Single Family Homes

SECOND QUARTER 2017

Demand for single-family homes continues to grow, yet sales are only up 2% so far in 2016.  Following suit, the average and median sale prices increased 4% and 5% respectively.  The slight increase in sales reflects the dearth of homes listed for under $1 million; as of July 1, only 34 homes were listed for sale under $1 million valley-wide.  NOTE: In the first six months of 2016, 35% of all home sales were under $1 million, down 18% from last July.  Properly priced listings in this segment continue to receive multiple offers.  The selling strategy is simple: To spark immediate interest, work with your Realtor to effectively price your property according to current market values.

Single-family homes under contract are up 3%, yet the dollar volume decreased 53%.  Following suit, the average list price decreased 54% when compared to mid-year 2015.  With the lack of available inventory under $1 million, the above $1 million segment is now the most active in the valley, with 56% of the homes under contract being listed above $1 million.

The upper-end of the single-family home market has improved in all segments with 73 home sales more than $1 million (up 18%).  The $3-plus million segment experienced the greatest increase in sales, up 43% when compared to mid-year 2015 (although only two sales have been logged over $10 million).  Upon closer inspection, 43% of the available inventory over $1 million has been on the market for more than one year, and 26% for two-plus years.  This long tenure on the market suggests that some of the million-plus home inventory is overpriced for the current market.  NOTE: 42% of homes listed for over $1 million are more than 20 years-old, with only 8 out of the 136 available built within the last five years.

The inventory of listed homes decreased by 12% to 170 listings, with only 34 (20%) listed for less than $1 million. In contrast, the average and median sale prices rose by 11% and 3% respectively.  NOTE: The 2016 average and median list prices rank the second highest ever, with an average list price of $3.65 million and a median list price of $2.25 million.  Many locals are struggling to find well-priced single-family homes listed for under $750,000; only 5 such properties are currently on the market—down 71% from 2015.  If you are looking for a home within this price range, be prepared to act quickly as inventory is scarce.  And, if the property is well-priced and well-maintained, it will sell in a flash.  TIP: Talk to your Realtor about getting a pre-qualification letter from your local lender so that when you are ready to make an offer on a competitive property, you can submit this letter to the seller and demonstrate your financial ability to secure a loan and close on the property.  We have seen this letter be the defining factor in securing the winning bid.

Currently, the least expensive single-family home sits 12 miles south of Wilson, is listed for $545,000.  The 2.24-acre property features a 584 sq. ft. studio-style log cabin built in 1982 with one bathroom.                              

The most expensive home, located north of Jackson, is listed for $28 million.  The main home, built in 1993, spans 11,500 sq. ft. with four bedrooms and five baths.  The 40-acres property offers almost a mile of trout-filled spring creeks and a private golf course facing the Tetons. 

*While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction.  Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call Devon and David today. “We are the Experts”.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
*All statistics quoted in this newsletter are based on sales in 2017 compared to sales in 2016.
*Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.
*Average sale price is the total combined dollar volume divided by the number of sales.
*In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, ranch), minus Alta.
*The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.

© Copyright 1995 – 2017 by David E. Viehman and Devon Viehman.  All rights reserved.  No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.