Single-family vacant lot sales decreased in the first six months of 2019 with 38 sales (down 7%). Meanwhile, the average and median sale prices are up 17% and 37% respectively when compared to mid-year 2018. The increase in the average and median sale price is a direct result of the number of vacant land sales under $1 million (down 19%).

NOTE: The luxury market ($3+ million) had seven sales over $3 million and one over $5 million.

Who is buying vacant land? The 2019 demographics reflect half of the buyers are second homeowners and retiring baby boomers, the remaining half are buying for spec building. Of the 38 sales only nine had a local address on the deed. This trend continues to bode well for our local construction industry.

NOTE: Most residential vacant land purchases were cash (92%), bought by end-users intending to build a home for themselves or to speculate.

Single-family vacant lots under contract: 18 properties are currently in negotiations (up 38%), of which eight are listed for under $1 million and nine for over $2 million.

Available inventory of listed lots decreased by 14% from Q2  2018. Meanwhile, the median list price is up 12%. The increase  in the median list price reflects less inventory in the under $1 million segment of our market (down 31%).

NOTE: Demand is catching up with supply, but we do not anticipate much if any appreciation in 2019. Based on mid-year results, there are currently 16 months of available inventory.

Current available inventory breaks down as follows: 5 single-family lots under $500,000 (no change); 30 lots between $500,000 and $1 million (down 35%); 20 lots between $1 and $2 million (no change); 16 lots between $2 and $3 million (down 16%); 15 lots between $3 and $5 million (up 88%); 12 lots between $5 and $10 million (up 20%); and 2 lots over $10 million (down 78%).

  • Q2 2019 registered the lowest number of available single-family lots in 30 years.
  • Currently there are 1,190 platted and vacant residential single-family lots, under 35 acres, in Jackson Hole. Of those, only 382 (32%) are located on the Westbank.
  • Currently there are 217 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.