Q3-2016 Teton Valley Market Update

Q3-2016 Teton Valley Market Update

We are catching the last glimpses of fall here in Teton Valley. With the aspen trees changing colors and the snow in the upper elevations, the scenery is hard to beat. The snow started to fall on October 3rd with 30 inches reported up at Grand Targhee Resort. The new Blackfoot Towers-chairlifts, are being put up, which will provide much faster access to powder skiing and groomed trails on the north end of the Resort. Grand Targhee is also home to the only Powder Cat Skiing in Wyoming.

Fall is traditionally one of our busiest seasons for sales and closings; however this one has been markedly more active. In looking at total dollar volume of sales (in all sectors) this quarter compared to the third quarter in 2015, we are up 4%. In the residential sector, we are up 10% for volume sold with the average price per home now climbing to $394,000 (was $371,000 in Q3 of 2015, thus a 6% increase). One of the most dramatic increases in value was in our Condominium Market. The total number of units sold is comparable, but price they sold for is not! The average sale price in Q3 of 2015 was $71,000, and the average sale price in Quarter 3 was $206,000.

As expected with the climbing average home price, we are seeing the total number and total dollar volume of vacant lot sales and land increase. We are up 16% in total number of vacant lots sold year to date from 2015, and the total dollar volume sold is up 14% year to date. With the total number of sales increasing, the average sale price stayed about the same. Land (properties not within a subdivision) also saw significant growth. We saw a 38% increase in total number of sales and 14% increase in total dollar volume year to date from 2015 to 2016.

Fall and winter can be a great time to purchase property as Sellers do not want to hold through the winter months. Please call for a complete inventory of the properties that Teton Valley has to offer. We can easily provide a Broker Price Opinion if you are considering the sale of your property.

Mark your calendars: Grand Targhee Resorts opening day is November 18th!

Andrea Loban, Broker

Grand Targhee Realty