Friday, September 18, 2009
Victor, Idaho: Most Real Estate Activity in the Region
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
Tuesday, July 21, 2009
Teton Springs
Tuesday, May 12, 2009
April Real Estate Statistics For 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)
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.
Tuesday, March 3, 2009
February Real Estate Statistics for Teton Valley, Idaho
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.
Wednesday, February 25, 2009
Now is a Time to Act
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.
Tuesday, February 24, 2009
February Heating Up
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
Tuesday, February 3, 2009
January, 2009 Report
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.
Wednesday, January 7, 2009
Happy 2009!
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
*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 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
*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.