Teton Valley Real Estate Market Report | Q2 2021

MARKET REPORT WEST SIDE OF THE TETONS QUARTER 2

2021

TETON COUNTY, IDAHO — Q2 2021 SALES VOLUME VS. UNITS SOLD 2009-2020

SALES VOLUME

SALES VOLUME

UNITS SOLD

$450M

900

$400M

800

$350M

700

$300M

600

$250M

500

$200M

400

$150M

300

$100M

200

500M

100

2009

2010

2011

2012

2013

2014

While Teton Valley, Idaho, has often been referred to as the “Quiet Side of the Tetons,” the west side real estate market has been anything but “quiet” for the last 12 months.

Unlike Jackson, which saw a measurable slow down during Q2 2020 (that is, during the onset of COVID), Teton Valley has shown a consistent uptick of activity throughout the global pandemic.

To put the valley’s growth in perspective, in 2019 (i.e., pre-COVID), Teton Valley and Alta, Wyoming, generated 586 transactions for the entire calendar year that totaled $181.9M. It should also be noted that 2019 was also a banner year for the west side real estate market.

Fast forward 18 months, and the valley’s real estate market has exploded. For the first six months of 2021,

2015

2016

2017

2018

2019

2020

Teton Valley is up 163.2% on transactions (or 577 closed transactions for YTD 2021 vs. 220 sales for the same period in 2020) and is up 217% for dollar volume (or $236.1M for 2021 vs. $74.5M in 2020).

More impressive still is looking back on the totals from the last 12 months (that is, July, 2020 through June, 2021).

In trying to assess what a post-COVID Teton Valley real estate market looks like, the last 12 months have seen nearly 1,500 closed sales and more than $525M in dollar volume.

In other words—and if this level of activity continues through the 2021 calendar year—Teton Valley and Alta, Wyoming, will have grown from a sub-$200M market to a more-than-half-a-billion-dollar market in just two years.

SALES VOLUME BY AREA

SALES VOLUME BY PRICE CATEGORY

YTD 2020 VS. 2021

YTD 2020 VS. 2021 UNITS SOLD

YTD 2021

YTD 2020

YTD 2021

YTD 2020

$100M

UNITS SOLD

$100M 189

221 Cover Properties: #D42XMH, #8M6WWK

UNITS SOLD

51

437

$80M

$80M

$60M

150

$40M

98

$40M

75 40

7

ALTA

VICTOR

DRIGGS

172 41

17

$20M

89

$60M

TETONIA

$20M

7

< $500K

$500K-$1M

>$1M

LAND & RANCHES

Featured Property: #8M6WWK

SALES VOLUME BY AREA

The Teton Valley real estate market can easily be defined as a “land grab” at the moment.

YTD 2020 VS. 2021

2020

2021

Of the 577 properties that have sold thus

UNITS SOLD

far in 2021, 408 (or 70.1%) have been vacant

127

147

parcels of land. That percentage is an increase

$28M

123

$24M

over the same period in 2020 (where roughly 5 out of every 10 sales were raw land), but the more-than-400 transactions on the year to date is a 292.3% increase of transactions over the

$20M

first six months of 2020 (when only 104 vacant

$16M

parcels of land sold).

$12M

While individual values will vary across the

11

$8M

33

33

36

$4M

valley (for example, if one parcel of land has a Teton view vs. another), the median land sale price also doubled from $75,000 in 2020 (for a

2

0.74-acre parcel in Teton Springs) to $149,950 in

AT A GLANCE

CURRENT AREA STATS

ALTA

VICTOR

Number of Land & Ranch Sites Sold Q2 2021

408

DRIGGS

TETONIA

2021 (for a 2.9-acre parcel in Driggs).

% Change in Average Sales Price from Q2 2020

Q2 2021 Average Land & Ranch Sites Sale Price

Average Days on Market

+47.0%

$238,655

158

CONDOMINIUMS/TOWNHOUSES

AT A GLANCE

CURRENT AREA STATS

Unlike the vacant land and freestanding home market in Teton Valley, the townhome and condominium market is somewhat finite. Not only is inventory scarce, but townhome complexes are clustered in a limited number of locations (mostly around Victor and Driggs).

Statistically, the numbers for this market segment are comparatively unimpressive; transactions are up 28% and dollar volume is up 37.6% year over year.

In delving into the data, however, and looking at some 2021 sales in this category, individual sales share a very telling story. For example, in June, 2020, a 3-bedroom, 2-bath, 1,481 townhome at Buffalo Junction in Driggs sold for $290,000. Eleven months later in May, 2021, a similar unit sold for $450,000 (or a 55.2% increase in less than a year).

Number of Condominioms Sold Q2 2021

16

Featured Property: #TZX567

SALES VOLUME BY AREA

*excludes fractional units

YTD 2020 VS. 2021

2020

2021

UNITS SOLD

$10M $9M $8M $7M

14

$6M

18 $5M

13 12

$4M $3M $2M $1M

0

0

ALTA

0

VICTOR

DRIGGS

0

TETONIA

% Change in Average Sales Price from Q2 2020

Q2 2021 Average Condominioms Sale Price

Average Days on Market

+7.5%

$345,609

91

SINGLE FAMILY HOMES

Featured Property: #H7GBSP

SALES VOLUME BY AREA

Arguably stifled by a lack of inventory and rapidly escalating prices, the home segment of the Teton Valley

YTD 2020 VS. 2021

2020

2021

market saw “only” a 55.7% jump in overall transactions

UNITS SOLD

thus far in 2021, but a 180.6% increase in dollar volume. So while one of out five sales in 2021 involved a house, more

$50M

than half of the YTD dollar volume in Teton Valley involved

50

$45M

41

home sales (or $121.1M out of the total YTD market dollar volume of $236.1M).

$40M

A surge in the upper-end of the market (that is, listings

$35M

of more than $1M) helped fuel the statistics. In the first

$30M

six months of 2020, only three homes sold in excess of

48 26

$25M $20M

$1M. Thus far in 2021, that number has sky-rocketed to 41 sales of homes greater than $1M and has pushed the average home price in Teton Valley to $984,000.

$15M

6

In looking at the median home price year-over-year,

19

the numbers are equally as astonishing. For the first six

$10M

months of 2020, the median home sale was $497,573

5

$5M

7

(for a 3-bedroom, 2-bath, 1,633 sq.ft. home in Golf Vista Estates). Fast forward to 2021, and the median sale

AT A GLANCE

CURRENT AREA STATS

ALTA

VICTOR

Number of Single Family Homes Sold Q2 2021

123

DRIGGS

TETONIA

had increased to $780,000 or more than 56% (for a 4-bedroom, 4-bath, 3,768 sq.ft. home outside of Victor).

% Change in Average Sales Price from Q2 2020

Q2 2021 Average Single Family Home Sale Price

Average Days on Market

+80.25%

$984,244

99

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Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas one through ten, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.