A Note from the Gillespie Team – We are in this Together

The safety of you, our team, family, friends and our community is paramount during these uncertain times. Our goal is to develop and implement initiatives to keep our team and the community safe, while also being a trusted source of stability and information as we’ve done for over 40 years. We would like to offer some insight and perspective on the three questions we are getting asked most often.

How long will this last?
How will this affect our market?
What is our message to buyers and sellers?

 

(Our daughter practicing social distancing while skiing with Garth.)

How long will this last?

The answer to this question remains uncertain but there are indications that can be gleaned from the Center for Disease Control (CDC), World Health Organization (WHO), from postponed events, and from the forward-looking actions of governments and companies around the world.

An analysis of the likely pace of the virus spreading in the US indicates April 23rd to May 8th as the earliest dates when the virus will reach its estimated US case peak. However, there will remain a period of time as the cases decline over the following month or more.

Many Jackson Hole area public venues are closed into early April. These closures may be extended.

On March 15, the CDC announced additional guidance to limit gathers to less than 50 people, until approximately May 3rd.

– Jackson Hole Mountain Resort, Grand Targhee Resort, and Snow King Resort have made the decision to end their winter season early.
– Schools have started spring break one week early.
– Many businesses are closed throughout the valley have closed due to a state wide ordinance.
– Many events scheduled for May in the Jackson Hole area have not been postponed or canceled.
– Strict social distancing, medical or governmental interventions, and the weather will affect the time it takes to complete the curve in the next few months.

 

How will this affect our market?

As a company Jackson Hole Real Estate Associates has navigated tough and uncertain times in the past, and historically this region has outperformed the stock market over the last 40 years. Statistics show that visitation to our area rebounded quickly after the economic events of 9/11 and 2008.

This graph shows 12 month running totals evening out the major swings by season. Note there is a lag time between when something occurs and when the data reflect the occurrence. To look at visitation patterns post-9/11, you need to look at the visitation number for 9/11/2002, which captures the 12 months post-9/11. Similarly, the post-recession visitation isn’t captured until a year after the recession started; i.e., September 2009. The blue arrows show when the event occurred; the black arrows show the 12 month lagged visitation data you should associate with the numbers. Courtesy Johnathon Shechter/Charture Institute

– Jackson Hole and surrounding areas continue to be in demand. The favorable tax climate, lack of available developable land (only 3% of Teton County, Wyoming is privately owned), the privacy and seclusion of our area are more desirable than ever. Some may view the current global situation as a reason to pursue Jackson Hole as a safe haven.

– Our gross sales volume is up nearly 10% YTD March 17th, 2020 vs. March 17th, 2019. Interest rates are at their lowest level in at least 50 years. Buyer competition could decline for the next few months – reduce multiple offer situations. Now may be the time to get that offer accepted.

– Some sellers may want to wait to put their homes on the market. This is an excellent opportunity to prepare your home for market and be ready for the upcoming demand.

– We will have a better sense of direction in the next few weeks as this situation continues to unfold and we move into spring. Rest assured that we are paying attention to the market and will continue to provide insights into this ever changing market.

 

What is our message to buyers and sellers?

As we experience a new and uncharted territory, we are working closely with our local leaders to take measures to reduce the impact of COVID-19 in Jackson Hole. Our company is following the economic and global impacts of COVID-19 closely. Locally, our Agent Advisory Board met this week to discuss trends they are experiencing in the market and ways we can be a resource for the community.

The most important thing you should know is we are ready to assist you in any way that we can. Armed with the latest health and safety information, we are here to listen, counsel and support our clients toward the right decision for them.

We are changing the way we conduct business to meet new challenges and taking proactive steps to continue to help our buyers and sellers – most of our meetings will be by phone or through a virtual meeting (zoom or facetime). Our team has decided to work remotely and has adopted protocols to make sure we are creating a safe environment for everyone.

For Sellers: Some sellers may want to wait to put their homes on the market. This is an excellent opportunity to prepare your home for market and be ready for the upcoming demand. We can help you from afar to help you get your property ready while social distancing.

For Buyers: Due to low market inventory and the best interest rates we have seen in years, we are expecting buyers to start their online home research. We are happy to help answer questions and can show you homes using FaceTime, Zoom, or other technology.

