Teton Valley, Idaho and Alta, Wyoming Real Estate

Victor, Idaho: Most Real Estate Activity in the Region

2009-09-18T12:19:00.000-07:00

There were more sales in Victor in August than anywhere else on the Teton MLS. Most of this activity was in Teton Springs. Not surprising since prices in Teton Springs have dropped to a point that might make any property owner in Victor sick to their stomach. Some of the higher end properties are priced below $100 per square foot, less than it would cost to build an inferior structure. It is great that these properties are moving so that the market can clear out the distressed and bank owned inventory that is taking value away from non-distressed properties in Teton Valley.

If you are a first time home buyer looking at buying property in Teton Valley now is the time to move. The $8,000 tax credit is going to expire December 1st, 2009 and interest rates remain low. Many people are speculating that the government will extend the tax credit or even expand it to encompass all home buyers but there is no guarantee that this will happen. Personally I think that they will not extend the tax credit and will also scale back other programs that have been instituted to stimulate the economy. The signal being that Bernanke has announced that the economy has stopped receding. This means to me that the Fed will probably start trying to reduce the deficit and stop spending stimulus money. This may be a political move since most of the American population is sick of doling out money to large corporations to keep them afloat.

Expect the 30 year conforming loans to creep us over the next year as the economy recovers and starts to grow. This will be mainly because the bond market will slowly start to recover. It is time to get off of the fence and take advantage of low interest rates and the Federal $8,000 Tax Credit before time runs out. Call me or email me if you would like more info (307) 690-3674 or zacharyksmith@gmail.com

Teton Springs

2009-07-21T21:00:00.000-07:00

According to the Teton Board of Realtors MLS there are 20 residential listings pending in Teton Springs. It seems that prices have finally come down to a point where banks and buyers can find an agreeable price. Most listings are in the Mountain Meadows subdivision, but there are a few that are in other parts of Teton Springs. If you have been sitting on the sidelines now is the time to get in on the action. Prices in the high-end subdivisions in Teton Valley are selling for around $100 per square foot one half to one third of the price that these houses cost to build. If you have questions please email me at zacharyksmith@gmail.com

April Real Estate Statistics For Teton Valley

2009-05-12T15:49:00.000-07:00

Hello Teton Valley,

Eleven properties were sold in Teton Valley in April. We are slowly seeing more transactions taking place in Teton Valley as prices come down. If you are a buyer now is a good time to start looking around at what is on the market. Prices are about what they were in 2005 and we should start to see more inventory moving as the summer progresses.

Buyers- There are many reasons to buy right now but the top three are...
-The federal government will give you an $8,000 tax break if you are a "first time home buyer". If you have owned a home in the past you may still qualify. Follow this link for more information on the tax credit.

-Mortgage rates have been hovering below 5%. These are great rates and most analysts prodict that these rates are as low as they are going to get. To check the current rates follow this link.

-Prices are low and the market is saturated. Many sellers are willing to negotiate right now since there are so many homes on the market. If you are planning on making an offer make sure that you use your own Realtor. It is always best to be represented. If you do not have an agent that you are working with email me and I would be happy to help you with your purchase in either Idaho or Wyoming tetonrealtor@gmail.com

Land Listings Sold in April

City	Listed Price	Sold Price	Total Acres	$ per Acre
Tetonia	$61,000	$56,000	1.82	$30,769
Tetonia	$350,000	Not Disclosed	.12	N/A
Alta	$425,000	Not Disclosed	4.12	N/A

Single Family Listings that Sold in April

City	Listed Price	Sold Price	Total Sq Ft	$ per Sq Ft
Victor	$210,000	$210,000	1325	$158
Victor	$216,000	$215,900	1410	$153
Driggs	$239,000	Not Disclosed	1320	N/A
Victor	$240,000	$225,500	1447	$156
Victor	$240,000	$235,000	1332	$176
Victor	$254,900	$240,000	1483	$162
Victor	$380,000	$338,000	3500	$97
Victor	$645,000	$562,500	1459	$386
Victor	$975,000	Not Disclosed	4377	N/A

No Condos or Townhouses Sold in April. However, there was a modular home that was listed and sold on a leased lot for $76,900.

A commercial lot also sold in Victor for $230,000. It was listed for $250,000. The total square footage was 1100 Sqft putting it at $209/Sqft.

Email me at tetonrealtor@gmail.com if you would like statistics for any area or neighborhood in Jackson Hole or Teton Valley. Thank you, have a great day.

March Stats (sorry they are late)

2009-05-12T15:12:00.000-07:00

Hello Teton Valley,

Ten total properties closed in March of 2009.

