2021 Q3 Star Valley Market Report

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Star Valley Real Estate Market Report

Get to know Compass Real Estate of Star Valley

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

Compass is the fastest growing and most technologically advanced real estate organization in the world. We are the benchmark for innovation, marketing prowess and programming. This translates to better exposure for our clients and more successful deals.

evolving over the last few years. As a market leader in Star Valley, we strive to stay ahead of the competition by adopting and implementing forward thinking change.

Compass is home to more than 19,000 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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The real estate business has been rapidly

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.

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Welcome to our 2021 Quarter Three Market Report

We are pleased to report that Compass Real Estate of Star Valley has surpassed all other brokerages in Star Valley and is #1 in transaction volume! We participate in the most real estate activity of any brokerage, providing you a singular insight into the local market.

COVER: SOLD LIST PRICE: $6,000,000 N O R T H S TA R VA L L E Y

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To start your search of all active Star Valley listings, scan the QR code.

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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.

HIGHLIGHTS

The Star Valley Market

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

The exodus from city life to locations with open space, safety and quality of life continues to push demand for Star Valley real estate to new heights. According to data collected from the Teton County Multiple List Service (MLS) the overall Total Sales Volume through Q3 2021 vs. 2020 doubled to $290M. In addition, Total Transactions increased 33%.

In the Single-Family-Home category, the average sales price rocketed to over $700K, pushed up by an increase in sales in the higher-end of the market. The

vacant land segment also fueled the market uptick with an increase in total sales volume 148% to $75K.

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 continues. The following pages provide a more detailed look at Single Family, Condos, Land, Commercial and Ranch segments of the Star Valley real estate market YTD Q3 2021 vs. 2020.

Total Dollar Volume 99% Increase YOY

$703,766 Average SFH Sale Price 60% Increase YOY

$185,000 Median Sale Price 7% Decrease YOY

717

Total Transactions 33% Increase YOY

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Active Listings 22% Decrease YOY

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$288,665,362

Sales Distribution

by Segment Single Family

32%

Condo/Townhome

2%

Vacant Land

63%

Commercial

3% <1%

Other

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

Feb.

Mar.

April

May

June

July

Aug.

Sept

Oct.

2021 Data

Nov.

Dec.

2020 Data

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HIGHEST SALE

$12,000,000 *List Price

LOWEST SALE

$40,000

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Transaction Distribution by Location

North Star Valley: 254 Central Star Valley: 306

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Southern Star Valley: 157

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306

157

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SOLD LIST PRICE: $ 1 ,75 0, 0 0 0 CENTRAL S TA R VA L L E Y

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Single Family Total dollar volume in the Single Family Home segment jumped 72% to $156M YearTo-Date 2021 vs. 2020. The average sales price was pushed up 60% to $703K and the number of homes sold rose a modest 8%.

The low number of sales combined with the increased dollar volume fueled the price increases.

At the time of this report, active listings are down in the Single Family Home segment 68% a continuation of inventory shortage.

Number of Transactions 227 Total Dollar Volume $159,754,908 Minimum Price Sold $40,000

◀▶ 179% ▲

Average Sale Price $703,766

60% ▲

Median Sale Price $480,000

37% ▲

Average Days on the Market 130

-13% ▼

Inventory 68 STA R VA L L E Y R E A L E STAT E . C O M

72% ▲

Maximum Price Sold $12,000,000

Number Pending Transactions 7 12

8% ▲

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

The number of transactions dipped 25% Year-To-Date 2021 vs. 2020 but dollar volume climbed substantially to over $12M, a 71% increase.

One sale in Alpine Airpark helped fuel that increase and also pushed the average sales price up to a record $1M.

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There is very little inventory available in this market segment in Star Valley, only 5 active listings at the time of this report.

Number of Transactions 12

-25% ▼

Total Dollar Volume $12,266,100

71% ▲

Minimum Price Sold $150,000

13% ▲

Maximum Price Sold $2,450,000

207% ▲

Average Sale Price $1,028,166

153% ▲

Median Sale Price $802,500

106% ▲

Average Days on the Market 132

-22% ▼

Number Pending Transactions 2 Inventory 5

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SOLD

Vacant Land in Star Valley continues to beat

LIST PRICE: $1 , 350, 000

sales records when comparing Year-To-Date 2021 vs. 2020. Total sales volume in Land has increased neatly 1.5X to $75M.

CENTRAL S TA R VA L L E Y

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Vacant Land

Transactions increased 60% partly driven by a surge of activity on Star Valley Ranch.

Dollar volume was fueled by a near record land sale pushing the $2M mark brokered by our Compass office.

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

Number of Transactions 422 Total Dollar Volume $74,598,854

47% ▲

Maximum Price Sold $1,800,000

13% ▲

Average Sale Price $168,776

56% ▲

Median Sale Price $90,000

99% ▲

Number Pending Transactions 52 Inventory 164 STA R VA L L E Y R E A L E STAT E . C O M

148% ▲

Minimum Price Sold $12,500

Average Days on the Market 229

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60% ▲

-27% ▼

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SOLD

Secluded and expansive Ranch properties in

LIST PRICE: $750, 000

and around Star Valley are becoming more desired than ever before. Open space, safety and quality of life are paramount to buyers.

CENTRAL S TA R VA L L E Y

The number of farm and ranch transactions increased 25% when compared Year-To-Date 2021 vs. 2020. With very few transactions in this category sales volume nearly doubled to $15.6M

Number of Transactions 10

25% ▲

Total Dollar Volume $15,610,000

181% ▲

Minimum Price Sold $360,000

209% ▲

Maximum Price Sold $4,200,000

153% ▲

Average Sale Price $1,561,000

125% ▲

Median Sale Price $1,296,000

122% ▲

Average Days on the Market 435

-24% ▼

Number Pending Transactions 5 Inventory 7 18

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Farm & Ranch

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Commerical

SOLD LIST PRICE: $1 , 450, 000 CENTRAL S TA R VA L L E Y

The commercial segment continues to gain traction this year with a small increase in the number of transactions while dollar volume doubled to $18.3M Year-To-Date 2021 vs.

2020.

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The average sale price saw significant increase to $917M partially due to one significant sale brokered by Compass Star Valley in the Alpine Airpark.

Number of Transactions 20 Total Dollar Volume $18,349,500 Minimum Price Sold $110,000

11% ▲ 204% ▲ 18% ▲

Maximum Price Sold $5,000,000

614% ▲

Average Sale Price $917,475

174% ▲

Median Sale Price $540,000

71% ▲

Average Days on the Market 320

26% ▲

Number Pending Transactions 5 Inventory 24

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307.733.6060 COMPASS.COM JHREA.com starvalleyrealestate.com tetonvalleyidahorealestate.com 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 235 S Main Street Thayne, WY 83127 307.883.7575 65 S Main Street Driggs, ID 83422 208.354.7325 501 Huntsman Springs Driggs, ID 83422