This week there was a lot sale in the Victor area for $24,500 and a residential sale in the Tetonia area for $90,000.

Six property sales were recorded this week. Four of these sales centered around lots in Calico Sky in Driggs, ID, one was a lot in Driggs proper and the last was a 235 acre parcel South of Driggs.

This week one condo sold in Victor, ID for $45,000.  Additionally, one home in Victor and 2 homes in Driggs, Idaho sold as well.  Average sales price for the 3 homes sold in Teton Valley this week was $188,000.

This week in Teton Valley real estate two homes sold in Driggs, ID.  Additionally, a condo in the Victor area sold.

In market news, Teton Valley saw a 13% increase in the number of properties sold in the 4^th quarter of 2011 compared to the same quarter of 2010. The same comparison shows a 13% decline in total dollar volume and a 23% decline in the average sales price of area properties. 2011 saw a 21% increase in the number of properties sold over those sold in 2010 and a 12% decrease in the average sales price for properties.

It’s no surprise that a higher number of sales brought in lower dollar amounts when you consider that 40 of the 78 sales during the 4^th quarter were either short sales or REO’s (real estate owned by banks).  In both instances, owners and banks desire to move a property quickly at its appraised value. Over time, appraised values have decreased valley-wide as properties have been pushed through at lower sales prices to meet bank quotas and financial deadlines.  In order to appraise a property, appraisers must use sold comparisons that match the subject property’s profile to define its value. When documented sale prices are low, so then are appraised values. Thus continues the vicious cycle that has driven market values down.

Forty-one homes under $300,000 sold in the 4^th quarter, a 37% increase over the same time period last year.  The total dollar volume for these sales was down 9% when compared to Q4 2010, while the average sales price fell 34% to $121,894. Of these sales, 66% were short sales or REO homes.

Overall 2011 saw a 50% increase in the number of homes sold under $300,000 when compared with 2010. Total dollar volume over the year for homes in this price range was up 16%, while the average sales price came down 23% to rest at $145,000. A total of 69% of sales in this price range in 2011 were short sales or REO’s.

Lots saw a modest 2% increase in the number sold in 2011 when compared with 2010.  Total dollar volume and average sales price were down 6%, leaving the average sales price for a lot in 2011 at $81,000 for the 54 lots that sold.

If your new year’s resolution included spending more time in the Tetons, now could be the time to buy.  Prices are down, interest rates are low and good values abound.

History of Home Sales

History of Lot Sales

For more information on Teton Valley’s current market, please visit our on-line market report.

One building site sold in Alta, WY this week. The lot sold for $115,000.

Five properties sold in Teton Valley this week.

A 3 bedroom condo in Teton Creek Resort sold for $160,000 in the Driggs area. Four single family residences sold throughout Teton Valley, including Alta, WY. The average sales price of these 4 homes was $189,875, with the top sale being the Alta property at $415,000 and the low sale being for $46,500 in Driggs.