The Teton Valley of Idaho – Market Update
February 9, 2008
Teton Valley, Idaho
Including the communities of Driggs, Victor and Tetonia and the resort communities of Teton Springs, Grand Targhee, River Rim, The Ponds, Trail Creek Springs, Spring Hollow Ranch, Huntsman Springs, and many others.
Looking over at the Teton Valley of Idaho, I really had to search to find out where the sales have been coming from and what had sold in 2008. The news over the past summer was that inventory had been growing and activity had dropped considerably.
I agree that inventory had exploded and activity had slowed but I disagreed with many who were and are predicting a major collapse of the market. Jackson Hole is not getting bigger but the desire to live there and the need for workers is going to help support the Teton Valley. I also believe that there are communities being created right in front of our own eyes and with that a sense of community is being born.
Last week, Grand Targhee Resort, won approval for a major expansion (see previous post) which is major news concerning the valley. From an economic perspective it should be welcoming news yet for some, many in Alta, are upset with the changes that will be coming. From my perspective, the Gillette family has been enhancing the Teton Valley ever since their ownership began and I hope and trust they will develop Targhee in a responsible way.
As for the year to date statistics through January 31, 2008
There have been 24 sales to date with a volume of $8,184,100.
Of the 24 sales 8 are lots, 2 are town homes, 5 are homes and 9 are condos.
7 of the transactions took place at Teton Springs.
5 of the transactions took place in Driggs, 2 in Tetonia and 17 in Victor.
There are currently 69 pending transactions.
Now the scary part – Looking back at 2007 Statistics for the same time period Jan. 1 through Jan. 31, 2007. Last year to date there were already 113 transactions! What has changed? Last year of the 113 transactions a whooping 40 came from Mountain Meadows in Teton Springs. There will be a future blog dedicated to Teton Springs but the statistics show that there were a lot of speculative buyers out there only 1 year ago. Including Teton Springs of the 113 transactions last year 95 of the transactions were vacant land. These are staggering numbers! 18 of the transactions were either single family homes, condos or townhomes. Today’s (2008) residential numbers are just one shy of last year.
I will continue to watch over the Teton Valley of Idaho and if you would like more information or would like discussing investing in the valley please do not hesitate to email or call me toll free at 877-739-8056.