Market Updates Archives - Page 2 of 8 - Christy & Garth Gillespie

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

October 24, 2014/in Christy and Garth Gillespie Info, General Real Estate Information, Market Updates, Real Estate Listings, Real Estate Values

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.

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.

Jackson Hole Real Estate Market Update – 1st Quarter 2014

May 1, 2014/in Christie's International Real Estate, Christy and Garth Gillespie Info, Condos, General Real Estate Information, Homes, Jackson Hole Real Estate Associates, Market Updates, Real Estate Buyer & Seller News, Real Estate Listings, Real Estate Values, Townhomes, Vacation Homes

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.

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.

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.

What’s Going on with Real Estate in Jackson Hole and Nationwide?

April 23, 2014/in General Real Estate Information, Market Updates, Real Estate Buyer & Seller News

While reading the current news these days it is very easy to get confused when determining what is happening with real estate. One article you read talks about the next real estate bubble and then the next article talks about the worst month of home sales in almost 1 year. Well Christy and I are here to tell you that the real estate market is extremely healthy and we are seeing strong buying signals in just about every market here in Jackson Hole.

Why some of the negative information out there? The data we are using for comparing last years March totals verse 2014 March totals involves a lot of distressed properties that were on the market in 2013 and the strong push of buyers that swooped in to buy them before they were all gone. Now we are seeing a big push by buyers to purchase by we are encountering a lack of inventory. The sales numbers for house sales in 2014 have been very strong but since there is not the added inventory from the foreclosures or “short sales” the sales totals are lower than in 2013. But if we segment the sales by price point like the chart above the real story is that home sales are trending upward.

The chart above is from the National Association of Realtors. Sales for homes over $500,000 (most of the Jackson Hole market) are above to way above 2013 numbers. This data for for nationwide sales. Here locally ours sales are tracking at the same rate as 2013 or just slightly lower. Why are we not trending as fast as the national average? Inventory! We have not seen a stronger Seller’s market in Jackson Hole since the mid 2000’s.

For a free Listing Presentation by Christy and Garth Gillespie, Jackson Hole Real Estate Associates, please call us at 307-413-5243 or email us at gillespieteam@jhrea.com.

A Quick Look at the Jackson Hole Real Estate Market

February 7, 2014/in Christie's International Real Estate, Christy and Garth Gillespie Info, Jackson Hole Real Estate Associates, Market Updates

Sold! List Price $1,850,000

January 2014….where do you go? We had an excellent January in Jackson as we had great sunshine most of the month and then 2 feet of powder the end the month. Today it is snowing and we have a Winter Storm Warning thru Monday (sometimes a jinx but the jet stream is positioned to deliver lots of moisture).

The first month of the season saw a pretty stable real estate market. We had 24 closings with 18 residential unit sales and 8 vacant land parcels selling. There were 3 sales at $3 million (2 vacant land parcels in Teton Village and a beautiful ranch in Dairy Ranch). Sales were spread out throughout the valley including Melody Ranch(1), The Aspen’s(2), Town of Jackson (9), north of town (2), south of town (5) and the westbank (2).

Christy and Garth Gillespie had one fantastic closing south of town – Eagle Ranch – listed for $1,850,000. Christy and Garth have been marketing Eagle Ranch for almost 3 years (never gave up hope, never stopped advertising and always believed we’d find the perfect buyer). Eagle Ranch was an amazing parcel consisting of 20 acres, a 5,000 sq. ft . home, 1,200 sq. ft. guest house and offered privacy and wonderful wildlife viewing. The new owners are going to be pleasantly surprised.

Currently the real estate market in Jackson Hole has 50 pending transactions and 453 active listings.

To find out more about the current real estate market in Jackson Hole please do not hesitate to call us at 307-413-5243. Christy and Garth Gillespie are some of Jackson’s leading real estate agents and have recently move real estate brokerages from Sotheby’s International Realty to Christie’s International Real Estate – Jackson Hole Real Estate Associates.

Estimating Where Prices Are Going in Jackson Hole

November 14, 2013/in General Real Estate Information, Market Updates, Real Estate Values

Great chart explaining where real estate prices are heading and where they were.

Prices of real estate in Jackson Hole have gone up through out the valley during the past few quarters. We have started to see activity slow a little (2nd quarter vs. 3rd quarter) which would also slow the increase in property values. I believe the chart below illustrates the general idea that appreciation will continue but at a slower rate going forward. Let me know what you think?

Call Christy and Garth Gillespie at 307-413-5243 or email us at garth.gillespie@jhsir.com. We are real estate agents at Jackson Hole Sotheby’s.

Where Is The Jackson Hole Real Estate Inventory Under $1 Million??

October 9, 2013/in General Jackson Hole Information, General Real Estate Information, Market Updates

We have a little bit of a dilemma going on in Jackson Hole. Supply and demand is becoming a problem for properties priced under $1 million. There are currently about 133 residential listings (townhomes, condos and single family homes) listed as active in Teton County Wyoming. Of the 133 listings 59 are single family homes and 74 are condos/townhomes.

During the 3^rd Quarter the Jackson Hole real estate market averaged 32 sales of homes, condos and townhomes per month priced under $1 million. Quick math tells us we have a little more than 4 months of inventory.

