Current Real Estate Market Update – National

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We have been updating this graph for a few months and it has not changed much since the last one.  It does tell a go story as the market continues to build some strength.  12,575 houses, condos, townhomes sell EVERY day!  The chart also explains that almost 75% of all purchases are taking place with a bank involved.  Banks are lending!

Here in Jackson we seem to be seeing quite a bit more “showing” activity.  Under contracts have increased yet overall closing activity continues to lag (see next post).

To get a current update on the Jackson Hole Real Estate market please contact the Jackson Hole Experts, Garth and Christy Gillespie at garth.gillespie@jhsir.com or call us at 307-413-5243.

There Are Thousands of Houses Selling Everyday!

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“How’s the Real Estate Market?”  It’s a question that Christy and I get everyday.  For the past few years it has been a difficult answer in a difficult real estate market.  Things are changing and they have been for probably the last 6 months – sales are increasing.  Based on the latest data from the National Association of Realtors (Jan 2012) there are over 12,500 houses selling everyday.  The other question Christy and i get is whether banks are lending?  Well we include this data in the slide too.  Almost 9,000 of the 12,500 homes being purchased are being done with a loan!

The Jackson market is definitely on a smaller scale but we have been averaging about 1 home sale a day.  Activity in January and the start of February has been strnger than the last few years especially in the lower quarter of the market.

The Jackson Hole Real Estate Experts hope that this has been good information for your research.  If you want to know more about the types of properties that are selling here in Jackson Hole or if you have any questions about the general Jackson real rstate market feel free to contact us at garth.gillespie@jhsir.com or call us at 307-413-5243.

Quick Glance at Jackson Hole Real Estate Sales in January 2012

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Eagle Ranch - Beautiful Views

Published closed sales transactions fell in January 2012 in Jackson Hole.  Only 18 home and land sales took place in the month with a sales volume estimate of about $25 million.  Last year, January 2011 we saw 22 sales and probably the same volume.  We used an estimate because there were 4 non-disclosed sales published in the month.  What’s interesting in this data is that of the 18 sales 6 of them were vacant land.  The median sales price was $850,000.  The average days on market for the 18 sales was 414 days! 

The sales varied through out the valley with transactions taking place in the Town of Jackson, South of town in Dairy Ranches, Polo Ranches and 3 Creeks, a couple on the Westbank.  The highest sale was undisclosed and was a 35 acre lot in Crecent H Ranch which was listed at $5,950,000.

For additional information on the Jackson Hole Real Estate market please feel free to contact the Jackson Hole Experts — Christy and Garth Gillespie – at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Average Home Prices Continue to Drop In Jackson Hole in 2011

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Today we will continue to update the 2011 Jackson Hole Real Estate Market with Average Sales Prices.  The Chart below does a comparision on Average Sales Price vs. the Prior Year Average Sales Price.  As you can see, the average prices for property sales in Jackson Hole, Wyoming have been lower in 2011 in 10 (to be clear the “Red bars” are for 2011 and “Blue bars” are for 2010) of the last 11 months.  The exception was December 2011 when we saw a few very large transactions take place.  We have seen a lot of sales (to be outlined in a future blog post) in the “below $850,000 range” which have had an influence on Average Sales Price.

Average Prices Graph

Where are Jackson Hole home prices going in 2012?

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We are going to start a series of blog posts that hopefully create a pattern that we can look back on and see if we were right.  Christy and I believe that there could not be a better time to buy real estate in Jackson Hole.  There are excellent values in all price ranges and we believe the amount of inventory allows buyers some good choices.  With that said we do believe a lot of the great properties that have been offered at reduced prices are starting to get purchased and that inventory is going down.  I saw this video yesterday which is from Barbara Corcoran – a real estate “expert” – that outlines some of the reasoning behind buying now and or selling right now.  Take a look.

Stay tuned as we will be posting quite a bit of information that we feel will be important moving forward into the 2012 real estate sales year here in Jackson Hole.  For additional information on real estate or anything else Jackson Hole please feel free to call us at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Jackson Hole Real Estate November 2011 Market Update

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Novemeber 2011 has come and gone here in the Jackson Hole Real Estate Market and we witnessed a pretty strong month when looking at the year as a whole.  There were 31 transactions last month — No quite the 13780 properties that sell every day in the United States but Jackson does contribute!  “How’s the Jackson Hole Real Estate Market?” — Well, “We sell a property every day!” 

In a couple of weeks we will be able to show you a graph of how we measure up when comparing Nov. 2010 to Nov. 2011 but in a nutshell, last year we had about $10 million more in sales volume but transactions were 16% lower.  November 2011 saw a median sales price of about $550,000.  This is quite low indicating a stronger low end market.  This is encouraging in my eyes as we are really starting to see the lower end market strengthen.  This of course is being generated by a few short sales, bank sales and realistic sellers.  1/3 of the market in Novemeber sold for under $400,000.

The higher end market saw some good signs too as we saw 2 transactions of about $7 million.  The Jackson market had 9 sales over $1 million. 

Other stats:  3 vacant land transactions, 5 condo transactions in Teton Village, 10 sales in the Town of Jackson.

Please call with any questions or if you need any additional information on the Jackson Hole Real Estate Market — Garth Gillespie, sales associate and partner of the Gillespie Real Estate Team – Jackson Hole Sotheby’s, 307-413-5243 or email at garth.gillespie@jhsir.com. 

