end of the year 2007 has come and gone and with it has left a few of us in the real estate business scratching our heads.  What path will the Star Valley real estate market take in 2008 and beyond?  The safest answer to that question is for one to take a look at the Jackson market and use the adage “if it continues to hold strong so will our market”.  There is a lot of truth in this, as the “affordability factor” continues to drive people to our area. 

According to the Teton County Housing Authority: the maximum price for a single family home to be considered affordable is $201,700; at some point in the near future we could be facing the fact that the workforce that drives Jackson Hole will be priced out of the Star Valley area as well. 

Look for prices in the Star Valley area to hold steady in 2008 but with a cautious approach.  The home market should continue to climb as interest rates remain low and buyers jump at the chance of getting into that first or second home.  It is definitely a Buyer’s Market on vacant lots right now with inventory at an all time high, so look for some of these lots to sell this summer at competitive prices.

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End of the year 2006 - According to the increase in appreciation levels throughout the valley we look ahead with a positive outlook yet still want to remain cautious in certain areas. The Valley has had record sale prices but at the same time homes over $400,000 are sitting on the market for longer periods of time than those under $400,000. We see a lot of buyers still looking for “deals”. First-time home buyers are moving further south into Star Valley Ranch, Thayne & Afton as you can occasionally find homes under $200,000. Currently the least expensive stick built home in Alpine is listed at $229,000 and that gets you a 1⁄4 of an acre and less that 600 sq. ft. of living space. The next priced home jumps to $375,000 and that includes 1⁄2 of an acre and 2,160 sq. ft. of living space. The highest priced home is currently listed at $3,400,000 for 5.22 acres and 5,200 sq. ft. of living space.

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End of the year 2005 – Looking ahead at 2006, it is crystal clear that Star Valley is an area in transition. The powerful combination of new developments such as the first retirement community, Cedar Creek in Thayne, and booming commercial growth in Alpine indicate that the Star Valley market is "the" place to invest real estate dollars. With 2006 bringing more subdivisions and growth in the valley, both commercial and residential, developers certainly have their sites on Alpine. For example, developers have plans to change Alpine Junction by building condominium and commercial buildings. Additionally, if the proposed land swap in Alpine comes to fruition to develop a ski area, expect the Star Valley market to attract even more attention. Expect the hottest part of the market to again be in vacant residential lots.

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end of year 2004 - With the continued demand for affordable housing from Jackson Hole commuters and the increased interest level of second homeowners who have discovered that Star Valley has so much to offer at an affordable price, expect to see prices continue to rise. Because of the larger number of residential vacant land sales occurring in 2004, and the uncertainty of how the county imposed moratorium will affect lot inventories, expect to see a continued rush to purchase more affordable vacant lots now. Once the moratorium has been lifted, larger parcels suitable for development will be in high demand, and vacant lot prices should continue to rise.