2020 Year-End Star Valley Market Report

Star Valley Real Estate

MARKET REPORT Year End 2020

#1 IN SALES VOLUME SA L E S T R A N SAC T I O N S & AC T I V E L I ST I N G S

2X M O RE AC TIV E L ISTIN GS TH A N O U R C LO SE ST C O M P E TITO R SO L D N E A RLY 2X M O RE TRA N SAC TIO N S TH A N O U R C LO SE ST

W E PA R T I C I PAT E I N T H E M O S T R E A L E S TAT E A C T I V I T Y O F A N Y O T H E R B R O K E R AG E , P R OV I D I N G YO U A S I N G U L A R INSIGHT INTO THE LOCAL MARKET

C O M P E TITO R H IGH E ST D O L L A R VO LU M E SO L D O F A N Y B RO K E RAGE IN STA R VA L L E Y

Once again, we are proud to report that our Star Valley branch participates in the most real estate activity in Star Valley. This business prowess provides knowledgeable insight into all segments of the local market empowering our clients to make the most informed decisions.

The Star Valley lifestyle has never been more desirable. The trend that started in the second quarter of 2020, the exodus from cities to locations with open space, safety and quality of life, ramped up substantially pushing demand for local real estate to new heights. According to data collected from the Teton County Multiple List Service (MLS) the overall Total Sales Volume for 2020 increased an incredible 93% over 2019 to over $273M. In addition, Total Transactions increased 59% Year-OverYear 2020 vs. 2019.

The overall average sales price for real estate in Star Valley jumped 22% to $305K Year-Over-Year 2020 vs. 2019. In the Single-Family-Home category, the average sales price rocketed to $481K, pushed up by an increase in sales in the higher-end of the market. The single family home segment and land segment drove the 2020 market uptick with an increase in total sales volume of 72% and 158% respectively.

Overall active listings at the time of this report in Star Valley are down and pending listings are up, confirming the lack of available inventory and increased demand will continue into 2021.

The following pages provide a more detailed look at Single Family, Condos, Land, Commercial and Ranch segments of the Star Valley real estate market Year-Over-Year 2020 vs. 2019. *Cover: SOLD | $1,025,000 | Central Star Valley

Average Sale Price

22% Increase YOY

Total Transactions

59% Increase YOY

$305,300

795 Median Sale Price

-2% Decrease YOY

272

$210,000

Active Listings

Total Dollar Volume

$272,713,194

93% Increase YOY

YEAR END 2020 | HIGHLIGHTS

The Star Valley Market

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Single Family

Condo/Townhome

40% 4%

Vacant Land Commercial

53% 3%

Highest Sale: $4,300,000

Lowest Sale: $4,300

*MAXIMUM LIST PRICE SOLD

*MINIMUM LIST PRICE SOLD

Sales Volume Year-to-Date 2019 vs. 2020, Star Valley

2020 Data

2019 Data

$40M $30M $20M $10M $5M Jan.

Feb.

Mar.

April

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

YEAR END 2020 | MARKET OVERVIEW

Sales Distribution by Segment

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North Star Valley: 263

Central Star Valley: 368

South Star Valley: 164

263

368

164

YEAR END 2020 | MARKET OVERVIEW

Transaction Distribution By Location:

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# of Transactions 316

32%

Total Dollar Volume $157,495,144

72%

Total dollar volume in the Single Family Home segment is up 72% to $157M Year-Over-Year 2020 vs. 2019, an all-time record. With little inventory in lower-priced Single Family Homes, it is not surprising that the average sales price was pushed up 26% to $482K in this category.

Minimum Price Sold $40,000

-41%

Maximum Price Sold $4,300,000

-10%

Average Sale Price $481,490

26%

Overall, the number of Single Family Homes transactions increased 32% and that trend does not show signs of slowing down. A large percentage of transactions occurred in the Alpine, WY segment of the area.

