The Teton mountain peaks are still snowcapped and the wildflowers are starting to peek out around the Jackson Hole valley.
With summer fast approaching, real estate excitement is in the air. It is no surprise that we have seen an increase in unit volume in homes and condos due to the terrific values for buyers, but we are now also seeing a major increase in land sales. In the first four months of 2012 the number of land sales is more than double what they were for the same period in 2011.
Sales volume of vacant land year-to-date is over 4 times that of 2011 with 7 land sales over $1 million and 4 land sales over $4 million. Today, there are an additional 2 land parcels priced over $4 million scheduled to close this month.
With land moving in both the high-end and entry – level price ranges, the outlook for the building market improves. Teton County reports that in March of 2012 it issued more than three times the number of building permits for new homes during March than the same month last year. ??
Between January and March, county staff issued over twice the number permits for new single-family homes versus the same period 2011. By the end of March, the total value for permitted residential work was roughly $27.3 million.