Q1 2022 Star Valley Market Report

QUA RT E R O N E 2 0 2 2

Star Valley Real Estate Market Report

Get to know Compass Real Estate Star Valley

Compass is the fastest growing and most technologically advanced real estate organization in the world. We are the

C O M PA S S X STA R VA L L E Y

benchmark for innovation, marketing prowess and programming. This translates to better exposure for our clients and more successful deals.

The real estate business has been rapidly evolving over the last few years. As a market leader in Star Valley, we strive to

and implementing forward thinking change.

Compass is home to more than 29,000 of the top agents in 150+ cities across the country; our network connects us directly with similar luxury brokerages and agents in many of the markets that are most important to us.

This season in Star Valley, our local team is even more equipped with the tools, information and insider insight that supports you in the process of buying or selling property.

Please enjoy our Year-To-Date Market Report. And, as always, we are here as your trusted advisor, armed with the tools needed to make your real estate experience a pleasant and successful process.

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stay ahead of the competition by adopting

T H E M O S T A C C U R AT E R E P O R T I N L I N C O L N C O U N T Y.

Welcome to our Quarter One 2022 Market Report

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

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

COVER: SOLD LIST PRICE: $2 ,000,000 C E N T R A L S TA R VA L L E Y

Q1 / 2022

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.

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HIGHLIGHTS

The Star Valley Market Even in the midst of an inventory crisis, the Star Valley real estate market simply cannot slow down.

The interest of living in areas with open space, safety and quality of life, continues to ramp up substantially pushing demand for local real estate to new heights.

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According to data collected from Teton Board of Realtors MLS, the overall total dollar volume increased 27% to $67.2M Q1 2022 vs. Q1 2021.

However, transactions decreased 34%. Not surprisingly, this trend is driven by increasing average sales prices. The average sales price of a single family home rose to over $800K a record high.

Overall active listings at the time of this report in Star Valley are down with pending listings also down illustrating the impact low inventory will have on Q2 of 2022.

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 to Date 2021 vs. 2020.

Total Dollar Volume 27% Increase YOY

$800,940 Average SFH Sale Price 41% Increase YOY

$617,000 Median SFH Sale Price 39% Increase YOY

123

Total Transactions 34% Decrease YOY

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155

Active Listings 28% Decrease YOY

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$67,258,120

Sales Distribution

by Segment Single Family

34%

Condo/Townhome

1%

Vacant Land

61%

Commercial

4% 0%

Other

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

Feb.

Mar.

April

May

June

July

Aug.

Sept

Oct.

2022 Data

Nov.

Dec.

2021 Data

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HIGHEST SALE

$4,200000 LOWEST SALE

$46,500

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Transaction Distribution by Location

North Star Valley: 36 Central Star Valley: 57

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Southern Star Valley: 30

36 Q1 / 2022

57

30

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SOLD LIST PRICE: $1 , 500, 000 CENTRAL S TA R VA L L E Y

Q1 / 2022

Single Family Total dollar volume in the Single Family Home segment is up 60% to $34M Q1 2021 vs. 2022. Even with low inventory, the number of transactions saw an increase of 14%, to 42.

Not surprisingly the average sales price rose 41% to $801K, reaching an all-time high in this category.

Number of Transactions 42

14% ▲

Total Dollar Volume $33,639,495

60% ▲

Minimum Price Sold $190,000

92% ▲

Maximum Price Sold $3,450,000

73% ▲

Average Sale Price $800,940

41% ▲

Median Sale Price $617,000

39% ▲

Average Days on the Market 131

-2% ▼

Number Pending Transactions 30 Inventory 34 12

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Condo & Townhome SOLD LIST PRICE: $554,900 S O U T H S TA R VA L L E Y

With very little inventory in the condominium and townhome segment, the market saw a significant decrease in transactions and total dollar volume Q1 2021 vs. 2022.

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However, the low inventory drove up the average sale price by 86% to $550K. There are 20 pending transactions at the time of this report demonstrating continued interest in this segment.

