DRIGGS, Ida. — After two years of unprecedented growth, it might be time to rethink Teton Valley’s “Quiet Side of the Tetons” moniker.
Hindered by a shortage of listings for sale, the Teton Valley, Idaho and Alta, Wyoming market saw a 27% decline in transactions for Q1 2022 (214 sales in 2022 vs. 293 sales for the same period last year). At the same time, however, the market managed to outperform the first three months of 2021 in dollar volume by posting $118.2M in sales for Q1 2022 (or a 24.3% increase year over year).
This is in part because transactions got more expensive and more sales fell in the upper end of the market. While listings greater than $1M only accounted for 11.2% of all transactions (or 24 sales out of a total of 214), the greater-than-$1M market segment generated 42.5% of the overall dollar volume for the last three months.
Condo and townhomes also stood out as a statistical outlier in the first quarter. Year-over-year transactions were up 118.8% (or 35 so far compared to 16 in the same period last year). Dollar volume in both Victor and Driggs also rose substantially, due in part to the success of the new Moraine Square development in Driggs (where 15 units sold in the first quarter).
Vacant land sales, however, continue to define the Teton Valley market. While transactions dipped 36.5% in Q1 (134 transactions versus 211 last year), the complementing dollar volume rose 10.4%, to $49.7 million.
Read the full report here.
