T E T O N 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
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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 TETON VALLEY MARKET
Welcome to our Q2 2023 Teton Valley Market Report. Our local team has pulled and analyzedthefollowingdata,providinginsightintothepastyearandhistoricaldatathathelps identifytrendsinthemarket Foradeeperunderstandingofthesenumbers,ourlocalteam hereinTetonValleyisalwaysavailabletodiscussfurther.
MARKET OVERVIEW
Q2 2023
TheQ2Reportfor2023showssignsthatthecloudsoftheimpending economicstormarebeginningtosettle.Comparativetolastyear,itmay seemthatthemarketisdownstatistically,butthebroaderhistorytellsa differentstory TherealestateinTetonValleyholdsastrongdemand and has shown resilience throughout turbulent interest rate climates However,thereductioninoveralltransactionsbegsthequestion:when willthemarketbegintopickupspeedagain?
Overall transactions are down 47%, and sales volumes are down 37% comparedtoQ2of2022.However,thesalepricesareupanother21%. So,whatdoesthismean?Ourresearchshowsthatthere’sagapbetween buyer and seller expectations During the Pandemic, we saw prices escalate to record breaking levels along with favorable interest rates incentivizinglargetransactionvolume Today,thelistingpricesremain high,whiletheFed’sdeflationarypolicieshavemadetheinterestrates lessappetizing.
As a result, we are in a gray area of low transactions; sellers want the appreciationlevelsofthePandemic,whileBuyer’sdon’tholdthesame leveragedpurchasingpowerasbefore.Nowthatthestormhassettled, theseasitscalmandready WebelievethattheValleycouldbepoised for a strong period of growth as price expectations become re-aligned withthestrongdemandforthebeautifulmountain-townproperties
WHILE THE TETON VALLEY MARKET HAS SLOWED DOWN OVER THE LAST YEAR POSTCOVID, IT'S NOT UNCOMMON TO STILL SEE MULTIPLE OFFERS ON HOMES IN THE $500K-$1.5M PRICE RANGE. THESE HOMES SEEM TO BE IN THE MOST DEMAND AT THE MOMENT AND I THINK WE'LL CONTINUE TO SEE THAT TREND THROUGHOUT THE SUMMER AND FALL
ASHLEY ROGERS, ASSOCIATE BROKER
47% 21% Average Sale Price $738,180
8% Active Listings 405
37% Total Dollar Volume $177,163,313
Y E A R O V E R Y E A R Number of Sales 240 All data 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
Theresidentialmarket–townhomes,condos,andsingle-familyhomes–has feltthisdecreaseintransactions.Thenumberofunitssoldisdown39%and the sales volume is down 27%. More specifically, the inventory for singlefamily homes alone is down 28%. Therefore, the decrease in transactions couldbeduetothereductioninoptionsforbuyers.Thegoodnewsisthat lowinventoryoftenindicatesstrongabsorptionrates.
In contrast to single-family homes, the inventory for Condos and Townhomes is actually up 230% with 33 active listings. However, sales volumeisdown66%whichisasignificantreductioninbuyeractivitydespite thesupplyofinventory.TheprojectedpopulationgrowthintheValleywith GrandTargheeResort’srecentlyannouncedexpansionplanmaysoonreverse thesetrends.
Number of Sales 102 Avg. Sale Price 1,154,176 Active Listings 127
“WHILE TETON VALLEY MAINTAINS ITS SMALL POPULATION AND SLOW LIFESTYLE, DEVELOPERS HAVE BEEN BUSY AT WORK BUILDING CONDOS AND TOWNHOMES AT A LOWER PRICE POINT, THIS NEW CONSTRUCTION OPENS THE DOOR TO FIRST-TIME-HOMEBUYERS AND TRANSPLANTS LOOKING FOR A HOME AT A MORE AFFORDABLE PRICE POINT
TYLER DAVIS, OWNER + ASSOCIATE BROKER
435 Mail Cabin Drive LOT 69, List Price: $1,195,000
37% 18% 10%
CONDO + TOWNHOME
Similartotheresidentialmarket,bothtransactionsandvolumearedown55% forlandandranchproperties.Interestingly,theaveragesalepriceisup2%. Thesenumbersreflecttheoverallthemeofincongruitybetweenhighprices and high interest rates. The land may be overpriced to meet the current demandduetounsustainableappreciationratesthroughoutthePandemic. However,fromabroaderhistoricalpointofview,thelandinthevalleyisstill onastrongupwardtrajectory.
With266activelistings,thelandsupplyonlydecreasedby3%fromQ2of 2022.Thisstagnationininventorymirrorsthesteepdeclineintransaction numbers. Grand Targhee Resort announced an expansion plan earlier this yearthatwillstimulatetheeconomyandboostpopulationnumbers.Withan increaseintheprojecteddensity,theremaybeareturntohealthyabsorption ratesforlandparcelsgoingforward.
L A N D + R A N C H E S
Number of Sales 126 Avg. Sale Price 376,466 Active Listings 266
"THE TETON VALLEY MARKET PROVIDES A DIVERSE RANGE OF BUILDING SITE OPTIONS FROM VICTOR IN THE SOUTHERN END OF THE VALLEY TO TETONIA FARTHER NORTH – RURAL TO RESORT SETTINGS, SMALLER PARCELS TO 250+ ACRE RANCH LANDS, THERE CONTINUES TO BE OPTIONS FOR A WIDE RANGE OF BUYERS"
KELLY AKIN, ASSOCIATE BROKER
55% 2% 3%
12 Kearsley Lane, List Price: $250,000
INFO@KWJACKSONHOLECOM 270 W. PEARL #101 JACKSON, WY 83001 1 S. MAIN STREET DRIGGS, ID 83422 190 MAIN STREET THAYNE , WY , 83127 GLOBALLY CONNECTED. LOCALLY FOCUSED. @KELLERWILLIAMSJACKSONHOLE 307.201.5231