The number of single-family homes sales skyrocketed to the highest level since the height of our market in 2007, and the first nine months of this year come in at the third highest number of home sales in history. Our market is also experiencing the highest average and median home sale prices in the valley’s history (see Single Family Home).
Inventory Still Controlling Market: 2018 marks the reversal of dwindling sales in our valley for the last five years. The overall numbers of sales are up 12%, home sales are up 42%, and condo/townhome sales are up 8%. The only segment of the market where the number of sales has not increased is single-family vacant land, where the number of sales dropped to a seven-year low.
For the past 10 years, we have watched available inventory shrink from an average of 800 listings at the end of 2008 — the beginning of The Great Recession — to an average of only 325 in 2018, with an all-time low of 267 this spring. At the same time in 2008, the number of sales had just fallen 53% in one year. Since then, the number of sales has been on a slow recovery, but is still about 30% less than 2007.
While the number of overall sales has been slow to recover, the average and median listing and sale prices are breaking records in both home and condo/townhome sales. The only segment yet to show signs of recovery is residential vacant land. To the right is a chart depicting the effects of low inventory versus average and median list prices for single-family homes.
Bargain Shoppers: While the upper end of the residential vacant land market ($3+ million) is taking off again (sales up 367%), and the segment below $500,000 is almost non-existent, the $500,000 to $1 million segment is saturated with inventory — particularly north of Jackson to Moose. There are currently 43 lots listed in this price range, many listed at pre-recession prices. To learn more about this segment please contact us at 307-690-4004 or firstname.lastname@example.org.
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*While other local Real Estate Brokerages attempt to report on the local real estate market, we are the only Realtors who track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, call us 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 2018 compared to sales in 2017. *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. *The word “Overall” in this newsletter refers to all sales in Teton County combined (homes, lots, condos, commercial and ranch). *Alta, Wyoming is not included in this report. *The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.