Mid-Year 2022 Market Report - Star Valley

MID-YEAR 2022

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

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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

stay ahead of the competition by adopting 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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market leader in Star Valley, we strive to

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 Mid-Year 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: $1 , 450,000 C E N T R A L S TA R VA L L E Y

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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 At mid-year 2022, we are finally seeing a trend toward a reset back to a more reasonable market pace.

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In the past 2 years, the lack of inventory has drastically impacted total dollar volume, average sales price and days on market. In the first half of 2021 total dollar volume rocketed to $186.2M, an unprecedented level. The demand for Star Valley real estate was fueled by the pandemic driven desire for rural living and increased interest in the western mountain region.

Multiple offers and over-asking price sales became commonplace and many listings were on the market for only a matter of days before they were snapped up by desperate buyers.

This year, in the first half of 2022, the market is showing signs of cooling. Total dollar volume decreased 26% to $140M. However, this number is over double from YTD 2020. At the time of this report, Star Valley real estate is experiencing its second best year in history from a dollar volume standpoint.

The number of transactions however, dropped 43% to 266. Not surprisingly, the overall average

sales price increased 7% to $779M. With the overheated appreciation of real estate in Star Valley slowing along with rising interest rates, inventory in Lincoln County is finally showing some signs of life. At the time of this report, listings are up 11% compared to this time in 2021.

Overall, this rebalance of the real estate market is normal and necessary. Interest rates are still low compared to historical averages and with the trend of increasing inventory, sales prices may not accelerate at the extraordinary rate they have been for the last 24 months.

Today, sellers are taking advantage of continued buyer demand.

Combine that with the natural market cycle and the result is an increase in inventory; good news for those looking to buy.

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 2022 vs. 2021.

Total Dollar Volume 26% Decrease YOY

$778,733 Average SFH Sale Price 7% Increase YOY

$625,000 Median SFH Sale Price 31% Increase YOY

266

Total Transactions 43% Decrease YOY

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280

Active Listings 11% Increase YOY

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$140,078,386

Sales Distribution

by Segment Single Family

35%

Condo/Townhome

2%

Vacant Land

59%

Commercial

4% 1%

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

$25,000

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Transaction Distribution by Location

North Star Valley: 79 Central Star Valley: 125

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Southern Star Valley: 62

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125

62

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SOLD LIST PRICE: $850, 000 NORTH S TA R VA L L E Y

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Single Family Dollar volume in the single-family home category dropped 31% Mid-Year 2022 vs.

Mid-Year 2021. And not surprisingly with lack of inventory and affordability, and an increase in interest rates, transactions fell 35% as well.

The single family home average sales price rose 7% to $779K and the median sales price increased a whopping 31%.

For the first time since 2019, active listings are up, at 26%. Pending listings are significantly down 39% Mid-Year 2022 vs.

Mid-Year 2021 suggesting a much slower Q3 than last year.

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Number of Transactions 94

35% ▼

Total Dollar Volume $73,200,861

31% ▼

Minimum Price Sold $55,000

44% ▼

Maximum Price Sold $4,600,000

58% ▼

Average Sale Price $778,733

7% ▲

Median Sale Price $625,000

31% ▲

Average Days on the Market 92

-18% ▼

Number Pending Transactions 34

39% ▼

Inventory 106

26% ▲

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 segment, the market saw a significant decrease in transactions and total dollar volume Year to Date 2021 vs. 2020.

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However, pending listings have skyrocketed with 21 listings under contract at the time of this report. Demand for condo product remains high.

Number of Transactions 4

50% ▼

Total Dollar Volume $2,514,000

59% ▼

Minimum Price Sold $415,000

5% ▼

Maximum Price Sold $900,000

63% ▼

Average Sale Price $629,750

18% ▼

Median Sale Price $604,500

15% ▲

Average Days on the Market 35 Number Pending Transactions 21 Inventory 3

62% ▼ 600% ▲ 40% ▼

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SOLD LIST PRICE: $785, 000 CENTRAL S TA R VA L L E Y

Following a record year for land sales in Star Valley, sales slowed Year to Date 2021 vs.

2020 with a 47% dip in transaction volume yet only a 4% dip in dollar volume to $47,1M. Average days on market posted at 72% decrease. Average sales price jumped 83% to $308K.

Number of Transactions 153 Total Dollar Volume $47,124,225

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Vacant Land

47% ▼ 4% ▼

Minimum Price Sold $25,000

90% ▼

Maximum Price Sold $3,300,000

371% ▲

Average Sale Price $307,982

83% ▲

Median Sale Price $160,000

100% ▲

Average Days on the Market 111

72% ▼

Number Pending Transactions 28

20% ▼

Inventory 144

89% ▲

Commercial

SOLD LIST PRICE: $600, 000

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CENTRAL S TA R VA L L E Y

The commercial segment saw a decrease of 73% in days on market as demand grows.

The number of transactions dipped slightly Year to Date 2021 vs. 2020. At the time of this report inventory remains flat with last year at 21 listings.

Number of Transactions 10

17% ▼

Total Dollar Volume $5,343,500

25% ▼

Minimum Price Sold $300,000

20% ▲

Maximum Price Sold $975,000,

39% ▼

Average Sale Price $534,350

10% ▼

Median Sale Price $495,000

3% ▼

Average Days on the Market 104

73% ▼

Number Pending Transactions 2

50% ▼

Inventory 21

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

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Farm & Ranch With a tiny sample size to work with, the total number of transactions dipped to only 3 Year to Date 2020. Sales in the higher end continue to push up the average sales price 58% to $2.8M. The median sales more than doubled to $3.8M.

Number of Transactions 3

63% ▼

Total Dollar Volume $8,395,000

41% ▼

Minimum Price Sold $395,000

10% ▲

Maximum Price Sold $4,800,000

14% ▲

Average Sale Price $2,789,333

58% ▲

Median Sale Price $3,800,000

135% ▲

Average Days on the Market 534

29% ▲

Number Pending Transactions 2

33% ▼

Inventory 3

73% ▼

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