Jackson Hole Housing Market Explodes!

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.

A Surprise Awaits You in Cottonwood Park – Jackson Hole – New Listing!

Excellent Floor Plan with Beautiful Kitchen

Excellent Floor Plan with Beautiful Kitchen

2120 Lilac Lane

2120 Lilac Lane

Cottonwood Park Gem!

Here’s the full package at a great price in Cottonwood Park – Jackson Hole. Located on a quite street, near the schools and bike path, 2120 Lilac Lane is a fantastic opportunity to purchase a beautifully remodeled, large 3 bedroom, 3 bathroom home. The property is .18 acres of well landscaped yard and gardens with views of Rendevous Mountain and High School Butte. Be ready to be impressed by the interior. Recently remodeled and expanded the 2,100 square foot home is almost new. Beautiful hickory floors grace the main floor which includes the kitchen, the living and dining rooms and two bedrooms. The wonderful kitchen, highlighted by the granite and tile covered island in the center of the room, includes new appliances, high-tech lighting, cherry cabinets and pantry.

The master bedroom is located on the lower level and makes for a relaxing retreat. The master wing has a large walk-in closet, hydronic in-floor heating, big windows and a spa like bathroom. Double sinks, soaking tub, walk-in tiled shower and gorgeous maple wood cabinetry all highlight the master bathroom.

Additional features of the interior include: 2 living areas (game room, living room), a powder room, new lighting throughout the home and concrete flooring on the lower level. The exterior features include a huge 1 car garage with additional storage and climbing wall potential. A fenced-in parking area that is perfect for a drift boat or snow mobiles. A wonderfully laid out garden area which includes raised beds, a fenced back yard and a peaceful back deck.

Public water and sewer service. Low homeowners fees – $420 a year! Cottonwood Park has a storage yard available for owners to store “toys”. Irrigated yard.

Call us today! We are happy to show you this home. The JacksonHoleExperts can be reached toll free at 877-739-8056.

Top Real Estate Values in Jackson Hole – Ask the Experts

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

Top Real Estate Deals in Jackson Hole — Top Picks Updated!

Update – Update – Update

Christy and I just updated our “Top Picks” of the week at www.JacksonHoleExperts.com. Please check them out.

The week in review for Jackson Hole real estate according to the Teton County Board of Realtors Multiple Listing Service is as follows:

There were 10 listings that experienced significant price reductions. Listings of notice include – 2 lots on the “West Bank of the Snake River” located on Wiley Lane which are both about 3 acres in size have been reduced to $675,000! These lots are priced at a very value.

There have been 8 new listings added to the inventory in the Jackson, Wyoming area. Included in the new listings are 3 Love Ridge units at the Snow King Resort. We saw a new listing in Cottonwood Park and also another in Rafter J – unfortunately the pricing does not seem to accurate.

As for action we saw 3 new pending transactions and 1 closing of interest. The closing was a Teton Pines Cluster home listed for $2,395,000. Congrats to the agents involved.

Have a great weekend and if you would like additional information on the Jackson Hole, Wyoming real estate market please contact the JacksonHoleExperts – Christy and Garth Gillespie at 877-739-8056.

Jackson Hole Real Estate – Top Values for February 19, 2009

Check out the link to the JacksonHoleExperts Top Picks of the Week! Christy and I, along with the Gillepie Real Estate Team, takes time each few weeks to look at the current market and make a couple of Top Picks.

A question we hear from almost everyone is, “So, how is the market?” Those answers are found in a different blog post on this site but to go along with that question we also hear, “Are there any great deals out there?” Well there are and we will be posting them every 2 weeks for you to look at. So click the highlighted link and check them out for yourself.

Top Picks!

Thanks for visiting and please visit again. For more information on Jackson Hole and the real estate market please feel free to call us at 877-739-8056.

Top Values in Jackson Hole Real Estate- Updated February 3, 2009

Check out the link to the JacksonHoleExperts Top Picks of the Week! Christy and I, along with the Gillepie Real Estate Team, takes time each few weeks to look at the current market and make a couple of Top Picks.

