TETON VALLEY, ID REAL ESTATE MARKET REPORT 2014 YEAR END
THE REGIONâ€™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 isnâ€™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.
VACANT LAND The vacant land market did not enjoy the same strength as the residential market, while there were signs of improvement. With 125 land sales at the end of 2014, this represented a 21% increase from the 103 land sales at the end of 2013. Average and median sale prices also experienced an increase. The average sale price was $77,217 at the end of 2014 ($68,815 at the end of 2013) and the median sale price was $50,000 at the end of 2014 ($35,000 at the end of 2013). The inventory at the end of 2014 also showed strength, with 456 active listings compared to 414 at the end of 2013. The strengthening of the residential market and national economy will likely encourage land owners to list their properties, further oversaturating the market. With residential inventory levels low, it is a safe assumption that Buyers will start to consider building again and focus their attention to building sites.
ALTA, WYOMING There were 8 residential sales in Alta at the end of 2014, an increase from 6 at the end of 2012 and 7 at the end of 2013. The average sale price increased from $452,286 at the end of 2013 to $543,250 at the end of 2014, but the median sale price decreased slightly from $403,000 at the end of 2013 to $383,000 at the end of 2014. A reflection of the remaining distressed sales on the market. The most encouraging comparison was the number of sales in 2014 compared to the number of listings. There were 10 residential listings in Alta at the end of 2014 compared to 19 at the end of 2012 and 17 at the end of 2013. Demand is growing and inventory is shrinking in Alta. Parallel to the Teton Valley, Idaho vacant land market, the Alta vacant land market didn’t see as much growth as the residential market. There were 3 land sales in Alta at the end of 2014 with an average sale price of $156,333, down from $255,850 at the end of 2013. The median sale price was $145,000, down from $236,500 at the end of 2013.
FORECLOSURES One of the biggest overall market indicators was foreclosure volume at the end of 2014. There was approximately $14M of foreclosures in Teton Valley, Idaho in 2014. Foreclosure volume from previous years: $110M in 2010, $55M in 2011, $38M in 2012 and $29M in 2013. The decrease in foreclosure volume has resulted in fewer distressed listings, higher sale prices and greater buyer confidence.
MOVING FORWARD The tides are changing; Sellers are gaining confidence and reclaiming the market. If residential inventory remains low in 2015, Buyers will meet competition and be challenged to present their best offers. Land Sellers may see some long awaited activity with residential Buyers struggling to find what they want and encountering rising sale prices. It is the start of a new era in Teton Valley real estate. Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market database. The local knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach. The Christie’s International Real Estate network exceeds $106 billion in annual volume, nearly three times greater than our nearest competitor. * The statistics used in this report are from the Teton Multiple Listing Service (MLS) * This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions. * All statistics are supplied by sources that have been deemed reliable but are not guaranteed. ** The resort residential market in Teton Valley can be defined as a property located within the following resorts: Teton Springs, Teton Reserve, Huntsman Springs and River Rim Ranch.
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