as of July 1st compared to just 50 this time last year.