If you have any questions or want to chat about current market conditions, please reach out to our dedicated team. We are in this together and available to you at any time. Thank you and stay safe.

(307) 413-5243
gillespieteam@jhexperts.com

JHREA COMMUNITY GRANTS: SUPPORTING THE EXTRAORDINARY

Jackson Hole Mounted Police

At Jackson Hole Real Estate Associates, our commitment to community is a cornerstone of all we do. We strive to always put people first and to give back and honor this remarkable area we call home.

This year we launched our Community Grants Program—the only philanthropic matching initiative offered by a real estate brokerage in the region. The purpose is simple: To support our agents’ tireless dedication to the places we live and love.

Over just the past four months, the Community Grants Program has donated more than $8,000 to support local non-profits with which the JHREA team is involved. That adds to the more than $1.75 million in philanthropic giving Jackson Hole Real Estate Associates has made over the years and more than 20,000 hours of community service the team has volunteered.

Not bad for a brokerage that was founded at the height of the Great Recession. In 2009, the country’s financial markets were in turmoil, still reeling from the mortgage collapse a year prior. Property prices were in limbo with lenders reluctant to issue loans and buyers and sellers cautious about the direction of the economy.

But where others saw uncertainty, Jackson Hole Real Estate Associates saw opportunity. Drawing on our team’s centuries of combined experience, our brokerage ventured forward with an honest mission: To empower our clients, community and neighbors with the highest levels of service, the greatest market insight and unmatched professionalism.

That people-first philosophy not only helped us weather the tough times—it propelled us as the region’s leading brokerage. Jackson Hole Real Estate Associates proudly represents the most buyers and sellers of any real estate company in the area. And we continually aim to raise the bar further, through innovative technologiescutting-edge marketing solutions and the world’s largest global network.

Jackson Hole Real Estate Associates is pleased to be the most philanthropic real estate brokerage in the most philanthropic region in the country. It’s not about us—it’s about a commitment to what makes this area remarkable. We have always put people first, and it makes all the difference. Contact us to learn why Jackson Hole Real Estate Associates is the region’s leading brokerage.

JUST SOLD: TRIPLE H RANCH

When driving south from the town of Jackson, the valley’s rich ranching history unfolds as the wide open hayfields roll by and the panoramic mountain views stretch from horizon to horizon. This rural community, bounded to the south and west by the Snake River and commonly referred to as South Park, abounds with horse property. This area was known as a natural winter range for the area elk herds before ranching arrived in the valley in the late 1800’s, but now provides a backdrop for some of Jackson Hole’s finest homes.

Few estates offer as complete a package as this ranch on 15 acres less than 12 minutes from downtown Jackson. The large, fenced and irrigated pasture stretches north from the meticulously crafted, 5,025-square-foot home, creating a sublime frame for the entire Teton Range. A large, attached 2-car garage is augmented by a separate double-sided garage/barn with finished space upstairs, and a third oversized 2-car garage/shop with tack room, stable and additional finished living area on the second floor. With generous parking areas, paved walkways, a trout pond and a well-planned functional layout, there is more than enough room for all your vehicles and recreation equipment.

Christy and Garth Gillespie recently closed this luxury listing in Flat Creek Fishing Club (List Price: $5,850,000). Christy and Garth Gillespie have over 25 years of combined Jackson Hole real estate experience and are consistently among the top selling brokers in Jackson Hole, Wyoming. They have a proven track record of providing quality service, and approach every transaction with the intent of exceeding expectations. See what they can do for you!

Experience Jackson Hole | The Catalog of Fine Properties

We are pleased to present Experience Jackson Hole: The Catalog of Fine Properties and Lifestyle for Summer 2019. Inside readers will find a selection of exceptional homes and properties from Jackson Hole, Star Valley, Teton Valley and the surrounding regions, as well as a look at the organizations, people and culture that make this area such a remarkable destination.

With centuries of combined experience and 11 locations across the Mountain West, our team provides the highest standard of service and an unmatched understanding of the region’s markets. Jackson Hole Real Estate Associates is proud to represent the most buyers and sellers of any real estate brokerage in the region.

Our affiliations with Christie’s International Real Estate and Leading Real Estate Companies of the World provide access to the world’s leading global networks. Coupled with our innovative marketing strategies, Jackson Hole Real Estate Associates provides the greatest exposure for sellers and best opportunities for buyers.