A question we hear from almost everyone is, “So, how is the market?” Those answers are found in a different blog post on this site but to go along with that question we also hear, “Are there any great deals out there?” Well there are and we will be posting them every 2 weeks for you to look at. So click the highlighted link and check them out for yourself.

Top Picks!

Thanks for visiting and please visit again. For more information on Jackson Hole and the real estate market please feel free to call us at 877-739-8056.

Jackson Hole Real Estate Market Update January 23, 2009

Hawk's View Town HomesNew listings: Two townhomes in the Hawk’s View subdivision came on the market this week, one at $495K (north end unit) and the other at $498K (interior unit). These units are approximately 1,100 sq. ft. with 2 beds and 2 baths right on Flat Creek with great views of the Elk Refuge, Sleeping Indian and town.

This is the first opportunity to buy in this 11-unit, 7-year-old development behind Dairy Queen on North Cache since March 2007, when an interior unit went for $495K. Previous sales in this development included one in June 2006 at $410K and April 2006 at $395K.

Two adjacent single-family homes on Rancher Street, an east Jackson cross street that has seen a good bit of activity in the last two years, also hit the market at the same time. Unlike the listings above, both properties are owned by the same family and listed with the same agent.

• The least expensive is listed at $850K and built in 1991 with 1,288 sq. ft., 3 beds and 2 baths.
• The larger home is listed at $1.1M and built in 1995 with 2,800 sq. ft., 4 beds and 3 baths.
• The other two active listings on Rancher are a 2,930 sq. ft. home with 4 beds and 3 baths for $1.22M now on the market for 228 days; and a .17-acre building site listed for $675K on the market for 100 days.
• There were 4 closed sales on Rancher Street in 2008 with sale prices between $740K and $1.1M, the latter being the most recent sale in October of a 3,022 sq. ft. home with 3 beds, 3 baths on .25 acres, the largest lot included in this search.

Closed and Pended listings: A home on Fallen Leaf Lane in Melody Ranch listed at $699,500, the least expensive home in the subdivision on the market by nearly $100K, went under contract in the last week after 196 days on the market and price reductions totaling nearly $200K. This becomes just the second home in Melody Ranch currently under contract, contrasted with 13 active listings.

One of the “Bristlecone” homes on Hansen Avenue also went under contract at a list price of $1.675M after 154 days on the market. This sales price stands out among other “solds” in the town of Jackson in the last 2 years as high for a home on a standard .17-acre lot. But with a relatively new main home that includes 3,200 sq. ft., 5 beds and 4 baths, large living areas, a 500 sq. ft. mother-in-law suite and a huge unfinished area in the basement, this is a lot of home in a good location. On the other hand, there are 15 current town of Jackson listings with at least 5 bedrooms, so there were choices.

Beyond the headlines: This week’s Jackson Hole News&Guide front-page article detailing 2008’s lackluster real estate sales echoed internal research provided a week before by the Sotheby’s International Realty Jackson office. In a nutshell, 2008 saw approximately half as many transactions (305) in Teton County, WY, as in 2007.

Some key additional information courtesy of Sotheby’s in Jackson (all information taken from Teton County MLS):
• While 2008 saw significantly fewer transactions, dollar volume did not drop as precipitously, falling 39 percent to finish at approximately $480M for the year. The last time this figure fell below $500M was in 2003; the peak of the market was $792M in 2007, the third consecutive year above $700M (2004 was close with $679M in sales).
• Last year’s fourth quarter was by far the slowest in the last 10 years, with just 45 transactions. In 2007, the second slowest year, there were 120 transactions in the fourth quarter. In 2003, the other low point in the last 10 years, there were more than 175 transactions in the fourth quarter.
• In 2008, Sotheby’s extended its market share to 52.7 percent of the dollar volume, compared to 41.7 percent in 2007. Comparing fourth quarters, Sotheby’s increased market share from 49.2 percent to 56 percent; Sotheby’s picked up market share in each of the year’s quarters versus 2007.
• There are now approximately 675 active listings in Teton County, WY, about 275 more than this time last year. Based on the current rate of sales, this translates to approximately 50 months of inventory, a number that in recent years has hovered closer to 12 months. Of course, take this number with a few grains of salt as it is easily skewed and is at best a snapshot of the overall market with little substantive value when considering particular properties.

