Tag Archive for: Sotheby’s International Realty – Jackson Hole Brokerage

Jackson Hole Update – Real Estate in 2009

/in , , ,

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.

December 1st – Jackson Hole Real Estate Update

/in

It has been a while since this site has been updated – we are sorry. The Jackson Hole Experts – Christy and Garth Gillespie of Sotheby’s International Realty – have been extremely busy over the past 4 months and unfortunately our Blog fell silent.

We are excited about getting back into posting current information about Jackson Hole and the Jackson Hole Real Estate Market. 2009 has been a challenging real estate climate nationally and locally. Financing continues to be a struggle and declining property and home values are creating a burden for many homeowners. We understand these issues and hope to cover topics within our blog that offer solutions and opportunities.

In our first Blog back we want to bring people back up to speed on the current market statistics. We will be updating the information soon as our last current review of the market is thru October 2009. Year to Date there have been a total of 152 closings with a sales volume of $182 million as reported by Teton Board of Realtors (TBOR) MLS system. When comparing this information to 2008 unit volume was down 41% and down 70% from 2007. Sales volume is down 58% from 2008 and 73% from 2007. Positive news is that in October we had 29 closings which was the high for 2009 and also in October we saw 7 sales over $2 million.

Christy and I believe that Sotheby’s International Realty – Jackson Hole Brokerage offers our customers the best opportunity for success. If you are a seller, hands down there is nobody in Teton County that can offer you so many marketing opportunities and exposure to the most buyers. For buyers – the same can be said – we work extremely hard in the office to educate each other on the most up to date statistics which offers our sellers the most educated price analysis. This in turn offers a buyer the opportunity to look at properties that are priced correctly for the market. We have incredible tools for both Buyers and Sellers as too how the real estate process works in Jackson Hole.

The statistics uphold our thoughts above. In October alone, Sotheby’s was involved with 23 transaction sides (a transaction = 2 sides a buyer and a seller). This equaled a 62% market share. Year to date Sotheby’s has sold 72 properties and has assisted 61 buyers complete a transaction. This equals 133 transaction sides or 55% market share. These are fantastic numbers.

As for Christy and Garth Gillespie – we continue to work extremely hard to produce results for our sellers. We have sold 8 listings so far in 2009 and have been involved in 14 transaction sides. When compared to years past we are lagging our average but we are proud of our efforts and continue to learn more about our market every day.

If you would like additional information, please feel free to call us at 307-413-5243 or email me at garth.gillespie@sothebyshomes.com. Thanks for visiting our site and we hope you stop by again real soon.

Jackson Hole Report Back In Action – 2009 To Date Market Report

/in ,

After a two week hiatus I am back bringing you updated information on the Jackson Hole Real Estate Market. Christy and I have seen a continued “look and wait” attitude in the market. We currently have over 20 listings in all price ranges so we have a pretty good pulse on the market. Also here at Sotheby’s International Realty – Jackson Hole Brokerage – we have the agents that do the most business so we have access to any behind the scenes activity that may not show up in the Teton County MLS system.

The statistics for the first 2 quarters of 2009 are bleak at best. Transaction data is the lowest we have seen in recent history with just 57 closings for a sales volume total of $80 million. The data will probably not get much better as units sold in June were down 53% from last year meaning that the market is not exactly picking up speed. Unit volumes are down a dramatic 84% from their peak in 2005 and 2009 sales volume is down 79% from the peak in 2007.

Active Residential and Building Sites in Jackson Hole and Teton County continue to build. Currently there are 815 active listings on the market. This is a new high in recent history. Active inventory is 40% higher than last year and 105% higher than in 2007! In segments of price range there are 660 listings of properties listed under $3 million and 160 listings over $3 million. Over $3 million inventory has jumped 31% when compared to 2008 and 2007.

In Summary —
Under $1.5 million: *77% of units sold in 2009 vs. 67% in 2008. *Units sold declined 58%. *Sales volume is down 63%. *Average sales prices are down 12%. *Listing inventory is up 49%.

Over $1.5 million: *23% of units sold in 2009 vr. 33% in 2008. *Unit sales are down 73%. *Average sales price is up 16% (due to few sales). *Active listings are up 31%.

Come back soon as we will be posting a lot of current information in the next few days. If you would like additional information on the Jackson Hole Real Estate Market please feel free to contact the Jackson Hole Experts – Garth and Christy Gillespie – associates at Sotheby’s International Realty. We can be reached toll free at 877-739-8056 or email me at garth.gillespie@sothebyshomes.com.

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.

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.

Sotheby’s International Realty Acquires Teton Village Realty in Jackson Hole, Wyo.

/in , , , ,

Wow! Exciting News in Jackson Hole real estate. Here is the “hot” real estate news just released by Sotheby’s International Realty – Jackson Hole Brokerage. Christy and I will update the blog with our thoughts later but we wanted everyone to get the news. Very exciting, excellent news for sellers and amazing coverage of the Teton Village real estate market moving forward.