Number of Transactions 1

-67% ▼

Total Dollar Volume $550,000

-38% ▼

Minimum Price Sold $550,000

267% ▲

Maximum Price Sold $550,000

-38% ▼

Average Sale Price $550,000

86% ▲

Median Sale Price $550,000

206% ▲

Average Days on the Market 106 Number Pending Transactions 20 Inventory 0

45% ▲

Q1 / 2022

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SOLD LIST PRICE: $2 , 500, 000 NORTH S TA R VA L L E Y

Q1 / 2022

Vacant Land Following a record year in the Vacant Land segment for sales activity in 2021.

Sales slowed in Q1 2022 vs. 2021, with a 47% decrease in transactions, and a slight decrease in total dollar volume that totaled $22.4M. Average days on market posted a 46% decrease. Average sales price jumped 84% average reaching $312K, a record high.

Number of Transactions 72 Total Dollar Volume $22,476,625

133% ▲

Maximum Price Sold $4,200,000

155% ▲

Average Sale Price $312,175

84% ▲

Median Sale Price $139,500

78% ▲

Number Pending Transactions 5 Inventory 13 C O M PA S S . C O M

-3% ▼

Minimum Price Sold $46,500

Average Days on the Market 139

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-47% ▼

-46% ▼

Commercial

SOLD LIST PRICE: $600, 000

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CENTRAL S TA R VA L L E Y

The commercial market segment saw a decrease of 72% in days on market, as demand grows.

The number of transactions held steady Q1 2021 vs. 2022, and at the time of this report there are 13 active listings in the commercial segment and 5 pending transactions.

Number of Transactions 5

◀▶

Total Dollar Volume $2,197,000

-34% ▼

Minimum Price Sold $159,000

-36% ▼

Maximum Price Sold $894,000

-44% ▼

Average Sale Price $439,400

-34% ▼

Median Sale Price $355,000

-15% ▼

Average Days on the Market 92

-72% ▼

Number Pending Transactions 5 Inventory 13

Q1 / 2022

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SOLD LIST PRICE: $4, 800, 000 CENTRAL S TA R VA L L E Y

Although the number of transactions dipped 25% in Q1 of 2022 compared to 2021, sales in the higher end of the Farm & Ranch segment have pushed up the average sale and median sale price 137% and 224% respectively.

Number of Transactions 3

77% ▲

Minimum Price Sold $395,000

1% ◀▶

Maximum Price Sold $4,200,000

224% ▲

Average Sale Price $2,798,333

137% ▲

Median Sale Price $3,800,000

193% ▲

Number Pending Transactions 2 Inventory 1 C O M PA S S . C O M

-25% ▼

Total Dollar Volume $8,395,000

Average Days on the Market 534

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Farm & Ranch

20% ▲

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Q1 / 2022

As a former subsidiary of Jackson Hole Real Estate Associates, Western Ranches has now been acquired by Compass. With the acquisition comes a new name: Ranch & Land. It’s a name that foreshadows grand ambitions.

Under the Ranch & Land banner, our team will expand to rural luxury real estate markets across the country.

“Our goal is for clients to come directly to Compass because of our national network in Ranch and Land,” Compass regional marketing lead Jaymee Espinueva said. “We’re not relegated to just Washington or Idaho or Wyoming.

This network spans the entire country.”

Ranch & Land will grow to include professionals like Madeline Mordarski, a Florida-based business operations lead at Compass. Mordarski has been riding horses all of her life. Soon, she will oversee the launch of an equestrian division for Ranch & Land.

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“Compass has always known luxury,” Mordarski said. “Now we have agents who are equestrians themselves. They already have that focus, so when you bring in the luxury experience, market share and technology of Compass… all those tools together put us in a really great position.”

While this transition won’t change much for the excellent brokers and agents in our valley, it is a big step for the organization as a whole.

Brokers will now have even further market reach for their listings. Of course, their deep seated knowledge of western land and traditions will stay the same.

Don’t worry, we’re still your go-to for ranch real estate from Teton County to the Bighorns.

307.733.6060 COMPASS.COM LUXURYATCOMPASS.COM COMPASSRANCHANDLAND.COM 80 West Broadway Jackson, WY 83001 270 W Pearl Jackson, WY 83001 420 W Pearl Jackson, WY 83001 3200 McCollister Drive Teton Village, WY 83025 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 501 Huntsman Springs Driggs, ID 83422