Slight uptick in activity on larger vacant land parcels in the Foothills area

The following market commentary is for the Sierra North Valley MLS listing areas of Bangor, Yankee Hill/Concow, Upper Foothills, Forbestown, Feather Falls, Berry Creek and Brush Creek.

In the first 9 months of year, there were only 4 sales of vacant land properties over 15 acres in size. These were all around 20 acres with an average price of $2,879 an acre. Currently there are 4 additional sales pending, ranging from 17.5 to 165.5 acres. The average listing price per acre on these pending transactions is $3,576, although we won’t know the actual price paid until they close.

There is still quite of bit of inventory in this bracket with 26 active listings ranging from 20 to 305 acres and list prices from $50,000 to $2,275,000, with price per acre ranging from $984/acre to $11,814/acre.

Based on the pending sales data, I’d expect to see market appetite in the coming months for those larger parcels priced under $3,500/acre.