Winter Catalog of Fine Properties

Our Winter Catalog of Fine Properties has arrived!
We are pleased to present this current selection of exceptional real estate as well as information pertaining to some of the wonderful resources and organizations available to our visitors and residents. Please stop by one of our locations to pick up a copy or follow the link to view the digital version.
View Catalog of Fine Properties

Jackson Hole Real Estate Associates Summer Catalog of Fine Properties

We are happy to announce that our Summer Catalog of Fine Properties is here! Additionally, we are delighted to feature information pertaining to some of the wonderful resources and organizations available to our visitors and residents. Please stop by one of our locations to pick up a copy or follow the link to view the digital version.

Click to view the Summer Catalog of Fine Properties

Top 10 Home Trends That Buyers Want in 2016

2016 is here! It’s time for fresh ideas and new designs. What trends will buyers be gravitating towards when looking for their new home this year? We will definitely see sustainable living and smart home technology on their wish lists. What else?

1. New finishes

Matte finishes will slowly replace stainless steel in 2016 and 2017. Don’t worry, they will still blend in with existing appliances such as stainless or black and white, but it will help the homeowner save money by transitioning their appliances over time instead of having to buy everything all at once. The matte finishes have a bonus, too. They hide fingerprints, smudges and dirt, and they are easier to clean than typical stainless steel finishes.

2. Cushioned flooring

The days of cement flooring are out. It’s too cold and hard on the feet. Cork flooring is making a comeback. It now comes in a variety of colors and is much more comfortable to walk on than traditional wood flooring and ceramic tile.

3. Circadian lighting

This year, GE is expected to release its new smart LED bulb that can change the color of the light that’s emitted to sync with the body’s circadian rhythm. “C by GE” uses Bluetooth connectivity to communicate with your smartphone so you can personalize your color temperature settings throughout the day. It’s designed to sync with your sleep cycle. You’ll be able to set it to change from energizing white light during the day to a warmer, more relaxing orange glow in the evening.

4. Better water quality

The National Association of Homebuilders’ 2016 New American Home will feature a whole-home water filtration system, and this will be an ongoing trend in new homes. Clean living is in. For existing homes, this will be a popular feature tacked onto home renovation budgets.

5. Simplicity and tech

Efficient, family-friendly layouts and open floor plans with smart home technology are going to be more popular than ever in 2016. Today’s buyers are looking for homes that are well-designed with more space in central living areas, great flow and clever, built-in storage. And a large percentage of buyers won’t be looking for the huge, 3,000-square-foot properties anymore. Smaller, smart homes are what tech-savvy buyers want — especially millennial buyers. They are all about respect for the environment, conserving energy and high-tech homes.

6. Less grout surfaces and a clean aesthetic

Luxury vinyl flooring and larger tile (12-by-24 inch or 36-by-36 inch as opposed to 12-by-12 inch) will be a huge trend in 2016. There will be more of the larger 5-by-10 foot tiles in shower surrounds and walls in bathrooms. These larger, smooth surfaces not only have a simple, clean design aesthetic, but they also use less grout, which is difficult to clean and susceptible to mold and mildew.

7. Lower pile rugs

Fewer shags and more patterned carpets will replace the standard plush. Cut and loop will be popular in 2016 and beyond. Carpet pattern and texture increase the perception of quality and value in carpet and can contrast beautifully with smoother elements such as walls, counters and furniture surfaces.

8. Enhancing health with clean design homes

With all of the healthy home products available to consumers right now, it’s possible to live in an environment that is beautiful, sustainable, energy efficient and safe with no sneezing or off-gassing. Top trends will be fabrics that don’t hold dust, Quartz stone countertops that are lower maintenance with antibacterial properties and durability, mudrooms with benches where people can leave their shoes to prevent toxins from entering the home and under-mounted sinks, which keep things cleaner by not trapping bacteria in the lip of the sink.

9. Luxury home amenities

The luxury market will also include new high-end amenities such as outdoor showers, procedure rooms, separate guest spaces and private museums.

10. Multi-family construction

Millennials and Generation Xers are likely to make up the largest portion of homebuyers in 2016. New developments are now thinking outside of the box by offering a wide variety of amenities such as pet-friendly facilities, observatories, luxury spa services, valet parking and on-site workspaces to appeal to this demographic. Sustainable living and smart home technology is here to stay and is just getting bigger and better year after year.

