MARKET REPORT
TETON VALLEY, ID REAL ESTATE MARKET OVERVIEW 2014 MIDYEAR
Christie’s International Real Estate GLOBAL AFFILIATE OF THE YEAR
INTRODUCTION The Teton Valley, Idaho and Alta, Wyoming markets continue to show improvement, with promising signs for the future. Residential inventory levels are lower than they have been in years, creating more demand and increasing property values in Teton Valley. Foreclosure volume is down, resulting in fewer distressed sales, while also contributing to higher sale prices. The land market remains fairly inactive with a significantly low absorption rate, but residential inventory levels may indicate increasing demand for land in the near future. The Alta, Wyoming market, although fairly quiet, did experience higher average and median sale prices. Given the momentum started in June, it is a safe assumption that the second half of 2014 will be fruitful and the 2014 year end report will show impressive sales statistics.
RESIDENTIAL There were 114 residential sales in the first half of 2014. That number was fairly consistent with the last two years (103 sales in the first half of 2012 and 105 sales in the first half of 2013). The average sales price ($246K) is up from 2013 ($244K). More impressive is the increase from the first half of 2013, which showed an average sale price of $205K. The median sale price ($213K), which is often a more accurate measure of growth, was up 37% from 2012 ($156K) and 7% from 2013 ($199K). There was a decline in inventory with 194 homes listed at the end of the first half of 2014. With a total of 215 residential sales in 2013, it would appear the first half of 2014 enjoyed a healthy rate of absorption. These statistics show a steady stabilization in the residential market.
RESORT RESIDENTIAL The most notable change in the resort market has been the increase in average and median sale price. The resort residential average sale price increased from $396K to $489K over the last two years, which is a 23% jump. The median sale price followed the same trend, which was $360K in mid-2012 and $440K at the end of the first half of 2014.