Market Update – February 2013

/in , , , , , , , ,

Wow! What a roller coaster of a year! Looking back, the Jackson real estate market had an extremely quiet spring and picked up in July with consistent activity through December. Frankly, we have been waiting a LONG time to say that. Average sales prices overall for 2012 are showing a 22% increase over 2011 proving that the Jackson Hole real estate market is on the re-bound.

In residential sales over $1.5M, volume swelled to 54% and the number of transactions increased by 39%.  In properties selling below $1.5M, the gain was less dramatic with volume remaining relatively flat and number of transactions increasing only by 11%.  Land sales have seen a dramatic increase, especially large acreage parcels which increased by 115% in number of transaction over last year. Residential condo sales saw the least improvement with only a 6% gain in unit sales over 2011 – nevertheless, these numbers should improve dramatically as inventory shrinks and interest rates remain low. Days on market remained steady and actually increased as some inventory remains on the market from previous years bringing most properties listed on the market for over a year or longer. Taking a closer look at our absorption rate – the average time to sell a property in Jackson Hole is just over 2 years.  This number should drop significantly as buyers start to regain interest in our market and the economy improves.

Overall, buyers are showing confidence in investing in real estate.  Interest rates remain low and our favorable tax climate has been attracting many buyers from areas like California and New York which has been driving our upper end sales. As early 2013 continues to unfold, expect to see inventory shrink, number of transactions to increase and sales prices remain steady.

We hope this analysis gives you some insight into our market and for 2013 we will keep doing what we do best – selling real estate. If you or anyone you know needs assistance with real estate please have them give us a call. We would be honored to have your referrals.

Gillespie Real Estate Team’s Top Values in Jackson Hole Real Estate

/in , , , , , ,

The Gillespie Real Estate Team at Sotheby’s International Realty in Jackson Hole Wyoming has just updated the “Top Picks of the Week”. Please follow this link: Top Jackson Hole Real Estate Values to see the top values in the Jackson Hole real estate market. Every week or so the Gillespie Real Estate Team will update the Top Picks to showcase great deals in Jackson Hole including townhomes, condos, houses, golf course property, ranch land, ski-in ski-out properties and other great values we see in our real estate market. We also showcase a Listing of the Week, a Sold Property of the Week and a Price Reduction of the Week.

Don’t miss out on learning about the great values in the Jackson Hole Real Estate Market brought to you by The Gillespie Real Estate Team of Garth & Christy Gillespie, Katie Colbert and Don Alsted.

Christy and Garth Gillespie – The Jackson Hole Experts – The July Jackson Hole Real Estate Newsletter

/in , , ,

Every month we update our Realty Times Real Estate Newsletter which includes a Jackson Hole Market Update and some National Real Estate Market information. Here is the link but we have also posted our July newsletter market update text below. Feel free to read or visit or newsletter.

July NEWSLETTER

Looking back on the first 2 quarters of sales activity in Jackson Hole we see that there was not a lot of activity. Again – another record low quarter but we have bounced back from the awful 1st Quarter of 2009 where we only had 17 sales. During the 2nd Quarter we witnessed 38 transactions, more than doubling the 1st Quarter results. 22 sales occurred below $1,000,000 and 16 sales occurred above $1,000,000. Of the higher priced properties the highest priced property to sell was listed at $5,625,000 but there was substantial negotiation given. Of the total 38 transactions 4 of them were fractional resort condos and 8 properties did not disclose the closing price.

For current activity, Christy and I have witnessed a surge in activity. 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 properties 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 Residential Properties for sale in Jackson Hole and 214 Vacant Land Parcels for sale in Jackson Hole!

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

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.

Make sure you check out www.jacksonholeexperts.com . 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. 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!

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

/in , , ,

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!

Looking for the Top Real Estate Deals in Jackson Hole?

/in , , , , ,

Beatiful South Jackson Hole

Beautiful South Jackson Hole


The Jackson Hole Experts – Christy and Garth Gillespie – have just updated our Top Picks of the Week! Every other week the Jackson Hole Experts update our Top Picks with the Best New Jackson Hole Listing, the Most Notable Closed Jackson Hole Transaction and the Best Jackson Price Reduction on a Listing. At the bottom of that page we have a link that takes you to our Top Picks of the Week.

The Top Real Estate Picks of the Week in Jackson Hole is a selection of properties Christy and I feel are well priced for our market and can be considered a Top Pick of the Week. We currently list 3 properties.

