Teton Valley Real Estate Market Report | Q3 2021

Market Report WEST SID E OF THE T E TONS

Quarter 3

2021

Teton County, Idaho — Q3 2021 Sales Volume Vs. Units Sold 20 0 9-2020

SA L ES VO LU M E

U N ITS SO LD

U N I TS SO L D

$450M

900

$400M

800

$350M

700

$3 0 0 M

600

$250M

5 00

$ 20 0 M

4 00

$15 0 M

3 00

$10 0 M

20 0

500M

10 0 20 0 9

2010

2011

2012

2013

2014

2019 was Teton Valley’s best year since the Global Financial Crisis. Transactions grew to 586 sales (which outpaced the Jackson Hole market) and the complementing dollar volume swelled to $181M. The median home price had also rebounded to nearly $450,000 for a 3-bedroom, 3-bath floor plan on 2.5 acres.

Then came Covid, and the real estate surge that came with it. By the end of 2020, transactions had nearly doubled yearover-year to more than 1,100 sales. Dollar volume followed suit to $364M. How much more could the market grow?

For the first nine months of 2021, Teton Valley has resoundingly answered that question. YTD transactions show nearly 900 sales with $450M in overall sales volume

2015

2016

2017

2018

2019

2020

(and where vacant land sales are up 70% over the first nine months of 2020 and represent 67.2% of all sales in 2021).

The upper-end of the Teton Valley market in particular (that is, property with a listing price of greater than $1M) has pushed the market to new heights. Ninety-nine sales in this market segment (or 11% of all transactions) tallied $207M of the overall market volume (or nearly 50% of the 2021 YTD total). And while the average home price now exceeds $1M (or, more specifically, $1,053,870), the median home value has grown in just two years 66.6% to $750,000.

If Teton Valley continues its break-neck pace for Q4, the year-end total is poised to break $600M… or nearly triple the overall dollar volume from just two years ago.

Sales Volume By Area

Sales Volume By Price Category

YTD 2020 VS. 202 1

YTD 2020 VS. 2021

Y T D 2020

YT D 2021

U N ITS SO LD

At A Glance

YTD 2020

$ 20 0 M

YTD 202 1

UNITS SO LD 99

$ 20 0 M 311 349

$ 160 M

$ 16 0 M

Cover Properties: #D42XMH, #9SBVRT

637

$120 M

288

214

161 509 112

212

$80M

$ 1 20 M

$80M 35

23

$4 0 M

133

$40M

23

A LTA

VICTO R

D RIGGS

T ETO NIA

< $500K

$500K-$1M

>$1M

Land & Ranches

Featured Property: #9RJJVF

Sales Volume By Area

So far in 2021, two out of three sales in Teton Valley have involved a vacant parcel of land (or

Y TD 2020 VS. 202 1 2020

2021

603 transactions, which was a 70% increase

U N ITS SO LD

over the same period in 2020). The $189M generated from these sales also was greater 204

$70 M

171

than the entire market volume (that is, including homes and commercial properties) for all of

$60 M

2019. “Buy land,” said Mark Twain, “they’re not making it anymore.”

214

$50M

Victor (214 sales) and Driggs (204 sales)

$40M

represented

$30M

the

majority

of

the

activity,

generating 77% and 84% increases, respectively, 121

$ 20 M

112

111

$10 M

from the first nine months of 2020.

In 2020, the median land sale was a 0.73-acre

14 11

homesite in Teton Springs that sold for $89,000.

Twelve months later, the median price jumped

ALTA

V I CTOR

DRIGGS

T E TO NI A

nearly 90% to $169,000 (for a 1-acre parcel just

CUR R E N T A R E A STATS

At A Glance

north of Driggs).