Whether you are in the market, or simply want to learn more about the area, no one knows Jackson Hole and the region better.

We invite you to explore Experience Jackson Hole: The Catalog of Fine Properties and Lifestyle. And, as members of the Multiple Listing Service (MLS), we can assist you with any property in the region.

3 Reasons to Think About Buying Real Estate Right Now

November2014-33-175x131 November2014-11-175x131 Average FICO Score FHA loan

 

 

 

 

 

Right now is an excellent time to be looking into financing  a home purchase.  As we can see from the charts above – it is easier to qualify and is cheaper than ever.  This should be the encouragement you have been looking for if you have not already made the purchase you have been dreaming about.  Christy and Garth Gillespie are experts in the real estate field and have the knowledge to assist you in looking for the perfect opportunity.  Inventory is low but there are still some excellent deals in certain segments of the Jackson Hole Real Estate market.

For more information please contact Christy and Garth Gillespie, the Jackson Hole Real Estate Experts, at 307-413-5243 or email us at garth@jhexperts.com.

3rd Quarter- 2014 – Results – Jackson Hole Real Estate

Christy and Garth Gillespie, The Jackson Hole Real Estate Experts, and Jackson Hole Real Estate Associates are proud to release the latest statistics on the Jackson Hole Real Estate market.

3rd Quarter 2014 Jackson Hole Real Estate Report

 

 

 

 

 

 

 

 

 

 

Market Report – 3rd Quarter 2014
Overall Market: The Jackson Hole real estate market finished the 3rd quarter of the year with rousing statistics. At 2014 mid-year, the market had yet to see much growth from the previous year. However, the end of the summer brought impressive gains from the previous quarter with total dollar volume remaining level compared to the same period last year with an approximate 12% drop in the number of sales. This is a shift from previous quarters in 2014 where the total dollar volume struggled to keep pace with the robust activity in 2013. The market has been able to maintain a level dollar volume of sales despite a double digit drop in the total number of transactions, it is a clear indicator that market values are increasing. When looking at the market as a whole – the average and median sale prices increased about 14% – 15%. In fact, the average and median sale prices increased in every segment of the market. Market share continues to be taken away from the under $500,000 segment (down 5%) while the over $2M segment increased nearly 5%, respectively. Overall inventory continues to decrease each quarter. When compared to the third quarter of 2013, inventory is down 13%. See more detail below on each segment of the Jackson Hole real estate market.

Single Family Market: The single family segment made incredible gains in price appreciation compared to the 3rd quarter of 2013. The median sale price of a single family home in Jackson Hole reached $1,100,000, a $300,000 increase from this time last year. The major difference being the shift from sales in the under $500,000 category (down 73%) to the sale of homes over $1M (up 15%). Finding a single family home under $500,000 can be challenging – there have been 9 this year compared to 33 this time last year. This growth is undeterred by the considerable drop in the number of transactions, which are down 22% over last year. As is typical of the single family segment, the majority of the transactions took place in the Town of Jackson and South of Jackson, albeit in much smaller quantities this year. The greatest increase in sales took place south of Wilson with a 138% increase in transactions. The single family home inventory remains low; particularly, homes under $1M with inventory down 23%.

Condo/Townhouse Market: Condominiums and townhomes in Jackson Hole have been on the upswing. With a more affordable price tag than single family homes, condominiums and townhomes have been very popular and transactions have remained level when compared to last year. This stability contributed to a total dollar volume increase of 5%, making this the only major segment of the market with an increase in total dollar volume. Condominiums and townhomes were among the first properties to experience appreciation and sale price gains during the market recovery. This trend has continued this year with both average and median sale prices increasing approximately 7% – 8%. The median sale price of a condominium/townhome in Jackson Hole has risen to approximately $452,000. About half of the condominium/townhome sales this year were under $500,000. At this time last year, nearly 60% of the sales were under $500,000. The lack of inventory was especially prominent in this segment of the market with active listings at the end of the 3rd quarter down 27% from last year.