As the Brian Siegfried blog evolves, I plan to relay information relating to a wide range of price points and neighborhoods within Teton County, WY. Feel free to suggest a particular area for analysis and discussion within this blog, or contact me directly at 307-739-8055 for a personal answer to your real estate questions. You also can check out the JacksonHoleExperts Real Estate website.

Disclaimer: Although the foregoing data has been compiled from sources deemed to be reliable, the author does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, omission, error, revision and cancellation without notice, and should be independently verified with the source of such information. It is also important to note that not all property sales are reported to the Teton County Multiple Listing Service.

Jackson Hole Real Estate Hotsheet Highlights Jan. 1 – Jan. 11, 2009

What is the Jackson Hole Real Estate Hot Sheet? One of a Realtor’s most important tools is the local Teton County Multiple Listing Service, a dynamic database of currently available properties and much, much more, including sales histories, Competitive Market Analysis programs and information only available to members. The MLS also provides a daily “Hot Sheet” brimming with the latest price changes, new listings, pending and closed sales, as well as expired, withdrawn and back on the market properties.

New listings:
There were 28 new listings for residential property in Teton County, WY, between New Year’s Day and January 10. The least expensive is a 1-bed, 1-bath, 760 sq. ft. condo in the Aspens listed at $419K and the most expensive is “Bighorn Lodge,” an 8,000 sq. ft. new home on 5.23 acres in Solitude priced at $12,750,000. Ten properties were listed below $1M, another 10 were priced between $1M and $2M, and 6 between $2M and $3.5M.
Coincidentally, the same 10 days in 2008 also saw 28 new listings for residential property in the same area. Thanks to the “custom” Hot Sheet, we can see also see how these newly listed properties fared over the course of the year.
· Twelve of the 28 properties eventually sold, with the least expensive being a Ponderosa Village condo (2-bed, 1-bath, 716 sq. ft.) for $379K and the most expensive being a $3.95M home in Willowbrook.

· Three are still active, 11 listings expired and one was withdrawn.

Closed and pended listings:

Perhaps more indicative of any overall trends may be a look at closed and pended transactions for the same time frame.
· This year has seen 2 closings on homes in Teton County, with one of them being a fractional (1/6th) unit in Teton Pines and other a home on Munger Mountain for $900K. No property has gone under contract so far in 2009.

· In 2008, there were six closings year to date at this point, with 8 properties going under contract.

· Teton Village:

With the Jackson Hole Mountain Resort now 100 percent open (when avalanche conditions permit!) and winter in full swing, many of the buyers in town are focusing their attention on Teton Village property.
What’s the latest in the land of the big new shiny red tram?
· The first thing that jumps out is that of the 130 active listings in Teton Village, 42 are fractional ownerships at Teton Club with the least expensive being 2 weeks (one fall, one spring) in a 2-bed unit and the most expensive being 4 prime weeks including New Year’s in a 3-bed unit for $350,000.

· The least expensive full ownership condo in TV is a 464 sq. ft. studio built in 1972 listed at $389K. The lowest priced unit with 2 baths is $685K.

Thanks for visiting the Jackson Hole Real Estate and Community News Blog sponsored by Christy and Garth Gillespie from Sotheby’s International Realty of Jackson Hole. For more information on the “Hot Sheet” please feel free to contact me – Brian Siegfried, sale associate and Gillespie Real Estate Team member at brian.siegfried@sothebysrealty.com.

Jackson Hole Real Estate Hotsheet Highlights for 12.31.08

Holiday lull; more REJH fallout; looking ahead to 2009

The Web is crawling with ways to search for real estate listings. In this region, the best way to get started is at Jackson Hole Experts.com. But for when you want to know what Realtors know … you need the Hotsheet!

New listings: Activity has been light during the holiday period, with many “new listings” representing extensions of listing contracts that often expire at the end of the year. For example, Garth and Christy Gillespie extended their listing for a beautiful home in 3 Creek Ranch listed at $3M. There are now 8 homes available in this private development just south of Jackson listed between $2.695M and $5.295M.

