Teton County, Wyoming: Real Estate Stats – Year to date Feb 2011

According to the Multiple Listing Service (MLS), Teton County real estate sales volume is on track with 2004 and 2008 sales volume levels. Through Feb 2011, there have been 43 real estate sales reported in the MLS in Teton County, which includes Jackson, Wilson, Teton Village, Hoback Junction and Alpine. Total sales volume in this period is $58.1 million. This is a 38% improvement over the same period in 2010, where there were only 22 sales and $44.5 million in sales volume through the months of January and February.  While the first two months of 2011 are will above the ‘bottom’ of 2009, which only had 8 sales totaling $9.7 million, but still below the ‘peak’ of 2006, which saw 92 sales in the first two months of the year totaling $86 million.  

Along with an increase in real estate sales volume, the number of real estate transactions in teh first two months of the year in Teton County doubled from the first two months of 2010.  Of the 21 sales in February alone, Jackson Hole Sotheby’s International Realty had a 33% market share in Teton County. For more information, including graphs, please contact The Gillespie Real Estate Team at Sotheby’s International Realty at 307-739-8078.

Real Estate Sales in February 2011 – Most Activity in Teton Village and Wilson

February 2011 was a very active month in real estate sales in Jackson Hole, Wyoming. Overall, this month we saw 16 real estate sales in the Jackson Hole area, with most sales concentrated in Teton Village and Wilson, WY. Total real estate sales volume for the month topped $27 million, with an average sale price of just over $2 million. On average properties were selling at 85% of thier latest listing price and, on average, were on the market for 245 days prior to selling.

It appears the record snowfall at Jackson Hole Mountain Resort, encouraged many buyers to purchase condos, condohotels and homes in Teton Village this winter. Of the 16 total real estate sales in the area, 1/2 of them were near the ski resort. These sales covered a wide range of properties and price points  – a 2 week fractional sold at the Teton Club, a 1 bedroom condohotel at Snake River Lodge and Spa and a 3 bedroom condohotel at Teton Mountain Lodge sold this February. There were also 2 sales of condominiums in the Nez Perce condo and the Teewinot building. These condos are a short walk or shuttle ride from the Aerial Tram at Jackson Hole Mountain Resort.   A 2 bedroom unit at the Four Seasonsand a 3 bedroom unit at Crystal Springs also sold, both with ski-in, ski-out access. A large home in Lake Creek Ranch and the end of Granite Creek Road across from Teton Village sold in early February.

 Four Seasons Resort Jackson Hole > Exterior of hotel.                            

Wilson also saw several sales this past month including a home in Stilson Ranch, a home in Crescent H Ranch and large home with a horse stable in Wilson. There were twp sales in Town – a 2 bedroom Ponderosa condo that was listed at $99,900 and a Love Ridge Condo at the base of Snow King Resort. The largest sale of the month was a 10,000 square foot, 5 bedroom home in Spring Creek Ranch that was listed at $9,500,000.

The Gillespie Real Estate Team of Jackson Hole Sotheby’s International Realty is always tracking the real estate market in Jackson Hole. We’d be happy to share our market knowledge, insight and experience – just give us a call at 307-739-8078.

Teton Village Real Estate: Off to a great start in 2011

In 2011, we have seen an increase in real estate activity in Teton Village.  In the past 20 days, there have been two closed sales in Teton Village. Both real estate sales were condos located at the base of Jackson Hole Mountain Resort. A 2 bedroom, 2 bath, bank owned, condo sold in mid January. The other sale happened this past weekend – a 3 bedroom, 2 bath penthouse condo in the Nez Perce Condominium Building.

                                  

 Additionally, there are currently 15 properties under contract in Teton Village. Seven of those were put under contract in the new year!  They include a wide range of property types. Four of the sales are condominiums within walking distance to the Jackson Hole ski resort. There is one unit under contract in the Snake River Lodge & Spa and a 2 bedroom unit in the Four Seasons – both ski-in, ski-out properties. There is also a 3 bedroom Timbers at Granite Ridge currently under contract.

While the above properties are spoken for, there are still many real estate opportunities in Teton Village. In fact, there are 85 properties for sale in a wide range of price ranges – a condo hotel for $299,000,  a 2-bedroom condominium for $445,000, a 4 bedroom vacation home for $3 million and a Four Seasons Penthouse Residence for $6 million.

