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

Jackson Hole Market Update – Feb. 20, 2008 – Active Listings and Inventory

February 25, 2008/in General Real Estate Information, Idaho Real Estate Update, Market Updates, Uncategorized

Sotheby’s International Realty of Jackson Hole has been busy compiling statistics from the past year (2007) and in next series of blog updates I will be taking some of that information and sharing it with you. Leonard Klieman of the Jackson Hole Sotheby’s office has done an incredible job of analyzing Teton County Multiple Listing Service information along with comparing and contrasting data received from Teton County, Wyoming County Assessors Office.

As of January 2008 there were 404 current listings in the Teton County MLS. Due to a extreme slow down in current pending activity this gives Jackson a 20 month supply of inventory. (Months of Inventory = Active Listings / Unit Sales). In January 2008 we saw the first increase in active listings for the first time in 3 years. In 2006 there were 386 active listings and in 2007 there were 364 active listings at this time. The biggest change in the data however is that pending transactions are trending down instead of up when comparing the past few years. This trend started in November of ’07.

Properties listed for less that $3 million: 296. Active listings are up 11.7% vs. last year and is up in January vs. December for the first time in 3 years.

Properties listed greater that $3 million: 116. Active listings are up 9.4% vs. last year.

Teton Valley, Idaho – – Residential and Building Sites — 1,601!!! January 2008 active listings are 46% higher than in Jan – 07 and 153% higher than in Jan – 06. Rising inventory coupled with falling unit sales is contributing to the jump in months of inventory. You ask what the months of inventory for Teton Valley, Idaho is….5 years!

Jackson Hole / Teton Valley Wyoming 2007 Summary: The overall market experienced…

9% rise in sales volume
25% increase in average sales price
30% rise in median price of a single family home
34% jump in the median price of a condo
Decline of nearly 13% in total unit sales
Inventories remain tight but rose slightly in January

Teton Valley, Idaho 2007 Summary: The overall market experienced…

4 years of solid growth through 2006 ended with a 15% decline in 2007.
Unit sales declined 9%
Quarter 4 of 2007 – unit sales declined 58% vs. 2006
Inventory has more than doubled in 2 years.

Hope you enjoy the statistics and if you have any questions or comments please feel free to contact The Gillespie Real Estate Team.

The Teton Valley of Idaho – Market Update

February 13, 2008/in General Real Estate Information, Idaho Real Estate Update, Market Updates

Market Report
February 9, 2008
Teton Valley, Idaho

Including the communities of Driggs, Victor and Tetonia and the resort communities of Teton Springs, Grand Targhee, River Rim, The Ponds, Trail Creek Springs, Spring Hollow Ranch, Huntsman Springs, and many others.

Looking over at the Teton Valley of Idaho, I really had to search to find out where the sales have been coming from and what had sold in 2008. The news over the past summer was that inventory had been growing and activity had dropped considerably.

I agree that inventory had exploded and activity had slowed but I disagreed with many who were and are predicting a major collapse of the market. Jackson Hole is not getting bigger but the desire to live there and the need for workers is going to help support the Teton Valley. I also believe that there are communities being created right in front of our own eyes and with that a sense of community is being born.

Last week, Grand Targhee Resort, won approval for a major expansion (see previous post) which is major news concerning the valley. From an economic perspective it should be welcoming news yet for some, many in Alta, are upset with the changes that will be coming. From my perspective, the Gillette family has been enhancing the Teton Valley ever since their ownership began and I hope and trust they will develop Targhee in a responsible way.

As for the year to date statistics through January 31, 2008

There have been 24 sales to date with a volume of $8,184,100.
Of the 24 sales 8 are lots, 2 are town homes, 5 are homes and 9 are condos.
7 of the transactions took place at Teton Springs.
5 of the transactions took place in Driggs, 2 in Tetonia and 17 in Victor.
There are currently 69 pending transactions.

Now the scary part – Looking back at 2007 Statistics for the same time period Jan. 1 through Jan. 31, 2007. Last year to date there were already 113 transactions! What has changed? Last year of the 113 transactions a whooping 40 came from Mountain Meadows in Teton Springs. There will be a future blog dedicated to Teton Springs but the statistics show that there were a lot of speculative buyers out there only 1 year ago. Including Teton Springs of the 113 transactions last year 95 of the transactions were vacant land. These are staggering numbers! 18 of the transactions were either single family homes, condos or townhomes. Today’s (2008) residential numbers are just one shy of last year.

I will continue to watch over the Teton Valley of Idaho and if you would like more information or would like discussing investing in the valley please do not hesitate to email or call me toll free at 877-739-8056.

New Market Update – Feb. 8, 2008

February 9, 2008/in General Real Estate Information, Market Updates, Resort Updates

Market Update – Jackson, Wyoming

February 8, 2008

Another snowy day in Jackson! So far the Jackson Hole Mountain Resort has received 64 inches of snow since February 1^st. Total snowfall to date 397 inches! With those numbers the ski report is obviously exceptional. We are anticipating a large crowd for Presidents Day Weekend.

So does all this snow equate to exceptional real estate sales? No, but there has been some pretty active sales activity. The reports nationally continue to show a very slow real estate market but Jackson continues to show strength. Since February 1^st there have been quite a few of sales and pending sales that are of interest.

A 3 bedroom/3bath townhome came on the market in the Wilson area for $875,000 on Wednesday and by Thursday evening there had been a least 2 offers of over asking price!
An older home on 2 lots in the Gill Addition priced at $1,640,000 went under contract in less than 1 week.
A townhome in the Town of Jackson on Rancher Street which has been on the market for a lengthy period went under contract.
A Four Seasons Resort Penthouse listed for $4,800,000 and a Crystal Springs Condo listed for $1,575,000 both went under contract.
3365 Tucker Ranch – An 8,400 square foot log home went under contract with a list price of $8,995,000.
2 Hotel Terra Units in Teton Village sold “publicly” with an average sales price per square foot of $1,400.00.
Teton Pines “Cluster Home” closed for $2,250,000.
A 16 acre lot in Wilson closed for $2,900,000.

That’s pretty good activity for a slowing market. With those stats noted, Christy and I have noticed activity slowing considerably and inventory rising throughout the valley. Inventory in places like The Aspens and Teton Village have grown and many of the units are starting to look stale on the market. There have been lowering prices in The Aspens.

The Town of Jackson has also seen a slow down. Many choices exist if you are in the $600,000 to $1,200,000 range in the Town of Jackson or areas south of Jackson (Rafter J and Cottonwood Park).

Statistics:

Residential Active Listings –

$1 -$1,000,000 = 108

$1,000,000 – $5,000,000 = 134

Greater than $5,000,000 = 30

Vacant Land Active Listings-

$1 – $1,000,000 = 18

$1,000,000 – $5,000,000 = 102

Greater than $5,000,000 = 15

26 Total Residential, Townhomes Pending Transactions Valley wide

12 Total Vacant Land Transactions Valley wide

Total Closings since the beginning of the year = 24

Jackson Hole Market Update – Feb. 20, 2008 – Active Listings and Inventory

The Teton Valley of Idaho – Market Update

New Market Update – Feb. 8, 2008

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