When compared to 2015, the number of lot sales and dollar volume dropped 43% and 42% respectively in 2016. In contrast, the average and the median sales price tipped up 2%. As this segment of the market continues to struggle, expect little appreciation in 2017 valley-wide. The decrease in vacant land sales reflects the current construction environment, where remodel and new home construction demand remains unfulfilled. For those still interested in wading into these uncertain waters, there are currently 45 single-family lots for sale under $1 million, providing a variety of options.
Unlike the diminishing supply of single-family homes, the current sales pace for vacant lots will take 21 months to deplete existing inventory. That said, some signs bode well for an acceleration in lot sales: Because half of the current home inventory was built 20+ years ago, and available home inventory stands at the second lowest level in 25 years, we predict that demand for vacant land may pick up in 2017. NOTE: 82% of the vacant land sales in 2016 were purchased with cash. The million dollar-plus segment of residential lot sales and volume both slumped, 37% and 38% respectively, when compared to 2015. NOTE: Currently 67% of the available residential vacant land inventory is listed for more than $1 million. If you are a property owner in Jackson Hole and would like a free comparative market analysis, please email David at email@example.com or call 307-690-4004. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report and from dealing with our luxury clients has made us Your Local Luxury Experts.
Residential lots currently under contract: The number of lots currently under contract rose 60%. Following suit, the average and median list prices brightened by 63% and 10% respectively. NOTE: Residential lot inventory continues to register more supply than demand. Available vacant land listings: Available inventory tipped up 6% when compared to 2015, with 137 available single-family home sites. The average listing price was $2.65 million (up 15%) and the median listing price was $1.295 million (up 4%). While residential vacant lot values continue to strengthen, land bargains can still be found in Jackson Hole. Available inventory breaks down as follows: 9 properties between $350K and $500K; 36 between $500K and $1 million; 43 listings between $1 and $2 million; 31 between $2 and $5 million; 12 between $5 and $10 million; and 5 over $10 million. NOTE: Of the 137 listings, 98 (71%) have been on the market for more than 12 months. Least expensive lot listing at year’s end: $350,000 for a 2.49-acre single-family lot in Hoback Junction. Most expensive single-family lot listing at year-end: $17.9 million for 72 acres (two 35+ acre parcels) on the Snake River, north of Jackson.
Residential Vacant Land Sales by Area:
1. Jackson Hole Mountain Resort (Teton Village): 18 lots sold (down 36%) with an average sale price of $2.5 million (up 2%) and a median sale price of $2.5 million (no change). NOTE: 11 of the sales were in Shooting Star.
2. Jackson Hole Racquet Club and Teton Pines: 4 lots sold in Teton Pines, however none sold in JH Racquet Club. The average sale price in Teton Pines was $618,750 (down 44%).
3. Westbank, North of Wilson (excluding resort areas): 8 lots sold (down 27%) with an average sale price of $2.47 million (up 175%) and a median sale price of $1.4 million (up 30%). Total dollar volume: $19.7 million.
4. Westbank, South of Wilson: 4 lots sold with an average sale price of $3.63 million. The least expensive sale was $555,000 for a 4.99-acre lot. Total dollar volume: $14.52 million.
5. Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 8 lots sold (down 53%) with an average sale price of $1.76 million (down 11%) and a median sale price of $890,000 (down 21%).
6. North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: 6 lots sold (up 20%) with an average sale price of $1.06 million (up 25%) and a median sale price of $695,000 (up 61%).
7. North of Gros Ventre Junction/Kelly/Moran: 6 lots sold (down 57%) with an average sale price of $949,500 (down 31%) and a median sale price of $1 million (down 9%). Total dollar volume: $5.7 million.
8. Town of Jackson: 9 lots sold (up 13%) with an average sale price of $641,889 (up 27%) and a median sale price of $550,000 (up 14%).
9. South of Jackson to the Snake River Bridge: 10 lots sold (down 57%) with an average sale price of $970,500 and a median sale price of $685,000 (down 38%).
10. South of the Snake River Bridge to Co. Line: 5 lots sold (down 58%) with an average sale price of $1.08 million (up 85%) and a median sale price of $885,000 (up 103%).
* While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call Devon, Luke or David 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 2016 compared to sales in 2015.
* Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.
* Average sale price is the total combined dollar volume divided by the number of sales.
* In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, ranch), minus Alta, WY.
* The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.