Q4 2023 Star Valley Market Report

Page 1

Q4 / 2023

Q4 2023

STAR VALLEY MARKET REPORT

C O M PA S S . C O M

1


Q4 Market Report The Star Valley Market In 2023, Star Valley, Wyoming’s real estate landscape experienced dynamic shifts across various segments. From single-family homes to condominiums, land, farms and ranches, and commercial properties, each sector exhibited distinct trends. This market report provides a comprehensive overview, highlighting key statistics and market dynamics, offering valuable insights into the evolving real estate scenario in Star Valley.

COMPASS X STAR VALLEY

In Star Valley, Wyoming, the singlefamily home market closed 2023 with 68 transactions, marking an 18% decrease. Total dollar volume declined by 22% to $127.2 million. Despite challenges, the median sale price remained at $565,000, a 6% decrease. With an 11% drop in current inventory, the area maintains a balanced supply-demand dynamic. Notably, both North Star Valley and Central Star Valley exhibited similar dollar volumes, In Star Valley, Wyoming, the condo and townhome market surged in 2023 with 19 transactions, a 19% increase, and a substantial 18% rise in total dollar volume to $10.1 million. The median sale price saw a modest 2% uptick to $495,000. Despite positive trends, a significant 33% decrease in current inventory indicates a tightening market. Sales concentrated in North Star Valley, driven by the appeal of new builds, highlight the demand for condos and townhomes relative to single-family homes. In Star Valley, Wyoming, the land segment saw a significant decline with

146 transactions, a 42% decrease, and a corresponding 60% drop in total dollar volume to $30.3 million. The median sale price decreased by 10% to $144,000, signaling potential market adjustments. Despite a 10% increase in current inventory, the majority of transactions occurred in Central Star Valley. Notably, North Star Valley had the highest total sales volume, suggesting that while transaction demand was concentrated in the central region, the financial impact of land sales was more substantial in the north. Star Valley’s Farm & Ranch segment showed a considerable decline with only 2 transactions, a 60% decrease, and a corresponding 48% drop in total dollar volume to $5.3 million. Despite a small sample size, the median sale price surged by 139% to $2,600. In 2023, Star Valley’s commercial segment contracted significantly, recording only 4 transactions—a substantial 76% decrease—and a corresponding 72% drop in total dollar volume to $3.3 million. Despite the small sample size, it’s noteworthy that the median sale price for commercial properties increased by 22%, reaching $745,000. Overall, in Q4, out of 342 total properties sold in Star Valley, the total sales volume for the area reached $179.3M, marking a 34% decrease, reflecting the changing dynamics of this captivating real estate market.


We are #1 in both dollar volume and transactions providing you with a singular insight to the local real estate market.

Q4 / 2023

Compass Real Estate sells more property than any other brokerage in Star Valley.

$179.3M $757K $565K Total Dollar Volume 34% Decrease YOY

Av g SFH Sales Price 5% Decrease YOY

342

Total Transactions 31% Decrease YOY

Median SFH Sales Price 6% Decrease YOY

234

Active Listings No Change YOY C O M PA S S . C O M

3


Sales Volume Year-to-Date $60M $50M $40M $30M $20M $10M $5M Jan.

Feb.

Mar.

April

May

June

July

Aug.

Sept

Oct.

COMPASS X STAR VALLEY

2022 Data

Sales Distribution by Segment

Nov.

Dec.

2023 Data


Q4 / 2023

Transaction Distribution by Location

113

North Star Valley: 113 Central Star Valley: 147 Southern Star Valley: 82

147

82

C O M PA S S . C O M

5


Single Family Homes

COMPASS X STAR VALLEY

Sold | List Price: $2,288,000 | Southern Star Valley

The single family home market in Star Valley, Wyoming ended 2023 with 68 transactions recorded, there was an 18% decrease in activity, signaling a potential adjustment in market dynamics. The total dollar volume, a comprehensive indicator of market value, experienced a more substantial decline, down 22% to $127.2 million. Despite the challenging market conditions, the median sale price held at $565,000, marking a modest 6% decrease. The current inventory saw an 11% decrease, underscoring the supply-demand balance in the area. Interestingly, the dollar volume in both North Star Valley and Central Star Valley remained remarkably similar, highlighting a uniform market trend across these areas.


