Single Family Homes valley-wide:

2009 experienced a continued slowdown in the housing segment of the Star Valley Market. Overall, the number of home sales was down 32% when compared to 2008. Despite the decline in sales, the average price fell only 4% ($265,194 down to $255,611) and the median price dropped just 8% ($245,000 down to $226,000). The majority of transactions took place in the more affordable areas of the market and those that fall into the FHA and WCDA (Federal Housing Authority and Wyoming Community Development Authority) financing guidelines.

Northern Star Valley - The Alpine area continues to see activity due in part to the Jackson commuter. Nordic Ranches once again, was the leading subdivision in number of sales. The upper end of the market has suffered the most as pricing has yet to adjust and buyers are looking for the best value now more than ever. The perfect example of this is the Alpine area seeing only 3 sales in 2009 over $500,000. The highest dollar sale in 2009 was in the Alpine area, 16.67 acres in Dell Creek Subdivision with a 6,160 square foot home for $1,500,000. We found it interesting that the average price actually went up in Northern Star Valley 2% ($300,231 to $305,360) while the median price fell 4% ($280,000 down to $270,000)

Southern Star Valley - produced only 3 less sales then the Northern end of the valley (41 to 38). However, this area did see the largest average price decline at 10% and the median price down 12%. The decline in pricing could be a factor in why the number of transactions stayed consistent throughout this end of the valley.

Star Valley Ranch sales- experienced the largest decline in the number of transactions over anywhere in the valley, down 46% with only 27 home sales. This area could be seeing a reduction in transactions due to prices becoming more affordable in the Northern part of the valley. Another factor in the decrease of home sales in this part of the valley in particular, could be a result of simply seeing less seasonal or second home buyers in today’s economy. While we are experiencing increasing interest and requests to be updated, buyers are still cautious in trying to ensure they are buying at the absolute “bottom of the market”. While transactions were down in the Ranch, the average price fell just 3% and the median price fell 10%.

OTHER VALLEY-WIDE STATS:
Under contract: 9 - with an average list price of $276,078 and a median list price of $219,000.

Active Listings: 223 homes with an average list price of $378,793 and a median list price of $295,000.

Least Expensive Listing: $90,000. This buys you 1 acre in the Grover area with an older 2 bed 1 bath home.

Most expensive listing: $3,650,000 – this buys you a 5800 square foot home on the banks of the Salt River in the exclusive Double L Ranch

SALES BY AREA:
Northern Star Valley had 41 sales (down 31%) with an average sale price of $305,630 (up 2%) and a median sale price of $270,000 (down 4%).

Star Valley Ranch had 27 home sales (down 46%) with an average sale price of $266,272 (down 3%) and a median sale price of $230,000 (down 10%).

Southern Star Valley had 38 homes sales (down 17%) with an average sale price of $187,298 (down 10%) and a median sale price of $165,000 (down 12%).

* 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 2008 compared to 2009.

* 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.

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VALLEY-WIDE: The housing segment in our valley weakened in the first six months of 2008. The total number of sales for single family homes dipped 38% and we also saw a decline in the average sale price, down 13% to $271,390, and the median sale price, down 4% to $250,000.  The decrease in these numbers can be directly contributed to the change in lending guidelines and the rising price of homes throughout the valley.  While money is still relatively cheap to borrow, banks are showing more caution in their lending with stricter guidelines, higher down payments, no more stated income loans, and higher credit scores for borrowers.  

The one segment of the market that continues to strive throughout the valley is affordably priced homes.  Of all the valley wide home sales in the first half of 2008, 70% sold for under $300,000.  What this tells us is that the introductory segment of the market is still strong even in these uncertain times.
 
According to the 2008 Mid Year Jackson Report, there has been a slowdown in the local’s market, the under $1 million segment of the market.  This directly affects our Star Valley Market, as this is a major portion of our market that are cashing out of their homes in Jackson and making the move to Star Valley for more space and more bang for their buck.  We have also felt that both the Jackson and Star Valley market were insulated from national or world events, in Star Valley’s case, the past 18 months have proven us otherwise. 

Other valley wide stats:
Under contract: 23 with an average list price of $277,448 (down 39%) and a median list price of $249,000 (down 14%).

Active Listings:  289 homes with an average list price of $486,741 and a median list price of $369,000.

Least Expensive Listing: $130,000- this buys you a 3 bed 2 bath home in Thayne on .18 acre and built in 1978.

Most expensive listing: $3,400,000- this buys you a 3 bed 4 bath log home just south of Alpine on 19 acres with a guest home, barn, landscaping, and bordering National Forest.

SALES BY AREA:
Northern Star Valley – (The Hot Spot) had 34 home sales with an average sale price of $332,057 (down 4%) and a median sale price of $299,600 (no change from previous year).

Star Valley Ranch had 27 home sales (down 37%) with an average sale price of $265,360 (down 26%) and a median sale price of $245,000 (down 7%)

Southern Star Valley had 24 home sales (25%) with an average sale price of $196,306 (up 1%) and a median sale price of $170,320 (down 8%).

*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 the first six months of 2007
compared to the first six months of 2008.

*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.