Residential Vacant Land: This segment of the market, while not hit as hard as the condo segment, still took a big hit. When compared to 2008, the number of lots sold was down 35% to 35 transactions. The dollar volume, along with the average and median sale prices, also took a big hit (down 52%, 25% and 28% respectively). Unlike the single family home and condo/townhouse segments, the residential vacant land segment will likely take longer to recover. Based on historical data, this segment is usually the last segment to recover in most real estate markets. Unlike previous downturns, the ability to finance vacant land purchases will be the biggest challenge. Today lenders consider vacant land purchases as pure speculation, unless they plan to build a home within 12 months from closing. This statement is backed up by the fact that only 25% of all vacant land sales used bank financing in 2009. NOTE: In 2007 there were 218 residential vacant lot sales at year’s end. *See below for the Residential vacant land chart:

The million dollar-plus segment of residential lots also suffered in 2009. The number of sales was down 46% and dollar volume was down 56%. It is important to note that more than half the sales in this portion of the vacant land market were cash transactions. For a free comparative market analysis on your million-dollar+ property please call 307-734-9941 or go to the contact page and submit your request. Our in-depth local knowledge combined with the Christie’s Great Estates global network has made us Your Local Luxury Experts.

Available vacant land listings: Available inventory is flat when compared to 2008 with 128 available single family home sites. The average listing price was only down 1% to $2.72 million, and the median listing price was only down 6% to $1.475 million. Bargains on residential vacant lots can be found in just about every neighborhood in Jackson Hole. Available inventory is broken down as follows: 8 listings under $500K; 26 listings between $500K to $1 million; 51 between $1 & $2 million; 27 between $2 & $5 million; and 16 over $5 million.

Least expensive lot listing at year’s end: $375,000 for a 0.16-acre single family lot close to the Elk Refuge and hospital.

Most expensive lot listing at year’s end: $25.5 million for 70+ acres on the Snake River, North of Jackson.

Lots currently under contract: Currently, there are no lots under contract.

For a more thorough understanding of this segment of our market, please call Devon or David at 888-733-6060 x9941, locally 307-734-9941 or go to the contact page and submit your request.

Residential Vacant Land Sales by Area:

1. Jackson Hole Mountain Resort (Teton Village) – Only 1 lot sold in Teton Village. It was in the Granite Ridge subdivision, slope-side with just over 1 acre.

2. Jackson Hole Racquet Club and Teton Pines – No sales in Teton Pines or Racquet Club.

3. Westbank, North of Wilson (excluding resort areas) - 5 lots sold with an average sale price of $2.067 million and a median sale price of $1.85 million. The most expensive sale was $3.25 million.

4. Westbank, South of Wilson - 3 lots sold with a total dollar volume of 3,375,000. The most expensive sale was 1.75 million.

5. Skyline Ranch, N. of Hwy. 22 to Sagebrush Dr./W. of Spring Gulch - 3 lots sold with a total dollar volume of $3,070,575.

6. North of Jackson, S. of Gros Ventre Junction and E. of Spring Gulch - 2 lots with a total dollar volume of $2,215,000. The most expensive sale was $1.4 million.

7. North of Gros Ventre Junction/Kelly/Moran - 7 lots sold with an average sale price of $1.434 million and a median sale price of $1 million. Total dollar volume was $10,043,510.

8. Town of Jackson - 3 lots sold with a total dollar volume of 1.075 million. The most expensive sale was $400,000.

9. South of Jackson to the Snake River Bridge - 10 lots sold with an average sale price of $1.468 million and a median sale price of $730,000. The most expensive sale was $3.5 million.

10. South of the Snake River Bridge to Co. Line - Only 1 lot sold south of the SR Bridge. It was a .3-acre lot in the Hoback River subdivision.

*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 2008 compared to sales in 2009.

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

RESIDENTIAL VACANT LOTS:The number of sales in this segment of the market also experienced a huge drop, down 75%.  The average and median sale prices reflected this drop in demand, down 30% and 22% respectively. With a total of nine sales, four came in under $1 million.  Currently, 32% of all available single-family lots are listed below $1 million with fifteen under $500k.  NOTE: During this same period in 2008 there was only one residential vacant lot available for under $500k.

The upper end of the vacant residential land market (parcels over $1 million) also experienced a huge drop in sales, down 79%.  The most expensive residential lot sale so far in 2009 was a 6.9-acre parcel on the Snake River, which sold for $3,250,000.

Lots under contract are about non-existent, with only two currently pending.  This is a 95% drop when compared to July 1, 2008.  The lack of pending sales can also be directly linked to the recession.  The three biggest Buyers of vacant residential land (contractors, investors and future retirees) have gone away for the time being.

Available lot inventory also saw a huge spike (up 39%) as of July 1, 2009.  This increase in inventory brought more affordable lots to the market, with available lots under $1M more than doubling.  The median asking price for a single-family residential lot dropped 15% to $1.395M, and the average asking price dropped 10% to $2,361,159.  This increase in inventory can also be directly linked to the current recession.

The least expensive single-family residential vacant lot, currently on the market in Jackson Hole, is a 3.1 acre parcel about 12 miles south of Wilson in Red Top Meadows for $349,000.  NOTE: The median listing price for a vacant residential lot is $1.395 million.

The most expensive lot for sale, at this time, is $25.5 million. This will buy you 73-acres (comes in two 36 acre parcels 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 - 2009 by David & Devon Viehman, dba Jackson Hole Real Estate Associates, 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 or Devon Viehman.

* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions, changes in number of transactions and average sales prices. The values of individual properties will most likely vary from these graphs.

*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 the first six months of 2008 compared to the first six months of 2009.

*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.

*The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.