Vacant Land Mid-Year 2017

Single-family vacant lot sales spiked in the first six months of 2017 with 49 sales (up 75%).  Meanwhile the average and median sale prices dropped, down 25% and 14% respectively, when compared to mid-year 2016.   The drop in the average and median sale prices is a result of the spike in the number of vacant land sales under $1 million (up 143%).  NOTE: Most areas of the valley experienced an increase in vacant single-family lot sales over last year.

Who is buying vacant land?  The 2017 demographics have changed some: While half of the buyers are still second homeowners and retiring baby boomers, the remaining half are buying for spec building.  This trend continues to bode well for our local construction industry.  NOTE: Most residential vacant land purchases were cash (59%), bought by end-users intending to build a home for themselves or to speculate.

Single-family vacant lots under contract – 11 properties currently in negotiations (down 8%), of which only two are listed for under $500,000 and five for over $1 million.

Available inventory of listed lots dipped 9% from Q2 2016.  Following suit the dollar volume and median list price are down 11% and 7% respectively.  The drop in the median list price reflects more inventory in the under $500,000 segment of our market.  NOTE: Supply will continue to outpace demand so do not expect to see appreciation in this segment for the remainder of 2017.  Based on mid-year results, there are currently 18 months of available inventory.

Current available inventory breaks down as follows: 15 single-family lots under $500,000 (up 15%); 49 lots between $500,000 and $1 million (down 10%); 41 lots between $1 and $2 million (down 15%); 20 lots between $2 and $3 million (down 17%); 11 lots between $3 and $5 million (up 22%); 13 lots between $5 and $10 million (down 15%); and five lots over $10 million (down 17%)

 

This information was derived from the Hole Report, the full report can be found here: http://jacksonholerealestatereport.com/2017-second-quarter-report/vacant-land/

Vacant Land Year-End 2016

When compared to 2015, the number of ​lot sales and dollar volume dropped 43% and 42% respectively in 2016. ​In contrast, the average and the median sales price tipped up 2%. ​As this segment of the market continues to struggle, expect little appreciation in 2017 valley-wide. The decrease in vacant land sales reflects the current construction environment, where remodel and new home construction demand remains unfulfilled. For those still interested in wading into these uncertain waters, there are currently 45 single-family lots for sale under $1 million, providing a variety of options.

Unlike the diminishing supply of single-family homes, the current sales pace for vacant lots will take 21 months to deplete existing inventory. ​That said, some signs bode well for an acceleration in lot sales: Because half of the current home inventory was built 20+ years ago, and available home inventory stands at the second lowest level in 25 years, ​we predict that demand for vacant land may pick up in 2017​. ​NOTE: 82% of the vacant land sales in 2016 were purchased with cash.

 

This information came from the Hole Report, found here: http://jacksonholerealestatereport.com/

Vacant Land Q3 2016

The number of vacant land transactions decreased approximately 30%. The quantity of high-priced land transactions contributed to the average and median sale price increases, up 26% and 18%, respectively. Approximately 22% of the transactions took place in the over $2 million price range. Vacant land inventory increased slightly, up about 6%. The average days on market for vacant land remained relatively unchanged
at 432 days.

vacantTransactions 76
% Change in Transactions from 2015 -30%
Minimum Price Sold $300,000
Maximum Price Sold $7,990,000 (ranch property)
Median Sale Price $945,000
Average Sale Price $1,395,036
Average Days on the Market 432
# Pending Transactions 18

View Last Year’s Quarter 3 Vacant Land Report

jackson_vacant_sold_home

Vacant Land Mid-Year 2016

The vacant land segment of the market struggled to keep pace with the first half of 2015, with about 45% fewer transactions. One substantial ranch sale contributed to the average sale price increase, up about 39%. However, the median sale price, decreased about 22%. The majority of vacant land transactions took place in the Teton Village area, spurred by the velocity in the Shooting Star development.

# of Vacant Land Transactions 37
% Change in Transactions from 2015 -45%
Minimum Price Sold $355,000
Maximum Price Sold $7,990,000 (ranch property)
Median Sale Price $625,000
Average Sale Price $1,594,857
Average Days on the Market 347
# Pending Transactions 11

vacant

Vacant Land 2015 Year End

Vacant land in Jackson Hole showed continued growth in 2015 with an approximate 14% increase in the number of transactions.

Total dollar volume also increased by 9% when compared to 2014. The median sale price for vacant land in Jackson Hole was $831,000, over 10% higher compared to last year. Similar to other segments of the market, there was a shift in the price range of transactions in the vacant land segment. Transactions under $500,000 were down over 25% and transactions between $500,000-$1 million decreased nearly 15%. Conversely, transactions between $1 million-$2 million increased dramatically, up approximately 73%.  Teton Village vacant land transactions doubled in 2015, primarily due to the popularity of the Shooting Star development. Other subdivisions that experienced significant increases were Gros Ventre North, Bar Y Estates, Bar BC and Skyline; transactions in these areas increased by 140% from the previous year.

Vacant Land 2015 Third Quarter

The vacant land segment of the market continued to show gains due to the inventory shortage in single family homes. The number of transactions increased dramatically (a 37% increase) when compared to the end of the third quarter of 2014. Even more dramatic was the approximate 60% increase in median sale price and 40% increase in total dollar volume. This was primarily the result of a shift in the price range where buyers purchased vacant land. The market share in the $1 million – $2 million range was slightly less than the under $500,000 range, 23% and 29% respectively. Vacant land transactions over $2 million represented nearly 30% of total vacant land transactions. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting Star development. As the vacant land segment of the market continues to grow, inventory continues to diminish; down approximately 15% when compared to this time in 2014.

sales

Vacant Land 2015 Mid-Year

The vacant land segment largely recuperated from the economic downturn and showed solid gains in the first half of 2015, with

transactions up 18%. As with all other segments of the market, the vacant land segment experienced an upward shift in price level

distribution, which pushed the average sale price up 15%, and the total dollar volume up nearly 48%. The number of vacant land

transactions under $500,000 dropped 20% while the number of transactions over $1 million increased over 40%. In fact, there were

3 sales in the over $5 million segment. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting

Star development. The active inventory for vacant land decreased 15% when compared to the same time last year, and there is

currently about 16 months’ worth of inventory on the market.