2012 Building & Sales Report Permits, Construction & Development

Dear Town Council & Planning & Zoning Commission, This report has been prepared to give provide you an indication of the local building construction, inventory, and sales rates during the last several years.

Total permits includes all permits issued by the Planning & Zoning Department and includes residential and commercial building, fence, signs, temporary uses, conditional use, and variances. !cavation permits issued by the ngineering Department are not included this year. Total permits are up 1"# from last year, and down $%# of the &%%' total of 1%( permits, and resemble the number of permits issued in &%%) and &%%*. The bul+ of the permits continued to be the staff issued permits, including signs, fences, and temporary use permits. The ma,ority of Temporary -se permits continue to be .tinerant /erchant Permits.

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0ew construction in both residential and commercial building permits pic+ed up slightly this year, with & new single1family homes, and ( new commercial 2non1 residential3 structures.

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The graph below indicates the buildable lot growth within incorporated Pinedale for the last decade or so. Acres indicates the acreage of buildable lots 2new subdivisions3 added to the Town inventory, while No. of Lots indicates the number of buildable lots added, which includes lot divisions. 4uildable lots are defined as platted subdivision lots that could be individually developed. 4uildable lots do not include anne!ations, bloc+s, or other large undivided parcels.

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5ubdivision activity in &%1& consisted of lot splits. 6hile substantial growth was not seen, it was more postive than the prior & years, with 7 lots being created. The following graph gives an indication of the current supply for the ( primary 8oning districts in Pinedale. .t shows the actual number of 8oned lots in Pinedale, how many are developed for each district, how many are vacant, and how many are actually for sale. .nside the Town limits as of 9ebruary &%1( there were 1%&% residentially 8oned lots about &7# of those were vacant and only 7.7# of the total were actually for sale. Commercially, there are about &7% lots, &$# of those are vacant and 7.&# were for sale. :n the .ndustrial side there are 1( lots, (1# are vacant and ).)# are for sale 21 lot3.

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Residential Sales & Inventory

The following graphs indicate the number of parcels for sale and how many have actually sold on a countywide basis. Page1

&%1& mar+ed a year that could be called ;<ope with <esitation;= This is clearly illustrated in the following two graphs which show a slight improvement from last year. >esidential sales continued at a higher rate than &%%*1&%1% but weren?t @uite as strong as last year?s 1&) home sales. &%1& saw 1%( home sales which were down 1"# from last year. &'# of these sales were foreclosures or short sales. There are currently 11 foreclosures on the mar+et. Aou will also notice from the graph the number of listings 2inventory3 has increased slightly from last year but is still in the ballpar+ of prior years. The current sales rate put us at 1.7 year supply which indicates a buyer?s mar+et and low housing demand which results in falling prices. .n &%%", we had a (.$ year supply, and last year it was 1.1" years, we are not @uite to a balanced mar+et yet but will continue to move in that direction.

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Bacant land sales are basically the same as last year, minimal. 5ales are down 7%# from the high in &%%". 5ales have stabili8ed in the &%?s for the last $ years 2&&, &', &*, &$3, and the speculative mar+et has dried up with over &%% lots being ta+en off the mar+et, which has reduced the supply significantly. The loss of gas companies pulling out last summer 2Culy3 created a renters mar+et with tons of openings and a drop in prices. The rentals have filled bac+ up and it is bac+ to a landlord mar+et. The mar+et is not too tight and has opened up a bit from last year. .n &%11, there were less than 1% listings, this year there are over (% listings. Prices have dropped slightly too, last year only & listings were under D1%%%Emo this year there is at least 1&.

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/5. is simply used to compare the si8e of an inventory to the rate of sale. /5. is a great indicator of how balanced a mar+et is, but it is not fool proof.

Commercial Indicators
Fnecdotal evidence from local business indicates a significant slow down for &%1&. Bisitors numbers are down slightly at the Bisitor Center 2&%11G &*,'(' &%1&G &*,%))3 and vacancy rates are up at local hotels and motels from last year. Despite this slow down other numbers are loo+ing positive, the vacancy rate is split in half from last year and reinvestment in downtown is also up significantly with many ,obs added. Downtown continued to ;churn; with turnover in some businesses , ;churning; in Pinedale seems to be a combination of high rents and the start1up of businesses with no or ill1defined business plan and lac+ of accurate mar+et analysis.

2011: Businesses Gained: 2 (Outlet Zone, Franklin Street Gifts) Businesses Lost: 2 (Sophie's Boutique, Outlet Zone)
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Jobs Lost*: 2 Estimated Facade Improvements*: $40,000

(Co !o" $#0,000, $%C $&0,000) Vacancies: &# !uil'in(s on )ine Street (B*B +a,aha, $olf's Ca!in, -.Clain !uil'in(, )atio, %aun'ro,at, /arro er Buil'in(, -eat %o.ker, )ine Creek -otel, part of 0io 1er'e !uil'in(, 2o, Bro n !" Blue )lanet, )ine'ale Collision, Sun'an.e -otel, )enton Buil'in() 2012 : Businesses Gained in District*: 4 (/eart * Soul Baker", 3 Clippin( alon(, 4S3 )ri'e, %as 0einas, 5an'elion 5en, 3pplian.e Store) Businesses Lost: 2 (Franklin Street Gifts, 2he Barn 5oor) Jobs Gained*: 2467 Estimated Facade/ enovation Improvements*: $4#8,000 (/eart * Soul $40,000, $0BC $#70,000, %os Ca!os $20,000, )ine'ale )roperties $8000) Vacancies: 9 !uil'in(s on )ine Street (-.Clain !uil'in(, %aun'ro,at, /arro er Buil'in(, -eat %o.ker, )ine Creek -otel, )ine'ale Collision, )enton Buil'in() *These numbers are VERY rough estimates from observation. In some cases I have to guess so there could be a significant variation between reality and what is reported here.

Summary
&%1( is e!pected to be another similar year, hopefully there will be some more substantial improvements in real estate sales and construction. The big pro,ect of course is how 5enior <ousing will unfold in Pinedale. Tourism and /ain 5treet will continue to ramp up which will continue to show improvements in visitors and reinvestment in town. 5incerely Hate Dahl Planning & Zoning Fdministrator Page1

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