Teton Valley Real Estate Market Report | Q2 2022

WEST SID E OF THE TE TONS

Market Report Second Quarter

2022

Teton County, Idaho — Q2 2022 Sales Volume Vs. Units Sold 20 0 9-202 1

SA L ES VO LU M E

U N ITS SO LD

U N I TS SO L D

$ 65 0 M

1 , 3 00

$ 60 0 M

1 , 200

$550M

1 , 100

$5 0 0 M

1 ,000

$450M

900

$400M

800

$350M

700

$300M

600

$250M

5 00

$ 20 0 M

4 00

$ 15 0 M

3 00

$10 0 M

20 0

$5 0 M

10 0 20 0 9

2010

2011

2012

2013

2014

2015

Despite a continued shortage of inventory in the Teton County, Idaho and Alta, Wyoming areas, the Teton Valley real estate market managed to post a 12.8% year-over-year gain in dollar volume for the first six months of 2022 (or $277.3M in sales this year vs. $245.7M through Q2 2021).

While transactions were down 24.2% for the same period of time (or 598 sales for 2021 vs. 453 for the first half of 2022), buyers have a slightly more choices heading into the summer of 2022 with listings up 16.6% as of July 1st. Despite a jump in mortgage interest rates and other external factors beyond Eastern Idaho, activity remains high in Victor, Driggs and Alta, Wyoming.

This uptick in activity is particularly noteworthy in the upper price brackets. For properties listed between

2016

2017

2018

2019

2020

$500,000 and $1M, transactions and dollar volume are up 34.1% and 34.5%, respectively, compared to the first six months of 2021. In that same vein, sales in the greater than $1M bracket are up 20.8% on the year-to-date and the complementing dollar volume from those sales has grown 44%. It’s interesting to note this upper-end of the Teton Valley market has accounted for fewer than 15% of the total sales thus far in 2022, but the dollar volume generated from these sales is responsible for nearly half of the total dollar volume in the region (or $134.3M of the $277.3M in sales volume through the end of June).

It seems with escalating prices in Teton County, Wyoming, buyers continue to seek value on the quiet side of the Tetons.

Sales Volume By Area

Sales Volume By Price Category

Y TD 202 1 VS. 202 2

YTD 202 1 VS. 202 2

YT D 202 1

YT D 2022

U N ITS SO LD

202 1

YTD 202 1

YTD 202 2

UNITS SOLD

$ 16 0 M

$24 0 M

64

$ 14 0 M

$ 20 0 M

$ 1 20 M $ 160 M

$ 10 0 M

186

53

454

Cover Property: #DDLKZH

122

$120 M

$80M

191 230

267

198

153

$4 0 M

91

$60M

$80M

$40M 70

17

$ 20 M

6

A LTA

VICTO R

D RIGGS

T ETO NIA

< $500K

$500K-$1M

>$1M

Land & Ranches

Featured Property: #4G8GFN

Sales Volume By Area YTD 202 1 VS. 202 2 YT D 202 1

Y T D 2022

U N ITS SO LD

$50M

100 $4 5 M $4 0 M

110

$35M

149

135

$30M

124

$25M

62

$ 20 M $ 15 M

11

$10 M

4

$5 M

CUR R E N T A R E A STATS

At A Glance

ALTA

V I CTOR

DRIGGS

T E TO NI A

Sixty percent of all sales for the first six months of this year involved a vacant parcel of land. While transactions fell 34.1% through Q2 compared to last year, the average raw land sale price jumped 58.3% from $235,000 last year to $372,000 for this year.

For the 258 parcels of land currently on the market (ranging from a 1-acre parcel in Tetonia for $72,900 to a nearly 1,200-acre ranch also in the northern end of the valley listed for $33M), the increase in inventory for raw land nearly matches the total number of land sales on the year-to-date (or 276 transactions).

In looking at median sale prices, however, it appears values continue to escalate. Last year, the median sale for the first six months was $149,000 (for a 3-acre parcel in Victor). For the first six months of 2022, the median sale price increased 34.2% to $200,000 (for a 0.12-acre homesite in Teton Springs).

Number of Land & Ranch Sites Sold Q2 2022

% Change in Average Sales Price from Q2 2021

Q2 2022 Average Land & Ranch Sites Sale Price

Average Days on Market

276

+58.3%

$372,123

158

Condominiums/Townhomes

Featured Property: #BFZEMQ

Condos and townhomes in Teton Valley, Idaho, have the unique distinction of being the only real

Sales Volume By Area

* excludes fractional units

Y TD 202 1 VS. 202 2

estate asset class that posted a positive gain

YTD 202 1

through Q2 2022 for both transactions and

YTD 202 2

UNITS SOLD

dollar volume.

The success of this market segment is due

$50 M

mostly to the launch of the Moraine Square townhomes in Driggs (which accounted for 16 of the 66 total transactions for the first six months of 2022). But in looking at anecdotal cases like sales in the Sage Hen Townhomes, values jumped from roughly $300/sq.ft. in early 2021 to more than $425/sq.ft. one year later (or

$45M $4 0 M $35M $30 M 44

$25M

41.6% increase in twelve months).

While the average year-over-year sale price

$20 M

increased a staggering 83.3% for all units in

$1 5M

this category, the median sale from 2021 to 2022 “only” increased 50% from just under $350,000 in 2021 (for a 2-bedroom condo at

$10 M

0

townhome in Valley Center).

CU R R E N T A R E A STATS

22

14

$5M

Teton Springs) to $525,000 (for a 3-bedroom

At A Glance

21

0

ALTA

1

0

VICTOR

DRIG G S

T E TO NI A

Number of Condominiums Sold Q2 2022

% Change in Average Sales Price from Q2 2021

Q2 2022 Average Condominiums Sale Price

Average Days on Market

66

+52.8%

$543,245

77

Single Family Homes

Featured Property: #Q4RJC9

Sales Volume By Area YTD 2021 VS. 202 2 Y TD 2022

YT D 202 1

U N ITS SO LD 37

$ 60 M 52 $55M $5 0 M

53

42

$45M $40M $35M $3 0 M 28

$25M $ 20 M $15M

6

$ 10 M

7 2

$5M

CU R R E NT A R EA STATS

At A Glance

A LTA

VICTO R

D RIGGS

While Q2 home sales only accounted for 21.6% of all transaction on the year-to-date (that is, 98 closings of the total 453 transactions), the complementing dollar represented 45% of the total 2022 market.

Thirteen of these home sales occurred in Tributary, which generated nearly $35M in volume for the first six months of 2022, leaving home transactions in Driggs down just 11.9% compared to the same period in 2021, but with an increase of 31.8% on sales dollar volume.

Home sales around Victor have fared better for the first half of 2022, down just 1.9% compared to the same period last year and up 16.4% on dollar volume.

Prospective buyers also have more home choices in summer 2022 compared to last year, with 123 homes currently on the market as of July 1st compared to just 50 this time last year.

TETONIA

Number of Single Family Homes Sold Q2 2022

% Change in Average Sales Price from Q2 2021

Q2 2022 Average Single Family Home Sale Price

Average Days on Market

98

+29.2%

$1,280,747

113

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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 .