Teton Valley Real Estate Market Report: July 10, 2023
Summer real estate sales are heating up in Teton Valley, Idaho. New listing inventory is on track to outpace the Winter season and sales are happening despite the rising interest rates that have softened other national markets.
Land
The building site inventory is above the past 4 years, with 242 active listings. Over 120 land sales have recorded since the beginning of 2023, with average days on market (ADOM) 150 days and an average sale price of over $245,000. The sale price to list price ratio is 95%, indicating that sellers are not negotiating much.
Residential
Residential inventory remains low and is mostly supported by condo and townhouse listings. There are 126 residential listings at the time of this writing, and 102 sales since the beginning of the year. The average days on market is 139, and the average sales price still rises over $1,000,000 at $1,150,000. Sales to list price ratios are even stronger than the land market, another sign of a robust Summer ahead, at 97%. The median sales price for the first half of 2023 sits at $825,000 and $479 per square foot, which includes the land.
Information is deemed to be reliable, but is not guaranteed. © 2023 MLS and FBS. Prepared by Tom Bivins on Tuesday, July 11, 2023 2:34 PM.
Be a Patient and Disciplined Investor
Of course, there will be bumps along the road. Interest rates could rise further, and the market could cool off temporarily. However, I believe that the long-term fundamentals of the Teton Valley real estate market are strong. If you are patient and disciplined, you will be rewarded for your investment.