When compared to Q1 2022, the number of overall sales dropped 31% to 67 in Q1 2023. The last time the valley had fewer than 100 sales in Q1 was back in 2010, coming out of the Great Recession. Back then though, the average sale price for a single-family home was $2.24 million versus $4.96 million today. The drop in number of sales is across the board with single-family home sales down 19%, condo sales down 32%, and vacant residential land sales down 59%.

In contrast, average Q1 sale prices broke records across the board with single-family home sales averaging $4.96 million, condos/townhomes sales averaging $2.5 million, and vacant residential land sales averaging $2.63 million.

So, what’s going on? Once again, “SUPPLY & DEMAND”, are driving our market. Unlike during the building boom of the mid-2000s, we are seeing the deficit of homes, condos and vacant land for sale playing a big role in the current price spikes. For example, home inventory is the second lowest in 40 years, with condo and vacant land inventory at their third lowest in over 40 years. The question is will demand continue…… Increasing prices and the ability to qualify for a loan will play a big part. Since COVID appeared on the scene, average sale prices jumped, and inventory dropped exponentially.

Excerpt courtesy of Engel & Völkers Jackson Hole.

Unmatched Teton Views and Close to Grand Targhee Resort

Custom built home in the shadow of the Tetons features a triple lot with stunning, three-peak Teton view that greets you the moment you walk through the door. Located in a private, gated community off of State Line Road, the superb location of Snow Crest Ranch affords an owner close access to exceptional powder skiing in Grand Targhee Resort and an abundance of summer activities. 

Offered at $1,950,000

1950 Snow Crest Ranch Drive, Driggs, ID 83422

Andrew Ellett of Engel & Völkers Jackson Hole – 307-690-6155

Townhomes in the Heart of Teton Valley

This development was established with purposeful intent to create a community just south of Driggs, Idaho in the heart of Teton country. Each unit complements one another with fine finishes such as quartz countertops, a large working island in the kitchen, and other professionally chosen interior design elements. 

Listing price $829,000

521 Stone Peak Lane Driggs, Idaho

Agent: Anne Fish 307-413-1159

Horse Property With Custom Built Home

This custom-built home on 9.58 acres is an ideal horse property in eastern Idaho, set up specifically for roping and training horses. he home features main-level living and an open concept exuding comfort, attention to detail and focus on livability. Open, airy, and bright, this home combines attractive western style and subtle touches of luxury like the three-inch granite live-edge countertops, alder cabinets and hardwood hickory floors. 

Listing price: $1,199,000

1169 E. 1250 N,. Firth, ID 83236

Agent: Jim Hickey 307-413-1775 and Haley Ochsner 503-931-9581

All listings courtesy of Andrew Ellett Broker of Engel & Völkers Jackson Hole located at 70 S. King St. Jackson, WY 83001. Andrew is our real estate professional in Volume 9 of The Scout Guide Jackson Hole -Jackson Hole’s favorite city luxury guide.

The monthly real estate roundup was sponsored by Tower 3 Productions who offers real estate interior and aerial videography for your property. Tower 3 Productions is our videographer for Volume 9 in The Scout Guide Jackson Hole.