The valley snow has melted and is working its way towards green grass. Sandhill cranes, blue herons, hawks, song birds, geese and swans have all landed to declare it spring in the Tetons.
While Grand Targhee closed this weekend, they will re-open lift access for hikers and bikers in June 14th. Addtionally, they will be hosting 3 great music festivals this summer.
Music on Main has another terrific line-up this summer. These free concerts begin June 27 and run every Thursday night in Victor, ID for 7 weeks. Enjoy good music with the great community of Teton Valley.
The 1st quarter of 2013 saw a 7% increase in the total number of Teton Valley properties sold, a 25% rise in their average sales price, and a 23% gain in total sales dollar volume when compared with Q1-2012. The most notable development in the Teton Valley real estate market, is the dramatic reduction of inventory. The total inventory of properties listed for sale is down 18%, and homes priced under $300K are down 38% from Q1-2012.
The residential market is showing promising signs of recovery with steady demand shown in the number of homes sold, which was down only 2% in Q1-2013 from Q1-2012. Consistent demand, combined with a 29% reduction of residential inventory when compared to the same period last year, may help account for the 43% rise in average sales price this quarter to $245,000. Sold dollar volume also rose 36%. Short sales and REO’s (bank-owned real estate) made up 12% of the homes listed for sale and 20% of the 46 homes sold this quarter.
While the number of homes sold under $300,000 during the 1st quarter fell 12% from Q1-2012, their average sales price rose 12% to $146,000. This section of the market also saw the most dramatic reduction of inventory with a 38% decline in listed properties. Additionally, only 15% of the homes listed in this price range are either REO’s or short sales.
Sales of building sites were up 32% in the 1st quarter, with the average price of lots falling 29% to $81,000 this quarter when compared with Q1-2012. While the decline in the average price of lots sounds high, there were only 25 lots that sold this quarter, and the make up of the sold properties’ acreage can have a big impact on the average. There are currently 440 building sites on the market with 4% of these being listed as either a short sale or REO’s. Of the 25 lots sold this quarter, only one was bank-owned.
With low interest rates, diminishing inventories and fewer distressed properties coming onto the market, it looks as if 2013 will set the stage for recovery in the housing market. Demand is sure to grow as the best properties in an already limited market go under contract first. With higher demand and a limited supply of homes, market prices will likely rise over the coming months. Take advantage of spring, follow the birds and make your home in Teton Valley before prices fly north!
For more information on Teton Valley’s current market and listings, please call or visit our March Market Report.