Market Updates Archives - Page 5 of 8 - Christy & Garth Gillespie

Jackson Hole Report Back In Action – 2009 To Date Market Report

July 29, 2009/in General Real Estate Information, Market Updates

After a two week hiatus I am back bringing you updated information on the Jackson Hole Real Estate Market. Christy and I have seen a continued “look and wait” attitude in the market. We currently have over 20 listings in all price ranges so we have a pretty good pulse on the market. Also here at Sotheby’s International Realty – Jackson Hole Brokerage – we have the agents that do the most business so we have access to any behind the scenes activity that may not show up in the Teton County MLS system.

The statistics for the first 2 quarters of 2009 are bleak at best. Transaction data is the lowest we have seen in recent history with just 57 closings for a sales volume total of $80 million. The data will probably not get much better as units sold in June were down 53% from last year meaning that the market is not exactly picking up speed. Unit volumes are down a dramatic 84% from their peak in 2005 and 2009 sales volume is down 79% from the peak in 2007.

Active Residential and Building Sites in Jackson Hole and Teton County continue to build. Currently there are 815 active listings on the market. This is a new high in recent history. Active inventory is 40% higher than last year and 105% higher than in 2007! In segments of price range there are 660 listings of properties listed under $3 million and 160 listings over $3 million. Over $3 million inventory has jumped 31% when compared to 2008 and 2007.

In Summary —
Under $1.5 million: *77% of units sold in 2009 vs. 67% in 2008. *Units sold declined 58%. *Sales volume is down 63%. *Average sales prices are down 12%. *Listing inventory is up 49%.

Over $1.5 million: *23% of units sold in 2009 vr. 33% in 2008. *Unit sales are down 73%. *Average sales price is up 16% (due to few sales). *Active listings are up 31%.

Come back soon as we will be posting a lot of current information in the next few days. If you would like additional information on the Jackson Hole Real Estate Market please feel free to contact the Jackson Hole Experts – Garth and Christy Gillespie – associates at Sotheby’s International Realty. We can be reached toll free at 877-739-8056 or email me at garth.gillespie@sothebyshomes.com.

What’s Under Contract in the Jackson Hole Real Estate Market

July 3, 2009/in General Real Estate Information, Market Updates, Real Estate Buyer & Seller News, Top Values

In the past week we have seen an increase in activity in the Jackson Hole real estate market. The market is not on fire by any means but again we are starting to see some activity that indicates the market has some life. The most interesting aspect of the current activity has been the variety of properties going under contract.

There are currently 16 “Under Contract” residential properties which does NOT include pre construction projects (Terra, Pine Glades, 199 Pearl) or vacant land. There are 8 propeties under $1,000,000 and 8 properties over $1,000,000. There are only 3 condos verse 13 single family homes. In the past week, the most exciting activity we witnessed was a property north of town listed for $5,150,000 go under contract (both sides of the transaction are being represented by Sotheby’s International Realty – Jackson Hole). There are currently 4 properties under contract listed for more than $4.8 million. There are 5 under contract vacant land parcels.

As for Active Listings….there are 571 Residental Properties for sale in Jackson Hole and 214 Vacant Land Parcels for sale in Jackson Hole! There have been 54 closed transactions reported in the Teton Board of Realtors Multiple Listing Service since January 1st, 2009.

If you have time – check out our Top Real Estate Picks in Jackson Hole.

We hope this helps you understand the current market activity in Jackson Hole. If you would like us to expand our thoughts or if you have any additional questions please email or call the JacksonHoleExperts – 877-739-8056.

Happy Fourth of July!

Sotheby’s Doing Their Part To Support the Real Estate Industry

June 14, 2009/in First-time Homebuyer, General Real Estate Information, Market Updates, Real Estate Buyer & Seller News, Tax Credit

Last week Christy and I received an email from Kathy Korte, President and CEO, of Sotheby’s International Realty, updating us on ways the private sector are trying to jumpstart the sluggish housing market. A Business Roundtable was formed and here are the results of that meeting.

Business Roundtable, an association of chief executive officers of leading U.S. corporations and specifically, the Business Roundtable’s Housing Working Group – which is chaired by Realogy CEO Richard A. Smith – issued a set of recommendations for the White House and Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.

The Business Roundtable’s recommendations are as follows:
· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
· Make permanent the current temporary conforming loan limits; and
· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

“We believe targeted, demand-side solutions – such as the ones Business Roundtable is recommending today – will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole,” said Smith in the Business Roundtable’s press release.

