Residential Vacant Lot Sales – This portion of the market was clearly a Seller’s Market in 2007. When compared to 2006, the number of lots sold was up 18% to 218 transactions. The dollar volume was up 27% to over $402 million, the average sale price was up 8% to $1.84 million and the median sale price was up a strong 24% to $1.36 million.

The million dollar-plus segment of single-family residential lots continued its upward performance with the number of sales up 49% and the dollar volume up 36%. Almost 75% of the 139 sales were between $1 and $3 million. It is important to also note that 36 lots sold for more than $3 million, and 8 lots sold for over $5 million.

Is there inventory relief in site? While the valley still has several large undeveloped tracts of land for potential subdividing, creating new inventory doesn’t come cheap. In order to create substantial density (lots under 1 acre), Teton County requires a minimum of dedicated open-space, affordable housing components and the planning process can be long and costly. The public creates substantial pressure for developers to preserve our remaining open spaces. Larger parcel subdivisions are thus more readily accepted than subdivisions with small lots (.5 to 3 acres) because they leave a smaller footprint on the land. Furthermore, the county demands fewer requirements when carving land into 35+ acre lots than on subdividing land into smaller lots. When developers consider the carrying cost to develop smaller tracts, they often discover that developing 35+ acre tracts is just as attractive.

The area with the most activity was Teton Village, where vacant land sales were up a whopping 1266%. The new Shooting Star golf course inventory contributed greatly to this increase. Teton Village also boasts the largest increase in average and median sale prices, 145% and 168% respectively.

Available vacant lot listings: Available inventory has increased, up 15% to 132 single-family home sites. The average listing price is also up 13% to $2.97 million, as well as the median listing price, up 15% to $1.725 million. Bargains on residential vacant lots can still be found south of Jackson in the Game/Squaw Creek area and in Moran, thirty miles north of Jackson. Note: In 1996 there were 540 available lots versus 132 as of January 1st, 2008.

Least expensive lot listing at year’s-end: $395k for a 0.21-acre with canyon views and mature trees in Hoback Jct.

Most expensive lot listing at year’s end: $25.5 million for a 71-acre parcel with a spring creek and Snake River frontage plus sweeping views of the Tetons.

Lots currently under contract – There are 77 lots under contract with an average list price of $2.51 million and a median list price of $2.7 million. The most expensive single-family residential lot under contract, as of January 1st, is listed for $2.7 million.

For a more thorough understanding of this segment of our market please call or email Devon and David at 800-735-8385 x111, locally 307-733-3436 or email – david@jhre.net.

Average and Median Sale Price Per Area:

1. Jackson Hole Mountain Resort (Teton Village) - 41 lots sold with an average sale price of $2.954 million (up 145%), a median sale price of $2.95 million (up 168%), and the most expensive sale was $4.2 million.

2. Jackson Hole Racquet Club and Teton Pines – No lots sold in the Racquet Club or Teton Pines this year.

3. Westbank, North of Wilson (excluding resort areas) - 26 lots sold with an average sale price of $1.47 million, a median sale price of $1.2 million, and the most expensive sale was $3 million.

4. Westbank, South of Wilson - 8 lots sold with an average sale price of $1.425 million, a median sale price of $975k, and the most expensive sale was $3 million.

5. Skyline Ranch, N. of Hwy. 22 to Sagebrush Dr./W. of Spring Gulch - 19 lots sold with an average sale price of $2.18 million, a median sale price of $945k (up 20%), and the most expensive sale was almost $10 million.

6. North of Jackson, S. of Gros Ventre Junction and E. of Spring Gulch - 11 lots sold with an average sale price of $1.69 million, a median sale price of $1.6 million (up 19%), and the most expensive sale was $3 million.

7. North of Gros Ventre Junction/Kelly/Moran - 11 lots sold with an average sale price of $1.2 million, a median sale price of $1.03 million (up 12%), and the most expensive sale was $2.1 million.

8. Town of Jackson - 30 lots sold with an average sale price of $965k (up 91%), a median sale price of $550k (up 16%), and the most expensive sale was $13 million.

9. South of Jackson to the Snake River Bridge - 49 lots sold with an average sale price of $1.95 million, a median sale price of $1.05k (up 13%), and the most expensive sale was $7.5 million.

10. South of the Snake River Bridge to Co. Line - 23 lots sold with an average sale price of $1.438 million, a median sale price of $1.5 million, and the most expensive sale was $2 million.

*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 2006 compared to sales in 2007.
*Median sale price is the cost of a lot that has an equal number of sales above and below it on the price scale.

VACANT LOTS: This segment of the market is partly to blame for the housing crisis. While the number of sales had a good showing, up 14%, it is the number of available and affordable free-market lots (only 20% of current inventory is listed for under $1 million) that’s the culprit. Note: Currently there are no single-family vacant lots is available for under $500,000. Meanwhile, vacant land under contract isn’t helping future housing cost as the number of lots under contract is up 103% and the median price of those contracts is up 111% ($2,750,000) when compared to July 1, 2007.

The upper-end of the vacant residential land market, sales of parcels over $1 million, continued to gain momentum with a 16% bump in the number of sales. But the hot spot in this segment was $3 to $5 million, where the number of sales doubled in the first six months of 2007.

LOTS UNDER CONTRACT are also making a strong showing this year with twice as many under contract, when compared to July 1, 2006. The $3 to $5 million segment is really heating up with a 216% increase in lots under contract. The overall number of single-family lots under contract is up 103%, the average asking price is up 46% and the median asking price for lots under contract is up 111% to $2,750,000 or double from the median list price in 2006.

AVAILABLE LOT INVENTORY has leveled off with only a 3% increase in the number of available single-family lots, as of July 1, 2007. With the lack of low-end lots for sale, the median asking price for a single-family residential lot remains strong at $1,600,000, as does the average asking price coming, in at $2,812,654.

THE LEAST EXPENSIVE SINGLE-FAMILY RESIDENTIAL VACANT LOT, currently on the market in Jackson Hole, is twelve miles south of town on Horse Creek Mesa for $555,000. NOTE: The median priced actively listed vacant residential lot is $1.6 million.

THE MOST EXPENSIVE LOT FOR SALE, at this time, is $25.5 million. This will buy you 72-acres (comes in two 36 acre parcels but sold together) north of Jackson and on the Snake River, with privacy, lots of trees, and big views of the Tetons.

NOTE: There is only one Jackson Hole. Furthermore, 99% of Teton County’s 4 million acres are already developed or protected (97% of Teton County is public lands), and they are not making any more.

Copyright 1995 - 2007 by David E. Viehman, dba Jackson Hole Real Estate & Appraisal, LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicit written permission from David E. Viehman.

*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

*A vacant lot, in this report, means land that cannot be furthered subdivided. A vacant lot can range in size from .17 acre (town of Jackson lot) to a 35 acre parcel or larger that has been deed restricted from further division

*All statistics quoted in this newsletter are based on sales in the first six months of 2006 compared to the first six months of 2007.