Residential Vacant Lots VALLEY-WIDE:

VALLEY-WIDE: The average sale price declined 13% ($97,552, down from $111,578 in 2008) and the median sale price went down 18% ($68,000, down from $82,500 in 2008).  With the significant decrease in number of sales and pricing, vacant land reflects the area most affected by the turn in the local real estate market.  Vacant land owners that purchased for short term benefits, we suggest holding on to your land until the market strengthens as the lack of transactions has caused this area of the market to get extremely competitive. 

OTHER VALLEY-WIDE STATS:
Under Contract: 2 in the Alpine area.
 
Active Listings: 333 (down 37%) with an average list price of $147,322 (down 23%) and a median list price of $99,000 (down 10%).
 
Least Expensive listing: $22,500 – Stewart Country Club Estates .50 acre.

Most expensive listing: $875,000 - Double L Ranch 5.66 acre parcel.

SALES BY AREA:
Northern Star Valley had 26 vacant land sales (down 65%) with an average sale price of $134,488 (down 8%) and a median sale price of $110,000 (up 3%).

Star Valley Ranch had 15 lot sales (down 55%) with an average sale price of $36,162 (down 23%) and a median sale price of $35,000 (down 12%).  We are seeing prices in the Ranch fall to late 2005 early 2006 price levels again; during this period is when prices began to rise at an astounding rate.

Southern Star Valley had 12 sales (down 57%) with an average sale price of $74,750 (down 39%) and a median sale price of $68,000 (down 28%).

* All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

* All statistics quoted in this newsletter are based on sales in 2008 compared to 2009.

* The value of any individual property may, and probably will, vary from the average indicated in these graphs.

* Median sale price is the cost of a property that has an equal number of similar properties above and below it on the price scale.

* Average sale price is the total combined dollar volume divided by the number of sales.

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Valley-wide: This segment of the market is where we saw the biggest slowdown during the first six months of 2008.  There was an 84% decrease in the number of total sales for the valley and the total dollar volume was down 52% when compared to the first half of 2007.  NOTE: The total sales during the first six months of 2007 were down 48% when compared to the first half of 2006.  One encouraging point in this isthe average sale price increased to $142,524 (up 14%) during this period while the median sale price decreased to $85,000 (down 12%).  With the lending crisis and these slow economic times, there are fewer buyers buying land for speculative reasons and it is also tougher to finance vacant land during these rough times.  Another reason for the slowdown in this segment is due to the fact that fewer contractors are buying up lots for the building of speculation homes.  Couple this with the slow down in home sales and inventory being at an all time high, it is difficult for the builders to continue to build these spec homes and get them sold in a timeframe that is profitable. 

Other valley-wide stats:
Under Contract: 19 with an average price of $160,153 (down 16%) and a median price of $139,900 (down 18%).

Active Listings: 560 with an average list price of $191,668 (down 18%) and a median list price of $115,000 (down 23%).
 
NOTE: Over the past two mid year reports, we have seen a 60% increase each year in the number of listings.  This is due in large part to some of the speculative buying of vacant land from 2004-2006.  Those who bought during this time (and especially those that purchased land and financed with an adjustable rate loan) are looking to cash out during this tough economic time.

Least Expensive listing: $37,500 - a .50--acre lot in Star Valley Ranch, a golfing and resort community.

Most expensive listing: $1,500,000 – this buys you 20.7 acres bordering Bridger National Forest in the Suter’s Canyon subdivision outside of Bedford.

Northern Star Valley had 39 sales, down 59%, with an average sale price of $200,448 (up 27%) and a median sale price of $107,000 (down 11%).

Star Valley Ranch had 18 sales, down a staggering 166%, with an average sale price of $43,678 (down 35%) and a median sale price of $36,500 (down 51%).  In 2006 we saw the spike in pricing and number of sales for the ranch.  Now we are seeing somewhat of a market correction for a couple of reasons: 1. with prices rising as fast as they did, lots are not as “affordable” as they once were.  2. Buyers who bought for speculation a couple of years ago are now looking to sell resulting in inventory being at an all time high.

Southern Star ValleY had 16 sales, down 50%, with an average sale price of $127,000 (up 16%) and a median sale price of $122,000 (up 22%). 

*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

*All statistics quoted in this newsletter are based on sales in the first six months of 2007
compared to the first six months of 2008.

*The value of any individual property may, and probably will, vary from the average indicated
in these graphs.

*Median sale price is the cost of a property that has an equal number of similar properties above
and below it on the price scale.

*Average sale price is the total combined dollar volume divided by the number of sales.