All of Star Valley % Change Number of Transactions

168

18%

Total Dollar Volume

$127.2M

22%

Minimum Price Sold

$35K

30%

Maximum Price Sold

$17.8M

146%

Average Sale Price

$757K

5%

Median Sale Price

$565K

6%

Average Days on Market

126

17%

Pending Transactions

13

Inventory

63

86% 11%

Q4 / 2023

Market Stats

Market Stats by Area North Star Valley

Central Star Valley

South Star Valley

Number of Transactions

50

74

44

Total Dollar Volume

$54.2M

$54.2M

$18.8M

Average Sale Price

$1.1M $757K

$732K $525K

$426K $362K

Median Sale Price

C O M PA S S . C O M

7


Condo / Townhomes

COMPASS X STAR VALLEY

Sold | List Price: $510,000 | North Star Valley

The condominium and townhome segment in Star Valley, Wyoming, experienced a noteworthy surge in activity in 2023. With 19 transactions recorded, there was a notable 19% increase in sales, suggesting a growing interest in this particular housing segment. The total dollar volume followed suit, rising by a substantial 18% to reach $10.1 million. The median sale price also saw a modest uptick, climbing 2% to $495,000. Despite this positive momentum, the current inventory registered a significant 33% decrease, indicating a tightening supply in the market. Interestingly, the majority of sales were concentrated in North Star Valley, a trend attributed to the allure of new builds in the area. This suggests that the appeal of modern construction, amenities, and the price of single family homes is driving the demand for condominiums and townhomes.


All of Star Valley % Change Number of Transactions

19

19%

Total Dollar Volume

$10.1M

18%

Minimum Price Sold

$185K

28%

Maximum Price Sold

$1.3M

44%

Average Sale Price

$533K

1%

Median Sale Price

$495K

2%

Average Days on Market

256

16%

Pending Transactions

0

Inventory

2

100% 33%

Q4 / 2023

Market Stats

Market Stats by Area North Star Valley

Central Star Valley

South Star Valley

Number of Transactions

17

2

0

Total Dollar Volume

$9.5M

$585K

-

Average Sale Price

$561K $495K

$293K $293K

-

Median Sale Price

C O M PA S S . C O M

9


Vacant Land

COMPASS X STAR VALLEY

Sold | List Price: $225,000 | Central Star Valley

The land segment in Star Valley, Wyoming, experienced a notable decline in activity, with 146 transactions reflecting a substantial 42% decrease. This downturn is further emphasized by a 60% decrease in total dollar volume, which reached $30.3 million. The median sale price for land also saw a decline, down 10% to $144,000, signaling potential adjustments in market dynamics. Despite a 10% increase in current inventory, indicating a surplus of available land, the majority of transactions occurred in Central Star Valley. Interestingly, despite fewer transactions, the total sales volume was highest in North Star Valley, suggesting that although the demand in terms of transactions was concentrated in the central region, the financial magnitude of the land sales was more significant in the northern part of Star Valley.


