Jackson Hole Home Prices Ready to Rebound?

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This is a great cover from one of the more trusted investment institutions – Barron’s.  The article explains how there is a belief that housing prices will remain rather flat for the year but by the beginning of 2013 we should start to see some appreciation in the housing market. 

What’s important here is that there is a general feeling that appreciation is going to start soon.  If you are on the fence about getting back into the housing market there are a lot of signs and people saying now is a good time to jump in.  Last week home mortgages hit another low but we should not expect rates to stay low like this ever.  If the economy and job market continues to improve we can hedge a bet that loan rates will slowly rise again.

To learn more about the real estate market and especially the Jackson Hole real estate market please call us, Christy and Garth Gillespie @ 307-413-5243 or send us an email at garth.gillespie@jhsir.com.

Current Real Estate Market Update – National

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We have been updating this graph for a few months and it has not changed much since the last one.  It does tell a go story as the market continues to build some strength.  12,575 houses, condos, townhomes sell EVERY day!  The chart also explains that almost 75% of all purchases are taking place with a bank involved.  Banks are lending!

Here in Jackson we seem to be seeing quite a bit more “showing” activity.  Under contracts have increased yet overall closing activity continues to lag (see next post).

To get a current update on the Jackson Hole Real Estate market please contact the Jackson Hole Experts, Garth and Christy Gillespie at garth.gillespie@jhsir.com or call us at 307-413-5243.

February Real Estate Results for Jackson Hole, Wyoming

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 A little bit of a mixed bag for real estate results in February 2012 for Jackson, Wyoming.   The bad news is that our sold transaction total fell from 18 transactions in January to 17 closed transactions in Feb.  The average price also fell to $857,976 and the median sale price of $476,000.  The highest sale for the month was a home on the West Bank in Lake Creek Acres .  It sold for $2,300,000. 

On a positive outlook we had 3 land sales in Feb. and we just had 3 additional lots go under contract in the past few weeks.  Land prices have fallen, construction costs are lower and finding professional works is much easier at this point.  My other theory is that the consumer is going to demand a newer homes in a few years and there simply will not be any due to the lack of construction and spec building during the past 4-5 years.  The opportunity is there for owners to start construction on a new home with the idea of living in it or selling it after or during construction.

Finally – the pending outlook is strong.  There are 54 pending transactions at the moment.  44 of those are priced below $1 million.

For additional information on the Jackson Hole Real Estate market please contact the Jackson Hole Experts – Jackson Hole Sotheby’s International Realty – Christy and Garth Gillespie. – 307-413-5243 or garth.gillespie@jhsir.com

Quick Glance at Jackson Hole Real Estate Sales in January 2012

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Eagle Ranch - Beautiful Views

Published closed sales transactions fell in January 2012 in Jackson Hole.  Only 18 home and land sales took place in the month with a sales volume estimate of about $25 million.  Last year, January 2011 we saw 22 sales and probably the same volume.  We used an estimate because there were 4 non-disclosed sales published in the month.  What’s interesting in this data is that of the 18 sales 6 of them were vacant land.  The median sales price was $850,000.  The average days on market for the 18 sales was 414 days! 

The sales varied through out the valley with transactions taking place in the Town of Jackson, South of town in Dairy Ranches, Polo Ranches and 3 Creeks, a couple on the Westbank.  The highest sale was undisclosed and was a 35 acre lot in Crecent H Ranch which was listed at $5,950,000.

For additional information on the Jackson Hole Real Estate market please feel free to contact the Jackson Hole Experts — Christy and Garth Gillespie – at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Average Home Prices Continue to Drop In Jackson Hole in 2011

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Today we will continue to update the 2011 Jackson Hole Real Estate Market with Average Sales Prices.  The Chart below does a comparision on Average Sales Price vs. the Prior Year Average Sales Price.  As you can see, the average prices for property sales in Jackson Hole, Wyoming have been lower in 2011 in 10 (to be clear the “Red bars” are for 2011 and “Blue bars” are for 2010) of the last 11 months.  The exception was December 2011 when we saw a few very large transactions take place.  We have seen a lot of sales (to be outlined in a future blog post) in the “below $850,000 range” which have had an influence on Average Sales Price.

Average Prices Graph

2011 Jackson Hole Real Estate Results Provided by Christy and Garth Gillespie and Jackson Hole Sotheby’s

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Here is some excellent information about the Jackson Hole Real Estate Market.  Please notice the trend – our market is improving.  The month of December 2011 was the second strongest dollar volume month we have seen in a year.  As the chart points out December unit volumes rose 60% and sales volume rose 72% when compared to last years numbers.  The overall trend on unit sales and sales volume is on an upward slope.  Unit volumes have improved 8 of the last 9 quarters!  Thats impressive.

To get more information about the Jackson Hole Real Estate market check back here frequently or email us at garth.gillespie@jhsir.com.  Christy and Garth Gillespie are some of Jackson’s strongest real estate agents call us to find out why and how we do it – (307)-413-5243.

 

Where are Jackson Hole home prices going in 2012?