 

Article from Inman.com

Jackson Hole Global Networking Event

The Jackson Hole Real Estate Associates to host Christie’s International Real Estate Global Networking Event

Jackson Hole Real Estate Associates will host a Christie’s International Real Estate Global Networking Event in Jackson Hole, Wyoming, from January 21-24, 2016. Global affiliates of Christie’s International Real Estate will gather for the multiday event to share ideas and best practices, network, and enjoy some of the greatest skiing in the world. This exclusive event will attract top real estate professionals from the world’s leading luxury real estate network spanning 46 countries with over 1,350 offices and 32,000 professionals.
Wyoming-based Jackson Hole Real Estate Associates, the largest real estate brokerage in the Jackson Hole region, is thrilled to share its extraordinary destination with attendees from around the world. This networking event gives the company an opportunity to acquaint the global real estate community with one of the top mountain destinations in the United States. The event will take place at the Jackson Hole Mountain Resort in Teton Village, which will be kicking off its 50th anniversary celebration.
“As the reigning Christie’s International Real Estate Global Affiliate of the Year, we are grateful for the support regarding this global networking event,” said Julie Faupel, JHRE Associates Partner. “Bringing the top brokers together from this $113 billion dollar network for 4 days in Jackson Hole will not only benefit the relationships formed among our brokers, but will also bring additional attention to the Jackson Hole community and showcase the 50th Anniversary of Jackson Hole Mountain Resort.”
“It’s an extraordinary opportunity to gather many of the best real estate professionals in one of the world’s great resort destinations,” said Dan Conn, Chief Executive Officer of Christie’s International Real Estate. “By bringing together our agents from across the globe to share insights and discuss business opportunities, we strengthen our position as the leading international network of luxury real estate companies.”

About Christie’s International Real Estate

Christie’s International Real Estate is an invitation-only affiliate network composed of the world’s most proven and qualified real estate specialists in the luxury residential sector. The company has offices in London, New York, Hong Kong, Beverly Hills and Palm Beach, and 138 global affiliates with 32,000 real estate professionals in 46 countries. For additional information about Christie’s International Real Estate, please visit www.christiesrealestate.com.

About Jackson Hole Real Estate Associates / The Gillespie Real Estate Team

Jackson Hole Real Estate Associates is the exclusive affiliate of Christie’s International Real Estate in Wyoming and Idaho and has twice been recognized as the Global Affiliate of the Year from Christie’s International Real Estate. The reputation of Jackson Hole Real Estate Associates for exemplary client service and market knowledge combined with the power of Christie’s International Real Estate, the largest network of independent real estate firms, offers a synergy between local strength and global networking. The Christie’s International Real Estate network exceeds $113 Billion in annual sales and is the largest international network of real estate companies specializing in the sale of luxury and notable properties. For additional information about Jackson Hole Real Estate Associates, please visit www.jhrea.com.

About Jackson Hole Mountain Resort’s 50th Anniversary Winter 2015-16

Over its nearly 50 year history Jackson Hole has evolved, but the spirit remains bold and wild, as the last true bastion for all those who dare to live this dream. JHMR was kick-started in the early 1960’s by the passionate dream of its founders, Paul McCollister and Alex Morley. From humble and rugged beginnings, this dream was fully realized decades later with the ingenuity of a family with historic ties to the Cowboy State. In their tenure of ownership since 1992, the Kemmerer family has invested greatly in the prosperity of Jackson Hole and the state of Wyoming. With vast improvements to operations, lifts and infrastructure, they have ushered JHMR into its present-day luster and world-wide iconic status as “The Big One.” Next winter, JHMR is celebrating that “Born to Be Wild” spirit all season long with events, a video web series produced by TGR, and ‘The Crags’ will undergo a transformation with the construction and December 2015 opening of the brand new Teton Lift. This new high-speed quad lift will carry skiers and riders 1,600 vertical feet to an area that has previously only been accessible via hiking. For additional information please visit http://www.jacksonhole.com/50th-anniversary.html

