When compared to 2016, the number of lot sales increased 50% in 2017. In contrast, the average and median sales price dropped 24% and 30% respectively. This huge increase in the number of sales can be directly attributed to the under $1 million segment, where sales were up 115%.
The increase in vacant land sales reflects the current housing inventory shortage, where single-family homes offered for sale are at the lowest level in over 30 years. For those still looking for post-recession bargains, there are currently 32 single-family lots for sale under $1 million (down 29%), and 6 for under $500,000. With the diminishing supply of single-family homes for under $1 million, expect to see the under $1 million vacant land segment accelerate in value in 2018. NOTE: 83% of the vacant land sales in 2017 were purchased with cash.
The million-dollar-plus segment of residential lot sales and volume both dipped slightly, 7% and 13% respectively, when compared to 2016. NOTE: Currently 68% 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.
*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 2017 compared to sales in 2016.
*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.
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