Star Valley Market Report | Year End 2021

YEAR END 2021

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 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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YEAR END / 2021

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.

Welcome to our 2021 Year End Market Report

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We are pleased to report that Compass Real Estate of Star Valley has surpassed all other brokerages in Star Valley and is #1 in Sales Volume and Transactions!

We participate in the most real estate activity of any brokerage, providing you a singular insight into the local market.

COVER: SOLD LIST PRICE: $1 ,700,000 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

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

decreased 3% in single family homes.

The Star Valley lifestyle continues to be in hot demand as people continue to desire areas with open space, safety and quality of life.

Overall active listings at the time of this report in Star Valley are down 43% suggesting that lack of inventory and increased demand will continue into 2022.

According to data collected from the Teton County Multiple List Service (MLS) the overall Total Sales Volume for 2021 increased an 48% over 2020 to $376M. Total Transactions increased a more modest 12% Year-Over-Year 2021 vs.

2020. Propelling the sales volume increase, the overall average sales price for real estate in Star Valley jumped 32% to $415K Year-OverYear 2021 vs. 2020.

In the Single-Family-Home category, the average sales price rocketed to $500K, pushed up by an increase in sales in the higher-end of the market. Transactions actually

Not surprisingly the land segment drove the 2021 transaction uptick with an increase of 28%. Total sales volume rose 72% pushing the average sales price up 34%.

The following pages provide a more detailed look at Single Family, Condos, Land, Commercial and Ranch segments of the Single Family - Total dollar volume in the Single Family Home segment is up 35% to $224M Year-Over-Year 2021 vs. 2020, an all-time record.

With little inventory in lower-priced Single Family Homes, it is not surprising that the average sales price was pushed up 38% to $719K in this category.

Overall, the number of Single Family Homes transactions decreased 3% yet pending listings are up 16%.

Total Dollar Volume 48% Increase YOY

$719,076 Average SFH Sale Price 38% Increase YOY

$500,000 Median SFH Sale Price 37% Increase YOY

904

Total Transactions 12% Increase YOY

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155

Active Listings 43% Decrease YOY

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$375,829,312

Sales Distribution

by Segment Single Family

35%

Condo/Townhome

2%

Vacant Land

60%

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.

2020 Data

Nov.

Dec.

2021 Data

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HIGHEST SALE

$10,841,000 LOWEST SALE

$12,500

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Transaction Distribution by Location

North Star Valley: 321 Central Star Valley: 384

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Southern Star Valley: 199

321 YEAR END / 2021

384

199

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SOLD LIST PRICE: $1 , 550, 000 CENTRAL S TA R VA L L E Y

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Single Family Total dollar volume in the Single Family Home segment is up 35% to $224M YearOver-Year 2021 vs. 2020, an all-time record.

With little inventory in lower-priced Single Family Homes, it is not surprising that the average sales price was pushed up 38% to $719K in this category.

Overall, the number of Single Family Homes transactions decreased 3% yet pending listings are up 16%.

Number of Transactions 312

-3% ▼

Total Dollar Volume $224,351,808

35% ▲

Minimum Price Sold $60,000

50% ▲

Maximum Price Sold $10,841,000

152% ▲

Average Sale Price $719,076

38% ▲

Median Sale Price $500,000

37% ▲

Average Days on the Market 104 Number Pending Transactions 37 Inventory 36 12

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-29% ▼

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

The number of transactions are up, illustrating continued interest in this product segment in Star Valley.

Due to lack of inventory, the condominium and townhome segment saw a decrease in transactions when compared to 2020.

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Fueled by a significant sale in Alpine Air Park in quarter four of 2020, dollar volume is up 64% and The average sales price rocketed to $1M.

Number of Transactions 16

-36% ▼

Total Dollar Volume $14,585,300

64% ▲

Minimum Price Sold $150,000

13% ▲

Maximum Price Sold $2,450,000

207% ▲

Average Sale Price $1,059,181

182% ▲

Median Sale Price $949,000

194% ▲

Average Days on the Market 120

-14% ▼

Number Pending Transactions 10 Inventory 1

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SOLD LIST PRICE: $1 , 800, 000 CENTRAL S TA R VA L L E Y

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Vacant Land Vacant Land in Star Valley broke new records for sales activity in 2021. Total sales volume in Land rose 72% Year-Over-Year 2021 vs. 2020.

Transactions increased 28%. Fueled by the high end, the average price rose 34% to $169K. The Star Valley area is, and will continue to experience a building boom based on this recent activity.

At the time of this report, active listings are down 48%.

Number of Transactions 532

28% ▲

Total Dollar Volume $89,939,704

72% ▲

Minimum Price Sold $12,500

191% ▲

Maximum Price Sold $1,800,000

-4% ▼

Average Sale Price $169,060

34% ▲

Median Sale Price $95,000

58% ▲

Average Days on the Market 210 Number Pending Transactions 39 Inventory 95 16

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-36% ▼

Commerical

SOLD LIST PRICE: $600, 000

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CENTRAL S TA R VA L L E Y

The commercial segment gained traction this year with a 90% increase in the number of transactions, yet dollar volume was down 7%.

However, due to a significant sale in the $5M region, the average sale price doubled to $837K.

Number of Transactions 25

-7% ▼

Total Dollar Volume $20,946,400

90% ▲

Minimum Price Sold $179,000

757% ▲

Maximum Price Sold $5,000,000

122% ▲

Average Sale Price $1,314,538

45% ▲

Median Sale Price $749,500

28% ▲

Average Days on the Market 358 Number Pending Transactions 4 Inventory 3

-58% ▼

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SOLD

Although a small sample size, the number of

LIST PRICE: $750, 000

farm and ranch transactions remained flat in 2021, 13 vs. 14 compared to 2020.

CENTRAL S TA R VA L L E Y

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Farm & Ranch

But, sales in the high end pushed up dollar volume 35% to over $17M. Large and expansive Ranch properties in and around Star Valley are becoming more desired than ever before.

Open space, safety and quality of life are paramount to buyers.

Number of Transactions 13

-7% ▼

Total Dollar Volume $17,089,000

35% ▲

Minimum Price Sold $300,000 Maximum Price Sold $4,200,000

110% ▲

Average Sale Price $1,314,538

45% ▲

Median Sale Price $749,500

28% ▲

Average Days on the Market 385 Number Pending Transactions 4 Inventory 3 20

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203% ▲

-50% ▼

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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