The number of vacant residential lot sales showed a modest increase (up 14%) in the first nine months of this year. While this is good news, the number of sales (72) is just above the 10-year average for this time of year. NOTE: 2005 holds the record with 193 sales in the first nine months of that year.
Vacant residential lot sales are also experiencing higher average and median sale prices for this time of year, $1.8 million and $1.25 million respectively. The highest were at the height of our market in 2008, with the average at $2.18 million and the median at $1.485 million.
The luxury segment of the market ($3+ million) recorded a 14% increase in vacant residential land sales between $3-$5 million. Meanwhile, the number of listings in this segment is down 25%.
Inventory hits an all-time low for this time of year: The overall numbers of available listings are down 13%, to 109. For the past 10 years, we have watched available inventory shrink from an average of 210 listings at the end of 2008—the beginning of The Great Recession—to only 109 in 2019, with an all-time low of 92 at the end of 2018.
So what’s going on? As discussed in the 2019 mid-year report, the lack of available single-family home inventory over the last six years, and a new influx of general and sub-contractors are creating increased speculation in the single-family market. This new influx is also allowing more Buyers to purchase a lot and build exactly what they want, within a reasonable timeframe. With dwindling inventory and increasing demand, expect to see continued appreciation in this segment of the market.
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*While other local Real Estate Brokerages attempt to report on the local real estate market, we are the only Realtors who track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, call us 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. *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.