**Residential**
Despite increasing interest rates, the average sales price YTD in 2023 has exceeded the average sales price in 2022 by nearly $100,000. The gap between median sales prices was closer at $766,000 in 2022 and $805,000 in 2023. The increases were likely driven by a lack of supply, which in turn was driven in part by construction costs which remain high. Sales price to listing price ratios did decrease in 2023 as a common theme seemed to be tougher negotiations with fewer multiple offer scenarios driving up sales prices. Absorption also changed in 2023 with listing days on market increasing for the year.
The greatest shift in supply seemed to be the condo and townhouse sector with many projects coming to completion in the 2023 year. Despite the increase in supply, sales are down for the 2023 year with 58 condo and townhouse transactions closed to date, and 90 sales for the 2022 year.
As expected, lending volume is down across the board, especially with refinances.
**Land**
Current inventory at the time of writing for building sites throughout the Teton Valley and Alta, WY sits at 187 listings. This seems to be on par with the last several years, virtually unchanged from our last year-end market report. Transaction volume is way down compared with the year prior, with 278 sales to date compared with 422 sales in 2022. The average sales price for land in 2022 was just over $325,000. Once again, the sales data comparison remains consistent in 2023 with the average sales price hovering just over $322,000, YTD. Comments "around the office" have been mostly related to the noteworthy lack of supply with respect to Teton view parcels.
The number of building permits filed in Teton County has not yet been totaled, but appears to be fewer than were filed in 2022.