Land Listings Sold in March

City	Listed Price	Sold Price	Total Acres	$ per Acre
Driggs	$405,000	Not Disclosed	1	N/A
Tetonia	$199,000	$204,000	20	$10,200
Tetonia	$200,000	$200,000	20	$10,000

Condos and Townhouses that Sold in March

City	Listed Price	Sold Price	Total Sq Ft	$ per Sq Ft
Driggs	$200,000	$214,000	1537	$139
Driggs	$234,900	$209,000	1007	$208

Single Family Listings that Sold in March

City	Listed Price	Sold Price	Total Sq Ft	$ per Sq Ft
Driggs	$239,900	$230,000	2303	$100
Driggs	$250,000	$213,500	1900	$112
Victor	$269,000	$269,000	2000	$136
Victor	$375,000	$330,000	3136	$105
Driggs	$1,175,000	$1,175,000	2743	$428

As we see closings in Teton Springs, especially the REO (Bank Owned) Properties, I think that we will see more buyers come out of the woodwork and make offers. Buyers right now are scared to make the decision to be the first one to make an offer on a property. The bottom of the market is dropping lower than most analysts expected nationally and buyers are in no hurry to jump into the market place. Once buyers think that the prices are as low as they can possibly go some will buy up the really cheap properties and buyers as a whole will become more confident and jump into the game.

Now is the time to list and get your property out there if you need to sell. If you are able to hold onto your property don't bother listing your property until next summer. Prices will float around what it would cost to build that property until much of this inventory in Teton Valley is Sold.

Email me if you would like specific real estate statisics for your neighborhood or any part of Teton Valley or Jackson Hole. Thank you for reading.

February Real Estate Statistics for Teton Valley, Idaho

2009-03-03T08:37:00.000-08:00

Hello Teton Valley,

Five properties sold on the MLS in February. One twin home and one condo were the only single family sales. Three parcels sold (all of them in Teton Springs). The details of each property follow...

Land Listings that Sold in February (Teton Valley, Idaho and Alta, Wyoming)

City	Listed Price	Sold Price	Total Acres	$ per Acre
Victor	$125,000	$117,500	.5	$235,000
Victor	$125,000	$117,500	.5	$235,000
Victor	$450,000	$380,000	1.75	$217,143

Single Family Listings that Sold in February

City	Listed Price	Sold Price	Total Sq Ft	$ per Sq Ft
Driggs	$249,000	Not Reported	1382	Not Known
Driggs	$295,000	$265,957	1037	$256/sqft

The total amount of pending listings in Teton Valley, Idaho and Alta, Wyoming as of March 3, 2009...

35 properties

*Some information above is derived from the Teton County MLS system and represents information as submitted by all Teton County MLS Members for Teton County, Wyoming and Teton County, Idaho and is deemed to be accurate but is not guaranteed.

Now is a Time to Act

2009-02-25T08:43:00.000-08:00

Statistics for Teton Valley

Statistic	2/25/09
Lots Listed	1027
Single Family Listed	326
Townhouses Listed	54
Condos Listed	52
Commercial Listed	103
Total Units Listed	1562
Total Units Sold YTD	10

Use a Buyers' Agent When Purchasing Real Estate

Many people do not know that they can use a Realtor® as a buying agent at no additional cost to them. It is important to be represented, especially in the current market where there are many distressed sellers and buyers looking for rock bottom prices. The best decision that you can make is to select a Realtor® that is looking out for your interests exclusively. This means that you should contact a Realtor® that is not the listing agent in order to be represented properly. Hiring a Realtor® as a buyers' agent costs you nothing and could save you many headaches and money having an advocate working for you exclusively. If you have questions about the process of buying a home or need a Realtor to represent you email me at TetonRealtor@gmail.com

We are starting to see more activity as we approach Spring. If you are looking to buy a home or property in Teton Valley now is the time to start looking around. Prices are low and some sellers are willing to negotiate. If you have been thinking about buying property now is the time to act. Ten properties have sold so far this year and 39 are under contract right now which could be an indication that we are going to see a lot more activity in the coming months. If you are working with a Realtor® call them and have them set up some appointments for houses that you might be interested in. If you are not currently working with a Realtor® as a buyers' agent email me at TetonRealtor@gmail.com and I would be happy to set up some showings for you.

February Heating Up

2009-02-24T11:01:00.000-08:00

We are seeing quite a few pending listings right now in Teton Valley, Idaho. There are 39 total properties that are pending. Of these 7 are condos or townhouses, 12 are single family homes, 18 are lots, and 2 are commercial properties.

Sold listings for February so far... (0)

It looks like Spring will bring more activity than we have seen all Winter.

If you would like specific statistics for your neighborhood email me at TetonRealtor@gmail.com

January, 2009 Report

2009-02-03T15:08:00.000-08:00

Statistics for Sold Single Family Properties in Teton Valley for the Month of January, 2009

Listing Price	Sold Price	City	Total Sq. Ft.	Acres	Year Built	Total Beds	Total Baths	Days on Market
219000		Victor	1288	0.22	2008	3	2	239
335000		Victor	2000	0.37	2008	3	2	294
325000	295000	Driggs	1400	3.32	2005	1	1	136
250000		Driggs	1456	1	2008	3	2	83
399900	367900	Driggs	2908	0.65	1998	3	4	77
2100000	1740000	Driggs	3717	2	1982	6	7	102
619599	530000	Tetonia	2725	2.5	2005	3	2	204
219000	197000	Tetonia	1670	2.5	1998	4	2	119

No Land or Commercial Real Estate in Teton Valley was reported as Sold to the Teton MLS for the Month of January, 2009

Some information above is derived from the Teton County MLS system and represents information as submitted by all Teton County MLS Members and is deemed to be accurate but is not guaranteed.

