Teton Valley Idaho, Resort Segment
Speculation in the Teton County Idaho market segment became rampant by 2007, which set the stage for a dramatic price correction at the onset of the 2007 recession. While perhaps at the epicenter of the real estate correction in Teton County, Idaho, this market also appears to be the first market segment Teton County, Idaho to show signs of price recovery in the single-family home market. This is most easily seen when observing the price per square foot of sales in the Teton Springs “Mountain Meadows,” a filing of this golf development comprised of homes that are largely uniform in quality and appeal:
(click on tables/charts to see enlarged view)
Observation of the preceding data indicates that stabilization in the price per square foot appears to have occurred in 2010 with a slight increase noted through 2012. As of early 2013 there are two pending sales and two active listings of homes in the Mountain Meadows section of Teton Springs, contributing to the sentiment that inventory levels may be shrinking even in the resort segment. Although sales prices of the pending sales are unknown, the dollar per square foot indications of these list prices range from approximately $122 per SF to $324 per SF, and are above the floor established in 2009.
Andrew Cornish, MAI, SRA
President, Rocky Mountain Appraisals