Tag Archive for: Jackson Hole Experts

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.

Best Real Estate Agents in Jackson Hole

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Cover of the Best Of...JH Weekly

 

 

 

 

 

 

 

Christy and Garth would like to thank all our friends, family and “fans” for voting us the “Silver” award for “Best Real Estate Agents” in Jackson.  We apprciate the support and are honored by your votes.  Thank you!

There were many great winners for the “Best of…”  We would also thank the JH Weekly for their hardword in putting together this contest.  The “Weekly” provides excellent reading entertainment every week and in 2011 started Jackson’s very own “Groupon” with the “Half Off Jackson Hole” program.

Thanks again to all our voters and to learn more about our ever changing real estate market in Jackson Hole please contact the Jackson Hole Experts — Christy and Garth Gillespie at Jackson Hole Sotheby’s International Realty – garth.gillespie@jhsir.com or by calling us at 307-413-5243.  We are busy getting ready for the summer season after a successful first few months.  We are gladdly accepting new listings and if you call us soon we will be able to secure a spot in the coverted “Summer Catalogue”.

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.

Jackson Hole Mountain Resort tops 300″ of snow

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While it may feel like winter has just begun, Jackson Hole Mountain Resort has already received over 24 feet of snow this season. Teton Village has received more snowfall than any other ski resort in North America.

With a record amount of early season snow fall, Jackson Hole Mountain Resort was able to open 100% of the mountain, including the Aerial Tram, on opening day in late November. Since opening day, we have continued to receive consistent snow which has contributed to a strong and stable snow pack.

Word has gotten out, as Teton Village has seen high occupancy levels at all the base area hotels – including the Four Seasons, Teton Mountain Lodge, Hotel Terra and the Teton Club. Jackson Hole Real Estate activity has also increased at the base of the mountain. There are currently 19 properties under contract in Teton Village. These pending sales include ski-in, ski-out condominiums, condo hotel investments, fractional time shares and large single family homes located underneath the Aerial Tram at Jackson Hole. We are well on track to out pace last winter’s 32 closed sales in Teton Village.

If you would like to learn more about current real estate opportunities in Teton Village contact the Gillespie Real Estate Team – the Jackson Hole Experts by visiting www.jhexperts.com or calling 307-413-5243.

Teton County Wyoming December 2010 Real Estate Update

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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.

Teton Pines and The Aspen’s Jackson Hole Real Estate Update – December 10, 2010

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In today’s update we will explain the Teton Pines and Aspen’s locations for 2010. Both locations allow for short term rentals and are within the resort district. The location being on the Moose-Wilson makes it convenient for skiing in the winter and hiking in the summer. The Teton Pines offers a “resort” golf course, year round tennis, a summer pool and year round dining and bar. In the winter there is a wonderful Nordic center.

Teton Pines had a good year for real estate transactions. There were a total of 9 single family homes sales ranging from $950,000 for the desired Teton Pines Garden Homes to a high sale of $7,800,000 for a 7,300 sq. ft. estate home. The once popular Teton Pines Town Home on the other hand did not see a lot of activity. There are only 2 on the market but to see a year where no townhomes sold is a rarity. With the sale of a Garden Home below $1 million there is considerable price pressure on the townhomes. There are currently 22 active listings in Teton Pines. This is a great amount of inventory for buyers to choose from. We are predicting a strong sales season in Teton Pines.

The Aspens is located just north of Teton Pines and offers a mix of condos, townhomes and single family homes. Lake Creek carves its way through the neighborhood creating a very peaceful environment. The Aspens is frequented by moose throughout the seasons. Since January 1, 2010 there have been a total of 14 sales ranging from a low of $186,000 for a 760 sq. ft condo (Bank Sale) to a high of $1,293,700 for a wonderful single family log home (Gillespie Real Estate Team Listing). There are 2 current pending transactions – both below $500,000. As for Active inventory in the Aspen’s….there’s a lot of it. 23 listings – 13 condos (1, 2, 3 bedrooms), 6 townhomes (all located in the Pond’s and Cove) and 4 single family homes. The 6 townhomes in the Cove and Pond’s is an eye opener. The least expensive is $799,000 and the most expensive is $1,197,500. Hopefully there are a few buyers this winter and in 2011. Unfortunately I believe that the sellers are not quite realistic as to the current market.

With all the new snow and the best early ski season we have seen in years we are anticipating a very strong Holiday Season. Some of this visitor traffic should translate to an increase of real estate sales. If you would like additional information about the real estate market in Jackson Hole — please pick up the phone and give us a call – 877-739-8056. We are excited to answer any questions you may have. You are also welcome to visit us at www.jacksonholeexperts.com.

Jackson Hole Real Estate Improving In 2010…

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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.

Extended Home Buyer Tax Credit – Time is Running Out!

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Last fall, Congress extended the Home Buyer Tax Credit to April 30, 2010 and expanded the program to apply to non-first time homebuyers as well. These buyers are sometimes referred to as “repeat buyers” or “long term residents”.

 Here are some further details on the Extended Home Buyer Tax Credit:

Deadline: All buyers must be under contract to purchase a home by April 30, 2010 and must close on that home by July 1, 2010.

Type of Property: This credit may only be applied to primary residences and can include townhomes, condos and single family homes.

Type of Buyer: In order to qualify as a first time home buyer, buyers cannot have owned a home anytime over the last 3 years. In order to qualify as a ‘repeat buyer’, the current homeowners must have used the home that is being sold as a principal residence for 5 consecutive years within the last 8 years. Additionally, the full credit is only available for taxpayers with a modified adjusted gross income of $125,000 or less.

Tax Credit: The tax credit for first time homebuyers is $8,000 and the tax credit for “long-time residents” is $6,500. Buyers can apply their credit to their 2009 return or apply the credit on their 2010 tax return.

Trivia: For 2008 and so far for 2009 tax year, the IRS reported that 1.763 million tax payers applied for the First Time Home Buyer Credit and received credits of $12.4 billion. (Source: CNBC 03/17/10)

 Time is running out – must be under contract by April 30, 2010.

Check out great Jackson Hole properties offered by Christy & Garth Gillespie at www.jacksonholeexperts.com

February Sales and Activity Update – Jackson Hole Real Estate 2010

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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!

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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

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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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