With interest rates continuing to rise, many home shoppers seem to be waiting for a market change to reflect the impacts of the rising rates. The market in general, however, continues to outpace expectations, though some sectors of the market are indicating a slowdown as anticipated by those most impacted. Lending volume is down 38% from this time last year and a dollar volume is also down, approximately 31% for the Teton County, Idaho Market. The residential Market as a whole saw an increase of approximately 8% in average sales price numbers, though homes 2500 square feet or less saw an increase of less than 4%, potentially a telling statistic despite continued increases, likely a result of lacking supply. From January 1st through August 14th 2022 the Teton Valley Market saw 192 residential sales, while year-to-date activity has produced only 131 sales, an interesting metric.
Land sales and average sales prices have both decreased. 2022 saw 303 sales from Jan - August, with only 154 YTD 2023. Average sales prices also reduced from 313,233 in 2022 to 281,634 in 2023 - though various factors and high dollar individual sales often skew these data points.
Date of report: 8/14/2023
Source: Teton Board of Realtors