General Jackson Hole Information Archives - Page 6 of 7 - Christy & Garth Gillespie

Jackson Hole Mountain Resort Set to Open the New Tram

It is almost time for the grand opening of the new Jackson Hole Ski Resort tram scheduled for the weekend of December 19, 2008. The celebration will take place all weekend long but the opening ceremony will be at the base of the tram from 5:30 – 6:30 with fireworks and treats for all ages. The tram will own the honor of the longest vertical rise of any ski lift in the USA –Jackson Hole will once again be put on the map as one of the most extreme ski destinations in the United States. Now is a great time to buy in Teton Village with prices at a all new low you can own a fully furnished Teton Mountain Lodge ski –in / ski-out studio apartment with full amenities at Teton Mountain Lodge for as little as $475,000 or own 2,200 square foot 3 bedroom/ 3 bath luxurious condo in the heart of Teton Village at the Crystal Springs Building. Whatever your budget may be we can help you find what you are looking for – call or email the Jackson Hole Experts today.

The Latest and Greatest Jackson Hole Market Update – 12/15/2008

December 15, 2008/in General Jackson Hole Information, General Real Estate Information, Market Updates

After reading these highlights you are going to believe that Santa has is bag full of coal for Christmas. Unfortunately the market statistics for the first 11 months Jan-Nov 2008 are looking quite bleak. Please do not shoot the messenger.

• The sales volume is 39% below that of 2007 at about $460,000,000.
• We can trace the beginning of the slow down to August of 2007 when units listed outpaced units sold
• Sales volume in all market areas is down with the biggest decreases seen in Teton Village (-55%) and South of Jackson (-64%).
• Units sold as stated above is down (-287) almost 52%.
• Teton Village reported only 1 home and 28 condos sold verse 7 homes and 52 condos and 5 vacant land parcels during the first 11 months of 2007!
• With the limited number of transactions along with a somewhat strong over $3 million market the average sales price has increased by 27%.
• Days on Market has started to increase with an average of 157 days on market verse 142 in 2007. The biggest increase in Days on Market is being seen in the Condo market.
• Vacant land transactions are taking the biggest hit down 47% on volume and down 67% on the amount of transactions 37 vs. 113 in 2007.
• Only 9 transactions took place in November! The fewest since before January of 2002.
• Active inventory is 72% higher than last year at this time
• Inventory priced under $3 million is up 85% vs. last year
• Inventory priced over $3 million is up 32% verse 2007

Sources for a the data come from the Teton Board of Realtors and Sotheby’s International Realty with a little bit of input by Garth Gillespie, Sales Associate, SIR.

It is our belief that we will start to see an adjustment in the average sales price in the near future. Our transaction data is becoming smaller as the market slows so a few transactions can really skew the data. We are starting to see some major price adjustments in the under $1 million and under $2 million markets. For more information on the current real estate environment in Jackson Hole please do not hesitate to call us at 307-739-8056 or email us at garth.gillespie@sothebysrealty.com.

December 2008 Market Update

December 4, 2008/in General Jackson Hole Information, General Real Estate Information, Market Updates

Where does the Jackson Hole Real Estate Market stand during these turbulent economic times? As you can imagine, Jackson Hole is not immune to any crisis and from where Christy and I sit the Jackson Hole Real Estate Market is feeling the pain. Activity, not in the sense of actual statistical activity, but activity in the sense of phones ringing, buyer’s inquiring, copy machines printing and fax machines dialing is probably at an all time low in the real estate careers of Garth and Christy. Being at work 9-5 every weekday we can get a feeling of where the real estate market is going and yes November and December are usually the slowest months in Jackson Hole real estate but so far November was extremely slow and December has started slow out of the gate. The Gillespie Real Estate Team continues to work extremely hard during these slower times. We are busy communicating with customers, business planning and strategizing, creating advertising programs and completing other real estate activities but on a whole we have seen a noticeable lull in showing activity.