Happy 2009!

2009-01-07T13:17:00.000-08:00

Hello Teton Valley,

Real estate values in Teton Valley receded dramatically in 2008. In such a volatile market it is difficult to know just where real estate values in Teton Valley stand. I created this blog to provide you with better information about the Teton Valley real estate market so that you may make a more informed decision when buying real estate or listing your property. This blog includes different statistics, graphs, and analyses to provide you with current information from the Teton Valley Real Estate Market. If you are considering buying or selling real estate in Teton Valley or Jackson Hole please don't hesitate to contact me at tetonrealtor@gmail.com and I will provide you more specific statistics from your area of interest.

Values vs. Prices

When looking at the median and average prices of real estate below you would be correct to make the conclusion that property prices have risen not receded over the past year. However, I would argue that real estate values have receded in the past year. I am making this conclusion based on the number of units listed compared to the number sold in 2007 and 2008. It seems that most sellers are unwilling to drop their prices and buyers are unwilling to buy at the current prices. As a result the real estate market is in a stale mate.

Descrepancies in the Data

Any sold prices that were reported to the Teton County MLS as "0" have been left out of the sold data sets, these properties were left in the listing price data sets. This means that the average and median sold prices will be reported higher than complete sold price data sets would reveal. This discrepancy is due to the fact that both Idaho and Wyoming are nondisclosure states so sellers are not obligated to report what price their property sold for.

What to Look For

This dilemma is creating a communication breakdown in the market. Developers and land holders that own multiple properties have a lot to lose if a property is reported at a low selling price in the communities and neighborhoods where they own parcels. One could determine that those sellers that can afford to wait to sell their properties will remove their properties from the market as prices fall. Others may drive listing prices down as they become more desperate to sell.

Pricing Your Property

When pricing your property you need to determine what your competition is by comparing prices of other properties that are similar to yours and price yourself below those properties in order to get showings.

Deals are Made Not Found

When looking for a property to purchase you need to look at all possibilities even if they are out of your price range and make an offer on the property that best fits your needs. Do not be scared off by what looks like an over-priced property. Many sellers in this market have a "if someone wants to offer less they will, but no one will offer more" attitude toward selling. Can you blame anyone for wanting more out of their property? Of course not. The only way to buy a property at the price that you are willing to pay is to make an offer. In this market deals are not found they are made.

Statistics for Teton Valley Real Estate

Teton Valley Single Family (Alta, Wyoming; Driggs, Idaho; Victor, Idaho; Tetonia, Idaho)

Statistic	1/1/08-12/31/08	1/1/07-12/31/07
Median Listing Price	$389,000	$359,000
Median Sold Price	$367,500	$345,000
Average Listing Price	$551,222	$465,592
Average Sold Price	$493,051	$454,914
Average Days on Market	202 Days	181 Days
Total Units Sold	105 Units	181 Units
Price Per Square Foot (median $/median sqft)	$191/sqft	$177/sqft

Click on the Graph or Data to Enlarge

*Some information above is derived from the Teton County MLS system and represents information as submitted by all Teton County MLS Members for Teton County, Wyoming and Teton County, Idaho and is deemed to be accurate but is not guaranteed.

Teton Valley Condos and Townhouses (Alta, Wyoming; Driggs, Idaho; Victor, Idaho; Tetonia, Idaho)

Statistic	1/1/08-12/31/08	1/1/07-12/31/07
Median Listing Price	$249,000	$249,500
Median Sold Price	$288,000	$250,000
Average Listing Price	$309,286	$281,181
Average Sold Price	$310,223	$279,814
Average Days on Market	349 Days	288 Days
Total Units Sold	35 Units	95 Units
Price Per Square Foot (median $/median sqft)	$220/sqft	$171/sqft

Click on the Graph or Data to Enlarge

Teton Valley Land (Alta, Wyoming; Driggs, Idaho; Victor, Idaho; Tetonia, Idaho)

Statistic	1/1/08-12/31/08	1/1/07-12/31/07
Median Listing Price	$175,000	$170,000
Median Sold Price	$180,500	$160,000
Average Listing Price	$252,216	$270,390
Average Sold Price	$239,703	$251,725
Average Days on Market	259 Days	207 Days
Total Units Sold	99 Units	623 Units
Price Per Acre (avg $/avg acreage)	$88,612/acre	$70,621/acre

Click on the Graph or Data to Enlarge