About Jackson Hole

Jackson Hole continues to famously deliver our legendary powder snow, 4,136 continuous vertical feet, 2500 acres of the best beginner, intermediate and expert skiing and snowboarding and a genuine “Last of the Old West” atmosphere. Neighboring the legacy U.S National Parks of Yellowstone and Grand Teton and operating in Bridger Teton National Forest, there is no more spectacular setting for a destination resort in the world. Now with thirteen nonstop cities (and hundreds of international connections) flying to the newly expanded airport, Jackson Hole is one of the most easily accessed destination resorts in the Rockies. For route maps, ski packages, web cams, videos and more please visit jacksonhole.com

Jackson Hole Real Estate Associates Winter Catalog of Fine Properties

Our winter Catalog of Fine Properties has arrived!
We are pleased to present this current selection of exceptional real estate as well as information pertaining to some of the wonderful resources and organizations available to our visitors and residents. Please stop by one of our locations to pick up a copy or follow the link to view the digital version.

View Catalog of Fine Properties >

Jackson Hole Real Estate Associates Winter Property Catalog

We are excited to present our winter Catalog of Fine Properties! Please follow the link to view the digital version or visit one of our locations to pick up a copy.

In this catalog, we are delighted to feature our current selection of exceptional properties as well as information pertaining to some of the wonderful resources and organizations available to our visitors and residents.

 

View Property Catalog >

Jackson Hole Real Estate – April 2014 Update

Excellent choice for East Jackson living!

Excellent choice for East Jackson living!

If you are looking for trends in our current real estate market I would say the strongest trend is lack of inventory. And in direct correlation with lack of inventory we have less sales and higher prices. Comparing April 2013 to April 2014: we had 31 residential sales in 2014 verse 42 sales in 2013. Sales volume was about identical at about $27 million which results in a 30% increase in average sales price. The inventory numbers for lower price properties continues to shrink and is also represented when comparing sales for the two Aprils – April 2013 had 31 sales under $1 million where 2014 only saw 22 sales under $1 million.
Vacant land in Jackson Hole continues its resurgence as we had 7 sales in 2014. 4 properties south of Town in the more “local” locations of Little Horse Thief and Game Creek sold last month.
Pending sales have been averaging about 55 sales every month and that number did not change in April as we have 58 pending sales. The friendly competition between Sotheby’s International Realty and Jackson Hole Real Estate Associates is a dog fight and a tie in the number of transactions pending.
Active Market – there are 412 active listings. 119 residential units priced under $1 million, 54 properties priced between $1 and $2 million, 50 properties between $2 and $4 million and 22 properties priced over $ million. There are 70 vacant lots priced under $1 million.

For additional statistics or to discuss the current Real Estate Market in Jackson Hole please contact the Jackson Hole Experts – Christy and Garth Gillespie at 307-413-5243 or email us at garthgillespie@jhrea.com.

Jackson Hole Real Estate Market Update – 1st Quarter 2014

1st Quarter 2014 Real Estate Market Report

Overall Market: The first quarter of 2014 made a strong bid to keep pace with the overwhelming improvement of the real estate market seen in the first quarter of 2013. The 1st quarter ended with the number of transactions down by about 3% when compared to the first quarter of 2013, a negligible decrease in the larger picture. The primary factor which contributed to this decrease in transactions is the decline in inventory available to buyers, down nearly 25% compared to the first quarter of 2013. This has been a continuous trend in 2014, and it’s been slowing some of the ready, willing and able buyers from purchasing because of this slight inventory. The total dollar volume of sales also experienced a drop, decreasing about 14% over last year’s first quarter. Nonetheless, the median sales price actually increased about 6%, from $675,000 to $716,000. This can be attributed to the dominance of the $500,000 to $1 million dollar sales which accounted for about 35% of the total sales, more than any other single price segment. With inventory levels at historic lows, you can expect 2014 to bring a unique challenge to both buyers and sellers. Buyers will struggle to find quality properties at supportable prices. At the same time, sellers will struggle with the decision of whether or not to sell in 2014 or choose to wait. Many sellers sense the market is improving, and prices will likely rise as the law of supply and demand holds true, as it has demonstrated in many segments of the market.