As for the statistics…they tell the same story. When comparing 2007 numbers to the current 2008 numbers we are experiencing a much slower market. In October we saw 25 closings in Teton County, Wyoming (according to the Teton County Multiple Listing Service) where in 2007 we saw 47 closings. Surprisingly, listing price volume was almost identical. This is due to less lower priced properties selling and a few very large transactions taking place. Days on market increased by almost 3 months. In November the news gets worse – 10 closings in 2008 verses 43 closings in 2007. Days on market for the closed transactions was not as dramatic as October but shows an increase of 40 days. Currently there are 21 pending transaction in the entire valley – 6 of which are in the Pine Glades development which is under construction.

Highlights in the market include some very strong upper tier sales. In October there were closings of listed properties of $19.5 million, $6.3 million, $5.8 million and $5.3 million. In November the upper tier market continues this trend with 2 closings where the listed properties were priced at $19.9 million and 8.5 million!

Active listing inventory numbers are staggering! We have seen an almost 75% increase in actively listed properties on the market over 2007 numbers. Getting a completely accurate number is difficult with the changing market but there are about 700 active listings on the market in Teton County, Wyoming.

So what does all this mean? Lowering prices, excellent choices, extremely good buying opportunities but also less liquidity, more competition and increased market time. If buyer’s purchased their property before 2006 they have seen a robust growth and appreciation but if someone just recently purchased property they are probably going to see a depreciating asset for the next few quarters. Jackson Hole is still the wonderful place it was before these difficult economic times offering unbelievable beauty, National Parks, the Jackson Hole Mountain Resort and a very favorable tax climate. The real estate market and for that fact the community will survive and the market will rebound. We rarely have seen buyer’s markets in Jackson Hole so it is also a time of opportunity. To get more in depth analysis or if you have any questions please fee free to call Garth Gillespie at 307-739-8056 or Christy Gillespie at 307-739-8146.

Market Update April 22, 2008

April 23, 2008/in General Jackson Hole Information, Market Updates

Market Update – Jackson, Wyoming
April 22, 2008

Temperature at the Jackson Hole Airport = 39 degrees! Brrrrrrrr…..
Yes as you read the headline it was 39 degrees on April 22, 2008. This would not be such news but those of us in Jackson Hole have had just about enough winter. We finally had some warmer weather during the weekend to melt some valley snow but overall this has been the spring that just has not started yet. Last year – a warm dry year – was on the other end of the spectrum as most of us were concerned about drought and wildfires. This year we are starting to be worried about when the tulips are going to bloom.

March came and went and there is not a lot to talk about. For the third straight month the number of transactions has not crested 25! In March, there were a total of 22 transactions with a closed sales volume of $38.5 million. To illustrate the slow transaction data we only have to look at the number of transactions during the previous 3 years: 2007 – 60, 2006 – 53 and 2005 – 68.

Of the 22 transactions in March of 2008 – 18 were single family homes and 3 were vacant lots. Highlights are 1. A home in Tucker Ranch sold for $8,000,000 2. There were 2 sales in Teton Village over $3 million and 3. There were 9 sales in the Town of Jackson (mostly condos and townhomes).

There are currently a total of 55 Pending transactions with a total Listing Volume of $133 million. The average list price being $2,425,944. There are 3 transactions that are priced over $10 million!

In real estate news – The Teton County Planning Commission voted 3-1 to advise the Teton County Commissioners to enact a freeze on subdivisions and zone changes for parcels of 20 acres or more.

If you would like information on:

Teton County, Idaho – please visit: www.tetonvalleyexperts.com
Jackson Hole, Wyoming – please visit: www.jacksonholeexperts.com

Moratorium Update and Other Notes

April 21, 2008/in General Jackson Hole Information

April 21, 2008 — 4:00 P.M. — Temperature at the Jackson Hole Airport = 28 degrees! Brrrrrrrr…..