To obtain a copy of the Business Roundtable press release and its Housing Working Group’s detailed recommendations, click here. To read an article that appeared in today’s online edition of The Wall Street Journal containing an interview with Richard Smith about the Business Roundtable’s recommendations and why they are crucial to jumpstarting the housing market, click here

NRT and The Jackson Hole Experts, Christy and Garth Gillespie, applauds the Business Roundtable for its proactive efforts to reinvigorate the U.S. housing market, and we are proud of the leadership role our parent company, Realogy, has taken in this regard.

For more information on the current housing market here in Jackson Hole please feel free to call at 877-739-8056 or visit us at our website.

Cheapest Real Estate Property in Jackson Hole — It’s Quite Nice!

June 12, 2009/in Market Updates, New Listing in Jackson Hole, New Listings, Real Estate Buyer & Seller News

Convenient Living in the Heart of Jackson Hole

The Jackson Hole Experts just listed a completely remodeled 1 bedroom / 1 bathroom condo in the heart of Jackson Hole. We are talking 5 minutes walk from the town square, 5 minutes (in ski boots) from the base of Snow King Resort, 1 minute from the local bus stop and within walking distance from all the local taverns.

We are very excited about the opportunity to represent all segments of the real estate market in Jackson Hole. It is of course an honor to work with sellers of multi-million dollar listings and we work extremely hard to represent these properties but it is just as much of an honor to assist first time home buyers and entry level sellers in helping them take another step up in the market.

This particular property is located at 140 East Kelly, Jackson, Wyoming. It is about 500 square feet with a full kitchen and bathroom. There are laundry facitlities on the premises. New windows and doors, newer roof on the complex, updated appliances — it’s all here. Homeowner fees are very reasonable at $1560 and taxes were just above $1,000 in 2008. This building and price range qualify for the government stimulus credit of $8,000 (see previous posts for details) and also FHA loans (3-10% down).

Call us for details and and to learn more about the Jackson Hole real estate market – 877-739-8056.

Jackson Hole Real Estate Market Update June 3, 2009

June 3, 2009/in General Jackson Hole Information, General Real Estate Information, Market Updates, Top Values

It’s time for our JH monthly real estate update and we have encouraging news on the Jackson Hole real estate market – there’s a pulse! We are finally starting to see some meaningful movement on the seller’s side of things (list prices are coming down – averaging 15%) and the result is that some buyers are taking advantage of this movement.

Today (6/3/2009) at the Sotheby’s International Realty office meeting we had many agents report “under contract properties”. This included a walk in customer who wrote a contract on an in town property priced over $1 million, a home in Rafter J, a vacant lot south of town, a vacant lot north of town at the Jackson Hole Golf and Tennis and a condo in the town of Jackson. The one area that raised our eyebrows was that fact 2 more vacant lots went under contract. We have been discussing the market with a lot of people and we keep mentioning that we feel that the vacant lot segment of the market will help pull the market out of its slump and we are starting to see that prediction come true. Construction prices are low, material prices are low, design and layout services are lower and available – there’s just a lot of indicators that make us believe that vacant lots make some investment sense at the moment.

The issue in the market continues to be inventory – over 850 listings compared to 470 at this time last year and that equals 42 months of inventory at the current sales pace. There are many choices for buyers in all price ranges. If you do not like one house there is another to look at. If a buyer makes an offer and it is not well received, there is another seller to entertain. Sometimes deals are not occuring but we are starting to see a lot more of them coming together when compared to 3 months ago.

We are still waiting for the low end market to see these indicators and to adjust to the market. There is a general consensus and there is starting to be a statistical pattern that the market is responding to a 25% discount from the high market. There is confusion on where the high was but generally the highest sale in a like category minus 25% gives us a current value. Sure there are exceptions but currently the lower end market (under $500,000) has not adjusted any where close to this adjustment and it is showing in pending transactions – 3 pending deals….

Make sure you check out www.jacksonholeexperts.com (link is below). We have a lot of great new listings and have just updated our extremely popular Top Picks Page. Christy and I select great values on the market every few weeks and update them on the Top Pick page. Next month we will have the 2nd quarter review – stay tuned. Thanks for reading and if you would like additional information of the Jackson Hole market please call us toll free at 877-739-8056. We also love referrals so if you have anyone interested in Jackson Hole real estate or thinking about listing please let them know about us!

