Single Family Homes (Valley-wide): This segment of the market is the only one not to show signs of slowing at the close of 2007. Although a small increase (5%), the number of home sales continued to rise in 2007. Homes saw a 21% rise in average price to $324,823 and a 19% rise in median price to $279,000.

Single-family Home Sales By Area:
Northern Star Valley continues to set the pace for home sales throughout the valley. All this is due in large part to the proximity to Jackson Hole for the working commuter. This area saw the average sale price of a home rise 29% to $383,807, and the median sales price rise 16% to $315,000. The Nordic Ranches area continues to be a favorite among the homebuyers for several reasons, (1) most all the lots are 2 acres or greater and allow horses, (2) location to Jackson Hole for the commuter, (3) and affordability.

Subdivisions with the most sales:
Corsi Ranchettes- 4
Lakeview Estates- 6
Meadow Ridge- 3
Nordic Ranches- 25
Rees Subdivision- 7
Riverview Meadows- 6
Southbrook Ranch- 3
Salt River Cove- 2

Southern Star Valley saw a 10% increase in the number of home sales and a 9% increase in the median sales price to $185,000.

Star Valley Ranch prices continued to rise through 2007, as did the number of sales (up 9%). The average priced home sale rose to $305,942 (up 23%) and the median price rose to $265,000 (up18%). The Ranch had the highest home sale ($1,800,000) in all of Star Valley for 2007. This bought a 6,700 square foot furnished home on 1.14 acres overlooking the golf course and wonderful views of the valley.

Homes Under Contract Valley Wide: At the close of 2007, there were 13 homes in the valley that were pending, 38% fewer than 2006. But of these 13 homes, the average list price was 40% higher than the previous year.

Active Home Listings:
Northern Star Valley had 96 active listings at the close of 2007, with 48 listed for $500,000 or greater. There were 35 listings that were between the prices of 500k and 1 million, and there were 13 listings that were 1 million plus. This raises the question of when does this area become “unaffordable” for the working person. Also, how far will the commute be for the person working in Jackson Hole?

Southern Star Valley had 57 active listings with an average list price of $320,142 and a median list price of $245,000.

Star Valley Ranch had 70 active listings at the close of 2007 with an average list price of $377,247 and a median list price of $345,000.

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*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.

In comparison to the middle of 2006, the housing segment of the market continued at the same pace for 2007. We continue to see the price of homes throughout the valley rise, making home purchases a relatively sound investment. The average price of a single family home is up 17% to $306,254 when compared to the middle of 2006. The Alpine/Etna areas continue to lead the way as far as home purchases go. With 64 home sales through the middle on 2007, we continue to see the buyers wanting to remain in close proximity to Jackson.

Other valley wide stats:
Under contract: 29 with an average price of $385,513 (up 29 %).

Active Listings: 270 with an average price of $448,688.

Least Expensive: $119,500 in Afton.

Most Expensive: $3,700,000 in the Alpine area

Northern Star Valley – (The Hot Spot) had 64 home sales with an average price of $345,450 (up 18%), and a median price of $300,000 (up 18% as well).

Star Valley Ranch - had 37 home sales with an average price of $335,509 (up 54%), and a median price of $261,000 (up 37%). Although we have seen a slight decrease in the total number of homes sold on the “Ranch” through the first half of 2007, the rise in average price and median price led all of Star Valley

Southern Star Valley – had 30 home sales with an average price of $194,956, and a median price of $184,000.

*All statistics quoted in this newsletter are based on sales in the first six months of 2006 compared to the first six months of 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.