Q1 2014 Graph 2
Single Family Segment: The statistical information for the first quarter of 2014’s single family segment displays some interesting facts about the Jackson Hole real estate market and implores further explanation. The number of transactions decreased approximately 30% when compared to the same time period last year. However, the average sales price remained roughly the same, and the median sales price actually increased about 20%, to $980,000. The vast majority (44%) of the single family home sales occurred in the $500,000 to $1 million price range. Most captivating about this segment of the market is what the future holds. At the time of this report, there were 28 homes for sale in the $500,000 to $1 million price range. Those 28 homes only represent 22% of the available inventory. This means nearly half of all potential single family home buyers must compete for a very small piece of the pie. This supply and demand equation has already showed signs of appreciation, and it should continue as long as this shortage of inventory exists. A precise rate of appreciation varies depending on price range and area of the valley. There were only 3 sales under $500,000 this first quarter, and only 1 single family home is currently for sale under $500,000. While the future is bright for sellers with homes valued under $1 million, the market for homes over $1 million is much more competitive, especially in the over $5 million price range. This price range accounted for only 2 sales this first quarter of 2014, while there are 23 homes over $5 million currently for sale.

Condo & Townhome Segment: The condo and townhome segment of the market had an incredible year in 2013, and the first quarter of 2014 was no different. The number of transactions increased about 26% as well as an impressive 35% increase in total dollar volume. The condo and townhome segment of the market has experienced the most appreciation of any segment. Both average and median sale prices increased, nearly 4% and 16% respectively. The most astonishing statistic is the quarter to quarter comparison of the average sale price in the Town of Jackson where the majority of the condo and townhome sales occur. This segment had an over 30% increase in average sale price. About 50% of the condos and townhomes sold in the first quarter of 2013, sold for less than $500,000. In comparison, about 40% of the sales in the first quarter of 2014 were sold for less than $500,000. Active inventory in the condo and townhome segment is also in short supply, down nearly 20% from the first quarter of last year. With only 82 condos and townhomes currently for sale, there is less than a 6 month supply of inventory.

Q1 2014 Graph 1

Vacant Land Segment: In 2013, the vacant land segment of the market showed steady improvement as more and more buyers were unable to find homes to suit their needs in the limited single family home inventory pool, and speculative builders began to purchase land for new projects. The first quarter of 2014 continued this trend of steady growth with a modest increase in the number of transactions, up nearly 5% when compared to the first quarter of 2013. Based on the information available, it is estimated that the total dollar volume decreased slightly, however, due to the large number of sales with undisclosed sales prices, an exact total dollar volume figure is difficult to determine with certainty. Lack of inventory is not yet an issue in the vacant land segment of the market, yet the supply is decreasing, down over 20% compared to the first quarter of 2013. The price range with the least amount of supply is the under $500,000 price range. This lower price range represents just over 15% of the available inventory, yet it contributed to nearly 45% of this first quarter’s sales. All indications point to the vacant land segment continuing on a path of steady improvement.

In Summary: Following a record ski-season and #1 rating for the Jackson Hole Mountain Resort by Ski Magazine and Forbes Magazine, Jackson is experiencing more demand from people from all over the world who are coming to enjoy not only the Jackson lifestyle with countless world-class outdoor and cultural opportunities, but also Wyoming’s tax friendly status. With over 97% of our county protected in national parks, national forests, wildlife refuges and conservation easements, the remaining less than 3% of developable property is highly desirable for residents and second home buyers. With continued constraints on inventory and high levels of demand from buyers, we anticipate continued strong performance in the Jackson real estate market. Considering that Jackson’s lifestyle benefits are matched only by the financial benefits of Wyoming residency and the unparalleled flight access into Jackson Hole, with 12 direct flights, we believe that Jackson offers a “perfect storm” of real estate opportunity, security and access that will continue to appeal to the most discerning buyers.

Christy and Garth Gillespie – The Jackson Hole Real Estate Experts:  We can be reached at 307-413-5243 or by email at garth@jhexperts.com.  The first quarter of 2014 has started off great for us.  We recently move brokerages from Sotheby’s International Realty Jackson Hole to Jackson Hole Real Estate Associates – Christie’s International Real Estate and we could be be happier.  We have been involved 11 transactions so far in 2014.  Call us today to find out why we are successful in this complex market we are seeing in 2014.

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market database. Our report is derived from our proprietary data base (not just mls data) as well as decades of history and success in the region. No other real estate company or agent can offer this depth of expertise or insight regarding current or previous market conditions. The local knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the Teton region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offers the ideal balance of local expertise and global reach. The Christie’s International Real Estate network exceeds $100 billion in annual volume, nearly three times greater than our nearest competitor.