Real Estate of Jackson Hole: Also notable in the last week under new listings are all the properties formerly listed with Real Estate of Jackson Hole, which completed a nearly yearlong demise earlier this month when they announced on Dec. 22 they would be closing their doors. As the approximately 70 agents resurface at other valley brokerages, their listings are steadily reappearing. An article written in the Jackson Hole News and Guide is published here – http://www.jacksonholenews.com/article.php?art_id=4045

One other note on REJH: Sotheby’s agents were provided a good bit of information in this week’s sales meeting that was not available in the extensive newspaper coverage of REJH’s demise. I would be glad to help anyone better understand this complex story, to the best of my ability, or refer them to someone even closer to the facts.

Outlook for 2009: What will next year bring in the Jackson Hole real estate world? From my perspective — opportunity. As a buyer’s agent, I am working with several people very interested in entering the Jackson market in 2009. With sales prices generally regressing to years past, market watchers are well aware this will be one of the best times to buy into Jackson in the last 20-25 years. And with current interest rates near historic lows, the question becomes: Even if prices have not reached bottom, will an increase in the cost of credit in the coming months offset any future price reductions?

My advice is to identify a specific area or neighborhood and a price range and make an offer on available properties based on what you are willing to pay, regardless of the listing price. Many sellers today do not have the luxury of being “insulted” by offers much lower than asking price – in fact, my inbox is filled daily with e-mails from agents saying their sellers are willing to look at any and all offers. In other words, ask today for next summer’s price reduction, and you might get it. And if the market rebounds before that, your deal will look even better.

For details about any property mentioned in this blog post or a FREE PERSONALIZED Jackson Hole real estate market analysis, please call Brian Siegfried [my name should be a link to my bio page] at 690-9346 or e-mail him at Brian.Siegfried@sothebysrealty.com.

Jackson Hole Real Estate Hotsheet Highlights

The Web is crawling with ways to search for real estate listings. In this region, the best way to get started is at Jackson Hole Experts But for when you want to know what Realtors know … you need the Hotsheet!

New listing highlights: New Jackson Hole listings have been few in the past month or so, predictable for this time of year, but Teton Village and in-town condos have been hitting the hotsheet in greater numbers in the past few days.

The second new Four Seasons in Jackson Hole listing of the week (there are now 13 FS properties available) hit Dec. 17. This 3-bath, 5-bed unit on the sixth floor is priced at $5,250,000, making it the second most expensive Four Seasons unit after the 5,016 sq. ft., 5-bed, 6-bath, unit on the ninth floor listed at $6,950,000. I toured the latter last Thursday and was, well, impressed of course. The layout, cathedral ceilings and abundance of glass belied the fact it was a condo, providing more of a single-family home feel, perhaps mainly because this is one of the few units with both west (Mountain Resort) and east (Sleeping Indian and valley) views.

Price change highlights: There were 25 price changes during the Dec. 16-18 3-day period, with the most interesting being a $43,000 Brookside Condominium price reduction from $358K to $315K. According to an e-mail sent to all realtors from this agent, the list price is $78,000 less than the sale of a similar unit in March 2008. He points out that if it sells at that price with 20% down, and financing comes in at 4.625%, the monthly payment is about $1,295 per month. It rents for $1,200 per month.

Also notable were 2 price reductions in the High Teton Condominiums on Hansen Street, with both 2-bed, 1-bath units dropping $16K and $25K respectively with prices now just below $500K. A very nice 1-bed unit in this building dropped to $318K earlier this week.

Closed and pended listings: A 3-bed, 3-bath, 2,210 sq ft home in Indian Trails listed at $805,000 sold this week after 61 days on the market and a price reduction of $90K. That leaves 6 homes on the market in this west Jackson neighborhood, with list prices between $1.1M and $2.195M.

For details about any property mentioned in this blog post or a FREE PERSONALIZED Jackson Hole real estate market analysis, please call Brian Siegfried at 307-690-9346 or e-mail him at Brian.Siegfried@sothebysrealty.com.