While the first of this two week period had no closings, the second week followed with 5 sales.

Victor has been seeing the majority of recent sales and came in with 4 more sold homes over the course of last week. These homes sold for a combined average price of $189,355.   Additionally a Driggs townhouse closed for $185,000.

Sage Realty Group was proud to have the listing side of 3 of the 5 closings this week.  Keep us in mind if you’re thinking about listing your home and taking advantage of the current real estate market this summer.

The past few weeks of April saw 13 properties close in Teton Valley.

Sales included 9 homes with the average sales price of $240,000. Victor, ID saw the majority of sales with 6 of the homes located in that area. A townhouse sold in Driggs for $170,000, while a condo in Victor closed for $245,000.

Additionally land saw 2 sales in the Driggs area for an average price of $29,450.

Buyers have been quick to make offers on new, well-priced listings, signaling that prices may well go up as the local market picks up steam and begins to turn around.

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.

Market News:

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.

Home Sales
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.

Land 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.

Seven properties sold in the last week of April.

Three homes closed in Teton Valley last week. Two were in Victor and the third was in Tetonia. The average price for these homes was on the higher end at $404,000. Additionally a condo closed in Victor for $48,500.

Building sites also saw some action with three sales. Two lots sold in the Victor area for $22,500 and a third sold in Driggs for $42,000.

With only 138 homes currently on the market, a 39% drop from last year at this time, choice properties are sure to see more action in the coming months. As these sell, a steady demand for homes could push prices up, marking a turn in the local real estate market.

This week saw 5 closings in total.

Two homes sold, one in Alta, WY and another in the Driggs, ID area. The average price of the homes sold was $162,500. Additionally a townhouse int eh Drigggs area sold for $225,000.

Two building sites also sold in the Victor, ID area. These lots sold for an average price of $20,300.

A week without sales was followed by a total of 10 closings.

Residential sales included a Driggs, ID condo for $115,000 and five homes. Of the residential homes sold, 2 were sold in the Victor, ID area for an average price of $203,000, the other 3 homes were scattered throughout the Driggs and Tetonia area. The average price for all the homes sold was $227,940.

Total residential listings are down 39% from the same period last year for a total of 179 currently on the market.

A commercial property sold in Driggs, ID for $321,000. There are currently 35 commercial properties listed in Teton Valley.

Additionally, three lots sold last week.  One lot was located in Victor, while the other 2 were in the Driggs area.  Average price for the lots sold was $45,000.

While the number of lots listed is down 10%, there are still 379 lots currently available in Teton Valley.

Four properties closed in Teton Valley over the last week.

Two were homes in Driggs and along the West Side of the valley.  The average price for the homes sold was $140,750.

Additionally a lot sold in the Victor, ID area for $23,000.

Lastly, a commercial property sold in the Driggs area for $58,000.

Spring is on the horizon and there are a lot less properties on the market, making it more likely that listed properties might move faster this summer.

If you are thinking about listing your property, please contact Sage Realty Group for a FREE comparative Market Analysis that will provide you with the current market value of your home or land.

Twelve properties  in Teton Valley, ID have sold over the last 3 weeks of February.

Eight of the properties were single family homes and two were townhouses. Five of the homes sold were located in the Victor area, one in Driggs, and two in Tetonia, ID. The average price for the homes sold was $222,774. Both town homes were located in Driggs and sold for an average price of $116,250.

Additionally, two lots sold for an average price of $22,875. The lots were located in the Victor and Driggs areas.