Yes if you read the headline it is 28 degrees. This would not be such news but those of us in Jackson Hole have had just about enough winter. We finally had some warmer weather during the weekend to melt some valley snow but overall this has been the spring that just has not started yet. Last year – a warm dry year – was on the other end of the spectrum as most of us were concerned about drought and wildfires. This year we are starting to be worried about when the tulips are going to bloom. Last year I planted my garden on March 21st. This year I planted it on Saturday – April 19th. This was the earliest I could possibly put a shovel into the ground. I planted Spinach, Beets, Carrots, Kohlrabi, Kale, and Chard for those who care.

Snow King Resort is still completely snow covered. Yes I also skied on Saturday. Top to Bottom. Pretty good slush/corn skiing. One of the few benefits of the cold spring. There should be some excellent skiing to do in the National Park – all the way through May! Fishing on the other hand could be a different story. So far reports are fair unless we get some warm weather and then it seems to pick up. Today would be down right freezing.

Real Estate wise Jackson Hole seems to take a break during Spring Break (2 weeks). The offices of Sotheby’s International Realty were quiet during the break but we did see a resurgence of agents today in the office. Activity could be described as surprising steady. There are a total of 55 Pending transactions with a total Listing Volume of $133 million. The average list price being $2,425,944. There are 3 transactions that are priced over $10 million! Overall Christy and I see a lot of inventory in almost all segments. There are good buys in just about all segments with the exception of the Westbank inventory. The major void in the Westbank area (South and North of Wilson) happens in the price range from $800,000 to $2,500,000. Even this area has a few available offerings that could be considered rare.

On real estate news – The Teton County Planning Commission voted 3-1 to advise the Teton County Commissioners to enact a freeze on subdivisions and zone changes for parcels of 20 acres or more. An exception to the suggestion is Teton Meadows which received an exception to the moratorium. Teton Meadows is looking to change the complete dynamic of the South Park area with a gross up zone asking for 500 homes (most of which are under the "affordable" categorization). Unfortunately the effects of this decision could change Jackson for ever so in my eyes the only solution for the Teton County Commissioners to to deny this development. As seen in the recent news and probably the reasoning behind the moratorium is that there is still a lot of land available to develop so the scare technique that Teton Meadows is using is not the case. There are a lot of developments that could offer affordable housing and most of these are in better locations than the rural character of South Park.

There was a great letter to the Editor in the Jackson Hole News and Guide in the April 16th edition written by Dale Kaplan. She suggests the Town of Jackson explore the idea of moving the Teton County Fair Grounds to make room for a dense, yet sensible residential development in the location of the Fairgrounds. I have thought about this many times – Dale beat me to the punch. If we are going to force dense development upon the valley the Fair Grounds make the most sense. It could be the second heart of Jackson with multiple stories – commercial, retail and residential all with in walking distance of Snow King, the Town of Jackson, Cache Creek. Minimal car traffic. I believe it is time we start to explore these issues instead of jamming 500 homes in an area that should see 50.

I hope you enjoyed this entry from the Jackson Hole Real Estate and Community News Blog. If you would like addtional information on Jackson Hole please feel free to email or call. For Real Estate News check out www.JacksonHoleExperts.com.

Economic Stimulus Act – How does it effect Jackson Hole??

April 10, 2008/in General Jackson Hole Information, General Real Estate Information

The Economic Stimulus Act of 2008 signed into law by President Bush in Feb. provides help for some homeowners facing a more challenging lending environment. The act contains provisions to increase the availability and affordability this year for the kinds of loans that finance many Jackson Hole area homes.

The act provides a good opportunity for homeowners who purchased homes in the Jackson or Teton Valley of Idaho area during the past 3-5 years and used an adjustable rate mortgage to fund the purchase. Between March 1 through December 31 new jumbo-conforming loan limits apply. The economic stimulus package temporarily increased the limit on mortgages that can be purchased by the government-sponsored Freddie Mac and Frannie Mae. The Office of Housing and Urban Development, Freddie Mac and Frannie Mae have designated Teton County, Wyoming, and Teton County, Idaho, as among certain high-value areas of the country where a higher loan limit will be necessary to be coupled with a lower conforming rate. The traditional loan amount is still $417,000 but the jumbo conforming loan limit is now $693,750.