All of Star Valley % Change Number of Transactions

146

42%

Total Dollar Volume

$30.3M

60%

Minimum Price Sold

$59K

136%

Maximum Price Sold

$1.5M

65%

Average Sale Price

$207K

32%

Median Sale Price

$144K

10%

Average Days on Market

139

11%

Pending Transactions

14

Inventory

148

7% 10%

Q4 / 2023

Market Stats

Market Stats by Area North Star Valley

Central Star Valley

South Star Valley

Number of Transactions

42

70

34

Total Dollar Volume

$13.3M

$9M

$7.9M

Average Sale Price

$317K $181K

$129K $84K

$232K $215K

Median Sale Price

C O M PA S S . C O M

11


Farm & Ranch

COMPASS X STAR VALLEY

Sold | List Price: $1,795,000 | Central Star Valley

The farm & ranch segment in Star Valley, Wyoming, demonstrated a notable decline in activity with only 2 transactions recorded, marking a significant 60% decrease. The total dollar volume for this segment also experienced a downturn, falling by 48% to reach $5.3 million. Despite the limited sample size, it is noteworthy that the median sale price surged by 139% to $2,600. However, caution must be exercised in drawing definitive conclusions given the small number of sales in 2023, which may not be fully representative of broader market trends. Current inventory, despite a 29% decrease, underscores the scarcity of available farm & ranch properties. The notable increase in median sale price, coupled with the decreased transaction volume and total dollar volume, emphasizes the need for a more extensive dataset to accurately assess the dynamics of the farm & ranch segment in Star Valley.


All of Star Valley % Change Number of Transactions

2

60%

Total Dollar Volume

$5.3M

48%

Minimum Price Sold

$1.3K

229%

Maximum Price Sold

$4.3M

2%

Average Sale Price

$2.6M

30%

Median Sale Price

$2.6K

139%

Average Days on Market

90

85%

Pending Transactions

0

Inventory

5

100% 29%

Q4 / 2023

Market Stats

Market Stats by Area North Star Valley

Central Star Valley

South Star Valley

Number of Transactions

0

1

22

Total Dollar Volume

-

$4M

$1.3M

Average Sale Price

-

$4M $4M

$1.3MK $1.3M

Median Sale Price

C O M PA S S . C O M

13


Commercial

COMPASS X STAR VALLEY

Sold | List Price: $850,000 | North Star Valley

The commercial segment in Star Valley, Wyoming, experienced a significant contraction in 2023, with only 4 transactions recorded, marking a substantial 76% decrease. This decline is further reflected in the total dollar volume, which saw a considerable 72% decrease, amounting to $3.3 million. Despite the limited sample size, it is worth noting that the median sale price for commercial properties rose by 22% to reach $745,000. However, given the small number of transactions, caution is advised in drawing definitive conclusions about market trends. Current inventory witnessed a notable 33% decrease, highlighting a scarcity of available commercial properties. Intriguingly, despite the overall decline, most sales were concentrated in South Star Valley, indicating regional variations in commercial real estate activity.


All of Star Valley % Change Number of Transactions

4

76%

Total Dollar Volume

$3.2M

72%

Minimum Price Sold

$1.3K

229%

Maximum Price Sold

$4.3M

2%

Average Sale Price

$803K

17%

Median Sale Price

$745K

22%

Average Days on Market

173

40%

Pending Transactions

1

Inventory

12

50% 33%

Q4 / 2023

Market Stats

Market Stats by Area North Star Valley

Central Star Valley

South Star Valley

Number of Transactions

1

0

3

Total Dollar Volume

$1.4M

-

$1.8M

Average Sale Price

$1.4M $1.4M

-

$605K $1.8M

Median Sale Price

C O M PA S S . C O M

15


Talk To An Expert Experience the Compass Real Estate difference by working with Star Valley’s leading real estate experts. We are a team of trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating legacy of excellence that honors and celebrates our people and the exceptional place we call home. To start your search of all active Star Valley listings, scan the QR code.

307.733.6060 COMPASS.COM LUXURYATCOMPASS.COM COMPASSRANCHANDLAND.COM 80 West Broadway Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025

COMPASS X STAR VALLEY

Snake River Sporting Club Jackson, WY 83001 46 Iron Horse Drive Alpine, WY 83128 307.654.7575 235 S Main Street Thayne, WY 83127 307.883.7575 8 North Main St. Victor, ID 83455 65 S Main Street Driggs, ID 83422 208.354.7325


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.