Teton County, Idaho — Year End 2022
Despite barely missing the symbolic year-end $500M mark for total dollar volume, the Teton Valley real estate market had its second-best year ever in 2022 by posting $492.7M in dollar volume with 749 transactions.
While sales for the valley were down 35.6% in 2022, individual property values generally held firm as the post-Covid wave of real estate demand began to recede. For the three main property types in Teton Valley (homes, condos/townhomes and vacant land), all three categories posted year-over-year gains for average individual sale prices.
The regions of Alta, Wyoming and Tetonia, Idaho both saw precipitous declines in total dollar volumes for sales (down 59.6% and 53.6%, respectively), but Victor and Driggs managed to hold their own in a transitional year for the market with modest drops of only 14.6% and 3.3%. The $411.0M of sales generated in Victor and Driggs also accounted for 83.4% of all dollar volume in the Teton Valley region. It should be noted too, the year-end total for the entire Teton Valley region in 2021 was $364.4M.
Jackson Hole Sotheby’s International Realty represented 149 sellers in the last 12 months, helping more sellers navigate an uncertain year than any other firm, and successfully closed one in five of all listings in Teton Valley for 2022.
LAND & RANCHES
Like in years past, vacant land sales drove the Teton Valley market in 2022.
Raw land accounted for 57.5% of all sales (or 431 out of a total of 749 transactions) in the last 12 months. That number, however, was down from 65.9% in 2021, potentially stunted by an increase in the average sale price for this category (up 16.2% over 2021 to $396,974) along with elevated construction costs in the region.
The median sale price for 2022 was $210,000 (for a 2.84-acre parcel in Trout’s Teton Valley Ranch just north of Driggs), up 23.9% from $169,500 in 2021 (for a 3.04-acre parcel in Silver Dollar Ranch in Tetonia).
Inventory for this segment of the market was up 41.4% year over year. In January, 2022, 162 parcels of vacant land were on the market. Twelve months later, that number had grown to 229 listings. And with only 16 vacant land sales in the month of December, 2022, the current ratio of sales to active listings (or 16 sales compared to 229 active listings) squarely puts the Teton Valley climate into a “Buyer’s Market” (or where there’s more than six months of inventory based on the current absorption rate) heading into 2023.
CONDOMINIUMS/TOWNHOMES
After a record-breaking year on all fronts in 2021, Teton Valley condo and townhomes was the lone market segment that managed to post positive year-over-year gains in 2022. Transactions were up 17.5% (or 94 closings in the last 12 months compared to 80 closings in 2021), and the complementing dollar volume from these sales was also up 59.8% in 2022 (or $56.5M in 2022 compared to $35.4M in 2021).
Two new developments in Driggs—Moraine Square and Valley Centre townhomes—accounted for 44.7% of all condo/townhome sales (or 42 transactions out of a total of 94) and represented 47.1% of the total dollar volume on the year (or $26.6M of the total $56.5M reported in 2022).
The average condo/townhome sale price increased 36.0% to $601,473 in 2022 and the median sale in 2022 was up 28.5% to $525,000 (for a 3-bedroom, 2-bath, 1,537 sq.ft. townhome in Valley Centre, or $341/sq.ft.). In 2021, however, the median sale was a 2-bedroom, 1,160 sq.ft. condo in Teton Springs (or $352/sq.ft.), suggesting individual property values fell slightly in the last 12 months, or the volume of sales from newer, larger townhomes skewed the results for this segment of the market.
SINGLE FAMILY HOMES
After a record-breaking year on all fronts in 2021, Teton Valley condo and townhomes was the lone market segment that managed to post positive year-over-year gains in 2022. Transactions were up 17.5% (or 94 closings in the last 12 months compared to 80 closings in 2021), and the complementing dollar volume from these sales was also up 59.8% in 2022 (or $56.5M in 2022 compared to $35.4M in 2021).
Two new developments in Driggs—Moraine Square and Valley Centre townhomes—accounted for 44.7% of all condo/townhome sales (or 42 transactions out of a total of 94) and represented 47.1% of the total dollar volume on the year (or $26.6M of the total $56.5M reported in 2022).
The average condo/townhome sale price increased 36.0% to $601,473 in 2022 and the median sale in 2022 was up 28.5% to $525,000 (for a 3-bedroom, 2-bath, 1,537 sq.ft. townhome in Valley Centre, or $341/sq.ft.). In 2021, however, the median sale was a 2-bedroom, 1,160 sq.ft. condo in Teton Springs (or $352/sq.ft.), suggesting individual property values fell slightly in the last 12 months, or the volume of sales from newer, larger townhomes skewed the results for this segment of the market.