The new rules only apply to 30-year fixed rate and five year adjustable mortgages.

For more information on the new mortgage rates feel free to touch base with Taylor Mortgage, John Curry at 307-733-5800 or T.R. Pierce at the Bank of Jackson Hole 307-733-8064. They’d be happy to assist you. If you are interested in real estate information please feel free to call Garth Gillespie 307-413-5243 or email me.

Recent Real Estate Developments in the Jackson Hole

March 25, 2008/in General Jackson Hole Information, General Real Estate Information, Market Updates

Over the past month there have been several real estate developments moving through the approval process in the Town of Jackson and Teton County, Wyoming. I will use this post to update many of them. If you have any questions about these developments or others that you have heard of please do not hesitate to give me a call at 307-413-5243 or email me.

1. 28 unit development in East Jackson: Yet to be officially named, this development takes place in East Jackson on 3.35 acres between Rancher Street and Nelson Street. The planned unit development is proposed to be 145,700 square feet in size which includes 8 single family residences, eight duplexes, and four townhomes. The development requires affordable housing for 9.79 people and the developer generously is providing affordable housing for 10. This particular property is in a very attractive location and the developer has a great track record. It should be a very attractive property with landscaping, sidewalks and a good neighborhood feel.

2. The Snake River Brewery and Restaurant is expanding! The "Brew Pub" will be expanding by 2,300 square feet and will include a second floor outdoor deck, new bathrooms (desperately needed!) and an upgraded kitchen. Congrats and good luck!

3. A Developer is planning on developing the property that is currently the Painted Buffalo. The development will be 151,000 square feet in size and will be of a mixed use. Most of the space will be a new 155-room luxury hotel, spa and fitness center, conference space, restaurant, bar and limited retail space. The proposed plan calls for a 4 story building.

4. A beautiful new property is going to be built on the corner of Pearl and Jackson. The new building will be 31,000 sq feet is size and will be of mixed use. Retail/Commercial space will be on the first floor with a mix of affordable, employee and free market "lofts" will be on the 2nd and 3rd floor. The units on the 3rd floor are incredible and should be in big demand when they are released. The parking will be underground.

5. A major development was proposed in the county by 3 ranching families – Lucas, Von Gontard, and Robertson families. The application consists of 692 acres with up to 315 homes. The acreage is located in 3 different areas – South Park (across the street from 3 Creek Ranch), Hog Island (next to the WYDOT building) and Game Creek. The property in Game Creek would transfer development rights to the other 2 properties. Preliminary plans show the South Park property would contain a total of 181 homes – 107 market homes and 74 deed restricted units. The Robertson property would consist of 128 total units with 33 free market, 11 affordable, 48 PUD affordable and 36 PUD affordable market homes. This looks and sounds much better than the awful Teton Meadows plan.

6. There is a lot of new development taking place at Teton Village. Most recently the Little Nell hotel went before the planning commission for its first hearing. Little Nell, a project of Terra Development Group, would be a 50 unit condominium-hotel. The 121,000 square foot hotel includes a conference room, a spa, 3,500 square feet of retail and a 5,000 sq ft restaurant. The property is 1.3 acres in size.

I hope you found this information informative and easy to read. Please visit www.JacksonHoleExperts.com if you would like additional information.

Flying to Jackson Hole this Summer?

March 22, 2008/in General Jackson Hole Information

Just Announced — Summer Flight Schedule for Summer 2008 – Jackson Hole.

Time to book your summer vacation to the most beautiful place in the lower 48!

