Jackson Hole Real Estate Market Report | Year End 2018

We are proud to present our comprehensive market report for the 2018 year-end. Assembled from Jackson Hole Real Estate Associates’ proprietary database, the most extensive source of information about the region’s real estate market, and insight from us as well as JHREA professionals. The report provides valuable insight into the market segments that make up the Jackson Hole area. CLICK TO VIEW FULL REPORT.

Jackson Hole Market Report

Jackson Hole’s real estate market ended the year predictably strong. The draw of Jackson Hole’s rugged beauty and active lifestyle continues to reflect in our real estate market, with 2018 bringing in 10% more transactions and a 35% increase in dollar volume. Average and median sale prices were also up, increasing 16% and 11%, respectively. Several notable sales drove these figures, including the sale of the Snow King Hotel, a historic ranch property southeast of town, and a ranching / equestrian property on Spring Gulch Road.

Properties under $500,000 have become even more difficult to find, evidenced by a 24% decrease in sales. That category made up only 12% of the year’s transactions. Most sales took place in the $500,000 – $1 million segment, accounting for 36% of sales. Single family homes accounted for about 44% of all transactions this year, a 20% increase over 2017. Overall, inventory dropped about 6% and properties are selling nearly 15% faster.


Interested in a market update in your specific neighborhood or area? CONTACT Christy and Garth Gillespie for a market specific report.


Winter Catalog of Fine Properties

Our Winter Catalog of Fine Properties has arrived!
We are pleased to present this current selection of exceptional real estate as well as information pertaining to some of the wonderful resources and organizations available to our visitors and residents. Please stop by one of our locations to pick up a copy or follow the link to view the digital version.
View Catalog of Fine Properties

Top 10 Home Trends That Buyers Want in 2016

2016 is here! It’s time for fresh ideas and new designs. What trends will buyers be gravitating towards when looking for their new home this year? We will definitely see sustainable living and smart home technology on their wish lists. What else?

1. New finishes

Matte finishes will slowly replace stainless steel in 2016 and 2017. Don’t worry, they will still blend in with existing appliances such as stainless or black and white, but it will help the homeowner save money by transitioning their appliances over time instead of having to buy everything all at once. The matte finishes have a bonus, too. They hide fingerprints, smudges and dirt, and they are easier to clean than typical stainless steel finishes.

2. Cushioned flooring

The days of cement flooring are out. It’s too cold and hard on the feet. Cork flooring is making a comeback. It now comes in a variety of colors and is much more comfortable to walk on than traditional wood flooring and ceramic tile.

3. Circadian lighting

This year, GE is expected to release its new smart LED bulb that can change the color of the light that’s emitted to sync with the body’s circadian rhythm. “C by GE” uses Bluetooth connectivity to communicate with your smartphone so you can personalize your color temperature settings throughout the day. It’s designed to sync with your sleep cycle. You’ll be able to set it to change from energizing white light during the day to a warmer, more relaxing orange glow in the evening.

4. Better water quality

The National Association of Homebuilders’ 2016 New American Home will feature a whole-home water filtration system, and this will be an ongoing trend in new homes. Clean living is in. For existing homes, this will be a popular feature tacked onto home renovation budgets.

5. Simplicity and tech

Efficient, family-friendly layouts and open floor plans with smart home technology are going to be more popular than ever in 2016. Today’s buyers are looking for homes that are well-designed with more space in central living areas, great flow and clever, built-in storage. And a large percentage of buyers won’t be looking for the huge, 3,000-square-foot properties anymore. Smaller, smart homes are what tech-savvy buyers want — especially millennial buyers. They are all about respect for the environment, conserving energy and high-tech homes.

6. Less grout surfaces and a clean aesthetic

Luxury vinyl flooring and larger tile (12-by-24 inch or 36-by-36 inch as opposed to 12-by-12 inch) will be a huge trend in 2016. There will be more of the larger 5-by-10 foot tiles in shower surrounds and walls in bathrooms. These larger, smooth surfaces not only have a simple, clean design aesthetic, but they also use less grout, which is difficult to clean and susceptible to mold and mildew.

7. Lower pile rugs

Fewer shags and more patterned carpets will replace the standard plush. Cut and loop will be popular in 2016 and beyond. Carpet pattern and texture increase the perception of quality and value in carpet and can contrast beautifully with smoother elements such as walls, counters and furniture surfaces.

8. Enhancing health with clean design homes

With all of the healthy home products available to consumers right now, it’s possible to live in an environment that is beautiful, sustainable, energy efficient and safe with no sneezing or off-gassing. Top trends will be fabrics that don’t hold dust, Quartz stone countertops that are lower maintenance with antibacterial properties and durability, mudrooms with benches where people can leave their shoes to prevent toxins from entering the home and under-mounted sinks, which keep things cleaner by not trapping bacteria in the lip of the sink.

