Residential Vacant Lot sales: This segment of the market saw a decline in the number of sales for 2007, down 49% from the previous year. Vacant lot sales saw a 38% rise in both the average sale price and median sale price to $147,337 and $110,000, respectively. Some of this may be due to the fact that we did not have any large releases of new subdivision lots as we had in 2006.

Lot Sales by Area:
Northern Star Valley: This area saw a decline of 41% in the total number of sales, but the average sale price and median sale price continued their sharp ascent. The average price of a lot rose 42% to $174,043 and the median price rose 41% to $125,000.

Sales by Subdivision:
Alpine Meadows- 15
Greys River Village- 4
Lakeview Estates- 4
Nordic Ranches- 6
River Ranches F&E- 4
Salt River Cove- 6
Snake River Junction- 6
Trail Creek- 3
Stonefly Ranch- 4
Trail Ridge- 13

Southern Star Valley: Saw a rise in number of sales, average price and median price in 2007. The numbers of sales were up 58% with the median sales price climbing a whopping 60% to $136,320.

Sales by Subdivision:
Rockbridge Meadows- 33
Estates of Valli Vu- 12

Star Valley Ranch: Saw a decline in the total number of sales by 61% with a rise in average price and median sales price. The average price rose by 23% to $64,278 and the median sales price rose 14% to $60,000.

Most expensive sale in 2007: 8.77 acres near Alpine that overlooks Palisades Reservoir for $962,500.

Least expensive sale in 2007: 1.02 acres in Star Valley Ranch that sold for $35,000.

Other Valley Wide Stats:
Under Contract: 13 (down 50% from 2006) with an average list price of $140,654.
Active Listings: 556 with an average price of $197,236.
Least Expensive Listing: .40 acres in Star Valley Ranch for $25,000.
Most Expensive Listing: 5 commercial acres at Alpine Junction for $3,800,000.

Active Listings: The end of 2007 saw active lot listings at an all time high with 556 active listings (up 162% from 2006). The average price of a lot in Star Valley held relatively in check with only a 1% increase from the previous year and the median list price actually declined 14% to $110,000. 227 of the active lots listings in the valley were $90,000 or less.

There are a couple of reasons why we saw so many lot listings, at the end of 2007. First, some of the newer subdivisions have yet to sell many of their lots. Second, speculative buyers, the last couple of years, have realized significant appreciation levels and are now trying to sell their lots.

© Copyright 2004 - 2008 by Jackson Hole Real Estate & Appraisal LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission.

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

*Overall real estate statistics are a combination of all home, lot, condo, ranch and commercial transactions or listings.

Northern Star Valley, in this report, is Bedford north to the Idaho/Wyoming state line (not including Star Valley Ranch).
Southern Star Valley, in this report, is south of Bedford to Smoot.

This segment of the market slowed considerably (down 48%) when compared to the first half of 2006; and there are several factors that are contributing. The first being we haven’t had the release of a large number of lots like we had when Alpine Meadows was made available for sale; and the second with prices continually on the rise, buyers are being more selective in their vacant land purchases. Although total number of lots sold is down, the average sale price of vacant lots rose 32% to $125,000 when compared to 2006 and the median rose 12% to $95,000.

Other valley-wide stats:
Under Contract: 41 with a median price of $165,000.

Active Listings: 352 with a median price of $142,000.

Least Expensive: $35,000 in Star Valley Ranch RV resort.

Northern Star Valley: had 62 sales with an average price of $157,347(up 39%) and a median price of $119,000 (up 40%).

Star Valley Ranch: had 48 sales with an average of $58,869 and a median price of $55,000.

Southern Star Valley: had 24 sales with an average sale price of $109,445 (up 48%) and a median price of $100,000 (up 72%). The Afton area is no secret anymore. The two subdivisions that recorded the most sales in the first half of 2007 were the Estates at Valli Vu and Rockbridge Meadows.

*All statistics quoted in this newsletter are based on sales in the first six months of 2006 compared to the first six months of 2007.

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