 

 

 

Jackson Hole Real Estate Market Update: Statistics through June 2011

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The first half of the year, the Jackson Hole real estate market experienced a slight improvement in sales dollar volume, but saw a significant increase in unit sales, suggesting that more transactions are happening in Teton County, but at lower sales prices.

Through June 2011, closed real estate transations in the Jackson Hole area were up 28% compared with the same period in 2010, while dollar volume sales rose improved only slightly. However, both unit sales and dollar volume were well above the lows of the real estate market in 2009 – unit sales up 96% and sales volume up 114%. Click here to view graph

June has proven to be the best month in 2011 for real estate sales dollar volume. In the month of June in Teton County, there were 29 transactions totaling $36.5 million. Compare this to the previous month of May (typically a slow month in real estate out here), where sales volumn totaled only $12 million.  Click here for a graph

Real Estate Sales by Area:

North of Town has seen the largest improvement in sales volume, with a 48% increase over the first half of 2010. North of the Town of Jackson includes neighborhoods such as Owl Creek, Solitude, Bar-B-Bar Meadows, Jackson Hole Golf & Tennis and Moulton Ranches. There were 23 sales totaling $46 million through June 2011.  South of Jackson Hole also experienced an increase in sales volume with sales totaling $21 million, a 28% increase over the first half of 2010. Teton Village experienced the largest increase in real estate transactions, with a whopping 81% increase over 2010. There were 38 sales in the first half of 2011, with many of the sales happening in the condo and condo-hotel market in Teton Village. Many investors took advantage of low prices on bank owned and foreclosed condos, in order to have a place located walking distance to Jackson Hole Mountain Resort.

For more information contact The Gillespie Real Estate Team at 307-739-8056 or garth.gillespie@jhsir.com.

Is it time to buy a Vacation Home in Jackson Hole?

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A recent Wall Street Journal article suggests the clouds may be lifting over the national vacation home market, especially in the luxury segment of the real estate market. Overall, the second-home market is down 11% from 2009 and roughly 25% from 2006, compared to a 22% drop in the overall housing market, according to the article. However, the higher end of the vacation home market ($5 million and up) has held up much better. Douglas Duncan, chief economist at Fannie Mae explains “At the top of the market, particularly luxury homes, prices have proven very elastic, and have sprung upward quickly”.

Markets such as Palm Beach Island, FL, the Hamptons, NY and Aspen, CO have been experiencing an uptick in inquiries and real estate sales. This is not to say the boom is back, however. Overall, properties that are in prime locations, such as waterfront or ski resort properties, are selling, but homes in less desirable locations are still a bit sluggish. In addition, areas that were able to avoid over building and therefore keep inventories at a manageable level have also seen an improvement in sales.

What’s interesting is that most vacation home buyers aren’t looking to make a big profit. According to the National Association of Realtors (NAR), more than 80% of second home buyers surveyed reported that they purchased for consumption reasons – to live in the house and enjoy it – not for investment. Additionally, many second home buyers are cash buyers (36% of vacation home purchases last year were all cash deals, according to NAR) and they can therefore sidestep many of the restrictions placed on second home purchases by lending institutions.

In Jackson Hole, inventory levels remain high, creating many opportunities for second homebuyers in Teton Village, The Aspens, Teton Pines, and Shooting Star Golf Community. If you are interested in a link of available second home properties in Jackson Hole, please email us at garth.gillespie@jhsir.com — The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty.

For a full copy of the Wall Street Journal article, click here.

2011 Shows Improvement in the Middle Market, Unit Sales Increase

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First quarter results for the Jackson Hole Real Estate Market show encouraging trends. Teton County has experienced a slight increase in sales volume, and over 57% increase in units sold for the first quarter of 2011 vs. Q1 in 2010. This is a positive indicator for potentially continued improvement in the market.

Teton County Multiple Listing Service (MLS) also shows a significant increase (over 85%) of units sold in the under $1 million segment.  In the above $1 million segment, MLS reports a 23% increase in units sold in Q1 2011 over Q1 in 2010. Regarding dollar volume of sales, overall in Teton County, Q1 2011 is 12% above 2010. As such, the overall average sales price is down to $1.176 million in Q1 2011 due to the increase in volume in the middle market (under $1m.

Buyers in Jackson Hole are taking advantage of opportunities in the middle market in addition to the high-end market, which has already shown signs of stabilization in 2011. Please contact The Gillespie Real Estate Team at 307-739-8078 to learn about these great opportunties in Jackson Hole real estate.

Teton County: How did the real estate market in Teton County end in 2010?

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According to the Teton County MLS, real estate sales volume in the 4th quarter of 2010 was up from the same 4th quarter in 2009.  Sales Volume increased to approx. $100 million in Teton County, compared to approx. $85 million in 2009. Unit volume (i.e. properties sold) has rebounded from the 2008 lows, however they remain well below pre-recession levels.  Units sold in the 4th quarter of 2008 was a low of approx. 50 units; 4th quarter 2009 saw about 85 units sold and 2010 experienced 80 units sold.

On a year over year basis, 4th quarter 2010 was disappointing. All other quarters for 2010 showed improvement from the same quarter in 2009, except 4th quarter, which saw units sales drop 6.3%. However, 2011 is off to a good start and The Gillespie Real Estate Team is optimistic that 2011 will bring increased sales to Teton County, Wyoming.

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CHRISTY GILLESPIE

Associate Broker
Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

Sales Associate
Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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