2013 Year End Market Report

Watch a video to see what Christy has to say about the 2013 market and how it will lead into 2014.

For a more detailed report, please read the 2013 Market Report.

Jackson Hole Real Estate Associates – Christie’s International Real Estate – Jackson Hole!

Garth and Christy Gillespie move to Christie's International Real Estate Jackson Hole -- Jackson Hole Real Estate Associates

Garth and Christy Gillespie move to Christie’s International Real Estate Jackson Hole — Jackson Hole Real Estate Associates

 

Last week was a very exciting time for Christy and Garth Gillespie as we moved our real estate business to Jackson Hole Real Estate Associates.  Sometimes a little change is good and we feel like moving our business to the largest real estate brokerage in the valley is a great opportunity for us to expand our business.  Local ownership is another exciting development as we know the owners at Jackson Hole Real Estate Associates and know they are committed to providing the best opportunities for all their customers and their employees.  Christy and I have worked closely with many of the agents here at Christie’s Jackson Hole so getting used to our new environment will take no time at all.

 

We have new phone numbers — Garth at 307-732-7611.  Christy at 307-732-7610 and Audrey at 307-7612.  Please call us to say “Hi” or stop by our new office at 80 West Broadway – Directly across the street from the Wort Hotel.

Real Estate Sales Totals Through the 3rd Quarter for Teton County, Wyoming — Market Update

One of our best charts.  Cumulative Sales Totals with sales volume and the number of properties sold.

One of our best charts. Cumulative Sales Totals with sales volume and the number of properties sold.

(Click the chart to enlarge)

Working at Sotheby’s in Jackson Hole has many advantages, one of which is that we receive quarterly reports from our master accountant Leonard Kleiman.  The quarterly reports breakdown the market into many segments and help educate the Gillespie Real Estate Team on the current Real Estate Market in Jackson Hole.  On this post we see the Cumulative Sales Totals through the 3rd quarter and can compare the totals to the past 10 years.  We can see from the chart that 2013 is by far our best year since the recession.

Estimating Where Prices Are Going in Jackson Hole

Great chart explaining where real estate prices are heading and where they were

Great chart explaining where real estate prices are heading and where they were.

 

Prices of real estate in Jackson Hole have gone up through out the valley during the past few quarters.  We have started to see activity slow a little (2nd quarter vs. 3rd quarter) which would also slow the increase in property values.  I believe the chart below illustrates the general idea that appreciation will continue but at a slower rate going forward.  Let me know what you think?

 

Call Christy and Garth Gillespie at 307-413-5243 or email us at garth.gillespie@jhsir.com.  We are real estate agents at Jackson Hole Sotheby’s.

Current Jackson Hole Mortgage Rates

 

BANK OF JACKSON HOLE

Residential Mortgage Rates for November 4, 2013

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 720 and a loan-to-value of at least 80 percent.  The conforming loan programs feature a one (1%) percent loan origination fee and the requirement that the borrower escrow for taxes & insurance.

HIGH BALANCE CONFORMING LOANS UP TO $625,500 FEATURE INTEREST

RATES SLIGHTLY HIGHER THAN THE CONFORMING RATES SHOWN BELOW.

 

PROGRAM

CONFORMING

(Loans to $417,000)

JUMBO

(Loans over $625,500)

30 Year Fixed

4.125%

4.625%

15 Year Fixed

3.125%

3.875%

7/1 ARM

3.250%

3.250%

5/1 ARM

2.750%

3.125%

 

PRIME RATE: 3.250%

 

ONE YEAR LIBOR RATE: 0.602%

 

SUPER JUMBO – We have lending sources for loan amounts up to $5,000,000!

PLEASE CALL FOR QUOTES.

Please contact T.R. Pierce for more information:

T. R. PIERCE

307.732.3050

307.413.1946

tpierce@bojh.com

NMLS 461602

 

 

Customer Testimonials for Christy and Garth Gillespie – the Jackson Hole Real Estate Experts

See what our Jackson Hole buyers, sellers and friends are saying about working with us.

http://www.youtube.com/watch?v=sffL3a429CI&feature=youtu.be

To learn more about Christy and Garth Gillespie and the Jackson Hole Experts please call us at 307-413-543 or email us at garth.gillespie@jhsir.com

 

Great Time To Sell Your Home In Jackson Hole, Wyoming

Garth and Christy Sign

Christy and I came across this interesting information about Market Timing and how right now may be a perfect time to list your home for sale.  Christy and Garth Gillespie, Jackson Hole Sotheby’s, have a wonderful Listing Presentation.  Call us today to set up an appointment – 307-413-5243.

Many now realize that it is a great time to buy a home.  It might also be an opportune time to sell your house.  Here are the five reasons we believe now may be a perfect time to put your house on the market.

1. Demand Is High

The most recent Existing Home Sales Reports by the National Association of Realtors (NAR) show a double digit percent increase in sales year-over year; sales have remained above last year’s levels for over 25 months.  There are buyers out there right now and they are serious about purchasing.

2. Supply Is Beginning to Increase

Total housing inventory is again approaching historic norms of a 5 month supply compared with 4.3 months in January.  Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months.  Selling now while demand is high and before supply increases may garner you your best price.

3. New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block.  As the market is recovering, more and more builders are jumping back in.  These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.

4. Interest Rates Will Again Rise

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year.  The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by this time next year.

Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5. It’s Time to Move On with Your Life

Look at the reason you are thinking about selling and decide whether it is worth waiting.  Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked.  You have the power to take back control of your situation by putting the house on the market today.  The time may have come for you and your family to move on and start living the life you desire.  That is what is truly important.

