Single-family vacant lot sales increased in the first six months of 2020 with 40 sales (up 5%). Following suit, the average and median sale prices are up 55% and 15% respectively when compared to mid-year 2019. The huge increase in the average sale price is a direct result of the number of vacant land sales over $3 million (up 50%). NOTE: The Luxury market ($3+ million) had 12 sales over $3 million and seven over $5 million.

Single-family vacant lots under contract: 20 properties are currently in negotiations (up 11%), of which 12 are listed for under $1 million and seven for over $2 million.

Available inventory of listed lots decreased by 10% from Q2 2019, as well as the median list price (down 7%). The decrease in the median list price reflects less inventory in the over $1 million segment of our market (down 14%). NOTE: Demand is quickly catching up with supply, so expect some appreciation in 2020. Based on mid-year results, there are currently 13 months of available inventory.

Current available inventory breaks down as follows: 3 single-family lots under $500,000 (down 40%); 32 lots between $500,000 and $1 million (no change); 15 lots between $1 and $2 million (down 25%); 12 lots between $2 and $3 million (down 20%); 11 lots between $3 and $5 million (down 27%); 16 lots between $5 and $10 million (up 45%); and 2 lots over $10 million (no change).

  • Q2 2020 registered the lowest number of available single-family lots in 30 years.
  • Currently there are 1,174 platted and vacant residential single-family lots under 35 acres, in Jackson Hole. Of those, only 383 (33%) are located on the Westbank.
  • Currently there are 218 platted and vacant residential single-family lots, not under a conservation easement and over 35 acres in Jackson Hole.

*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 2019 compared to sales in 2018.
*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 – 2019 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.