Sotheby’s International Realty – Jackson Hole Brokerage – Jackson Hole Real Estate Report – 1st Quarter 2009

May 1, 2009/in Market Updates, New Listing in Jackson Hole

The final real estate results are finally in from our master “Statistic Wizard”, Leonard Kleiman. Unfortunately you did not have to be a master mathematician in the 1st quarter of 2009 as we only recorded 18 transactions for a total of $43.2 million in sales volume. Teton County, Wyoming could very well have it bottom which if it is true will be music to our ears. To give you perspective the 2008 1st Quarter was a previous record low in transaction total with 67 transactions! Q1-2009 unit volume was down 73% from ’08 and volume was down 57%.

Another interesting fact we are noting is that since September 2007 every month since we have seen decreased sales volume year over year. This is an astonishing stat that really illustrates how the market was out performing for years and is now correcting and definitely under performing. March ’09 for example was down 60% vs. March ’08.

With so few transactions it is almost impossible find a pattern or trend in a certain location except for the fact that all areas are seeing decreased activity. Teton Village only saw 2 transactions during the ’09 ski season (Jan-March). Wilson or “west of the snake” only saw 3 transactions compared to 11 in ’08. And the Town of Jackson only recorded 8 transactions compared to 33 in ’08.

When looking at active inventory we are starting to see a number higher than ever before. On March 31st there were 687 active listing in the Teton County Multiple Listing Service. Today, May 1st we have 725 active listing with more on the way. Christy and I currently are working on 4 new listings that will hit the market in the next 2 weeks. To know more call us toll free at 877-739-8056! One area of stability has been in the over the $3 million market as there were only 126 listings as of March 31st. This is only 11% over the 2007 numbers.

Activity has increased during the month of April. There are currently 18 pending transactions excluding 35 pre-construction projects that include Terra/Sweetwater Lodge, Pine Glades and Pearl Street. There have been some exciting (depends on what end of the transaction you are on…) price reductions in the past two weeks which should stimulate the market. Without a doubt – if a buyer has the means to make a purchase 2009 will go down as one of the best buyer opportunities Teton County has seen in years. Inventory is close to a high, there are some quality listings available in all locations and prices are falling.

If you are a seller – it is a difficult time – yet if you position your property correctly there are buyers looking around for property and that is more than you could say in November of 2008.

If you would like to see the actual report from Sotheby’s International Realty – Jackson Hole Brokerage please email or call the Jackson Hole Experts – Christy and Garth Gillespie. We are happy to assist any of you understand this challenging market.

Top Real Estate Values in Jackson Hole – Ask the Experts

April 23, 2009/in General Real Estate Information, Market Updates, New Listings, Real Estate Buyer & Seller News, Top Values

Top Pick? Click link to see....

Christy and Garth Gillespie, the Jackson Hole Experts at Sotheby’s International Realty, have just updated our Top Picks for April 23, 2009. Just about every 2 weeks we take a look at the Jackson Hole real estate market and look for the current “deals” in the market. We also review the current situation with pending transactions, closed transactions and noteable price reductions.

This week we note that there were 34 price corrections in the past 2 weeks. For Christy and I this is a good signal that sellers are becoming motivated to jump start the market. For the past 4 months the Jackson Hole real estate market has been painfully slow. We have credited alot of this “non-action” on the fact that sellers have been sitting back and waiting for the buyers to arrive. Well, here at Sotheby’s International Realty – Jackson Hole Brokerage, we have seen our fair share of buyers but very little contract activity. The economy has shown signs of stabilization or at least of bottoming and the result has been a slight increase in buyer activity and inquiries. The federal government has been helping by putting pressure on mortgage rates (lowering) and offering incentives for first time home buyers. To support this thinking we have seen 7 new pending transactions from all over the market. They include 4 single family homes ranging from $599,000 to $895,000, 1 Aspen’s home and a townhome at Teton Village priced at $1,795,000. Congrats and good luck to all the involved Jackson Hole real estate agents.

To find out what we choose as out Top 3 Picks click the link. If you have any additional questions or thoughts about available Jackson Hole homes, vacant land or current activity please feel freee to contact us – the Jackson Hole Experts – Christy and Garth Gillespie toll free at 877-739-8056

Good News On Housing! Anything Happening with the Jackson Hole Real Estate Market?