Market Leader Acquires Fastest Growing Local Firm to Expand Presence in Teton County

Jackson Hole, Wyo. (May 13, 2009) – Sotheby’s International Realty, Inc., a residential real estate brokerage firm representing fine properties in some of the world’s most sought-after markets, today announced it has acquired the assets of Teton Village Realty in Jackson Hole, Wyo. Teton Village Realty, specializing in properties at the Jackson Hole Mountain Resort and surrounding areas, will now operate as Sotheby’s International Realty, Inc. The Teton Village Realty offices, located in the Teton Mountain Lodge and Hotel Terra at the Jackson Hole Mountain Resort, will complement Sotheby’s International Realty’s existing offices in Jackson Hole and Driggs, Idaho.

Clayton Andrews, executive vice president and COO of the Mountain Region for Sotheby’s International Realty, Inc. who leads the company’s Jackson Hole operations, will also manage the new offices.

The acquisition expands Sotheby’s International Realty’s footprint in Jackson Hole and shows the firm’s commitment to serving clients throughout Teton County. Since first opening in Jackson Hole in 1999, Sotheby’s International Realty acquired Jackson Hole Realty in 2003. Since then, Sotheby’s International Realty has been the market leader in sales volume, according to the Teton Board of Realtors MLS.

After its founding in 2003, Teton Village Realty became the fastest growing brokerage in Teton County, achieving the third highest market share in the Teton MLS each year from 2005 to 2008. Teton Village Realty sales associates, including owner Rob DesLauriers, will now operate as agents of Sotheby’s International Realty, Inc.

According to Andrews, Teton Village Realty is an ideal fit with Sotheby’s International Realty, based on its historical performance as well as its office locations. “As a relatively young and fast growing firm, Teton Village Realty offers a fresh perspective on the local real estate market,” said Andrews. “Rob DesLauriers is well known and respected at the Jackson Hole Mountain Resort, and his firm’s experience in development sales at Teton Village is unmatched. We are pleased to be gaining such a dynamic and talented team at a pivotal time in our market.”

“It’s exciting to be part of the Sotheby’s International Realty organization,” said DesLauriers. “We appreciate the company’s successful history and expertise in the valley. We have a long and productive working relationship with the firm’s local team, and our agents and clients will benefit from the enhanced regional and global presence as well as the referral opportunities the company offers.” DesLauriers continued, “Sotheby’s International Realty provides a strong and far-reaching platform from which we can continue to grow and leverage the synergies of our firms.”

About Sotheby’s International Realty

Sotheby’s International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house and represents fine properties at a range of price points. Today, Sotheby’s International Realty, Inc. operates brokerage offices in key metropolitan and resort markets, including London; Manhattan; the Hamptons; Westchester County, Greenwich, Conn.; Litchfield County, Conn.; Cape Cod; Palm Beach, Fla.; Beverly Hills; Brentwood; Pasadena; Santa Barbara; San Francisco; Sonoma; Monterey Peninsula; Sun Valley, Idaho; Santa Fe, New Mexico and Jackson Hole, Wyo.

Sotheby’s International Realty, Inc. (www.sothebyshomes.com) is part of NRT LLC, the nation’s largest residential real estate brokerage company, and a member of the Sotheby’s International Realty® network that spans 39 countries. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices.

Sotheby’s International Realty – Jackson Hole Brokerage – Jackson Hole Real Estate Report – 1st Quarter 2009

/in ,


The final real estate results are finally in from our master “Statistic Wizard”, Leonard Kleiman. Unfortunately you did not have to be a master mathematician in the 1st quarter of 2009 as we only recorded 18 transactions for a total of $43.2 million in sales volume. Teton County, Wyoming could very well have it bottom which if it is true will be music to our ears. To give you perspective the 2008 1st Quarter was a previous record low in transaction total with 67 transactions! Q1-2009 unit volume was down 73% from ’08 and volume was down 57%.

Another interesting fact we are noting is that since September 2007 every month since we have seen decreased sales volume year over year. This is an astonishing stat that really illustrates how the market was out performing for years and is now correcting and definitely under performing. March ’09 for example was down 60% vs. March ’08.

With so few transactions it is almost impossible find a pattern or trend in a certain location except for the fact that all areas are seeing decreased activity. Teton Village only saw 2 transactions during the ’09 ski season (Jan-March). Wilson or “west of the snake” only saw 3 transactions compared to 11 in ’08. And the Town of Jackson only recorded 8 transactions compared to 33 in ’08.

When looking at active inventory we are starting to see a number higher than ever before. On March 31st there were 687 active listing in the Teton County Multiple Listing Service. Today, May 1st we have 725 active listing with more on the way. Christy and I currently are working on 4 new listings that will hit the market in the next 2 weeks. To know more call us toll free at 877-739-8056! One area of stability has been in the over the $3 million market as there were only 126 listings as of March 31st. This is only 11% over the 2007 numbers.

Activity has increased during the month of April. There are currently 18 pending transactions excluding 35 pre-construction projects that include Terra/Sweetwater Lodge, Pine Glades and Pearl Street. There have been some exciting (depends on what end of the transaction you are on…) price reductions in the past two weeks which should stimulate the market. Without a doubt – if a buyer has the means to make a purchase 2009 will go down as one of the best buyer opportunities Teton County has seen in years. Inventory is close to a high, there are some quality listings available in all locations and prices are falling.