Interest rates are still very low and we have not seen a decrease in Buyer’s interest so it is a great time to be thinking of listing. Christy and I have been very active this summer selling homes. We have been involved with over 30 transactions with 27 listings SOLD! If you are thinking of selling your home please do yourself a favor and call Christy and Garth Gillespie, Jackson Hole Sotheby’s International Realty at 307-413-5243. We have a very professional listing presentation explaining how and why we have had success this year and for over 15 years running.

September Jackson Hole Real Estate Sales

October 8, 2013/in General Real Estate Information, Market Updates, Real Estate Values

Fall Aspen Leaves

September Jackson Hole Real Estate Sales Update:

September….a favorite month in Jackson for many as the nights cool off, the leaves change to a beautiful orange and yellow and the elk begin to bugle. It is normally a strong Real Estate month too. How was the Jackson Hole Real Estate market in September of 2013?

Healthy but not robust would be how we categorize our current market. September 2013 had 47 residential and land transactions with a sales volume close to $31,500,000. The transaction numbers are 28% higher than 2012 September numbers but our volume is off by about 44%. A closer look at the numbers: 47 sales with 39 residential sales verse 8 land transactions. 28 of the residential sales took place under $1 million. The highest sale was $4.8 million which was a large estate home at Spring Creek Ranch. The Town of Jackson dominated the action with 19 sales, 7 sales South of Town and 4 sales in Teton Village. The 8 land transactions were spread throughout and the highest sale was $1,150,000 for a 4 acre lot north of town at Upper Cascade subdivision.

The September numbers look a little down but the market has quite a few pending transactions. Currently there are 91 pending transactions with a transaction that was priced at $32,500,000, one listed for $25 million and another listed for $15 million! Total listed volume is almost $200,000,000! 2/3rds of the pending transactions are priced under $1,000,000.

If you are interested in learning more about the Jackson Hole Real Estate Market please do not hesitate to call the Jackson Hole Experts at 307-413-5243 or send an email to garth.gillespie@jhsir.com. To learn more about coming to Jackson for the Fall or Winter check out the Jackson Hole Chamber of Commerce website.

August 2013 Jackson Hole Real Estate Market Review

September 12, 2013/in Christy and Garth Gillespie Info, General Real Estate Information, Market Updates, Real Estate Values, Uncategorized

After a hiatus Christy and Garth Gillespie are back to blogging. The Jackson Hole real estate market has been very busy so far for 2013. We have been exceptionally busy and are having one of the best years that we can remember ever having. Why? We pride ourselves in pricing properties correctly and educating our Sellers and Buyers as to what is “current market”. We have seen 4-5 years of depreciating sales and prices so now that we have better sales and prices are increasing it takes time to understand the market. Unfortunately many sellers and agents working with sellers have over priced their properties because they saw the market heat up. Buyers are out there but they are not stupid and are not willing to over pay for properties now that the market has done better these past 6 months. There has been a nice increase in property prices of anywhere between 10-20%.

August was a good month with 50 sales market wide. Over half the sales were for single family homes spread out around the valley. Town had the most sales with 13 but also the lowest average sales price so most of these sales were either condos/townhomes or entry level homes. North of Town also saw nice traffic as we had 7 sales. Teton Village, 6 sales, has invested a lot of money in its infrastructure in the past 4-5 years and it is starting to see the benefits as occupancy has been at very high levels all summer. Melody Ranch had a good August with 4 sales including the first reported million dollar sale of the year at $1.1 million (Listed by Garth and Christy Gillespie).

The highest sale recorded in August was $19,250,000 million for a home/estate located at Teton Village. Notably both sides of the transaction were represented by Jackson Hole Sotheby’s International Realty. The Auction was put on by Concierge Auctions.

Total Sales Volume for August was just about $70 million. Average Sales Price verse List Price was 95%. Median sales price was $770,000 and the average sales price was $1,334,000.

If you have any questions or comments about this report please feel free to email Garth at garth.gillespie@jhsir.com or to call at 307-413-5243.

Market Update – February 2013

February 26, 2013/in Condos, Downsizing, General Jackson Hole Information, General Real Estate Information, Jackson Hole Economy, Market Updates, Real Estate Buyer & Seller News, Second Homebuyers, Top Values

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.

Jackson Hole Real Estate Market Update April 2012

May 16, 2012/in Christy and Garth Gillespie Info, General Real Estate Information, Market Updates, Uncategorized

Jackson Hole Real Estate Market update for April 2012. We are selling a property just about everyday! Last month the Jackson Hole real estate market had 26 closings for the month which included 21 residential properties and 5 vacant land parcels. The 5 land deals were a welcome sight as we seem to have seen an increase of activity in this market segment.

The median residential sale price was close to $800,000 and the average listing price was $1,300,000. The highest sale was not recorded but was listed for $7,995,000. We saw a resurgence of “non-reported” sales as we saw 6 out of the 26 closed transactions (23%) report a $0 sales price.

Sales were scattered throughout the valley with 8 sales taking place in Wilson or Teton Village, 6 sales taking place “north of town” and 8 sales taking place in the Town of Jackson. Average days on market were 261. 10 sales took place over $1 million.

Activity continues to hold pace as we have 61 pending transactions – 5 of which are vacant land.

For additional information on the Jackson Hole/Teton County Wyoming Real Estate Market please feel free to contact the Jackson Hole Experts – Garth and Christy Gillespie at 307-413-5243 or by email at garth.gillespie@jhsir.com.