Christy and Garth would be thrilled to meet with you if you are having thoughts of listing your Jackson Hole Property.  Fell free to call or email us!

One of Jackson Hole’s Most Active Real Estate Neighborhoods In 2013 — Melody Ranch

Melody Ranch - Jackson Hole

Great property in Melody Ranch. Best price per square foot in the subdivision!

The 2013 Real Estate Market in Jackson has been one marked by vast improvement over past years.  This of course should be expected after a few of our worst years (2009, 2010, 2011).  2013 has been tracking below the “glory years” of (2007, 2006, 2005) but overall we have seen robust sales and sales volume.

One neighborhood that has seen an incredible rebound is the South of Jackson neighborhood – Melody Ranch.  Melody Ranch is a beautiful neighborhood just 4 miles south of Jackson and it is relatively a young subdivision for Jackson standards as it is less than 20 years old.  Newer homes, floor plans and house designs are attractive for many residents in the Jackson Hole area.

Melody Ranch has always seen active sales as it offers an opportunity for new residents, residents moving up in the market and residents looking to change addresses due to the wonderful views and weather Melody offers.  Sales for the past 10 years are as follows:

2004 : 12

2005: 25

2006: 21

2007: 16

2008: 8

2009: 13

2010: 13

2011: 10

2012: 12

2013 is looking much stronger as we have already seen 17 sales and there are 6 pending transactions.  There are currently only 5 active listings.  Wow – What a great time to think about listing in Melody!  We have seen nice appreciation this year and expect that to continue with the lack of inventory.

To learn more about Melody Ranch – Call Christy and Garth Gillespie at 307-413-5243.  We have represented the most buyers and sellers in Melody Ranch for the past 5 years and nobody in the Jackson Hole Real Estate business has even gotten close to our success.  We have proven sales techniques that we are happy to share with you.  We have have the most complete market report for the area.  Email us at garth.gillespie@jhsir.com for a Free Market Update!

Melody Ranch – Jackson Hole Neighborhood Description

Beautiful home in Melody Ranch - recently sold by the Gillespie Team

Beautiful home in Melody Ranch

Melody Ranch, just four miles south of the Town of Jackson, is a place of wide-open spaces, remarkable views and a strong sense of community. While residents appreciate the development for its close proximity to town and its natural beauty, they also love the fact that it feels like a true neighborhood, a place where people have chosen to make as their year-round home in Jackson Hole.

Melody Ranch has deep roots in Jackson Hole history. In 1888, the area was settled as Cheney, one of the first townships in the valley. In the 20th century, an out-of-towner named Paul von Gontard visited the area as a boy and was so bowled over by the soaring mountains and grassy meadows that he later returned to establish a cattle ranch on the land. The main lodge and outbuildings from those days still stand, and their historic character is complemented by the design of today’s Melody Ranch homes, which are in the Western mountain and ranch styles, in natural earth tones.

As a planned residential community, Melody Ranch retains all the openness and close-to-nature attributes of its ranching heritage. Development started in 1995 in accordance with a master plan that emphasizes preserving open spaces. Today, in fact, open spaces make up 70 percent of the community. As Melody Ranch Development states, “Our philosophical approach is that maintaining these views and landscapes will enhance and protect what we value so highly – the freedom to live in, and appreciate, the wide open spaces of the hard-won West.” Flat Creek, the water source for the hay meadows of Melody Ranch, still meanders through the development, and thanks to careful planning, the Teton and Snake River mountain views that made such an impression on young Von Gontard more than 50 years ago can still be enjoyed in full. Cottonwoods, spruce and aspen dot the landscape and add a sense of privacy. Melody Ranch “has incorporated time-honored concepts of historic ranch development into its master plan, to preserve the open character of horse and cattle pastures and hay meadows while allowing native and natural vegetation to protect and shade its buildings,” the developer says.

The development features manmade improvements that give residents a backyard playground. There are bike trails, trout fishing ponds, playgrounds and playing fields that make the development ideal for families with children. Schools, grocery stores, shops, restaurants and all the other amenities of town are within easy reach, as are Grand Teton National Park and Jackson Hole Mountain Resort. But at Melody Ranch, staying home is just as an attractive option as getting out to other parts of the valley. Great views are just the beginning.

To learn more about Melody Ranch please contact us – The Jackson Hole Experts – Christy and Garth Gillespie – at 307-413-5243 and email at garth.gillespie@jhsir.com.

185 WEST BROADWAY, JACKSON, WY 83001

Where Is The Jackson Hole Real Estate Inventory Under $1 Million??

Slide131

We have a little bit of a dilemma going on in Jackson Hole.  Supply and demand is becoming a problem for properties priced under $1 million.  There are currently about 133 residential listings (townhomes, condos and single family homes) listed as active in Teton County Wyoming.  Of the 133 listings 59 are single family homes and 74 are condos/townhomes.

During the 3rd Quarter the Jackson Hole real estate market averaged 32 sales of homes, condos and townhomes per month priced under $1 million.  Quick math tells us we have a little more than 4 months of inventory.

Interest rates are still very low and we have not seen a decrease in Buyer’s interest so it is a great time to be thinking of listing.  Christy and I have been very active this summer selling homes.  We have been involved with over 30 transactions with 27 listings SOLD!  If you are thinking of selling your home please do yourself a favor and call Christy and Garth Gillespie, Jackson Hole Sotheby’s International Realty at 307-413-5243.  We have a very professional listing presentation explaining how and why we have had success this year and for over 15 years running.