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/