Single-family vacant lot sales cooled in the first six months of 2018 with 41 sales (down 16%). Meanwhile the average and median sale prices are up 37% and 27% respectively, when compared to mid-year 2017. The increase in the average and median sale price is a direct result of the number of vacant land sales under $1 million (down 38%). NOTE: The luxury market ($3+ million) is a hot spot with eight sales (up 300%).

Who is buying vacant land today? The 2018 demographics reflect half of the buyers are second homeowners and retiring baby boomers, the remaining half are buying for spec building. This trend continues to bode well for our local construction industry. NOTE: Most residential vacant land purchases were cash (78%), bought by end-users intending to build a home for themselves or to speculate.

  • Q2 2018 registered the lowest number of available single-family lots in 18 years.
  • Currently there are 1,228 platted and vacant residential single-family lots, under 35 acres, in Jackson Hole. Of those, only 394 (32%) are located on the Westbank.
  • Currently there are 226 platted and vacant residential single-family lots over 35 acres in Jackson Hole.

Single-family vacant lots under contract: 13 properties are currently in negotiations (up 18%), of which only two are listed for under $1 million and eight for over $3 million.

Available inventory of listed lots cooled 20% from Q2 2017. Meanwhile the average and median list price are up 27% and 4% respectively. The increase in the average list price reflects less inventory in the under $500,000 segment of our market (down 67%). NOTE: Supply will continue to outpace demand so do not expect to see appreciation in this segment for the remainder of 2018. Based on mid-year results, there are currently 17 months of available inventory.

Current available inventory breaks down as follows: 5 single-family lots under $500,000 (down 67%); 46 lots between $500,000 and $1 million (down 6%); 21 lots between $1 and $2 million (down 49%); 19 lots between $2 and $3 million (down 5%); 8 lots between $3 and $5 million (down 27%); 10 lots between $5 and $10 million (down 23%); and 9 lots over $10 million (up 80%).

*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 and 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 2018 compared to sales in 2017.
*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.