Median Sale Price $363,500

15%

S I N G L E - F A M I LY

Average Days on the Market 147 # Pending Transactions 32 Inventory 45

YEAR END 2020 | SINGLE - FAMILY

SOLD | List Price: $2,795,000 | North Star Valley

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# of Transactions 25

19%

Total Dollar Volume $8,879,232

-8%

The number of transactions is up slightly, showing continued interest for in-town and close community living in Star Valley.

Minimum Price Sold $265,000

-4%

Maximum Price Sold $799,000

-54%

Due to lack of inventory, the condominium and townhome segment saw a decrease in total dollar volume when compared to 2019.

Average Sale Price $355,169

-23%

Median Sale Price $265,000

-4%

Due to a significant sale in quarter four of 2019, metrics are trending down, but average days on market are holding steady as demand in this segment continues.

Average Days on the Market 140

CONDOMINIUM & TOWNHOME

# Pending Transactions 2 Inventory 4

YEAR END 2020 | CONDO & TOWNHOME

SOLD | List Price: $554,900| South Star Valley

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VAC A N T L A N D Vacant Land in Star Valley broke new records for sales activity in 2020. Total sales volume in Land has more than doubled to $51M Year-Over-Year 2020 vs. 2019. Transactions increased 79% with a huge jump in transaction in the North Star Valley area of 158%

driven by a surge of activity on Star Valley Ranch. At the beginning of 2020, nearly 72 lots were available, and at the time of this report only 6 remain.

The Star Valley area is, and will continue to experience a building boom based on this recent activity.

# of Transactions 409

79%

Total Dollar Volume $50,803,868

158%

Minimum Price Sold $4,300

-33%

Maximum Price Sold $1,875,000

168%

Average Sale Price $124,215

44%

Median Sale Price $60,000

4%

Average Days on the Market 276 # Pending Transactions 7 Inventory 181

YEAR END 2020 | VACANT LAND

SOLD | List Price: $400,000| Central Star Valley

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FARM & RANCH The number of farm and ranch transactions saw a significant increase, up 550% when compared to 2019. With very few transactions in 2019, this also pushed up sales volume 495% to over $12M. Large and expansive Ranch properties in and around Star Valley are becoming more desired than ever before. Open space, safety and quality of life are paramount to buyers.

# of Transactions 13

550%

Total Dollar Volume $12,098,950

495%

Minimum Price Sold $499,000

-85%

Maximum Price Sold $2,000,000

45%

Average Sale Price $930,688

-9%

Median Sale Price $585,000

-43%

Average Days on the Market 717 # Pending Transactions 7 Inventory 21

YEAR END 2020 | FARM & RANCH

SOLD | List Price: $1,999,995| Central Star Valley

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COMMERCIAL The commercial segment has increasingly gained traction this year with a 257% increase in number of transactions, and a 55% decrease in average days on market.

The average sale price saw a 23% increase, this coupled with the increase in transactions, has driven up the total dollar volume 341%, when compared to 2019.

# of Transactions 25

257%

Total Dollar Volume $10,243,000

341%

Minimum Price Sold $21,000

-88%

Maximum Price Sold $2,250,000

296%

Average Sale Price $409,720

23%

Median Sale Price $310,000

22%

Average Days on the Market 276 # Pending Transactions 7 Inventory 20

-55%

YEAR END 2020 | COMMERCIAL

SOLD | List Price: $2,395,000| North Star Valley

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307. 733. 6060 tel 307. 733. 3483 fax www.JHREA.com

www.starvalleyrealestate.com

www.tetonvalleyidahorealestate.com www.westernranches.com 80 West Broadway Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 270 W Pearl Jackson, WY 83001 Snake River Sporting Club Jackson, WY 83001 46 Iron Horse Drive Alpine, WY 83128 307. 654. 7575 tel 235 S Main St Thayne, WY 83127 307. 883. 7575 tel 65 S Main St Driggs, ID 83422 208. 354. 7325 tel

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