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We are going to start a series of blog posts that hopefully create a pattern that we can look back on and see if we were right.  Christy and I believe that there could not be a better time to buy real estate in Jackson Hole.  There are excellent values in all price ranges and we believe the amount of inventory allows buyers some good choices.  With that said we do believe a lot of the great properties that have been offered at reduced prices are starting to get purchased and that inventory is going down.  I saw this video yesterday which is from Barbara Corcoran – a real estate “expert” – that outlines some of the reasoning behind buying now and or selling right now.  Take a look.

Stay tuned as we will be posting quite a bit of information that we feel will be important moving forward into the 2012 real estate sales year here in Jackson Hole.  For additional information on real estate or anything else Jackson Hole please feel free to call us at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Jackson Hole Real Estate November 2011 Market Update

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Novemeber 2011 has come and gone here in the Jackson Hole Real Estate Market and we witnessed a pretty strong month when looking at the year as a whole.  There were 31 transactions last month — No quite the 13780 properties that sell every day in the United States but Jackson does contribute!  “How’s the Jackson Hole Real Estate Market?” — Well, “We sell a property every day!” 

In a couple of weeks we will be able to show you a graph of how we measure up when comparing Nov. 2010 to Nov. 2011 but in a nutshell, last year we had about $10 million more in sales volume but transactions were 16% lower.  November 2011 saw a median sales price of about $550,000.  This is quite low indicating a stronger low end market.  This is encouraging in my eyes as we are really starting to see the lower end market strengthen.  This of course is being generated by a few short sales, bank sales and realistic sellers.  1/3 of the market in Novemeber sold for under $400,000.

The higher end market saw some good signs too as we saw 2 transactions of about $7 million.  The Jackson market had 9 sales over $1 million. 

Other stats:  3 vacant land transactions, 5 condo transactions in Teton Village, 10 sales in the Town of Jackson.

Please call with any questions or if you need any additional information on the Jackson Hole Real Estate Market — Garth Gillespie, sales associate and partner of the Gillespie Real Estate Team – Jackson Hole Sotheby’s, 307-413-5243 or email at garth.gillespie@jhsir.com. 

 

 

 

Jackson Hole Year End Market Report

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A few weeks ago, Andrew Cornish, owner and president of Rocky Mountain Appraisals in Jackson Hole, Wyoming released his Year End Report. The main conclusion: Despite an increased number of real estate sales in 2010, home values in Jackson Hole continued to decline, with entry level homes hit the hardest.

  2008 2009 2010 2009/2008 2010/2009
Total Residential (Single-Family, Condo,Homesite) Transactions 388 224 296 -42.27% 32.14%
Average Price of Transaction $1,606,595 $1,404,296 $1,462,113 -12.59% 4.12%
Total Sales $623,358,973 $314,562,360 $416,702,350 -49.54% 32.47%

 

Andy Cornish explains that while the number of sales in Teton County, WY was up over 32% from last year,  certain segments of the market are still experiencing value losses up to 30-40% from peak values in 2007 and 2008.  The single family home market saw the average transaction price increase by over 12% in 2010.  However, Mr. Cornish explains, this is due to a prevalence of higher-end transactions, not an increasing value trend.

Available Inventory (homes for sale on the market) has remained relatively constant between 2009 and 2010, however currently inventory levels are double of that in 2007.  The type of inventory is interesting to note as well. According to the Teton County MLS, the least amount of ‘distressed’ properties exist north of town, while the greatest concentration of distressed properties exist in the Town of Jackson and South of Town, where an estimated 12% of homes for sale are described as bank-owned or have short sale potential.

Conclusion – According to Mr. Cornish’s Year End Report, while the real estate market continued to lose value in 2010, an increase in the number of transactions can provide hope that a market stabilization is in sight. For the entire Year End Report, visit Rocky Mountain Appraisals or contact The Gillespie Real Estate Team at 307-739-8078 or by visiting www.jacksonholeexperts.com

Teton Village Real Estate: Off to a great start in 2011

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In 2011, we have seen an increase in real estate activity in Teton Village.  In the past 20 days, there have been two closed sales in Teton Village. Both real estate sales were condos located at the base of Jackson Hole Mountain Resort. A 2 bedroom, 2 bath, bank owned, condo sold in mid January. The other sale happened this past weekend – a 3 bedroom, 2 bath penthouse condo in the Nez Perce Condominium Building.

                                  

 Additionally, there are currently 15 properties under contract in Teton Village. Seven of those were put under contract in the new year!  They include a wide range of property types. Four of the sales are condominiums within walking distance to the Jackson Hole ski resort. There is one unit under contract in the Snake River Lodge & Spa and a 2 bedroom unit in the Four Seasons – both ski-in, ski-out properties. There is also a 3 bedroom Timbers at Granite Ridge currently under contract.

While the above properties are spoken for, there are still many real estate opportunities in Teton Village. In fact, there are 85 properties for sale in a wide range of price ranges – a condo hotel for $299,000,  a 2-bedroom condominium for $445,000, a 4 bedroom vacation home for $3 million and a Four Seasons Penthouse Residence for $6 million.

The Gillespie Real Estate Team can easily guide you through these real estate opportunities and help you to find the perfect winter getaway in Jackson Hole. Call us today at 307-739-8078 for a list of all available properties in Teton Village.

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CHRISTY GILLESPIE

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Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

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Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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