RESIDENTIAL VACANT LOTS
VALLEY-WIDE: After an increase in the number of vacant land transactions (2010 vs. 2009), 2011 brought a 28% decrease in the number of sales valley wide (57 vs. 79 in 2010). The average sale price rose 21% ($106,773 vs. $88,442 in 2010) while the median sale price decreased 20% ($40,000 vs. $50,000 in 2010). The rise in the average price can be attributed to several high dollar sales in the Alpine area.
There are several reasons for the slowdown in vacant land sales the past couple years:
• The economy: In years past, vacant land was a “safe” long term investment realizing appreciation while today investors may choose to hold on to cash.
• Lack of building: Speculative building during the real estate boom of 2005-2007 played a major role in vacant land sales throughout the valley.
• Lack of development: Developers are leery these days to purchase large tracts for development. Current inventory, development cost, and lack of buyers are making it tough for the developer to justify subdividing land.
• Lack of financing options: Banks are requiring more down payment today to finance vacant land. One option for buyers today is to pursue owner financing options if they are in the market for raw land.
SALES BY AREA:
Northern Star Valley had 41 vacant lot sales (down 15%) with an average sale price of $123,822 (up 17%), and a median sale price of $40,000 (down 20%).
Southern Star Valley had 2 sales (down 86%) with an average sale price of $85,000 (up 19%).
Star Valley Ranch had 13 lot sales (down 8%) with an average sale price of $18,875 (down 34%) and a median sale price of $18,000 (down 18%).
OTHER VALLEY-WIDE STATS:
Lots Under Contract: three lots; one in Northern SV, one in Southern SV, and one in SV Ranch.
Active Lot Listings: 336 (up 3%) with an average list price of $124,799 (down 10%) and a median list price of $79,000, down 20% when compared to the same period in 2010.
Least Expensive Lot Listing: $10,000 – a .14-acre lot in Thayne
Most Expensive Lot Listing: $1,350,000 – 8.5 acres in the Double L Ranch (Etna area).
* 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 2011 compared to 2012.
* 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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