S T A R V A L L E Y MARKET REPORT
E a c h o f f i c e i s i n d e p e n d e n t l y o w n e d a n d o p e r a t e d . | k w j a c k s o n h o l e . c o m
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MEET KELLER WILLIAMS JACKSON HOLE
As the world's largest brokerage, Keller Williams dominates the landscape in real estate with its global reach.Withamarketingplatformthattoucheshundreds ofthousandsofpotentialclientseachday,ourclientscan beassuredthattheirlistingsarereachingqualifiedbuyers aroundtheglobe.
Yet,whatmattersmostwhensellingandbuyingrealestate isin-depthmarketknowledge,markethistoryandtrends that only informed, local real estate professionals can provide.OurKellerWilliamsofficeisthefastestgrowing brokerage in Jackson Hole. Why? We are locally owned with seasoned local leadership and a dedicated support team.Ouragentsallshareapassionforempoweringtheir clients with up-to-date information and guidance that allowsthemtomakethebestrealestatedecisionspossible.
EXPLORE THE STAR VALLEY MARKET
Ourrealestateexpertshavepulledandanalyzedthefollowingdata,providinginsightinto thepastquarterandhistoricaldatathathelpsidentifytrendsinthemarket.Foradeeper understandingofthesenumbers,ourlocalteaminStarValleyisalwaysavailabletodiscuss further.
MARKET OVERVIEW
Q2 2023
TheStarValleyrealestatemarketcontinuedtocooloffinthe first half of 2023, with more indications of returning to a "normalmarket"inStarValley.Transactionsdecreasedby56% compared to the same period in the previous year, and dollar volumedroppedby63%.
Inthefirsthalfof2023,thecooldownoftherealestatemarket became more evident as we saw inventory increase and the averagesalespricedecreasedby16%.Buyersstartedseeingmore choices, with inventory up 15% at mid-year compared to the previous year The Star Valley real estate market experienced unprecedentedgrowthin2020and2021,fueledbyrecordlow interest rates, the pandemic, and people's desire for a better qualityoflife,butthemarketbegantoshiftin2022aspeople returnedtotheoffice,interestratesincreased,andtheeconomy slowed In 2022 transactions and dollar volume decreased; however, persistent low inventory, down 41%, and continued demandfortheStarValleylifestylehelpedmaintainpriceswitha 33%increaseinaveragehomepricein2022.Overall,themarket's slowdown in 2023 indicates a return to a more balanced real estateenvironmentcomparedtotheboomingconditionsseenin 2020and2021.
ALTHOUGH A MAJORITY OF DEVELOPERS MAY BE ON THE SIDELINES, ALPINE HAS SEEN SOME RENEWED INTEREST IN PRIME COMMERCIAL PROPERTY AT THE JUNCTION, MOST LIKELY BY THE LONGTERM INVESTOR WHO UNDERSTANDS ALPINE GROWTH.
56%
16% Average Sale Price $441,207
15% Active Listings 357
63% Total Dollar Volume $53,386,004
IAN OSLER, ASSOCIATE BROKERY E A R O V E R Y E A R Number of Sales 121 All data is for Lincoln County, WY areas 11A, 11B, and 11C and is sourced through Teton Board of Realtors MLS and internal proprietary data All data is deemed reliable but is not guaranteed Each office is independently owned and operated
R E S I D E N T I A L
Halfwaythrough2023,therewere138activeresidentiallistings,15listings undercontract,and63closingintheStarValleymarket.Theaveragelistprice wasjustoveronemilliondollars,whiletheaveragesoldpricewas$547,029. Transactionsweredown38%,andtheaveragesalespricewasdown29%.
As interest rates increased and secondary homebuyers decreased from previousyears,residentialsalesunder$500,000surged,accountingfor59%of residentialsalescomparedto24%thelastyear.Incontrast,theluxurymarket declined significantly, with only two residential sales of over one million dollarscomparedto15mid-yearin2022.
Number of Sales 63 Avg. Sale Price 547,029 Active Listings 138
"THE RESIDENTIAL MARKET HAS BEEN PARTICULARLY IMPACTED BY HIGHER INTEREST RATES. THE RAPID APPRECIATION IN SALES PRICE HAS SLOWED AT BIT AND THE SELLERS ARE NO LONGER REACHING FOR OR ACHIEVING “PIE IN THE SKY” PRICES. PERHAPS WITH LESS UNCERTAINTY OUT THERE SURROUNDING THE REAL ESTATE MARKET, ITS A GREAT TIME TO BE A BUYER!"KELSEY SPAULDING, ASSOCIATE BROKER 290 Cedar Creek Drive, List Price: $945,000
38% 29% 9%
Therewere195buildingsitesandvacantlandactivelylistedmidyearinStar Valley,a22%increaseininventoryfrom2022.Thenumberofvacantland transactionsisdown65%fromthepreviousyear,with56vacantlandsalesin StarValley.Transactiondollarvolumealsoexperiencedasignificantdecline, down70%comparedwiththeyearearlier.Whilethemediansalespricerose 30%,theaveragesalespricedeclined16%.Eighty-twopercentofsaleswere undertheaveragesalespriceof$295,771,indicatingmostmarketactivityis concentratedinthelowerend,similartotheresidentialmarket.
22%
L A N D + R A N C H E S
Number of Sales 56 Avg. Sale Price 295,771 Active Listings 195
"THE LAND MARKET IN STAR VALLEY IS STARTING TO BECOME SATURATED AS LINCOLN COUNTY’S PLANNING DEPARTMENT CONTINUES TO WORK THROUGH IT’S BACKLOG OF SUBDIVISION APPLICATIONS THAT HAVE PILED UP OVER THE PAST 2 YEARS COUPLED WITH A SHARP DECLINE IN SALES THERE IS A LOT OF NEW INVENTORY EXPECTED TO BECOME AVAILABLE SOON AND THIS WILL PROMOTE COMPETITIVE PRICING OVER THE NEXT YEAR."REBEKKAH KELLEY, ASSOCIATE BROKER
65% 16%
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