The Gillespie Real Estate Team can easily guide you through these real estate opportunities and help you to find the perfect winter getaway in Jackson Hole. Call us today at 307-739-8078 for a list of all available properties in Teton Village.

Teton County Wyoming December 2010 Real Estate Update

Working at Jackson Hole Sotheby’s International Realty has so many benefits…To name a few – We have the strongest real estate professionals in the Jackson Hole Valley.  Year after year we post an incredible market share usually averaging over 60% of the buyers in the market.  That is staggering when you compare it to like markets.  Technology is another – www.jhsir.com is one of the best Real Estate websites out in the cyber world.  Sales office locations is another huge benefit – especially for sellers as JH Sotheby’s has working real estate professionals located in the Town of Jackson, Teton Village, the Aspens and all the major resort hotels at the Jackson Hole Mountain Resort – including the Four Seasons, Terra and Teton Mountain Lodge.  Finally but not the last benefit is out “stats man” – Leonard Klieman.  Every month Leonard looks over the data and provides all of us up to date market statistics.  Today I’ll share the latest December 2010 information.

During the end of 2010 we have started to see an increase in activity with properties listed over $2 million.  This continued in December 2010.  In Dec. 2010 we had 6 sales over $1 million with an average sales price of $3.7 million compared to 10 sales over $1 million in 2009 but had an average sales price of $1.9 million.  Overall we had 20 transactions during the month.  Unfortunately that is not a great number and was the lowest number of transaction since July 2010.  Unoffical numbers indicated that Teton County, Wyoming had 241 transactions in 2010 with a volume of $359 million.  That is the second lowest sales volume and transaction datat recorded in the past 8 years – only beating 2009. 

Comparing Year to Date December units and volume – 39% more transaction and 78% more volume when compared to 2009.  Sales volume is 3% below that of 2003 and 52% below the peak of 2007.  The increase in activity in the higher end is evident in the residential average sales price increasing 53% when compared to 2009.

Hopefully that was helpful.  For additional real estate information please feel free to contact Christy and Garth Gillespie – the Jackson Hole Experts.  We pride ourselves with working hard for buyers and sellers and having a secure grip on the market.  Feel free to visit our website – www.jacksonholeexperts.com or feel free to give us a call at 307-413-5243.

Wyoming Tax Benefits – There Is Alot You Need To Know!

 There are several reasons why many people choose to live in Jackson Hole.  Many live here for the scenic beauty of Grand Teton National Park, several for the fly fishing in the Snake River in the summer, and many for great skiing at Jackson Hole Mountain Resort in the winter. However there is also a practical reason to live in Jackson Hole, Wyoming’s overall tax-climate benefits when compared to other states. 

Bloomberg Wealth Management magazine continues to rate Wyoming as the #1 Tax Friendly State in America. It’s easy to understand why….. 

  • No state income tax on personal or corporate income
  • No state inheritance tax or estate tax
  • No tax on the purchase or sale of real estate
  • No state capital gains tax
  • No state gift tax
  • No state excise tax
  • No tax on out-of-state retirement income
  • Dynasty Trusts are permitted and allow you to shield assets from federal real estate taxes

Owning property in Jackson Hole gives you unlimited access to our breathtaking mountains, our magnificent forests, pristine streams and world class sporting opportunities. Now you have another great reason to own real estate in Jackson Hole!

 Call or email The Gillespie Real Estate Team to learn more about real estate opportunities in Jackson Hole, Wyoming.

Jackson Hole Real Estate Improving In 2010…

Jackson Hole Q1 Real Estate Results

Today at Sotheby’s International Realty – Jackson Hole Real Estate Brokerage we sent out this informative newletter to out client base.  It is a very good article about recent active in the Jackson Hole housing market.  I think you will find it very helpful in understanding what is currently happening….

With things a bit quieter here now that Jackson Hole Mountain Resort has successfully closed out the ski season, Sotheby’s International Realty is studying recent real estate activity and preparing for what by recent indications could be a hot summer selling season. Click for more

So far this year data from the Teton County Multiple List Service reports an upward trend in real estate sales in Jackson Hole. In March, for example, unit volume was up 170 percent suggesting increased buyer demand.

Looking at entire first quarter of 2010, dollar sales volume rose 88% percent over the same period in 2009 according to our analysis of the market and MLS data. Interestingly, twenty-five sales were for properties of more than $1 million, versus only 11 in the first quarter of last year. This could be read as a sign that though there are still excellent values to be found, some buyers see current prices as true bargains and are taking action and the lower end of the market is beginning to stabilize.

