MARKET REPORT
TETON VALLEY, ID REAL ESTATE MARKET REPORT 2014 YEAR END
THE REGION’S LARGEST AND MOST DYNAMIC REAL ESTATE COMPANY INTRODUCTION The Teton Valley, Idaho and Alta, Wyoming real estate markets showed continued improvement in 2014, with the residential market leading with incredible market strength. The vacant land market continues to struggle, but indicators promise an upward swing for sales volume in 2015. Overall, the health of the market and community was evident with drastically reduced foreclosure dollar volume and positive trends are paving the way for a very productive 2015.
RESIDENTIAL The residential market continued a healthy pace through 2014, ending the year with 249 transactions, a 14% increase. The increase in the number of transactions isn’t staggering, but when compared to the small amount of inventory at the end of 2014, it is very impressive. There were 164 residential listings on the market at the end of 2014 and 212 listings on the market at the end of 2013. The demand in the residential market exceeded the inventory typically resulting in higher sale prices. As the average and median sale prices were up 6% and 15% respectively at the end of 2014, it can be assumed that 2015 will see a significant increase in pricing. A majority of sales (60%) were in the $0-$250,000 price segment, which has been the case in previous years. Percentage of sales by price segment at the end of 2014: 24% of sales were in the $250,000-$400,000 segment, 9% were in the $400,000-$700,000 segment and 8% were in the over $700,000 segment.
RESORT RESIDENTIAL ** The resort residential market was fairly unchanged at the end of 2014 other than the average sale price increasing. This was on trend with the rest of the market. There were 31 resort residential sales, and the average sale price was $556,859, an increase from $475,934 at the end of 2013. The median sale price was $455,000, an increase from $440,000 at the end of 2013.