In new exciting news the Jackson Hole Experts contracted with our wonderful website designer to create the “Jackson Hole Real Estate Power Rankings”. Here we will start to rank the Top Ten Real Estate deals in Jackson Hole. This is going to be an exciting challenge as we have the opportunity to move properties up and down the list as new listings come aboard, current listings have price reductions or the real estate market changes in certain locations. Stay tuned as we will be getting the Jackson Hole Real Estate Power Rankings online in the next few weeks.

The current market is showing some signs of activity. Yesterday at the Sotheby’s International Realty – Jackson Hole Brokerage – Wednesday morning meeting multiple properties were announced as “pending-under contract”. The list included a condo at the Aspen’s, a vacant lot in the Jackson Hole exclusive neighborhood of Indian Springs and a small, older home in the Town of Jackson. This is great to hear!

For more information on Jackson Hole Real Estate please contact the Jackson Hole Experts toll free at 877-739-8056 or visit our website.

Sotheby’s International Realty – May 31, 2009 Market Update – Jackson Hole

/in , ,

Last weeks sunset from Melody Ranch

Last weeks sunset from Melody Ranch

Christy and I just got out of our Sotheby’s International Realty morning meeting and have some new statistics to share with all of you. Today’s meeting was not as encouraging as last weeks when we saw 5 new pending transactions – this week we announced just 1 (vacant lot in Willowbrook under contract).

The Jackson Hole Experts have been working our tails off. Last week we listed 3 more properties. We are so grateful to the many sellers out there that have confidence in our marketing program. We believe that the combination of Christy and Garth Gillespie and Sotheby’s International Realty is hard beat and we wake up every day trying to do our best. We look for new, creative marketing ideas, we make sure we have updated photography, we network with the right people….it is on going and effective.

The May 31, 2009 update sums up the market quite well — 43 transaction since January 1st! Yep – 43… The previous low was 2008 with only 127 closings and before that it was 2003 with 186 closings already. This is a shocking number! Jackson Hole Real estste sales volume is half ($66.5 million) of what it was in 2003 ($122 million). The unit volume peaked in 2005 and 2009 unit sales are down 85% from that level. Sales volume peaked in 2007 and 2009 volume so far is down 79% vs. 2007. Days on market is just about irrelevant with so few deals. Prices are hard to fine tune into a pattern but 20% off the high selling prices seems to be a number we are seeing quite a bit. That is about all we can say about the current/past market.

Where do we go from here? An interesting marketing tool that Sotheby’s of Jackson Hole has started in the past 2 months seems to be working. Here at Sotheby’s we have a pricing committee which is comprised of 12 working real estate agents. The pricing committee talks about the market and the current listings at Sotheby’s. They discuss current trends and closings that have occured during the past few months. They also evaluate Sotheby’s current listings on the market. They then select the best values on the market. In turn Sotheby’s uses the top section of our advertising to highlight these exceptionally priced properties. During the past 2 months – 50% of the Sotheby’s listings that have sold have come from this list! Currently 50% of the under contract properties Sotheby’s has listed came from the “priced great” list. Christy and I are meeting with seller’s weekly and we are doing our best to assist them in understanding the market — we are advising our seller’s to make the list with our original listing price.

For details on what makes listing homes or land with Christy and Garth Gillespie and Sotheby’s International Realty different than any other “agency” or “associates” in Jackson Hole – call us toll free at 877-739-8056 or on our cell at 307-413-5243. We are very excited to be busy and we are working very hard to increase transactions in this difficult market.

Jackson Hole Real Estate Market Update June 3, 2009

/in , , ,

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!

Jackson Hole Mortgage Rates….On the Rise

/in , , ,

One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming interest rates rise as pending home sales increase for the third straight month… the NAR reported that pending home sales rose 6.7% in April after a 3.2% increase in March. Homes under contract increased 32.6% in the Northeast, 9.8% in the Midwest, 1.8% in the West and only 0.2% in the South. This morning Wall Street is showing some caution after yesterday’s rally which was spurred by upbeat reports on manufacturing, construction spending and consumer spending.

Residential Mortgage Rates for June 2, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
5.250%
7.875%

15 Year Fixed
4.750%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
4.500%

3/1 ARM
5.375%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.250%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.607%

Rates are still great but we are starting to see an upward tick in the rates. Don’t be left behind – Now is the time to look at the inventory on the market. For more information call the Jackson Hole Experts at 307-413-5243. We have been tracking the market and have selected some great Jackson Hole deals. To hear more or to see what we have picked check out our TOP PICKS page.