9. Luxury home amenities

The luxury market will also include new high-end amenities such as outdoor showers, procedure rooms, separate guest spaces and private museums.

10. Multi-family construction

Millennials and Generation Xers are likely to make up the largest portion of homebuyers in 2016. New developments are now thinking outside of the box by offering a wide variety of amenities such as pet-friendly facilities, observatories, luxury spa services, valet parking and on-site workspaces to appeal to this demographic. Sustainable living and smart home technology is here to stay and is just getting bigger and better year after year.


Article from Inman.com

Jackson Hole Real Estate Associates Teams Up With Snow King Resort

Press Release

Jackson Hole Real Estate Associates and Snow King Resorts create a partnership!

Jackson Hole Real Estate Associates and Snow King Resorts create a partnership!

May 8, 2014

Jackson Hole Real Estate Associates — Christie’s International Real Estate announces the opening of their office in the Snow King Hotel and Grand View Lodge.

Jackson Hole Real Estate Associates and Snow King Hotel and Grand View Lodge are proud to announce their exclusive real estate partnership. This partnership affords additional opportunities to assist clients regarding their real estate needs as well as additional marketing exposure for Jackson Hole Real Estate Associates listings.

For Immediate Release — Jackson Hole Real Estate Associates, the exclusive affiliate of Christie’s International Real Estate, and Snow King Hotel and Grand View Lodge are pleased to announce that they have forged an exclusive marketing relationship. The real estate company will open a new office in the lobby of the resort this summer as well as offer exclusive placement of Jackson Hole Real Estate Associates marketing collateral in Snow King outlets, guest rooms and outside properties under Snow King management.

Under the expert management of Benchmark Hospitality, Snow King Hotel and Grand View Lodge has undergone a $17-million renovation as well as an overhaul of services and facilities to elevate the resort to Jackson’s premier luxury conference facility. Snow King’s elevated stature combined with Jackson Hole Real Estate Associates as the largest real estate company in the region offers the perfect synergy between the two market leaders to better enhance their overall offerings.

“Jackson Hole Real Estate Associates is proud to be working in partnership with this iconic Jackson resort. The enhanced marketing reach as well as the ability to serve additional visitors through the hotel is a compliment to both Snow King and our company.” said Bomber Bryan, JHRE Associates Partner.

“We are delighted to have the region’s premier real estate firm be a part of our -magnificent transformation,” stated Geoff Young, Snow King Hotel and Grand View Lodge General Manager. “As we considered the opportunity, we felt confident that the exclusive affiliate of Christie’s International Real Estate – the world’s largest luxury real estate brand – would be the perfect balance to the luxury brand we have developed at the resort,” continued Young.

To learn more about Jackson Hole Real Estate Associates please visit http://www.jhrea.com/. To learn more about Snow King Hotel and Grand View Lodge please visit http://www.snowking.com/ .

About Jackson Hole Real Estate Associates

Jackson Hole Real Estate Associates is the exclusive affiliate of Christie’s International Real Estate in Wyoming and Idaho and was recognized as the Global Affiliate of the Year from Christie’s International Real Estate. The reputation of Jackson Hole Real Estate Associates for exemplary client service and market knowledge combined with the power of Christie’s International Real Estate, the largest network of independent real estate firms, offers a synergy between local strength and global networking. Christie’s International Real Estate, a wholly owned subsidiary of the renowned auction house Christie’s, is the largest international network of real estate companies specializing in the sale of luxury and notable properties.

About Christie’s International Real Estate

Christie’s International Real Estate is the largest international network of real estate companies dedicated to the sale and marketing of luxury homes and a subsidiary of Christie’s, the world’s leading art business. Christie’s clients who buy and sell works of art often request real estate services. The Christie’s International Real Estate global network spans more than 42 countries with over 1,000 offices and approximately 35,000 brokers. Committed to the auction house’s two-century-old tradition of exceptional customer service and expertise in high-value marketing, the network achieved total combined sales in excess of $125 billion.

Admittance to the Christie’s International Real Estate network is offered by invitation only to those real estate companies with proven records of success in high-value home sales and who exemplify Christie’s traditional value of service. Exceptionally skilled local real estate specialists, a client-focused approach, and strategic global marketing to a qualified audience of proven luxury consumers are the hallmarks of Christie’s International Real Estate

Nestled at the edge of the Bridger-Teton National Forest and the base of Snow King Mountain, Snow King Hotel and Grand View Lodge is your home in historic downtown Jackson and your gateway to two of America’s most beloved national parks. Grand Teton National Park lies just 20 minutes north, with Yellowstone another 30 to 40 minutes further. Fully renovated in 2013, the resort offers the finest that Jackson Hole hotels have to offer, with traditional Western ambiance. Crisp bedding, luxurious mattresses, New Generation pillows and soothing finishes which make for a sumptuous stay, and the full-service business center is matched only by the professional and attentive staff.