Vacant Land Market: The vacant land segment of the market has made continued improvement. While the number of sales were down about 20% from 3rd quarter of 2013, the average sale price was up 20%. This was spurred by a 55% increase in the number of sales between $2M and $5M, and a 34% decrease in the number of sales under $500,000. Possibly a more accurate measure of the vacant land market is the median sale price which increased 2% over last year. Historically, the Town of Jackson and the area South of Jackson compete for the most land sales of any other area. However, the Town of Jackson had a huge drop (down 78%) in land sales compared to this time last year, and the area South of Jackson proved to be a hotspot with 24 total land sales. This accounted for about 31% of all land sales this year, far more than any other area. The vacant land segment as a whole has continually improved each quarter since market recovery. Land sales have been marred by the huge amount of inventory in the past, however, this trend continues to improve, with an approximate 10% drop in the number of parcels currently listed for sale. Vacant land will become more popular with buyers as existing home inventory diminishes, as well as affordability.

Luxury Spotlight: Jackson Hole, Wyoming is synonymous with luxury and is an international marketplace for luxury real estate. The demand for high quality, exclusive properties has outperformed this time period last year by approximately 18% when looking at the number of transactions. The total dollar volume of those transactions accounted for over $160M in sales, an approximate 11% increase over last year. Record Sale (through Q3): $24,500,000 (list price). Average Sale Price Above $3M: $5,706,708. Number of Sales Above $3M: 26

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market report and database. The Jackson Hole Real Estate Associates’ Market Report, unlike others in the valley, is derived from the JHREA proprietary, forty year old database (not just mls data) as well as decades of history and success making this the most trusted and accurate real estate report in the region. No other real estate company or agent has the resources available to offer this depth of expertise or insight regarding current or previous market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach.

* The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

For additional information or a market update in your area, please do not hesitate to contact one of our real estate professionals.

For Additional Comments and/or thoughts please do not hesitate to call Garth and Christy Gillespie at 307-413-5243 or email us at the gillespieteam@jhexperts.com.

 

Sales Results For Christy and Garth Gillespie – Sales Asssociates – Jackson Hole, Wyoming.

Sales Update for Garth and Christy Gillespiecropped-header_ip.png

Christy and Garth Gillespie, Jackson Hole Real Estate Associates – Christie’s International Real Estate have been market leaders for many years in the Jackson Hole Real Estate Market.  We get asked frequently about our sales history so we decided to proudly publish our list of properties we have sold over the years that have had a purchase price over $1 million.  Please call us for further details or if you would like us to put together a listing presentation which will explain why we have success in the competitive real estate market here in Jackson Hole, Wyoming – Teton County. Contact us by calling 307-413-5243.

Sales History for properties priced over $1 Million for Christy and Garth Gillespie

2014
• 1788 Cortland Drive – Flat Creek Fishing Club
• 7955 S. Eagle Ranch – South of Jackson

2013
• 4375 Shidner Lane – South of Jackson
• 3750 N. Lake Creek – The Aspens
• 145 Moose Street – Town of Jackson
• 689 E. Kelly – Town of Jackson
• 320 Teton Ave. – Town of Jackson
• 3755 Lake Creek – The Aspens
• 145 Sandreed Road – North of Town
• 4195 S. Kestral – Melody Ranch
• 1240 Melody Creek Lane – Melody Ranch
• 1256 Melody Creek Lane – Melody Ranch

2012
• 5200 Cortland Drive – South of Jackson
• 1261 Melody Creek Lane – Melody Ranch
• 9350 Sleeping Indian Drive – Solitude
• 3095 Mallard Drive – Skyline Ranch
• 170 Spruce Drive – Town of Jackson

2011
• 9425 Snake River Drive – Solitude –
• 2030 Spirit Dance Drive – Spring Creek –
• 755 Moulton Loop Road – North of Town

2010
• 1295 Melody Creek Ln – Melody Ranch
• 3636 Lake Creek Drive – The Aspen’s
• 6355 Spring Gulch Road – North of Town

