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Jackson Hole land rush: Vacant land sales spiking in 2012

By   /  August 30, 2012  /  No Comments

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Sales of home sites along the Snake River have been driving a huge bump in sales volume so far in 2012.

Vacant land sales in Jackson Hole in 2012 have already exceeded the entirety of 2011 with more than four months remaining.

And 2010. And 2009. And, with just one more sale this year, Jackson Hole building site closings will also exceed 2008.

With seven closings already reported in August, unit sales for the year surged to 42 and a sales volume of approximately* $82 million. Since the boom year of 2007, when 127 units changed hands for more than $150 million, the high mark for properties sold was 42 in 2008. Sales volume in 2008 and 2010 reached approximately $75 million for the year, the next highest figures since 2007.

What types of vacant land listings are selling?

After flat sales years for Jackson Hole building sites in 2010 and 2011, activity has sharply increased in 2012.

  • Driving the spike in sales volume are sites larger than 35 acres, with six sales in Bar BC Ranch, Bar B Bar and Crescent H with a total list price of $33.9 million.
  • The highest per acre sale of the year so far has been a 3.26-acre site at the base of Jackson Hole Mountain Resort in Teton Village that was listed for $13.5 million, or $4.1 million per acre.
  • Median sales price thus far in 2012 has been $1.5 million with an average sales price of $1.9 million.
  • Nine sales have been below $500,000, with four of those in a newly available corner of Rafter J that will feature twin and single-family homes.
  • The least-expensive building site sale in Teton County, a 0.4-acre lot in Karns Hillside near Snow King, was listed for $214,900 prior to closing.
  • Not including the Rafter J sales, the five least-expensive sales were in Town of Jackson.
  • Sales prices were not reported for 14 of the 42 closings thus far in 2012.

    No fishing on this site, but great views of the Teton Range are abundant.

Please contact me for a closer look at Jackson Hole building sites or a personalized market analysis for any segment.

* All information is provided by Teton County Multiple Listing Service and is deemed reliable. Sales volumes are approximate because sales prices are often not reported. Approximately 90 percent of final list price was used to determine approximate sales volumes.

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