Summer 2008 Airline Schedule
Inbound Non-Stop Jet Service
City	Airline	Plane	Departs	Arrives	Frequency	Start Date	End Date
Atlanta	Delta	757	10:15AM	12:37PM	Thurs – Sun	6/5/2008	8/31/2008
Chicago	United	A319	12:00N	2:05PM	Daily	6/5/2008	9/1/2008
Chicago	United	752	3:00PM	5:02PM	Daily	5/30/2008	6/4/2008
Chicago	United	A319	5:05PM	7:14PM	Daily	6/5/2008	9/30/2008
Chicago	American	757	9:30AM	11:45AM	Sat – Sun	7/5/2008	8/31/2008
Dallas/Fort Worth	American	757	5:10PM	7:06PM	Sat	6/14/2008	8/30/2008
Dallas/Fort Worth	American	757	9:50AM	11:30AM	Daily	6/12/2008	9/30/2008
Denver	United	A319	1:20PM	2:44PM	Sat – Sun	9/6/2008	9/28/2008
Denver	United Express	DH2	1:25PM	3:24PM	Daily	9/2/2008	11/30/2008
Denver	United	A319	1:30PM	2:51PM	SAT	5/10/2008	8/30/2008
Denver	United Express	DH2	1:50PM	3:49PM	Daily	4/7/2008	5/19/2008


Denver	United Express	DH2	10:10AM	12:14PM	Daily	4/7/2008	5/2/2008
Denver	United Express	DH2	10:25AM	12:34PM	Daily	10/26/2008	11/30/2008
Denver	United	A319	11:15AM	12:39PM	Daily	5/3/2008	6/4/2008
Denver	United	752	11:15AM	12:34PM	Daily	6/5/2008	10/25/2008
Denver	Frontier		2:20PM	4:00PM	Daily	5/15/2008	11/30/2008
Denver	United	A319	2:25PM	3:45PM	Daily	5/20/2008	9/1/2008
Denver	United	A319	3:25PM	4:46PM	Sun	6/15/2008	8/31/2008
Denver	United Express	DH2	4:07PM	6:00PM	Daily	6/5/2008	9/1/2008
Denver	Frontier		4:55PM	6:35PM	Daily	5/15/2008	11/30/2008
Denver	United	A319	5:30PM	6:51 AM	SAT	6/21/2008	8/30/008
Denver	United	752	7:55PM	9:15PM	Daily	5/20/2008	9/30/2008
Denver	United	A319	8:10AM	9:38AM	Daily	6/5/2008	9/1/2008
Denver	United Express	DH2	8:25AM	10:21AM	Daily	9/2/2008	11/30/2008
Denver	Frontier		8:30AM	10:10AM	Daily	5/15/2008	11/30/2008
Denver	United Express	DH2	8:40PM	10:50PM	Daily	10/1/2008	11/30/2008
Denver	United Express	DH2	8:50PM	10:49PM	Daily	4/6/2008	6/4/2008
Minneapolis	Northwest	A319	4:50PM	6:22pm	Daily	6/6/2008	9/29/2008
Salt Lake City	Delta Connection	CR7	1:40PM	2:40PM	Sun – Fri	4/9/2008	6/4/2008
Salt Lake City	Delta Connection	CR7	11:00AM	12:08PM	Daily	4/8/2008	11/30/2008
Salt Lake City	Delta Connection	CR7	2:55PM	3:55PM	Daily	6/5/2008	11/30/2008
Salt Lake City	Delta Connection	CR7	4:55PM	5:57PM	Daily	4/8/2008	11/30/2008
Salt Lake City	Delta Connection	CR7	7:30PM	8:32PM	Daily	6/5/2008	11/30/2008
Salt Lake City	Delta Connection	CR7	7:45PM	8:47PM	Daily	4/1/2008	6/4/2008
Salt Lake City	Delta Connection	CR7	9:55AM	11:03AM	Daily	6/5/2008	11/30/2008