Spring Creek Ranch – New Listings Worth Taking a Look At…

/in , , , ,

The Jackson Hole Experts – Garth and Christy Gillespie and sales associate Don Alsted are excited about our real estate inventory at Spring Creek Ranch this summer. We have the pleasure of marketing 2 fabulous custom homes and one beautiful estate lot all with stunning views of Grand Teton.

Perched nearly 1,000 feet above the Town of Jackson on East Gros Ventre Butte, Spring Creek Ranch offers incomparable views of the Teton and Snake River ranges and Spring Gulch.

Once a part of the ranch operated by former Wyoming Governor and Senator Cliff Hansen, Spring Creek Ranch today is a popular resort community that provides a real sense of getting away from it all Western style. It’s a testament to the beauty of the location that Aman Resorts chose it for the company’s first property in North America, the Amangani.

Jackson, Teton Village and skiing at the Jackson Hole Mountain Resort are all within a quick drive from Spring Creek Ranch. But there are a variety of on-site resort activities to enjoy. The resort offers concierge services to homeowners, as well as tennis, swimming and a full-service spa. The activity that sets it apart from other resorts in the area is horseback riding, which is geared to people of all skill levels and ages. And with nearly 700 out of the property’s 1,000 acres preserved as open space, Spring Creek is a lovely place to hike and look for wildlife. The Granary restaurant is popular with locals as well as out-of-towners, as is the restaurant’s lounge, which offers jazz and piano music on some nights.

Spring Creek Ranch is one of the favorite view-oriented developments in the valley where short-term rentals are permitted, which makes it highly desirable for investment property.

The three listings we would like to feature are beloe with links. Please visit:

1996 Spirit Dance – Amazing setting at Spring Creek Ranch. Located on a large lot of 1.14 acres and bordering open space with obvious views of Tetons. The home is located on lot 11 of the Elk Dance Estates area of Spring Creek Ranch.

Overall description of the home: Sqaure footage is on two levels for a total of 3,956 square feet. The main floor (2,782 sq. ft.) includes 3 bedrooms – one of which is considered a junior suite, an office, dining room, living room, kitchen, entry, mudroom and storage. The 2nd floor includes the master bedroom and a media room. From the master you have one of the best views of the Tetons available in Jackson Hole. The master bedroom has a stacked stone natural gas fireplace. The master is complete with a comfortable master bathroom with jetted tub and rain shower, marble slab counter top and flooring and custom alder cabinets. The master closet – over 200 square feet – with washer and dryer setup.

The Alsted Home — Featured on the cover of Mountain Home Magazine, this luxurious 7,323 sq. ft. home located on Spring Creek Ranch exudes the warmth and richness of natural wood and stone. Its unique, long, angular design and placement of large windows allows spectacular views of the Grand Teton Mountain Range from all living spaces.

285 Calliope – Lot 47! This secluded 4.67 acre lot is one of Spring Creek’s best parcels. It features a large building envelope which has open, gentle sloping, undisturbed terrain. This parcel boasts views of the Grand Teton, a large aspen grove and the high rolling ridges of West Gros Ventre butte. This land has personality and is waiting for you to create your masterpiece.

Jackson Hole Housing Market Explodes!

/in , , , , ,

Well let’s put that phrase in context – The Jackson Hole / Teton County active listing market is exploding! Yes – everyday there are more and more listings hitting the market and unfortunately not many of them are going under contract. There are currently about 845 active listings in Teton County, Wyoming. Previously the high was reached in October of 2008 so we have basically been drowning in listings for over 6 months.

When comparing today’s active listings to last year we see that in May of 2008 there were about 480 listings and if we look at May of 2007 there were only about 400 listings. The current inventory load will only continue the price pressure we are witnessing on the market. Transactions are taking place but in most cases we are seeing 20% to 30% discounts given from the high of the market!

Stay tuned as we are currently updating our Top Picks. For more information on the current market please call or email the JacksonHoleExperts – Christy and Garth Gillespie – Sotheby’s International Realty – Jackson Hole Brokerage. We are here to help and work everyday to exceed your expections.

QUICK LINKS

Our Properties
Communities
About Us
Contact

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

STAY CONNECTED

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.

© Copyright 2018-2023 Christy & Garth Gillespie. All rights reserved.