During the recession, new home construction came to a virtual standstill in Jackson Hole with just 23 building site sales in 2009 and 29 in 2010. Since then, however, vacant land sales have been rising steadily, hitting 77 in 2012, 80 in the last 12 months and 14 thus far in 2013.
Statistics released this month and compiled by Jackson Hole News&Guide show building permits issued by Teton County tallied 216 for the 12-month period ending in January. That figure rose slightly from 209 in the previous 12-month period. Leading the way were single-family home site sales.
This market segment still has a ways to go before equaling the 127 building site sales reported in 2007, but the resurgence has contributed significantly to the local economy in terms of additional construction jobs and other real estate-related services. One driver of building site sales has been the reduction of values to a point that encourages the construction of a new home instead of purchasing an existing home.
Highlights of this year’s building site sales include:
- the sale of 6.76 acres near the junction of highways 89 and 22, a critical commercial piece at the corner of one of the state’s busiest intersections. On market for 1,884 days, dropping by more than half from the original list price of $7.5 million.
- the sale of a 1.18-acre building site in Shooting Star in Teton Village. Fish Creek frontage, great Jackson Hole Mountain Resort views, on the market for 610 days with a final list price of $2.45 million.
- Four sales below $260,000, with three in town of Jackson and one in Melody Ranch.
Currently there are 10 building sites under contract, according to Teton County Multiple Listing Service. Pending vacant land sales in Jackson Hole include:
- The last Daisy Bush developer site in this very popular East Jackson neighborhood, listed at $350,000 for more than 1,200 days.
- Half are listed below $$375,000, including two Rafter J lots in the newly released neighborhood on King Eider Road.
- A 16-acre site in Big Trails subdivision, located about two miles south of Jackson between Rafter J and Melody Ranch, with Flat Creek running through it, listed at $1.495 million and on market for 555 days.
Active building sites in Jackson Hole number 207 with a median price of $1.1 million. A 0.59-acre lot in 3 Creek Ranch and a 0.57-acre vacant lot in Teton Village represent the median. Please contact me for a personalized look at available properties, a closer analysis of the sales discussed in this post or a broader discussion of the Jackson Hole real estate market.