As we move through March, the market is starting to accumulate data shedding light on 2024 and how the year is beginning to shape itself compared with the year prior. Here are some highlights:

Residential Highlights
- The average sales price for residential (while still over 1m), hovers at just under 1.025m, yet over 10% lower than the year-end number from 2023.
- Similar to the average sales price numbers, the median sales price is down as well, currently at $699,000 compared with $815,000 in 2023.
- Data is still somewhat limited with low inventory. Only 29 residential sales have occurred so far to date in 2023. This is likely contributing to a higher sales price to list price ratio at over 97% compared with the asking price.

Land Highlights
- Unlike the residential side, the average land sale price to date ($343k) exceeds the year-end 2023 number by a small margin. This is likely attributed to a surge in pricing for Teton view parcels, mostly a result of extremely limited inventory.
- Similarly, the median sales price is up even more significantly than the average numbers compared with 2023 by about 4%, currently hovering around $226,000.
- Much like the residential market, the sales to list price ratio is at about 96.5%, up compared with 2023, and is mostly a result of low inventory.

With low inventory remaining a consistent theme for both the residential and land market, there does appear to be some temporary relief in sight with a handful of new construction products coming to market from modest to luxury, largely expected to yield listings in the 1m to 2m range. Condos and townhouses remain plentiful (relatively speaking) and the land market usually yields its highest number of new listings in the months of June and July. Many potential buyers and customers are patiently waiting for new opportunities. Our advice for those watching, particularly on the land side, is to act quickly when the right opportunity arises.