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.
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