It’s easy to look at the stats from the first three months of 2023 and conclude that major shifts are happening in the Teton Valley, Idaho and Alta, Wyoming real estate market.
Transactions are down 60.2% (or only 96 closings in Q1 this year vs. 241 transactions for the same period in 2022). Sales dollar volume is also off 47.8% (with $70M in closings for the year-to-date compared to $134M in 2022). A deeper dive into the numbers gives us more insight into what’s going on.
This time last year, the average transaction price across all property types was $556,000. Twelve months later and despite a slow down in activity, the average sale price is up 31.1% to $729,000. The median sale year over year also jumped from $310,000 (for a 4.5-acre parcel of land in Tetonia) to $450,000 (for a 0.68-acre parcel of land zoned multi-family in Driggs).
An increase in properties for sale has put some downward pressure on values. At the height of the Covid-fueled craze in the beginning of 2022, only 166 Teton Valley properties were actively listed for sale in the Teton Board of Realtors MLS. One year later, the total inventory in Victor, Driggs, Tetonia, and Alta increased to 281 active listings on the market.
If the current pace of transactions continues into spring and summer (which at the moment is about 100 transactions per quarter), the ratio of listings-to-transactions puts Teton Valley ever so slightly into a “buyer’s market” climate.
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