When compared to 2018, the number of lot sales did not change in 2019. In contrast, the dollar volume and average and median sales price increased 20%, 19% and 25% respectively. This increase in the median sales price can be attributed to the number of sales over $1 million segment, where sales were up 24%.

For those still looking for post-recession bargains, there are currently 35 single-family lots for sale under $1 million, and 4 for under $500,000. With the diminishing supply of single-family homes for under $1 million, expect to see the under $1 million vacant land segment continue to accelerate in value in 2020. NOTE: 86% of the vacant land sales in 2019 were purchased with cash.

The million-dollar-plus segment of residential lot sales is up 24% when compared to 2018. NOTE: Currently 58% 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 (16) is up 100% when compared to 2018. Meanwhile, the average and median list prices decreased 47% and 53% respectively. NOTE: Residential vacant lot inventory now has less than one year of inventory.

Available vacant land listings: Available inventory dropped 12% when compared to 2018, with 81 available single-family home sites (lowest available inventory in over 30 years). The average listing price was $2.45 million (down 26%) and the median listing price was $1.25 million (down 12%). While residential vacant lot values continue to strengthen, land bargains can still be found in Jackson Hole. Available inventory breaks down as follows: Four properties between $350K and $500K; 31 between $500K and $1 million; 15 listings between $1 and $2 million; 22 between $2 and $5 million; seven between $5 and $10 million; and two over $10 million.

NOTE: Of the 81 listings, 35 (43%) have been on the market for more than 24 months.

Least expensive lot listing at year’s end: $355,000 for a .21-acre single-family lot in Hoback Junction.

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): Five lots sold (down 50%) with an average sale price of $3.823 million and a median sale price of $4 million (up 14%).

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

Westbank, North of Wilson (excluding resort areas): 11 lots sold (up 175%) with an average sale price of $1.635 million (up 10%) and a median sale price of $1.3 million (up 18%).

Westbank, South of Wilson: Seven lots sold (down 22%) with an average sale price of $2.285 million (down 9%) and a median sale price of $2.15 million (up 165%). Total dollar volume: $16 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 14 lots sold (down 18%) with an average sale price of $3.3 million (up 142%) and a median sale price of $2.2 million (up 120%).

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: Seven lots sold (up 133%) with an average sale price of $2.24 (up 34%).

North of Gros Ventre Junction/Kelly/Moran: 16 lots sold (up 60%) with an average sale price of $1.01 million (down 32%) and a median sale price of $875,000 (down 20%). Total dollar volume: $16.1 million.

Town of Jackson: Eight lots sold (down 33%) with an average sale price of $615,625 and a median sale price of $425,000 (down 25%).

South of Jackson to the Snake River Bridge: 21 lots sold (up 200%) with an average sale price of $1.53 million and a median sale price of $950,000 (up 12%).

South of the Snake River Bridge to Co. Line: Four lots sold (down 75%) with an average sale price of $1.53 million (up 48%) and a median sale price of $650,000 (up 6%).

*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 – 2020 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.