Jackson Hole Real Estate Market Update: Statistics through June 2011

The first half of the year, the Jackson Hole real estate market experienced a slight improvement in sales dollar volume, but saw a significant increase in unit sales, suggesting that more transactions are happening in Teton County, but at lower sales prices.

Through June 2011, closed real estate transations in the Jackson Hole area were up 28% compared with the same period in 2010, while dollar volume sales rose improved only slightly. However, both unit sales and dollar volume were well above the lows of the real estate market in 2009 – unit sales up 96% and sales volume up 114%. Click here to view graph

June has proven to be the best month in 2011 for real estate sales dollar volume. In the month of June in Teton County, there were 29 transactions totaling $36.5 million. Compare this to the previous month of May (typically a slow month in real estate out here), where sales volumn totaled only $12 million.  Click here for a graph

Real Estate Sales by Area:

North of Town has seen the largest improvement in sales volume, with a 48% increase over the first half of 2010. North of the Town of Jackson includes neighborhoods such as Owl Creek, Solitude, Bar-B-Bar Meadows, Jackson Hole Golf & Tennis and Moulton Ranches. There were 23 sales totaling $46 million through June 2011.  South of Jackson Hole also experienced an increase in sales volume with sales totaling $21 million, a 28% increase over the first half of 2010. Teton Village experienced the largest increase in real estate transactions, with a whopping 81% increase over 2010. There were 38 sales in the first half of 2011, with many of the sales happening in the condo and condo-hotel market in Teton Village. Many investors took advantage of low prices on bank owned and foreclosed condos, in order to have a place located walking distance to Jackson Hole Mountain Resort.

For more information contact The Gillespie Real Estate Team at 307-739-8056 or garth.gillespie@jhsir.com.

Where was real estate selling in Jackson Hole in 2010?

Teton County real estate sales totaled $387 million for 2010, which includes Jackson Hole, Wilson, Teton Village, South of Town, North of Town, and West of the Snake River (Wilson).  The Town of Jackson aside, all areas reported susstaintial improvement in sales and unit volume. The area West of the Snake River saw the largest increase over 2009 of 136%, spurred by 4 large land sales and several single family home sales in Teton Pines.  Teton Village, at the base of Jackson Hole Mountain Resort, also saw a 74.5% increase in real estate sales over 2009, perhaps fueled by the new Aerial Tram and several bank owned condominium sales.

Teton County Units sold in 2010 totaled 261 transactions. The most sales (78) occurred in the Town of Jackson, however the Town experienced the smallest increase (13%) over 2009.  The highest increase (66.7%) in properties sold occurred in the South of Town locations, including Rafter J, Melody Ranch, and Hoback Junction – there were 50 sales in that area.

Average Sales Price increased in all areas, except the Town of Jackson, which experienced a decrease of 16.5% in the average sold price when compared to 2009. Properties West of the Snake River, including Teton Pines & Wilson, saw the largest increase of 93.8% over last year’s average sold price. Again, 4 large land sales and several Teton Pines home sales (averaging $2.8 million each) contributed to this increase. Average days on market were also higher than 2009. The overall all average days on market for sold properties was 282 days in 2010. This is 38% higher than in 2009.  Leading the way was North of Town, where properties were on the market for 367 days, and increase of 75% over last year.

The Gillespie Real Estate Team at Jackson Hole Sotheby’s Internation Realty has access to much more detailed information – call us at 307-739-8078 for a copy of the entire report of the 2010 Jackson Hole Real Estate Market Update.

Real Estate Sales in February 2011 – Most Activity in Teton Village and Wilson

February 2011 was a very active month in real estate sales in Jackson Hole, Wyoming. Overall, this month we saw 16 real estate sales in the Jackson Hole area, with most sales concentrated in Teton Village and Wilson, WY. Total real estate sales volume for the month topped $27 million, with an average sale price of just over $2 million. On average properties were selling at 85% of thier latest listing price and, on average, were on the market for 245 days prior to selling.

It appears the record snowfall at Jackson Hole Mountain Resort, encouraged many buyers to purchase condos, condohotels and homes in Teton Village this winter. Of the 16 total real estate sales in the area, 1/2 of them were near the ski resort. These sales covered a wide range of properties and price points  – a 2 week fractional sold at the Teton Club, a 1 bedroom condohotel at Snake River Lodge and Spa and a 3 bedroom condohotel at Teton Mountain Lodge sold this February. There were also 2 sales of condominiums in the Nez Perce condo and the Teewinot building. These condos are a short walk or shuttle ride from the Aerial Tram at Jackson Hole Mountain Resort.   A 2 bedroom unit at the Four Seasonsand a 3 bedroom unit at Crystal Springs also sold, both with ski-in, ski-out access. A large home in Lake Creek Ranch and the end of Granite Creek Road across from Teton Village sold in early February.

