Welcome to the seventh issue of The Star Valley Report. Published semi-annually, this data-driven report is the most accurate & trusted real estate news source that keeps all of Star Valley well informed on our ever-changing market.

Another record-breaking year in 2007 brought an increase in sales prices unlike any Star Valley has ever seen. Home sales throughout the entire valley were up and in some areas we saw the dollar volume increase up to 38%. Overall home prices continued to increase this past year despite the number of sales being down, specifically, farm and ranch and vacant land. With Star Valley inventory at an all time high, the pendulum is swinging more in favor of a buyer’s market, and one cannot help but look ahead at 2008 with a cautious eye.

Now more than ever Jackson residents are looking for affordable housing which helps explain our surge in pricing over the past few years. However, our version of affordable may be quite different than that of the first and second homebuyers from other areas in the country. According to the Teton County Housing Authority: the maximum price for a single family home, to be considered affordable, is $201,700. Currently the average listed price of a single family home in northern Star Valley is $496,646 and the median is $350,000. Regardless we continue to see more and more buyers looking for their chance to own a piece of Wyoming. Despite the consistent demand we expect to see buyers being more selective in their search for real estate throughout the valley.

How strong is the market? During a time when some states are experiencing all time high foreclosure rates and depreciation levels, the overall market for all of Star Valley continues to thrive. With the average price and median price continually rising over the past 3 years, we are constantly reminded as to what a unique market we live in. Star Valley will continue to offer first time homebuyers, and second homeowner’s advantages that they cannot find in the Victor/Driggs area such as Wyoming tax benefits. Unless there are some "quick fixes" in the Jackson area affordable housing, expect to continue seeing more people move south through the Snake River Canyon to Star Valley.

Overall Market in Star Valley: The end of 2007 saw the total number of sales in Star Valley decline 42% when compared to 2006. The down turn in the number of sales can be directly linked to the rise in prices throughout the valley. Not to worry though, the average price of property in the valley rose 35% to $278,981 and the median price rose a whopping 54% to $215,000. The home segment of the market continued to climb throughout the valley with each area posting rises in number of sales, average price, and median price.

Real Estate Currently Under Contract: At the close of 2007 there were 33 properties under contract, down 94% from 2006. These properties had an average price of $392,573 (up 26%) and a median price of $239,900 (up 7%). The main reason we saw fewer properties under contract, at the end of 2007, is because of the rise in prices. There are some areas of the valley that buyers have already been priced out of our market.

Current Overall Available Inventory: The overall inventory for Star Valley is at an all time high. There were 925 active listings (up 117%) at the close of 2007 with a total dollar volume of $405,966,432. There was a 12% decline in the average list price to $438,833 and a 10% decrease in the median price to $222,000. Each segment of the market (homes, lots, and farm & ranch) saw increases in active number of listings. With this amount of active listings, buyers looking for property can be more selective in their process and not have to jump at the first available property they see. It is definitely shaping up to be a Buyer’s Market for 2008.

This report was written and edited by Carlton Loewer, Owner/Associate Broker. For more information on the overall market in Star Valley or for a free comparable market analysis, please call the Alpine office at 877-654-7575.

We hope this report will give you some sense of market trends and, as always, we are glad to discuss them further with you. This newsletter does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions showing year-to-year changes in the number of transactions and the average sale prices.

Jackson Hole Real Estate & Appraisal, LLC has served the Star Valley for over twenty-eight years. With the daily tracking of every single real estate transaction in Star Valley, the simple fact is “We Know The Market Better Than Anyone”. If you are looking for a Realtor or Appraiser, whether you are buying or selling, you owe it to yourself to talk to us before you make what could be the most important decision of your life. At JHRE&A our clients’ and customers’ best interests are paramount! Your Locally Owned and Operated Real Estate Company located at 181 US Hwy. 89 in Alpine, Wyoming (across from Gunner’s Pizza). For more information visit our virtual office at www.jhre.net or email us at info@jhre.net

If you would like a more detailed analysis of specific areas, back issues of THE STAR VALEY REPORT, a free comparative market analysis of your Star Valley property, or a professional Realtor to represent you in your next real estate transaction, please call or email one of the numbers below or feel free to write with your questions to P.O. Box 3225, Alpine, WY 83128.

Sincerely,

Jackson Hole Real Estate & Appraisal, LLC
Alpine Branch
email: info@jhre.net
www.starvalleyreport.com
307.654-7575
877.654.7575

*While other local Real Estate Brokerages attempt to report on the local real estate market, Jackson Hole Real Estate & Appraisal, LLC is the only company to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, call us today. “We are the Experts”.

*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 2006 compared to sales in 2007.

*Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.

*Overall real estate statistics are a combination of all home, lot, condo, ranch and commercial transactions or listings.

Northern Star Valley, in this report, is Bedford north to the Idaho/Wyoming state line (not including Star Valley Ranch).
Southern Star Valley, in this report, is south of Bedford to Smoot.

© Copyright 2004 - 2008 by Jackson Hole Real Estate & Appraisal LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission.