Market Update – Mid-March 2015

Sales Volume and Prices Increase in Upper Value Range For Homes and Across All Price Ranges for Vacant Land –Inventory Shortage Curtails Activity in the Lower-End Market

The first quarter of 2015 is on track to have an approximate 30% increase in sales volume when compared to data from the previous year.  Observing sales data through the middle of March, it is noted that the number of sales (homes and building sites in Teton County east of the Teton Range) has increased from 74 in number at this time last year to 94 in 2015. The combination of this trend and an over 23% increase in the average price of the aggregated data combined for an increase in the dollar volume of sales of 34.81%. The upper end or “Resort” segment of the market was chiefly responsible for these trends as upward price pressure from a constriction in inventory has somewhat stagnated sales volume numbers for lower-end properties. Despite indications from the data showing that the “Local” market has declined in price, comparisons of sales and re-sales shows prices to still be rising (with the counterintuitive indication provided by the averaged data being due to fluctuations in the type of home that sold – not price trending). An exception to the trend of contracting sales volume in the lower-end market was noted in the vacant land segment of the Local Market, as a small flurry of homesite sales increased sales volume by over 130% for this data grouping.

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