March 23, 2009/in General Jackson Hole Information, General Real Estate Information, Market Updates

We woke up this morning to good news on Wall Street as reaction to the new “Toxic Asset” program was cheered by traders with big movement in the financial sector. Wall Street is also reacting to better than expected housing data. The interesting stat to notice is that this is the first time housing sales and median price both increased at the same time since May 2008.

What about the Jackson Hole real estate market? Well, so far the month of March could be labeled the “Month of Showings”. Activity has been quite strong with buyers looking at property but not yet pulling out their wallets. The news out of the federal government is great for home buyers as mortgage rates are very low, there are extremely favorable tax credits for first time home buyers and financing is becoming a little easier to find. All of this should add up to some transactions but currently we are waiting. Prices in Jackson Hole are still holding fairly strong but we are seeing some movement just not an overall pattern.

Data includes: Current inventory staying about the same since March 3rd with a slight increase (3%) to 732 listings. The big increase came into the residential market with an additional 16 listings. There have been a total of 45 price reductions since the start of March. As for buying activity — slow go. Only 1 confirmed pending transaction in March — Aspen’s Condo 2B/2B priced at $595,000.

For additional real estate information on Jackson Hole -please feel free to email or call us at 877-739-8056. Christy and Garth Gillespie, Sotheby’s International Realty, are ready to answer any questions.

Best Deals in Jackson Hole Real Estate?

March 12, 2009/in General Real Estate Information, Market Updates, Top Values

Christy and I just updated our Top Picks of the Week!

It sure feels nice to watch the stock markets rebounding a bit. As with everything and everybody the downward pressure the stock market has been under has certainly created a little negative energy to say the least. The pressure has assisted sellers with their pricing situation as we have started to see more reasonable pricing on the newest listings hitting the market. When you visit our Top Picks you will see that we also highlight Jackson’s “Closed Listing of the Week”, Jackson Hole’s “New Listing of the Week” and the “Price Reduction of the Week”. All of which should be informative for our readers.

Related to the “Closed Listing of the Week” we highlight the fact that 6 substantial closings have taken place in the past few weeks. Seeing activity is a welcome sign.

Where’s the Jackson Hole Real Estate Market Headed – Feburary Review

March 3, 2009/in General Jackson Hole Information, General Real Estate Information, Market Updates, Top Values

That’s a good question. Currently we are at a stand still as transactions are almost nonexistent. The month of February will go down as a month to forget or should I say a month that was forgotten. Totals for sales volume and units sold are unbelievably small.

Okay – enough baiting. When looking back on the month of February for sales in the entire Teton County Multiple Listing Service we find a grand total of 3 transactions! Since there are only three I can actually list them: 1. Fractional Sale at the Teton Club, 2. 1 Bedroom Condo, 500 square feet in the Town of Jackson for close to $300,000 and 3. a small single family home with development potential for a little over $600,000. That’s it. Sales Volume totaled close to $1,000,000.

How about new activity? Well, we did see some activity in Melody Ranch. 2 homes which were priced at, or above $1,000,000 this past summer, had some very aggressive price reductions which motivated a couple of buyers. Both transactions, if they close, with be under $700,000. There are a total of 41 pending residential transactions. Interesting to note – of the 41 pending transactions almost 30 of them are in the construction phase of development. 6 of the pending transactions are priced above $1,000,000 and 1 of those transactions is listed for $10.5 million! There are also 4 fractional units pending.

Current active inventory is at 708 listings, 506 of which are residential, 48 are fractional units and there are 152 building sites. Of the 152 building sites there are 5 pending transactions (2 in my opinion are suspect) and the other 3 are Commercial properties.

Where are we headed? …as I mentioned above – Good question. It is our opinion that until we see some light at the end of the tunnel with our economy our real estate market will stay in hibernation. We are still waiting to see some significant price reductions – especially on the lower/lowest end of the market. Christy and I see a solution to get our market moving but that takes the low end to move another 20% to 25% downward. This would stimulate first time home buyers. From there, the sellers of these properties could make a move at the next tier and so on.

The stimulus plan does give some incentives for first time home buyers ($8,000 tax credit) and interest rates are at historically low-low rates (under 5%). Incentives, low interest rates and lowering prices – bring it on. Christy and Garth Gillespie are eager to help. We want to be part of the “Jackson Hole Stimulus Plan”. Call us and let us help you make a move in this market. Read our blogs, our top picks or call for a free consultation.