Outbound Non-Stop Jet Service
City	Airline	Plane	Departs	Arrives	Frequency	Start Date	End Date
Atlanta	Delta	757	1:35PM	7:05PM	Thurs – Sun	6/5/2008	8/31/2008
Chicago	American	757	12:18PM	4:00PM	Sat – Sun	7/5/2008	8/31/2008
Chicago	United	A319	7:45AM	11:28AM	Daily	5/31/2008	9/30/2008
Dallas/Fort Worth	American	757	12:25PM	3:50PM	Daily	6/12/2008	9/30/2008
Dallas/Fort Worth	American	757	8:03AM	11:40AM	Sat	6/14/2008	8/30/2008
Denver	United	A319	1:20PM	2:42PM	Daily	5/3/2008	6/4/2008
Denver	United	752	1:20PM	2:44PM	Daily	6/5/2008	10/25/2008
Denver	United	A319	10:18AM	11:44AM	Daily	6/5/2008	9/1/2008
Denver	Frontier	DH4	10:40AM	12:22PM	Daily	5/15/2008	11/30/2008
Denver	United Express	DH2	10:40AM	12:31PM	Daily	9/2/2008	11/30/2008
Denver	United Express	DH2	12:35PM	2:30PM	Daily	4/7/2008	5/2/2008
Denver	United Express	DH2	12:54PM	2:45PM	Daily	10/26/2008	11/30/2008
Denver	United	A319	3:24PM	4:44PM	Sat – Sun	9/6/2008	9/28/2008
Denver	United	A319	3:25PM	4:50PM	Sat	5/10/2008	8/30/2008
Denver	United Express	DH2	3:44PM	5:40PM	Daily	9/2/2008	11/30/2008
Denver	United Express	DH2	4:10PM	6:05PM	Daily	4/7/2008	5/19/2008
Denver	Frontier	DH4	4:30PM	6:12PM	Daily	5/15/2008	11/30/2008
Denver	United	A319	4:30PM	5:55PM	Daily	5/20/2008	9/1/2008
Denver	United	A319	5:28PM	6:53PM	Sun	6/15/2008	8/31/2008
Denver	United Express	DH2	6:20PM	8:18PM	Daily	6/5/2008	9/1/2008
Denver	United	752	7:00AM	8:18AM	Daily	5/20/2008	9/30/2008
Denver	United Express	DH2	7:00AM	9:04AM	Daily	10/1/2008	11/30/2008
Denver	Frontier	DH4	7:05PM	8:47PM	Daily	5/15/2008	12/17/2008
Denver	United Express	DH2	7:25AM	9:20AM	Daily	4/6/2008	6/4/2008
Denver	United	A319	7:50AM	9:08AM	Sat	6/21/2008	8/30/2008
Minneapolis	Northwest	A319	9:00AM	12:10PM	Daily	6/6/2008	9/29/2008
Salt Lake City	Delta Connection	CR7	1:15PM	2:10PM	Daily	4/8/2008	11/30/2008
Salt Lake City	Delta Connection	CR7	11:55AM	12:50PM	Daily	6/5/2008	11/30/2008
Salt Lake City	Delta Connection	CR7	3:15PM	4:11PM	Sun – Fri	4/9/2008	6/4/2008
Salt Lake City	Delta Connection	CR7	5:05PM	6:01PM	Daily	6/5/2008	11/30/2008
Salt Lake City	Delta Connection	CR7	7:00AM	8:04AM	Daily	4/8/2008	11/30/2008
Salt Lake City	Delta Connection	CR7	8:10AM	9:14AM	Daily	4/8/2008	11/30/2008



Inbound Commuter Service
Denver	United Express	Dash 8	1:20 PM	3:19 PM	Daily	Year Round
Denver	United Express	Dash 8		Daily	10/28/2007	12/14/2007
Outbound Commuter Service
Denver	United Express	Dash 8	3:49 PM	5:50 PM	Daily	Year Round
Denver	United Express	Dash 8		Daily	Year Round
This schedule was updated March 8, 2008; flight times are likely to change, and will vary throughout the summer.

