Q3-2017 Teton Valley Real Estate Market Update

Q3-2017 Teton Valley Real Estate Market Update

A busy summer and fall in Teton Valley

The transition from summer into fall was marked by the spectacular Solar Eclipse; darkness fell over the Tetons in late morning, lasting nearly two full minutes. The lighting before and after appeared hazy and the air chilled. The general sentiment rang out: The Total Eclipse was more amazing than anyone could have predicted (except of course for those “eclipse chasers” in our midst.)  It was a busy summer in our valley surrounding the eclipse! With snow in the higher elevations, most of us are digging out winter apparel and dreaming of skiing and skating again. Grand Targhee is set to open on November 17, and the Kotler Ice Arena is slated to open on November 11.

Teton Valley Real Estate Market Update

The Teton Valley Real Estate market witnessed another positive quarter of growth. Total dollar volume sold in Teton Valley, ID and Alta, WY increased from $69,871,374 of 2016 to $87,053,050 year to date in 2017 (a strong 25% increase). The total number of units sold stayed relatively the same; 305 ytd in 2016 compared to 319 ytd in 2017. As a result, the average prices of built units increased (single-family, townhomes and condominiums).

Single Family Residential Market

The Single-Family Residential Market had a strong summer. The total dollar volume sold in Residential increased by 30% ($45,739,844 ytd in 2016 to $59,601,520  ytd in 2017). The total number of homes sold increased from 116 in 2016, to 138 in 2017 (an 18% increase). Currently, the average home sale price is $432,000. With a limited inventory of homes and increasing building prices, Grand Targhee Realty expects the single-family market to continue to show increasing values.

Townhome and Condominium Market

The townhome and condominium market also grew robustly. The total dollar volume sold increased year to date from $6,678,000 in 2016, to $7,821,400 in 2017. With total units sold staying relatively the same we noticed the average price per unit increased from $222,000 in 2016, to $252,000 in 2017 (a 13% increase).

Single Family Lot Market

The single-family lot market continues to thrive. Currently the average price per lot in our valley is $86,000, up slightly from year to date in 2016. With 39 new building permits for residences in the 3rd quarter, it is clear that Buyer’s are also opting to buy their dream spot and build with our limited inventory of homes.

Please call for a complete inventory of the properties in Teton Valley. We can easily provide a Broker Price Opinion if you are considering the sale of your property. If you are thinking of pursuing a Teton Valley sale or investment acquisition, we look forward to working with you.

Grand Targhee Realty