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.

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

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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.


Jackson Hole Luxury Homeowners –

Exterior - northside_revToday’s luxury homeowners and buyers are savvier and more confident than ever according to a study by Better Homes and Gardens Real Estate.  Christy and I found the information very interesting and it seems to support what we are seeing in the Jackson Hole Real Estate market today.  In 2012 we had a total of 49 transactions over $3,000,000 and as of today we already have 35 transactions with some of our strongest closing months ahead.

The national survey of over 500 luxury home buyers had many interesting findings:

  • 75 percent of the luxury home buyers believe home ownership is a more sound investment than the stock market and 57 percent of employed luxury homeowners believe home ownership is a bigger indicator of success than their job or title.
  • A majority of luxury homeowners surveyed (53%) prefer owning multiple “lifestyle” homes to support activities like skiing and golf.
  • 58% of luxury home buyers already own multiple homes to support their lifestyle activities.
  • 60% of luxury buyers surveyed would rather have as many upgrades as they can afford verse larger square footage.
  • Nearly all (94%) of luxury home buyers would be willing to give up 1,000 square feet of living space from their next home in order to get a lifestyle amenity they desire, such as — Living in a better neighborhood (54%), living in a house that has “character” (51%), more land (44%), access to dining and entertainment (39%).
  • (66%) would rather have a “smart” home verse a “green”” home.
  • (87%) would not consider living in a home that is not tech-friendly.
  • Three of the top 5 luxury home essentials are outdoor orientated:  A garden oasis (53%), outdoor fire pit and or fireplace (50%) and a separate guest house outside of the main home (47%).

Those are some very insightful results.  If you are thinking of buying a luxury home or are in the process of remodeling or building one in Jackson Hole these results should be considered.

If you have any interest in learning more about Jackson Hole’s luxury real estate market please feel free to email us at  garth.gillespie@jhsir.com or drop us a phone call at 307-413-5243.


Market Update – February 2013

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.

Melody Ranch Jackson Hole – New Listing – 1261 Melody Creek Lane

Stunning new listing in Melody Ranch — Jackson Hole, Wyoming.  This fabulous home is located at 1261 Melody Creek Lane, a highly desired subdivision just a few miles south of the Town of Jackson. 

Melody Ranch, just 4 miles south of the Town of Jackson, is a place of wide-open spaces, remarkable views and a strong sense of community.  While residents appreciate the development for its close proximity to town and its natural beauty, they also love the fact that it feels like a true neighborhood, a place where people have chosen to make as their year-round home in Jackson Hole.

1261 Melody Creek Lane is a wonderful, newer (2009) custom built home.  Every detail of this home was done with quality in mind.  Very few homes have been built to the standards that this home has in the neighborhood.  Highlights include full hydronic in-floor heating throughout the entire home fueled by natural gas.  5 bedrooms – 4 of which are suites which include full bathrooms.  One of which is a substantial master bedroom with views to the south, vaulted ceilings, access to a back deck, spacious master closet and an elegant master bathroom.  The entire first floor has beautiful skip sawn hickory flooring and the entire home is equipped with solid Alder doors and trim work.

This is a home that must be seen to be appreciated so call Christy and Garth Gillespie at Jackson Hole Sotheby’s to set up a showing.  We can be reached at 307-413-5243 or send us an email at garth.gillespie@jhsir.com

Investment and Vacation Homes in Jackson Hole, Wyoming

Jackson Hole has many Vacation / Second Homeowners and we are seeing an increase in these type of buyers.  This graph was put together by the National Association of Realtors and the Wall Street Journal.  The graph explains that Vacation Home sales increase 7% from 2010 to 2011.  The Jackson real estate market mirrored this increase as properties priced over $1,000,000 had an increase of 7% over 2010 (100 in 2011 verse 97 in 2010). 

As for the increase in investment type properties I believe Jackson lagged this market in 2011 and we are seeing that increased action in 2012.  We have 40 pending transactions at the moment of properties listed under $500,000.

There are a good amount of second homes for sale in today’s market so we can only hope that this summer provides a flurry of activity for the second home seller.  The Jackson Hole Experts – Christy and Garth Gillespie – specialize in assisting the second home buyer.  More than 50% of our transactions take place “log distance” so if you would like more information on second homes in Jackson Hole please contact us at 307-413-5243 or by email at garth.gillespie@jhsir.com.