Star Valley Real Estate Market Report | Mid-Year 2019

S TA R VA L L E Y R E A L E S TAT E

MARKET REPORT

MID-YEAR 2019

The Market Report Jackson Hole Real Estate Associates is pleased to present the Star Valley Market Report for YearEnd 2018. This report gives a broad overview of the Star Valley real estate market. However, each neighborhood and property in the Star Valley area is unique and requires individual analysis for an accurate estimate of value and market conditions. Contact any of our our experts at

On behalf of our dedicated team of professionals at Jackson Hole Real Estate Associates, we are pleased to present our comprehensive market report for Mid-Year 2019. In this detailed report you will find information on the market segments making up the Star Valley area. As the market leader, we have developed a dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.

Jackson Hole Real Estate Associates for more indepth information of a specific neighborhood or property.

Jackson Hole Real Estate Associates exclusively owns and maintains the region’s oldest and most comprehensive market database. No other brokerage or agent has the resources available to offer this depth of expertise or insight into

-32%

AVERAGE SALE PRICE

No Change

MEDIAN SALE PRICE

market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates – the largest and most dynamic real estate company in the region – combined with the largest independent affiliate networks, Christie’s International Real Estate and Leading Real Estate Companies of the World, offer the ideal balance of local expertise and global reach.

* The statistics used in this report are from the Teton Board of Realtors Multiple Listing Service (MLS). * This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions. * All statistics are supplied by sources that have been deemed reliable but are not guaranteed. * Statistics are cumulative.

Cover Image: 95 River Bench Road | Thayne, Wyoming | List Price: $389,000

M A RK E T H IGH LIGHTS

MI D -YE AR 2 019 OVE RALL M ARKE T

$223,003 AVERAGE SALE PRICE

$208,250

198

TOTAL NUMBER OF TRANSACTIONS

MEDIAN SALE PRICE

After steady growth through 2018, the Star Valley, Wyoming real estate market cooled off through the first half of 2019. The average sale price dropped 32%, while the median sale price remained unchanged from the same period a year earlier.

A decrease in the number of transactions, which fell 19% year-todate, coupled with the drop in average sale price, pushed the total dollar volume down 45% relative to mid-year 2018.

Jackson Hole Real Estate Associates was proud to once again represent the most buyers and sellers of any brokerage in the area, facilitating 87 transactions in the first half of the year — nearly double our closest competitor.

Inventory remained low, falling 13%, with some fluctuation between market segments. Available building sites, for example, fell 16%, while single-family homes added a modest 1%.

-13%

DECREASE IN INVENTORY

SOLD | List Price: $ 1,295,000 | Freedom, WY

MID-YEAR 2019 SINGLE FAMILY

MID-YEAR 2019 CONDOMINIUM & TOWNHOME

Star Valley’s single-family home sales fell compared to mid-year

This segment of the market fell slightly compared to mid-year 2018. The

2018. Fewer transactions (down 24%), coupled with a decline in

average and median sales prices for townhomes declined 2% and 4%,

average price (down 29%) caused total dollar volume to fall 46%.

respectively. For condos, average and median prices both fell 43%, but

Inventory remained level, adding a modest 1%.

that’s skewed by the small sample size. Inventory for both dropped.

Condominium # of Transactions

98 (down 24%)

Total Dollar Volume

$33,135,299

Inventory 176 (up 1%) Average Sale Price

$338,115

Median Sale Price

$296,000

-29%

Average Sale Price

Townhome

# of Transactions

1 (down 50%)

# of Transactions

6 (up 50%)

Total Dollar Volume

$145,000

Total Dollar Volume

$ 1,602,500

Inventory 8 (down 27%)

Inventory

3 (down 70%)

Average Sale Price

$145,000

Average Sale Price $267,083

Median Sale Price

$145,000

Median Sale Price $258,750

MID-YEAR 2019 COMMERCIAL

MID-YEAR 2019 BUILDING SITES

The dollar volume of commercial property sales fell 55%, driven by

Fewer building-site sales, the number of which fell 13%, pushed the

fewer transactions (down 42%) and a decrease in average price (down

total dollar volume down 14%. The average sale price declined 1%, but

22%). Inventory, which dropped 38%, suggests the slowdown in activty

the median increased an impressive 39%. Inventory tightened by 16%

may be due in part to fewer options. A small sample size also lends to

compared to mid-year 2018.

significant variation between reporting periods.

# of Transactions

4 (down 42%)

Total Dollar Volume

$1,034,999

Inventory 40 (down 38%)

-22%

Average Sale Price

# of Transactions

86 (down 13%)

Total Dollar Volume

$6,990,707

Inventory 389 (down 16%)

Average Sale Price

$258,750

Average Sale Price

$81,287

Median Sale Price

$220,000

Median Sale Price

$64,000

-1%

Average Sale Price

SOLD | List Price: $250,000 | Bedford, WY

307. 654. 7575 Alpine 307. 883. 7575 Thayne www.starvalleyrealestate.com www.JHREA.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 Snow King Resort Hotel Jackson, WY 83001 PO Box 3225 46 Iron Horse Drive Alpine, WY 83128 307. 654. 7575 tel PO Box 846 235 S Main St Thayne, WY 83127 307. 883. 7575 tel 65 S Main St Driggs, ID 83422 208. 354. 7325 tel