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 david@jacksonholereport.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 (7) is down 12% when compared to 2016.  Meanwhile, the average and median list prices dropped 55% and 22% respectively. NOTE: Residential vacant lot inventory now has less than one year of inventory.

Available vacant land listings: Available inventory dropped 27% when compared to 2016, with 100 available single-family home sites (lowest available inventory in over 30 years). The average listing price was $3.45 million (up 30%) and the median listing price was $1.95 million (up 51% and the highest median list price ever). While residential vacant lot values continue to strengthen, land bargains can still be found in Jackson Hole. Available inventory breaks down as follows: 6 properties between $295K and $500K; 26 between $500K and $1 million; 19 listings between $1 and $2 million; 28 between $2 and $5 million; 12 between $5 and $10 million; and 5 over $10 million. NOTE: Of the 100 listings, 75 (69%) have been on the market for more than 12 months.

Least expensive lot listing at year’s end: $295,000 for a 1.27-acre single-family lot in Buffalo Valley.

Most expensive single-family lot listing at year’s 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)
7 lots sold (down 61%) with an average sale price of $2.85 million (up 14%) and a median sale price of $2.75 million (up 10%).

2. Jackson Hole Racquet Club and Teton Pines
3 lots sold in Teton Pines, however none sold in JH Racquet Club. The average sale price in Teton Pines was $993,333 (up 61%).

3. Westbank, North of Wilson (excluding resort areas)
9 lots sold (up 13%) with an average sale price of $2.27 million (down 10%) and a median sale price of $1.26 million (down 10%). Total dollar volume: $20 million.

4. Westbank, South of Wilson
8 lots sold (up 100%) with an average sale price of $1.495 million (down 59%) and a median sale price of $1.4 million. Total dollar volume: $11.96 million.

5. Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch
12 lots sold (up 50%) with an average sale price of $1.2 million (down 31%) and a median sale price of $825,000 (down 7%).

6. North of Jackson, South of Gros Ventre Junction and East of Spring Gulch
5 lots sold (down 17%) with an average sale price of $937,685 (down 11%) and a median sale price of $990,000 (up 42%).

7. North of Gros Ventre Junction/Kelly/Moran
19 lots sold (up 216%) with an average sale price of $927,224 and a median sale price of $800,000 (down 20%). Total dollar volume: $17.6 million.

8. Town of Jackson
17 lots sold (up 89%) with an average sale price of $821,324 (up 28%) and a median sale price of $700,000 (up 27%).

9. South of Jackson to the Snake River Bridge
20 lots sold (up 100%) with an average sale price of $1,063,950 (up 10%) and a median sale price of $800,000 (up 17%).

10. South of the Snake River Bridge to Co. Line
12 lots sold (up 140%) with an average sale price of $885,625 (down 18%) and a median sale price of $500,000 (down 43%).

*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.

© Copyright 1995 – 2018 by David E. Viehman and Devon Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.