Q3 2023 Teton Valley Market Report

Q3 / 2023

THE Q3 2023 TETON VALLEY

COMPASS REAL ESTATE MARKET

REPORT C O M PA S S . C O M

1

Q3 Market Report The Teton Valley Market In Teton Valley, Idaho, the real estate landscape in 2023 has been marked by intriguing developments across various property types. The overall total sales volume reached $309.4M, representing a 23% decrease, with a total of 418 transactions, down by 32%. However, these statistics vary across the different segments of the market.

COMPASS X TETON VALLEY

In the single-family home market, there were 136 transactions, a 10% decrease compared to the previous year, but the total dollar volume remained relatively stable at $179.8M. Despite a modest 2% decrease in the median sale price, currently at $950K, the standout feature was the significant 33% decrease in inventory.

In contrast, the condo and townhome market witnessed a substantial 45% decrease in the number of transactions, totaling just 45 sales, and a 44% drop in total dollar volume to $27.1M. However, there was a noteworthy 12% increase in the median sales price, reaching $590K. The average days on market for condos and townhomes increased by 54%, suggesting a shift in buyer dynamics.

The vacant land market experienced a 42% decrease in transactions, with

209 sales, while the median sales price increased by 7% to $221K, and the minimum price of land sold showed a significant uptick, hinting at a preference for higher-value parcels. Inventory decreased by 11%, and the days on market saw a moderate 4% increase.

The commercial real estate market in Teton Valley marked an impressive 88% increase in transactions, totaling 15 sales, despite a 47% decrease in inventory.

The median sales price surged by 51% to $895K, reflecting heightened demand for premium commercial spaces. However, the average sales price decreased by 35%, showcasing the complexity of the commercial property landscape.

These shifts across the diverse segments of the Teton Valley real estate market present a dynamic environment for both buyers and sellers, offering opportunities and challenges in different property categories.

Understanding the evolving market conditions across all market segments will enable buyers, sellers, and real estate professionals to make informed decisions in this dynamic market.

Cover | Sold | List Price: $8,000,000 | Alta

Q3 / 2023

Compass Real Estate is the #1 Brokerage in Sales Volume providing you, our clients, with the most comprehensive insight in the Teton Valley Market.

$309.4M $1.3M $950K Total Dollar Volume 23% Decrease YTD

418

Av g SFH Sales Price 6% Increase YTD

Total Transactions 32% Decrease YTD

Median SFH Sales Price 2% Decrease YTD

379

Active Listings 21% Decrease YTD C O M PA S S . C O M

3

Sales Volume Year-to-Date $80M $70M $60M $50M $40M $30M $20M $10M $5M Jan.

Feb.

Mar.

April

May

June

July

Aug.

Sept

Oct.

COMPASS X TETON VALLEY

2022 Data

Sales Distribution

by Segment

Other 13

Nov.

Dec.

2023 Data

Q3 / 2023

Transaction Distribution by Location 83

9

Alta: 9 Victor: 181

145

Driggs: 145 Tetonia: 83

181

C O M PA S S . C O M

5

Single Family Homes

COMPASS X TETON VALLEY

Sold | List Price: $2,400,000 | Victor

Year to date in Teton Valley, Idaho, there were a total of 136 transactions, representing a 10% decrease when compared to Q3 2022. Despite this decrease in activity, the market remains strong, with a total dollar volume of $179.8 million, down only 4%. The median sale price for single-family homes in this picturesque valley is now at $950,000, a modest 2% decrease.

However, what stands out is the current inventory, which has experienced a significant 33% decrease. This decrease in available homes suggests a competitive and potentially fast-moving market, making it an exciting time for both buyers and sellers in Teton Valley, Idaho.

All of Teton Valley % Change Number of Transactions

136

10%

Total Dollar Volume

$179.8M

4%

Minimum Price Sold

$416K

19%

Maximum Price Sold

$8M

14%

Average Sale Price

$1.3M

6%

Median Sale Price

$950K

2%

Average Days on Market

131

21%

Pending Transactions

33

Inventory

76

6% 33%

Q3 / 2023

Market Stats

Market Stats by Area Victor

Driggs

Tetonia

Alta

Number of Transactions

64

51

15

6

Total Dollar Volume

$69M

$77.5M $14M

$19.3M

Average Sale Price

$1.1M $885K

$1.5M $1.1M

$3.2M $1.4M

Median Sale Price

$932K $741K

C O M PA S S . C O M

7

COMPASS X TETON VALLEY

Condo + Townhomes

Sold | List Price: $895,000 | Victor

In the condo and townhome market, there was a significant 45% decrease in the total number of transactions, totaling just 45 sales, reflecting a noticeable slowdown in buyer activity or potential shifts in market dynamics. Furthermore, the total dollar volume experienced a substantial 44% drop, amounting to $27.1M, indicating a pronounced decline in overall sales activity. Interestingly, there was a contrasting 12% increase in the median sales price, which climbed to $590K, suggesting that the properties that did manage to sell commanded higher prices.

