When compared to 2017, the number of lot sales decreased 22% in 2018. In contrast, the average and median sales price increased 32% and 10% respectively. This decrease in the num- ber of sales can be directly attributed to the under $1 million segment, where sales were down 32%.

For those still looking for post-recession bargains, there are currently 32 single-family lots for sale under $1 million, and 2 for under $500,000. With the diminishing supply of single-family homes for under $1 million, expect to see the under $1 mil- lion vacant land segment accelerate in value in 2019.

NOTE: 74% of the vacant land sales in 2018 were purchased with cash.

The million-dollar-plus segment of residential lot sales dipped slightly, 5% when compared to 2017. NOTE: Currently 66% of the available residential vacant land inventory is listed for more than $1 million.

Residential lots currently under contract: The number of lots currently under contract (8) is up 14% when compared to 2017. Meanwhile, the average and median list prices increased 175% and 287% respectively. NOTE: Residential vacant lot inventory now has one year of inventory.

Available vacant land listings: Available inventory dropped 8% when compared to 2017, with 92 available single-family home sites (lowest available inventory in over 30 years). The average listing price was $3.3 million (down 4%) and the median listing price was $1.425 million (down 27%). While residential vacant lot values continue to strengthen, land bargains can still be found in Jackson Hole. Available inventory breaks down as follows: 2 properties between $350K and $500K; 29 between $500K and $1 million; 22 listings between $1 and $2 million; 19 between $2 and $5 million; 14 between $5 and $10 million; and 6 over $10 million.

NOTE: Of the 92 listings, 52 (57%) have been on the market for more than 24 months.

Least expensive lot listing at year’s end: $350,000 for a 3.02-acre single-family lot in Buffalo Valley.

Most expensive single-family lot listing at year’s end: $16.95 million for 105 acres on the Snake River, north of Jackson.

If you are a property owner in Jackson Hole and would like a free comparative market analysis, please email David or Devon at david@jacksonholereport.com or devon@jacksonholereport.com, or call 307-690-4004. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.

Jackson Hole Mountain Resort (Teton Village): 10 lots sold (up 43%) with an average sale price of $3.49 million (up 23%) and a median sale price of $3.5 million (up 27%).

Jackson Hole Racquet Club and Teton Pines: 1 lot sold in Teton Pines and none sold in JH Racquet Club.

Westbank, North of Wilson (excluding resort areas): 4 lots sold (down 56%) with an average sale price  of $1.487 million (down 32%) and a median sale price of $1.1 million (down 13%).

Westbank, South of Wilson: 21 homes sold (up 24%) for an average sale price of $2.5 million (down 24%) and a median sale price of $1.61 million (up 34%). Total dollar volume: $52.3 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 17 lots sold (up 42%) with an average sale price of $1.37 million (up 12%) and a median sale price of $1 million (up 21%).

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: 3 lots sold (down 40%) with an average sale price of $1.675 (up 79%).

North of Gros Ventre Junction/Kelly/Moran: 10 lots sold (down 47%) with an average sale price of $1.49 million (up 61%) and a median sale price of $1.09 (up 36%). Total dollar volume: $14.9 million.

Town of Jackson: 12 lots sold (down 29%) with an average sale price of $627,833 (down 24%) and a median sale price of $565,000 (down 19%).

South of Jackson to the Snake River Bridge: 7 lots sold (down 75%) with an average sale price of $1.64 million (up 54%) and a median sale price of $850,000 (up 6%).

South of the Snake River Bridge to Co. Line: 16 lots sold (up 33%) with an average sale price of $1.03 million (up 16%) and a median sale price of $612,500 (up 22%).

*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.