Jackson Hole Real Estate Market Update – 1st Quarter 2014

1st Quarter 2014 Real Estate Market Report

Overall Market: The first quarter of 2014 made a strong bid to keep pace with the overwhelming improvement of the real estate market seen in the first quarter of 2013. The 1st quarter ended with the number of transactions down by about 3% when compared to the first quarter of 2013, a negligible decrease in the larger picture. The primary factor which contributed to this decrease in transactions is the decline in inventory available to buyers, down nearly 25% compared to the first quarter of 2013. This has been a continuous trend in 2014, and it’s been slowing some of the ready, willing and able buyers from purchasing because of this slight inventory. The total dollar volume of sales also experienced a drop, decreasing about 14% over last year’s first quarter. Nonetheless, the median sales price actually increased about 6%, from $675,000 to $716,000. This can be attributed to the dominance of the $500,000 to $1 million dollar sales which accounted for about 35% of the total sales, more than any other single price segment. With inventory levels at historic lows, you can expect 2014 to bring a unique challenge to both buyers and sellers. Buyers will struggle to find quality properties at supportable prices. At the same time, sellers will struggle with the decision of whether or not to sell in 2014 or choose to wait. Many sellers sense the market is improving, and prices will likely rise as the law of supply and demand holds true, as it has demonstrated in many segments of the market.

Q1 2014 Graph 2
Single Family Segment: The statistical information for the first quarter of 2014’s single family segment displays some interesting facts about the Jackson Hole real estate market and implores further explanation. The number of transactions decreased approximately 30% when compared to the same time period last year. However, the average sales price remained roughly the same, and the median sales price actually increased about 20%, to $980,000. The vast majority (44%) of the single family home sales occurred in the $500,000 to $1 million price range. Most captivating about this segment of the market is what the future holds. At the time of this report, there were 28 homes for sale in the $500,000 to $1 million price range. Those 28 homes only represent 22% of the available inventory. This means nearly half of all potential single family home buyers must compete for a very small piece of the pie. This supply and demand equation has already showed signs of appreciation, and it should continue as long as this shortage of inventory exists. A precise rate of appreciation varies depending on price range and area of the valley. There were only 3 sales under $500,000 this first quarter, and only 1 single family home is currently for sale under $500,000. While the future is bright for sellers with homes valued under $1 million, the market for homes over $1 million is much more competitive, especially in the over $5 million price range. This price range accounted for only 2 sales this first quarter of 2014, while there are 23 homes over $5 million currently for sale.

Condo & Townhome Segment: The condo and townhome segment of the market had an incredible year in 2013, and the first quarter of 2014 was no different. The number of transactions increased about 26% as well as an impressive 35% increase in total dollar volume. The condo and townhome segment of the market has experienced the most appreciation of any segment. Both average and median sale prices increased, nearly 4% and 16% respectively. The most astonishing statistic is the quarter to quarter comparison of the average sale price in the Town of Jackson where the majority of the condo and townhome sales occur. This segment had an over 30% increase in average sale price. About 50% of the condos and townhomes sold in the first quarter of 2013, sold for less than $500,000. In comparison, about 40% of the sales in the first quarter of 2014 were sold for less than $500,000. Active inventory in the condo and townhome segment is also in short supply, down nearly 20% from the first quarter of last year. With only 82 condos and townhomes currently for sale, there is less than a 6 month supply of inventory.

Q1 2014 Graph 1

Vacant Land Segment: In 2013, the vacant land segment of the market showed steady improvement as more and more buyers were unable to find homes to suit their needs in the limited single family home inventory pool, and speculative builders began to purchase land for new projects. The first quarter of 2014 continued this trend of steady growth with a modest increase in the number of transactions, up nearly 5% when compared to the first quarter of 2013. Based on the information available, it is estimated that the total dollar volume decreased slightly, however, due to the large number of sales with undisclosed sales prices, an exact total dollar volume figure is difficult to determine with certainty. Lack of inventory is not yet an issue in the vacant land segment of the market, yet the supply is decreasing, down over 20% compared to the first quarter of 2013. The price range with the least amount of supply is the under $500,000 price range. This lower price range represents just over 15% of the available inventory, yet it contributed to nearly 45% of this first quarter’s sales. All indications point to the vacant land segment continuing on a path of steady improvement.

In Summary: Following a record ski-season and #1 rating for the Jackson Hole Mountain Resort by Ski Magazine and Forbes Magazine, Jackson is experiencing more demand from people from all over the world who are coming to enjoy not only the Jackson lifestyle with countless world-class outdoor and cultural opportunities, but also Wyoming’s tax friendly status. With over 97% of our county protected in national parks, national forests, wildlife refuges and conservation easements, the remaining less than 3% of developable property is highly desirable for residents and second home buyers. With continued constraints on inventory and high levels of demand from buyers, we anticipate continued strong performance in the Jackson real estate market. Considering that Jackson’s lifestyle benefits are matched only by the financial benefits of Wyoming residency and the unparalleled flight access into Jackson Hole, with 12 direct flights, we believe that Jackson offers a “perfect storm” of real estate opportunity, security and access that will continue to appeal to the most discerning buyers.