On average, condos and townhomes spent 125 days on the market, representing a substantial 54% increase. This extended time on the market suggests a decrease in buyer urgency or heightened competition among sellers. Finally, there was a slight surge in inventory levels, signaling an increase in the supply of condos and townhomes available for sale in the area, potentially providing more choices for prospective buyers.

All of Teton Valley % Change Number of Transactions

45

45%

Total Dollar Volume

$27.1M

44%

Minimum Price Sold

$335K

39%

Maximum Price Sold

$980K

28%

Average Sale Price

$601K

2%

Median Sale Price

$590K

12%

Average Days on Market

125

54%

Pending Transactions

12

Inventory

33

100% 27%

Q3 / 2023

Market Stats

Market Stats by Area Victor

Driggs

Tetonia

Alta

Number of Transactions

22

23

0

0

Total Dollar Volume

$13.1M

$14M

-

-

Average Sale Price

$594K $613K

$608K $590K -

-

Median Sale Price

C O M PA S S . C O M

9

COMPASS X TETON VALLEY

Vacant Land

Sold | List Price: $305,000 | Victor

Vacant land continues to be the most traded property type in Teton Valley, Idaho. While there were still 209 transactions, this represented a 42% decrease in activity, indicating a possible slowdown in demand or market conditions.

Despite this decrease, the median sales price for vacant land rose by 7% to reach $221,000, suggesting that the properties that did sell commanded higher prices, possibly due to increased desirability or quality.

Notably, the minimum price at which land was sold also significantly increased, indicating a potential trend towards higher-value parcels. However, inventory levels declined by 11%, suggesting a tightening supply. The days on market increased moderately, up by 4%, which may reflect a longer decision-making process among buyers or increased scrutiny in the vacant land market of Teton Valley.

All of Teton Valley % Change Number of Transactions

209

42%

Total Dollar Volume

$66.6M

44%

Minimum Price Sold

$83K

725%

Maximum Price Sold

$1.8M

64%

Average Sale Price

$319K

4%

Median Sale Price

$221K

7%

Average Days on Market

143

4%

Pending Transactions

40

Inventory

241

90% 11%

Q3 / 2023

Market Stats

Market Stats by Area Victor

Driggs

Tetonia

Alta

Number of Transactions

84

58

65

2

Total Dollar Volume

$24.1M

$24.1M $16.2M $2.2M

Average Sale Price

$287K $235K

$414K $223K

Median Sale Price

$250K $210K

$1.1M $595K

C O M PA S S . C O M

11

COMPASS X TETON VALLEY

Commercial

Active | List Price: $1,699,000 | Victor

The commercial real estate market in Teton Valley, Idaho, has experienced significant fluctuations in 2023. There were 15 transactions, marking an impressive 88% increase in activity, indicating a possible resurgence of interest in commercial properties. The median sales price surged by 51% to $895,000, pointing to an uptick in demand for higher-priced commercial spaces.

However, the market also witnessed a significant 47% decrease in inventory, suggesting a limited supply of available properties. Days on market increased dramatically by 197%, reflecting a more prolonged decision-making process among buyers or potential challenges in closing commercial deals. Notably, the average sales price dropped by 35% to $889,000, which could be attributed to a mix of property types or varying demand across different segments of the commercial real estate market.

All of Teton Valley % Change Number of Transactions

15

88%

Total Dollar Volume

$13.4M

21%

Minimum Price Sold

$175K

41%

Maximum Price Sold

$1.6M

67%

Average Sale Price

$889K

35%

Median Sale Price

$895K

51%

Average Days on Market

172

197%

Pending Transactions

2

Inventory

8

0% 47%

Q3 / 2023

Market Stats

Market Stats by Area Victor

Driggs

Tetonia

Alta

Number of Transactions

5

10

0

0

Total Dollar Volume

$5.7M

$7.7M

-

-

Average Sale Price

$1.1M $1.1M

$767K $613K

-

-

Median Sale Price

C O M PA S S . C O M

13

Talk To An Expert Experience the Compass Real Estate difference by working with Teton 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 Teton 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 TETON 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