If you are a seller – it is a difficult time – yet if you position your property correctly there are buyers looking around for property and that is more than you could say in November of 2008.

If you would like to see the actual report from Sotheby’s International Realty – Jackson Hole Brokerage please email or call the Jackson Hole Experts – Christy and Garth Gillespie. We are happy to assist any of you understand this challenging market.

Top Real Estate Values in Jackson Hole – Ask the Experts

/in , , , ,

Top Pick? Click link to see....

Top Pick? Click link to see....


Christy and Garth Gillespie, the Jackson Hole Experts at Sotheby’s International Realty, have just updated our Top Picks for April 23, 2009. Just about every 2 weeks we take a look at the Jackson Hole real estate market and look for the current “deals” in the market. We also review the current situation with pending transactions, closed transactions and noteable price reductions.

This week we note that there were 34 price corrections in the past 2 weeks. For Christy and I this is a good signal that sellers are becoming motivated to jump start the market. For the past 4 months the Jackson Hole real estate market has been painfully slow. We have credited alot of this “non-action” on the fact that sellers have been sitting back and waiting for the buyers to arrive. Well, here at Sotheby’s International Realty – Jackson Hole Brokerage, we have seen our fair share of buyers but very little contract activity. The economy has shown signs of stabilization or at least of bottoming and the result has been a slight increase in buyer activity and inquiries. The federal government has been helping by putting pressure on mortgage rates (lowering) and offering incentives for first time home buyers. To support this thinking we have seen 7 new pending transactions from all over the market. They include 4 single family homes ranging from $599,000 to $895,000, 1 Aspen’s home and a townhome at Teton Village priced at $1,795,000. Congrats and good luck to all the involved Jackson Hole real estate agents.

To find out what we choose as out Top 3 Picks click the link. If you have any additional questions or thoughts about available Jackson Hole homes, vacant land or current activity please feel freee to contact us – the Jackson Hole Experts – Christy and Garth Gillespie toll free at 877-739-8056

Teton County, Wyoming – Jackson Hole – 1st Quarter Preliminary Real Estate Results –April 6, 2009

/in , ,

1st Quarter Real Estate Results for Jackson Hole, Wyoming

It will go down as a quarter to forget… Probably the weakest quarter of results that Teton County, Wyoming has seen in recent history. This on the heels of a rather bleak report in the 4th quarter of 2008 where we only had 48 units sold (wait till you read below the 1st quarter results) and volume of just over $100 million.

The preliminary results that we have gathered are taken strictly from the Teton County Multiple Listing Service data. There are always transactions that take place off to the sidelines but with all the reporting we do we always use the data supplied to us by the MLS and the agents that report the results to the board. During the 1st quarter of 2009, Christy and I wondered where the buyers had gone. There were very few transactions taking place and although we did show property, we DID NOT see many offers. That was the case throughout the real estate business in Jackson Hole.

During the months of January, February and March there were 17 reported closings in all of Teton County, Wyoming. The sales volume is an estimated $36 million as 4 closings did not report the closing price and one of the 4 unreported closings was listed for $10,500,000. Taking a closer look at the 17 closings – 1 was a lease, 2 were fractional ownerships, 3 were commercial properties, 2 were condos and 9 were single family homes. The most activity occurred in Melody Ranch with a total of 4 single family homes sold!

The pending transaction data leaves us questioning where we are heading. We recently reported that most of the pending transactions are from soon to be completed development projects (Terra/Sweetwater Lodge in Teton Village, Pine Glades in the town of Jackson and 270 W. Pearl) and that has not changed. There are currently 39 pending transactions with 29 of them being “pre-sale” purchases. In reality that leaves us with 10 pending “deals”. To make the numbers even better (wink, wink) of the 10 remaining – 4 are fractional sales. That leaves us with only a condo in the Aspens, a townhome in the town of Jackson, a home in South Park, a Four Seasons Resort penthouse and 2 commercial purchases as the only property pending. The biggest void in all of these numbers is transactions below $500,000. Currently, there are NO pending transactions in condos under $500,000 in the town of Jackson, south of town or on the “West Bank”. If we are to look for the root of our stalled real estate market Christy and I will put the blame on the complete failure of the “low-end” market. We often use the analogy of tipping over dominos in real estate – need one domino to fall to get another to fall. Well – no one is tipping over the first domino.

Active inventory has been staying fairly stable as we are witnessing a lot of potential sellers keeping their properties off the market and waiting to see what happens. Inventory has actually dropped (40 units) since February. There are currently 516 residential units and 143 vacant land parcels for sale in Teton County.

As more data is released and when Sotheby’s International Realty – Jackson Hole Brokerage computes their data we will update our report. Christy and Garth Gillespie – the Jackson Hole Experts – are happy to compile this information so if you would like to discuss the current data, are considering listing your home or interested in learning more about the Jackson Hole real estate market please do not hesitate to call us toll free at 877-739-8056. We also have a great feature we call the Top Picks — which are Christy and Garth’s top real estate values in Jackson Hole – feel free to check them out.

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.