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.