Christy and Garth Gillespie – The Jackson Hole Real Estate Experts:  We can be reached at 307-413-5243 or by email at garth@jhexperts.com.  The first quarter of 2014 has started off great for us.  We recently move brokerages from Sotheby’s International Realty Jackson Hole to Jackson Hole Real Estate Associates – Christie’s International Real Estate and we could be be happier.  We have been involved 11 transactions so far in 2014.  Call us today to find out why we are successful in this complex market we are seeing in 2014.

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market database. Our report is derived from our proprietary data base (not just mls data) as well as decades of history and success in the region. No other real estate company or agent can offer this depth of expertise or insight regarding current or previous market conditions. The local knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the Teton region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offers the ideal balance of local expertise and global reach. The Christie’s International Real Estate network exceeds $100 billion in annual volume, nearly three times greater than our nearest competitor.

 

* The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
*Average sale price is the total combined dollar volume divided by the number of sales.
*The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.

© Copyright 2014 by Jackson Hole Real Estate Associates. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from Jackson Hole Real Estate Associates.

3 Reasons to Sell Your Home this Spring in Jackson Hole

This story is from the KCM blog — I believe it is an excellent article for anyone thinking about selling their home this Spring of Summer.

4.8-Visual

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.

1. Demand is about to skyrocket

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.

These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition – For Now

Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.

The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.

Moving up to a new home will be less expensive this spring than later this year or next year.

If you are interested in learning more about the Jackson Hole Real Estate Market please contact Christy and Garth Gillespie, Associates at Jackson Hole Real Estate Associates – Christie’s International Real Estate – Jackson Hole.  We can be reached at 307-413-5243 or email me at garth@jhexperts.com.

Jackson Hole Real Estate Market Update for March 2014 – Sold Results

market trend march 2014

Yesterday Jackson Hole Mountain Resort closed for the 2014 winter ski season.  As most of you know, we had incredible snow conditions and we ended with 494 inches of total snowfall (41 feet) and our last recorded base was 140 inches.  Jackson Hole Mountain Resort was rated #1 ski resort in the county this year and you could tell that we had many visitors come to see for themselves why we were ranked #1.  All winter we had strong tourist interest and as a local we saw some of our largest lift lines ever.  Of course it helped that we had the best ski conditions in the county too.

Did the extra tourist visitation result in stronger real estate activity?  Not really….but we did see a continuation of a very healthy market.  March 2014 was on average with our 2013 results.  We had slightly lower total sales volume but had just about the same number of transactions (36 in 2014 vs. 38 in 2013).    One of the biggest differences between the two years is that we had 8 vacant land transactions vs. only 2 in 2013.  Another huge difference was “Days on Market”.  In 2014 days on market averaged 187 days vs. 356 days in 203.  That is a great improvement!

The Town of Jackson saw the most activity with 9 sales, next was Teton Village with 5 and the rest of the locations in the valley (Wilson, North, South) all averaged 3 sales during the month.  The highest sale recorded was a beautiful estate located in Teton Village which was listed at $12.5 million.  There were 10 sales that were listed for over $1 million.

The friendly competition between Jackson Hole Sotheby’s and Jackson Hole Real Estate Associates resulted in very similar results.  There were a total of 40 sales in March 2014 including timeshare product.  This means there are 80 transaction “sides”.  Sotheby’s recorded 33 sides and JHREA recorded 31 sides.  This means 80% of the market involved Jackson Hole Real Estate Associates or Jackson Hole Sotheby’s!

The Jackson Hole Experts – Christy and Garth Gillespie had a great month of March with 7 transaction sides representing almost 9% of the market.  Our sales volume was $5,775,000 in March.  Thank you Jackson Hole!

If you would like additional information on the current real estate market in Jackson Hole please do not hesitate to call us at Christy and Garth Gillespie 307-413-5243

***All statistics above were gathered from the Teton Board of Realtors Multiple Listing Service