Number of Land & Ranch Sites Sold Q3 2021

% Change in Average Sales Price from Q3 2020

Q3 2021 Average Land & Ranch Sites Sale Price

Average Days on Market

603

+100.8%

$313,362

158

Condominiums

Featured Property: #L89L7J

CU R R E N T A R E A STATS

At A Glance

While overall transactions continue to outpace the record-setting totals from 2020, condos and townhomes in Teton Valley are limited to finite communities in and around the towns of Victor and Driggs. Rapidly appreciating pricing and a lack of inventory have stunted the overall stats for this market segment. In looking at individual property values for condos and townhomes, however, we see similar appreciation spikes to values of homes and vacant land. In 2020, the median condo/townhome sale came in at $314,000 (for a 1,389 sq.ft., 2-bedroom, 2.5-bath townhome in Victor, or roughly $225/sq.ft.). For the first nine months of 2021, however, the median price had grown 21% to $380,000 (for a 981 sq.ft., 2-bedroom, 2-bath townhome in Victor, or $387/sq.ft.).

Sales Volume By Area

* excludes fractional units

YTD 2020 VS. 2021 2020

2021

UNITS SOLD

$16 M 43

$14 M

27

31

$12 M $10 M

25 $8 M $6 M $4 M $2 M 0

0

ALTA

0

VICTOR

DRIG G S

0

T E TO NI A

Number of Condominiums Sold Q3 2021

% Change in Average Sales Price from Q3 2020

Q3 2021 Average Condominiums Sale Price

Average Days on Market

58

+24.9%

$394,034

79

Single Family Homes

Featured Property: #75ZG23

Sales Volume By Area

In 2019, the entire Teton Valley market only saw 21

Y TD 2020 VS. 202 1 2020

sales in excess of $1M. But by the end of September, the 2021

average home price for Victor, Driggs, Tetonia and Alta

U N ITS SO LD

$10 0 M

came in at a staggering $1.053M (up 57.1% from 2020).

Several large sales in Alta, Wyoming, helped to push the

96

average price in the Wyoming hamlet to $2.15M. But in

$ 90 M

looking at the average price for Victor ($974,000), Driggs

$80M

69

1 20

($1.14M) and Tetonia ($862,500), the numbers suggest resort communities like Teton Springs and Tributary have

$70 M

caught fire in the post-Covid market.

Of particular note is the home sale activity in Tetonia.

$ 60 M $50M

While the other Teton Valley regions have had home sales

60

held down by lack of inventory, Tetonia has seen 41 home 41

$40M

sales so far in 2021 (up 95% over 2020).

And while overall year-over-year home sales in Teton

$3 0 M

Valley are flat (220 sales through Q3 in 2020 vs. 215

9 $ 20 M

21

12

sales so far in 2021), the corresponding dollar volume from this segment of the market is up 58.6% to $226.5M

$ 10 M

(compared to $142.8M for the same period in 2020).

CU R R E NT A R EA STATS

At A Glance

A LTA

VICTO R

D RIGGS

TETONIA

Number of Single Family HomesSold Q3 2021

% Change in Average Sales Price from Q3 2020

Q3 2021 Average Single Family Home Sale Price

Average Days on Market

215

+57.1%

$1053,870

87

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A lth o u gh th e fo rego ing data has been co m piled from sources deemed reliable, Jackson Hole Sotheby ’s Internationa l Rea l ty d o es n o t gu a ra ntee its authenticity. It is intende d for informational purposes only, is s ubject to prior sale, error, rev i si o n , a n d ca n ce l l a t i o n witho ut no tice, and sho uld be independently verified with the source of s uch information. Source d a ta is p rov i d e d by Teto n Board of Realto rs MLS for areas one throug h ten, and s upplemented with proprietar y sa l es d a ta fo r $ 0 sa l es. ® , ™ and SM are licensed tradem arks to Sotheby ’s International Realty Affiliates LLC. An Equal Opp o r t u n i ty Co mpa ny. Eq u a l H o using Oppo r tunity. J ackso n Hole Sotheby ’s International Realty is Independently Owned and Op e ra te d .