For more information on Jackson Hole and Jackson Hole Real Estate please visit www.JacksonHoleExperts.com or give Garth Gillespie a call at 877-739-8056.

The Bar BC Ranch

March 6, 2008/in General Jackson Hole Information, General Real Estate Information, Resort Updates

Bar BC Ranch

One of the most exclusive properties in Jackson Hole and for that part the Rocky Mountain region is the Bar BC Ranch. I wanted to take a few moments to update the recent activity on the Bar BC Ranch and at the same time just give some general information on the ranch itself.

The Bar BC Ranch is one of the premier ranches in the Rocky Mountain West. With a rich history, spectacular scenery and quiet ambiance, the ranch is one of the most unique real estate offerings in the Jackson Hole Valley. Located in the “Spring Creek Valley” and atop the “Gros Ventre North Butte” the ranch and its’ real estate offerings are arguably in the best location in the valley. Each property has access to the Snake River and has remarkable Teton views. With a limited number of 35 to 50 acre home sites carefully placed on 1,400 acres, Bar BC Ranch is an understated retreat that respects the environment and maintains the natural habitat for elk, moose, deer, and native cutthroat trout.

Investors, Home Builders and Land Buyers that are looking for an exclusive location in Jackson Hole have found that Bar BC Ranch is a special place. Bordered by the Snake River (west) and the Gros Ventre River (north), homesites feature rolling hills, meadowlands, and the outstanding Teton views. The Bar BC Ranch is close to downtown Jackson and Teton Village but is far enough off the beaten path to give homeowners and resident wildlife a sense of seclusion. There is even an 11 acre pond located on the property where trumpeter swans and waterfowl have taken up residency.

During summer of 2007 there were 2 closed sales and there is currently 1 pending transaction. Initially the Ranch offered 19 lots of which 9 are either sold or are pending. The remaining ranch sites currently available are: The 6,000 square foot Ranch Estate House on 70 acres along with ranches 1,5,6,7,9,11,12,13 and 14. The ranch offers a paved road system, underground power and utilities, and a water system. Price range of remaining inventory $5,900,000 – $17,000,000.

For more information please feel free to contact the Gillespie Real Estate Team at Sotheby’s International Realty.

March 4th Market Update

March 4, 2008/in General Jackson Hole Information, General Real Estate Information, Market Updates

Spring is in the air and here in Jackson we are starting to feel a slight change in the weather. During the last week of January Jackson broke out of the 30’s for the first time since November. It is amazing how nice it can feel after the long winter. That is not to say that skin season is over yet. Jackson Hole is blessed with some of the best skiing in the west. The base snow depth is above 100 inches and total snowfall at Rendezvous Bowl is already over 400 inches. We are anticipating a very busy spring ski season with flights mostly booked.

Speaking of flights….Frontier Airlines announced last week that it would begin flying three planes a day into Jackson Hole starting in mid-May. The airline is planning on using a 70 seat Q-400 turboprop with flights to Denver. This is great news as it should increase competition with United and will lower prices on flights to many destinations.

Real Estate News – A mixed bag of information. From the prospective of looking at data the numbers are really starting to show a slow down. From the prospective of the “pulse” of the market, Christy and I are feeling like there is still some strength in the real estate market. If a property is unique and desired there are still buyers out there ready to pounce. During the past month we have seen condos in the $400,000 to $700,000 almost disappear. There are also 20 pending transactions over $1,000,000 with 10 over $2,000,000.

On the other end of the spectrum February only saw 17 sales which is the lowest recorded number of sales in the past 3 years. Of the 17 sales 8 were condos, 5 were land sales and 4 were residential sales. As mentioned before there are 41 current pending transactions. Active inventory continued to grow to 441 active listings compared to 404 in January. The number of closed transactions per month fell for the 7^th time in the past 8 months. This is the longest and steepest decline in closed activity in the past 4 years.