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Single Family Homes |
VALLEY-WIDE: 2011 brought our highest total of homes sales since 2007, which was the best year for homes sales since the creation of the Star Valley Report. Home sales throughout the valley increased 34% in 2011 (178 sales compared to 133 in 2010) with the average sale price falling 6% to $228,209 (compared to $242,172 in 2010), and the median sale price falling 22% to $163,000 (compared to $210,000 in 2010). The fall in pricing can be directly attributed to the aggressive pricing of fair market homes as well as the distressed market homes in the valley. In 2011 48% of the homes sold (85 homes) were distressed sales (either bank owned or short sales). The increase in the number of transactions can be due in part to competitive pricing. When homes are coming onto the market at prices unlike anything we have seen in decades, the result is always going to be an increase in sales. Many buyers have been waiting for the deals to arrive, as they have in other distressed markets around the country. That time is now in Star Valley and the savvy buyer is taking full advantage of this opportunity.
Northern Star Valley (The Hot Spot): The northern half of the valley continued to see positive gains in every segment of the market. There were 87 sales (up 43%), with modest increases in the average and median sale prices. The average sale price rose 6% to $312,391 (compared to $294,305 in 2010) and the median sale price rose 7% to $235,000 (compared to $220,000 in 2010). Coupled with this increase in pricing, the good news continued with 2011 having the second highest total number of home sales since we started the report, trailing only 2007 when we had 129 sales. There continues to be some great “value” buys in this area, some at pricing WAY below the replacement cost. Even though Northern Star Valley is showing positives signs in this segment of the market, it is not immune to the impact short sales and bank owned properties are having on pricing. NOTE: 46% of the homes sold in 2011 were distressed sales.
Southern Star Valley experienced a 25% increase in the number of home sales (50 vs. 40 in 2010), yet the average sale price fell 25% ($131,107 vs. $174,337 in 2010) and the median sale price fell 19% ($120,000 vs. $149,000 in 2010). Similar to Northern Star Valley, 35% of the sales were considered distressed at one point in 2011. This area has also experienced an increase the number of sales, due mainly to competitive pricing. Southern Star Valley is also an excellent area to get more acreage and square footage for your money.
Star Valley Ranch had a 32% increase in the number of home sales for 2011 (41 vs. 31 in 2010). The average sale price fell 28% ($162,303 vs. $225,853 in 2010) and the median sale price fell 34% ($150,000 vs. $226,900 in 2010). Of the 41 sales in 2011, 46% (19 sales) were considered distressed. The Ranch has been the hardest hit in the valley, with respect to declining prices. The Ranch is saturated with listings, due mainly to the lack of homebuyers purchasing retirement or vacation homes. This increase in listings is creating competitive pricing and some amazing deals throughout the Ranch.
OTHER VALLEY-WIDE STATS:
Homes Under contract: 20 with an average list price of $285,085 and a median list price of $167,500.
Active Home Listings: 213 homes with an average list price of $357,683 (up 3%) and a median list price of $255,000 (down 2%).
Least Expensive Home Listing: $31,900, this buys you an older mobile home on 3.23 acres in the Auburn area.
Most expensive listing: $3,550,000 – this buys you a 5800 square foot home on the banks of the Salt River in the exclusive Double L Ranch.
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Single Family Homes
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VALLEY-WIDE: Home sales throughout Star Valley continue to rise during the first 6 months of 2011. There were 30% more transactions (79 compared to 61 in 2010), which resulted in a 7% increase in the average sale price ($256,013 in 2011). The interesting number is the median sale price, which decreased 17% during the first six months of 2011 to $158,000. These conflicting numbers can be directly attributed to; several high-end sales in the Alpine area that have really driven up the average price; and a large majority of distressed homes sales, with real aggressive pricing, that are pulling down the median sale price.
Northern Star Valley continues to set the pace for residential sales in the valley. The first 6 months brought about a 38% increase in sales (40 in 2011), and an increase in both the average sale price (up 34%) and median sale price (up 7%). The reason for the large gain in the average sale price is due to several upper-end home sales in the Alpine area. While there are positive signs for a recovery in the home segment for this area, 42% of the home sales in Northern Star Valley were considered “distressed” at some point during the marketing process.
Southern Star Valley (the Upper Valley) saw roughly no change in the number of sales when compared to 2010 (21 in 2011 and 20 in 2010). The average sale price decreased 28% ($179,250 down to $129,142) and the median sale price decreased 10% to $130,000, down from $144,000. The decrease in both average and median sale prices can also be directly attributed to the number of distressed sales in the area, where 43% of the 21 sales were considered distressed at some point during the marketing process.
Star Valley Ranch started out the first half of 2011 with a 42% increase in the number of sales. Even though sales activity is up this year, the average sale price fell 34% to $156,087 (down from $234,783) and the median sale price fell 36% to $145,000 (down from $226,900 in 2010). The distressed segment of this market also played a major role in the drop in sale prices, as 10 of the 17 sales (58%) were either short sales or bank owned (REO) properties.
OTHER VALLEY-WIDE HOME STATS:
Under contract: 28 with an average list price of $260,729 (down 15%) and a median list price of $264,200 (up 2% from 2010.
Active Listings: 276 (down 17%) with an average list price of $343,082 (down 2%) and a median list price of $265,000 (down 4%).
Least Expensive Listing: $39,900. This buys you an older remodeled 2-bedroom, 1 bath home on .24 acres in Afton.
Most expensive listing: $3,650,000. This buys you a 5-bedroom, 6 bath home on 5.22 acres bordering the Salt River in the exclusive Double L Ranch.
SALES BY AREA:
Northern Star Valley had 40 sales (up 38%) with an average sale price of $372,943 (up 34%) and a median sale price of $230,000 (up 7%).
Star Valley Ranch had 17 sales (up 42%) with an average sale price of $156,087 (down 34%) and a median sale price of $145,000 (down 36%).
Southern Star Valley had 21 sales (up .5%) with an average sale price of $129,142 (down 28%) and a median sale price of $130,000 (down 10%).
* All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
* All statistics quoted in this newsletter are based on sales in 2010 compared to 2011.
* The value of any individual property may, and probably will, vary from the average indicated in these graphs.
* Median sale price is the cost of a property that has an equal number of similar properties above and below it on the price scale.
* Average sale price is the total combined dollar volume divided by the number of sales.
© Copyright 2004 – 2011 by Jackson Hole Real Estate Associates LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicit written permission from Jackson Hole Real Estate Associates, LLC.