 

* The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
*Average sale price is the total combined dollar volume divided by the number of sales.
*The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.

© Copyright 2014 by Jackson Hole Real Estate Associates. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from Jackson Hole Real Estate Associates.

Jackson Hole Real Estate Compared to Other Western Resorts?

Report on Destination Resort of the West

Report on Destination Resorts of the West

We have attached an excellent article from the Western Mountain Resort Alliance (WMRA).  The WMRA is an organization composed of Realtor Boards of destination ski resorts in the Mountain West.  Boards include Park City, Utah; Sun Valley and McCall Idaho; Jackson Hole, WY; Crested Butte, Steamboat, Summit County, Vail Colorado; Big Sky, Montana; Whistler, British Columbia and Tahoe California.

The most recent report can be found here: Click this link —-    http://origin.library.constantcontact.com/download/get/file/1107631264353-51/WMRA+Graphs.pdf

The information is really interesting to see.  When comparing Teton, County (Jackson Hole) to the other communities you can see that Teton, County has the highest Average Sale Price by far, the least amount of active listings and the largest decrease in the number of available properties for sale when compared to 2012.  To me, it illustrates some of the benefits and down falls of our real estate market here in Jackson Hole.  The benefits are that our real estate values are going to be strong and will increase significantly as activity increases.  The negatives are going to be our lack of inventory.  When looking at available real estate for sale in areas like Vail it is remarkable to see almost 2,500 active listings compared to Jackson 450.  Wow – I can only imagine what it would be like to have that much inventory.

One more stat that is interesting to point out — Number of Listings per Realtor — Jackson Hole = 1.02.  Vail = 3.65.  Big Sky = 14.2.  Park City = 5.0

For additional information on the differences in real estate markets please contact the Jackson Hole Experts – Christy and Garth Gillespie at Jackson Hole Real Estate Associates – Christie’s International Real Estate307-413-5243 or at gillespieteam@jhrea.com.

Jackson Hole Real Estate Market Update for March 2014 – Sold Results

market trend march 2014

Yesterday Jackson Hole Mountain Resort closed for the 2014 winter ski season.  As most of you know, we had incredible snow conditions and we ended with 494 inches of total snowfall (41 feet) and our last recorded base was 140 inches.  Jackson Hole Mountain Resort was rated #1 ski resort in the county this year and you could tell that we had many visitors come to see for themselves why we were ranked #1.  All winter we had strong tourist interest and as a local we saw some of our largest lift lines ever.  Of course it helped that we had the best ski conditions in the county too.

Did the extra tourist visitation result in stronger real estate activity?  Not really….but we did see a continuation of a very healthy market.  March 2014 was on average with our 2013 results.  We had slightly lower total sales volume but had just about the same number of transactions (36 in 2014 vs. 38 in 2013).    One of the biggest differences between the two years is that we had 8 vacant land transactions vs. only 2 in 2013.  Another huge difference was “Days on Market”.  In 2014 days on market averaged 187 days vs. 356 days in 203.  That is a great improvement!

The Town of Jackson saw the most activity with 9 sales, next was Teton Village with 5 and the rest of the locations in the valley (Wilson, North, South) all averaged 3 sales during the month.  The highest sale recorded was a beautiful estate located in Teton Village which was listed at $12.5 million.  There were 10 sales that were listed for over $1 million.

The friendly competition between Jackson Hole Sotheby’s and Jackson Hole Real Estate Associates resulted in very similar results.  There were a total of 40 sales in March 2014 including timeshare product.  This means there are 80 transaction “sides”.  Sotheby’s recorded 33 sides and JHREA recorded 31 sides.  This means 80% of the market involved Jackson Hole Real Estate Associates or Jackson Hole Sotheby’s!

The Jackson Hole Experts – Christy and Garth Gillespie had a great month of March with 7 transaction sides representing almost 9% of the market.  Our sales volume was $5,775,000 in March.  Thank you Jackson Hole!

If you would like additional information on the current real estate market in Jackson Hole please do not hesitate to call us at Christy and Garth Gillespie 307-413-5243

***All statistics above were gathered from the Teton Board of Realtors Multiple Listing Service