Certainly proper pricing has played a key role in getting the market back on track. Our market-watch committee meets each week to review pricing of the latest pending sales, closed sales, current inventory and new listings. The committee reports its findings at our weekly sales meetings.

While the lines on the graph are heading in the right direction, we continue to increase our sales and marketing efforts keeping us on top of the latest trends with increased e-marketing as well as creative print advertising.

Our overall expertise as well as in specific market areas around the valley such as the Town of Jackson, Shooting Star, Teton Pines, Jackson Hole Mountain Resort, Hotel Terra, north of town, in eastern Idaho, etc. – allows us to closely monitor the pulse of the daily market activity and helps us deliver exceptional service to our clients.

Initiatives like this appear to be working for Sotheby’s and its clients. In Q1 of 2010, Sotheby’s Jackson Hole Brokerage accounted for more than 70 percent of the total dollar volume in the Teton County.

Although the foregoing data has been compiled from sources deemed to be reliable, SIR does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, omission, error, revision and cancellation without notice, and should be independently verified with the source of such information.
Thanks for reading the Jackson Hole Experts Real Estate Blog — Please contact us at 307-739-8056 or visit us at www.jacksonholeexperts.com.

February Sales and Activity Update – Jackson Hole Real Estate 2010

Wanted to post with an update on the improving sales and activity in the Jackson Hole real estate market.  As with the January statistics we have to put the numbers in perspective — last year we only had 4 sales….  February 2010 was much better with 10 recorded sales in the Teton Board of Realtors Multiple Listing Service.  7 sales under $1,300,000 and 3 sales over $4,000,000.  Notice the market gap between $1.3 and $4 million — This is the market Christy and I see as the slowest segment. 

Of the lower priced properties 4 look to be “local” purchases which is very encouraging.  Last year Christy and I did not see the “local” market move around much through out the valley.  We are currently showing a lot of properties to locals so we hope this translates to an active spring and summer sales season.  Of course the only way this market will move forword will be if the sellers of all properties properly understand the market and price their homes at current market prices.  There is an indication that we are starting to see the new listings enter the market with proper price placement.

The other segment of the market – over $4 million looks to be responding to the more stable ecomony and rising stock prices.  We still see uncertainty in the markets but it seems like there is a general consensus that we have turned a corner.  This news seems to have brought a few additional buyers into the market.  We will continue to watch this trend as we close out the first quarter. The three other transactions mentioned above were:  All on the “west bank” with one in Teton Village (ski/ski out home – Granite Ridge), one in HHR and one in John Dodge which sold for over asking price (listed at $7.4 million!).

Updates should be coming more frequest as we will have Katie Colbert – Buyer and Commercial Real Estate specialist – for the Gillespie Team adding to our blog posts.

Here’s to a Happy St. Pats.  Go Marquette and Wisconsin in the NCAA Tourny!

For additional information on Jackson Hole Real Estate please feel free to call or email the Jackson Hole Experts!

Real Estate Activity for January 2010 – Jackson Hole

The headlines could be misleading if taken out of context when reviewing the recent sold activity in the Jackson Hole real estate market.  “Sales transactions and volume more than double from previous year!” or “2010 starts off with a bang!”  You never know what some agents will report if you do not know their agenda.  Here at the Jackson Hole Experts Blog we try to give the facts but also try to give you our opinion as to where the markets are trending.  Our agenda is to give you a feeling of what we are seeing in the field and follow that up with the statistics that the MLS reports.

January felt very slow and quite possibly worse than this time last year.  The economy and job outlook in Jackson feels like it is slower and weaker than in years past.  With that said we did see activity more activity than we witnessed last year and sales did double and sales volume more than doubled so our “gut impressions” did not hold up when reviewing the past’s months activity.

 When looking very macro – Teton County MLS recorded 10 closings with a sales volume around $19 million.  This compared to 2009 when we had 4 transactions and just over $7 million in sales volume.  2009 was just plain awful so to compare any month to January 2009 we are bound to report better results.  One issue when looking at the 2010 numbers is that there were 2 very large transactions ($8.2 and $3.8 million) which account for $12 million in volume!  Remove those 2 transactions and we have volume numbers that are almost identical to lasts years awful results.  As we continue to go micro with the stats we can see how those 2 “big transactions” play with the data.  When including all 10 transactions the average sold price is $2 million.  When we peel away the Indian Springs transaction ($8.2) the average sold price slides to $1.2 million and if we also peel away the Four Seasons penthouse sale the average sales price slides to $900,000. 

