DRIGGS, Idaho — Sotheby’s quarter three real estate market report is out and although the 2021 summer was record breaking, the Teton Valley real estate market has kept a relative pace this year despite increasing inventory and rising mortgage rates.

Year-to-date transactions on the “quiet side of the Tetons” are down 32.9%, or 611 sales this year compared to 910 closings for the same period in 2021, but dollar volume has only slipped a modest 13.1%. 2021 saw $459.6 million in sales while this year is at $399.6 million.

September was the second busiest month of 2022, with 63 transactions accounting for $52.8 million in dollar volume. March of 2022 had the highest month of sales at $59.7 million.

Land

Like the overall market, transactions have lost steam for the last nine months, yet six out of ten transactions in Alta, Wyoming and Teton Valley, Idaho involve raw land. The average sale price for undeveloped property grew 20.3% by the end of Q3; $412,455 for this year vs. $342,873 last year.

More properties are on the market, compared to 2021. Active listings on the market are up 15.3% from 268 parcels last year to 309 parcels for sale this year.

Condos

In an otherwise downward-trending market in Q3 2022, condos and townhomes in Teton Valley were the lone statistical outlier. Both transactions and complementing dollar volume enjoyed year-over-year increases of 39% and 107.9% respectively.

eighty-two transactions have been completed thus far in 2022. Fourty six of those sales occured in the new neighborhoods of Moraine Square and Valley Centre.

Single family homes

For single family homes, the average home price in Teton Valley increased 14.4% in the last 12 months to $1.24 million. Just two years ago, the average home price in the valley was $708,000. The number of homes for sale incresed significantly in 2022 compared to 2021. On October 1, 2021, only 47 homes were on the market. In just one year the number has grown 145% to 115 homes for sale.

For example, a 5-bedroom, 5-bath newly constructed 2,400 sq.ft. home in Driggs on 2.5 acres sold for $1.05 million in 2022.

n 2019, only 15 homes sold for more than $1 million. By the end of September, 2022, 71 homes of $1 million or more had closed.

The full report is available here.