Teton Valley Real Estate Market Update
The Teton Valley Real Estate Market had a strong first quarter of 2017 consequently we saw increasing values in various areas of our market. Spring is arriving in Teton Valley with the snow line moving up the mountains to higher elevations. Grand Targhee Resort had a successful year reporting 508” of snow. The Resort will be re-opening on June 16th for the summer.
Residential Real Estate
Teton Valley Real Estate values saw another strong quarter showing increasing values and decreased days on market. Total dollar volume sold in Teton Valley, ID and Alta, WY increased by 35% (when comparing the First Quarter of 2016 to 2017). Most noteworthy is our healthy Single Family Residential Market. The total dollar volume sold in Residential homes increased by 81% and the total number of units sold increased by 78%. Clearly this signifies that Single Family Homes are in high demand in our mountain community. Currently, the average sale price is $407,000. If you are thinking of selling your home, now is a perfect time to put your home on the market.
Townhomes and Condominiums
The townhome and condominium market is strong and showing increasing values as well. The total units sold stayed the same; which was probably more of a function of a lack of supply than lack of demand. The increase in values is demonstrated in the average price per unit at $236,000 in Q1 of 2016 versus $265,000 in Q1 of 2017 (12% increase in value).
We continue to see a strong lot market with the lack of homes pushing purchasers to opt to build a custom home. As a result, in March alone, Teton County, Idaho saw 10 building permits for single family homes or additions. There are still many great homesites to purchase for building or investing in our gorgeous valley.
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.