 To wrap up the report I’ll pass on a few more statistics:  Of the 10 reported sales there are a total of 20 transaction sides.  Sotheby’s International Realty – Jackson Hole Brokerage represented half (10) sides.  The rest of the sides are spread out but coming in second was our friends Jackson Hole Real Estate and Appraisal with (3).  There was 1 sale in Crescent H Ranch, 5 sales in the town of Jackson, a sale in Teton Pines, 2 sales in Teton Village (includes the above mentioned sale) and the Indian Springs sale.  The average days’ on the market was 262.

In the next update we will detail the pending transactions currently reported in the (MLS).  There is a little upside as we see a good set of inventory under contract.  Stay tuned!

For more information about the Jackson Hole real estate market please feel free to call us – Christy and Garth Gillespie at 307-739-8056.  We are full time Realtors who enjoy their jobs….

Real Estate Star Joins the Jackson Hole Experts

Katie Colbert - Head Shot for Number 1

Christy and me are excited to introduce Katie Colbert, real estate sales Broker, as a new member of the Gillespie Real Estate Team.  Katie has been working behind the scenes for us for the past 6 months and has an excellent grasp of contracts and client communication.  Jackson Hole commercial real estate is an area that we are often asked about but are usually forced to referral to others.  With Katie’s extensive knowledge and networking skills we will have the opportunity to lend our experience in this segment of the market.  As mentioned in a previous post, Christy and I are working on a new townhome development in the town of Jackson called Cottonwood Flats Townhomes.  Katie will be one of our main sales people on the site so feel free to contact her at 307-739-8078 for additional questions.

Katie has extensive experience in both residential and commercial real estate in Jackson. Originally from Minnesota (Viking Fan – I will not hold it against her), she graduated with a degree in Real Estate from the University of Wisconsin-Madison (Go Badgers!) and has been pursuing a successful career in the field ever since. Katie enjoys working with buyers and assisting them in all levels of the transaction. She is relentlessly optimistic and has incredible passion for the business. The Gillespie team is eager to have Katie join us as an Associate Broker and we are ready to meet the demands of 2010 with a dynamic team to help you with your real estate needs.

For additional information on the dynamic real estate market here in Jackson Hole, Wyoming please feel free to contact any of us at 307-739-8056 or visit us at Jackson Hole Experts.

Jackson Hole Update – Real Estate in 2009

The final, final statistics are not quite finished but Sotheby’s International Realty Jackson Hole Brokerage has compiled the final sales numbers from the Teton Board of Realtors Multiple Listing Service for 2009.  The past year will go down as one of the most difficult real estate years in history.  With financing difficult to find and more importantly a complete lack of buyer interest, sales across the entire spectrum slowed t a crawl.

The year did not start out well at all with only 20 transactions in the first quarter!  The second quarter improved a little with 63 transactions.  Finally during the last half of the year we started to see some activity market wide and had a total of 143 deals take place.  The totals are incredible when compared to the previous few years.  Unit volume declined 28% vs. 2008 and 65% vs. 2007.  Sales volume was even worse being 52% lower than 2008 and 71% lower than in 2007!

From Garth and Christy’s perspective the Jackson Hole market has a ways to go before we see any type of recovery.  There are chunks of the market that have not realized the decline in sales and prices and have refused to adjust with the current market.  There are 53 active listings between $2 and $3 million with only 1 pending sale in this price range.  The low range in the market $350,000 and below has barely adjusted which is resulting in a completely stalled market. 

What does this mean?  I will be updating the blog in the next few weeks and I’ll try to lay the frame work for recovery.  We have seen some motivated sellers which have resulted in sales so we are hoping sellers and the real estate community is starting to grasp the severity of the declining market.  The only way we recover is for the market to reflect the 30% to 40% decline and adjust the prices accordingly.

Jackson Hole is still a fantastic community.  It offers good schools, a top notch hospital, incredible arts and social environment, fabulous resturants and that small town charm many people desire.  Wyoming still offers incredible tax savings, abundant wildlife, great ski resorts and ample space for recreation.  These aspects are still here so we see a lot of opportunity for Jackson and the real estate market to rebound.

Stay tuned for additional information and thank you for visiting the Jackson Hole Experts Blog provided by Garth and Christy Gillespie.