After 10 years of sluggish sales, the single-family vacant land market is finally seeing some momentum. While the number of sales is down 43% (13 total) when compared to the first three months of 2018, the number of lots under contract is up 140% (12 total). Also worth noting, the residential vacant land inventory is at a 35 year low, with only 91 properties currently available.
What changed? During the Great Recession, almost half of the general contractors left the valley looking for work. Unfortunately, after the recession, most did not return. The few contractors who did survive the recession were booked out for several years, with most of them building luxury homes. Last fall we started seeing more general contractors willing to bid not just on new homes, but on major remodels too. There are more skilled sub-contractors available, compared to the last 10 years.
This is great news for those buyers who have struggled for several years to find the perfect home. While building prices are up 40% from 10 years ago, and the median single-family home sale price is up 50%, many of the single-family lots currently available are selling at or below 2009 prices.
Current single-family lot inventory: Only three are listed for under $500,000; 28 listed between $500k and $1 million; 19 between $1 and $2 million; 20 between $2 and $5 million; and 21 over $5 million.
Of the 91 listings; 20 are on the Westbank with an average list price of $2.97 million; 27 are located north of Jackson with an average list price of $1.63 million; 4 in the Town of Jackson with an average list price of $663,000; 18 between the Gros Ventre Buttes and Skyline Estates with an average list price of $7.7 million; and the remaining 22 are located South of Jackson with an average list price of $2.6 million.
Looking ahead, we predict this segment of the market will see brisk sales and modest appreciation for the remainder of 2019 and into 2020. To find out more about available single-family vacant land opportunities please contact David Viehman at (307) 690-4004 or email@example.com.
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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 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. *The word “Overall” in this newsletter refers to all sales in Teton County combined (homes, lots, condos, commercial and ranch). *Alta, Wyoming is not included in this report. *The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.