 Four Seasons Resort Jackson Hole > Exterior of hotel.                            

Wilson also saw several sales this past month including a home in Stilson Ranch, a home in Crescent H Ranch and large home with a horse stable in Wilson. There were twp sales in Town – a 2 bedroom Ponderosa condo that was listed at $99,900 and a Love Ridge Condo at the base of Snow King Resort. The largest sale of the month was a 10,000 square foot, 5 bedroom home in Spring Creek Ranch that was listed at $9,500,000.

The Gillespie Real Estate Team of Jackson Hole Sotheby’s International Realty is always tracking the real estate market in Jackson Hole. We’d be happy to share our market knowledge, insight and experience – just give us a call at 307-739-8078.

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

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.

Jackson Hole Mountain Resort tops 300″ of snow

While it may feel like winter has just begun, Jackson Hole Mountain Resort has already received over 24 feet of snow this season. Teton Village has received more snowfall than any other ski resort in North America.

With a record amount of early season snow fall, Jackson Hole Mountain Resort was able to open 100% of the mountain, including the Aerial Tram, on opening day in late November. Since opening day, we have continued to receive consistent snow which has contributed to a strong and stable snow pack.

Word has gotten out, as Teton Village has seen high occupancy levels at all the base area hotels – including the Four Seasons, Teton Mountain Lodge, Hotel Terra and the Teton Club. Jackson Hole Real Estate activity has also increased at the base of the mountain. There are currently 19 properties under contract in Teton Village. These pending sales include ski-in, ski-out condominiums, condo hotel investments, fractional time shares and large single family homes located underneath the Aerial Tram at Jackson Hole. We are well on track to out pace last winter’s 32 closed sales in Teton Village.

If you would like to learn more about current real estate opportunities in Teton Village contact the Gillespie Real Estate Team – the Jackson Hole Experts by visiting www.jhexperts.com or calling 307-413-5243.

Teton Village, Wyoming Real Estate Market Update December 2010

The winter season is upon us and we wanted to give you an update on the Teton Village real estate market. We are hearing the questions…Is the market getting stronger? What are you seeing with the market? Is it going to be a strong winter season for sales? Christy and I have been in the real estate business for 15 years so we know how hard it is to predict the future but we will tell you that we have a sense that the market is strengthening. When we say strengthening we mean that there is an indication that interest has increased and some sales have taken place but we don not necessarily mean that prices have bottomed out let alone start to increase.

There are currently 100 active listings in the Teton Board of Realtors Multiple Listing Service. This does not include fractional ownership opportunities like the Teton Club or The Four Seasons. The active listings range from a 1 bedroom, 1 bathroom condo priced at $259,000 all the way up to a fabulous ski home retreat priced at $29,500,000. A third of the inventory is priced under $1 million, a third between $1 and $2 million and a third $2 million and over.

In the past year – data since January 1, 2010 – there have been 31 disclosed sales with an average sales price of $1.675 million. The closed data almost mirrors the active market in the sense of percentages. Some interesting sales – A Tram Tower Townhome located below the Tram was listed at $1.9 in 2007 and just closed for $915,000! A Granite Ridge Timbers unit listed for $2.7 in 2009 just sold for $1.9 and another Timbers unit listed for $3,750,000 in 2008 just closed for $1.9 million. On the lower end a condo in the Gros Ventre complex just sold (as a bank sale) for $239,000. This condo was 2 bedrooms, 1 bathroom and 800 square feet in size. A like unit sold in 2006 for $435,000. Not all the transactions are this extreme but this illustrates how value was created for a buyer in a difficult market.

As we reported in the last entry – Jackson Hole Mountain Resort is in the best shape it has almost ever been in this early in the season. The lower part of the mountain – including the Hobacks – are skiing as well as they do in February. Bookings at the Four Seasons resort are looking strong for the season so 2001 is looking to start off on the right foot.

If you would like additional information about the real estate market in Jackson Hole — pick up the phone and give us a call – 877-739-8056. We are excited to answer any questions you may have. You are also welcome to visit us at www.jacksonholeexperts.com.

Sotheby’s International Realty Acquires Teton Village Realty in Jackson Hole, Wyo.

Wow! Exciting News in Jackson Hole real estate. Here is the “hot” real estate news just released by Sotheby’s International Realty – Jackson Hole Brokerage. Christy and I will update the blog with our thoughts later but we wanted everyone to get the news. Very exciting, excellent news for sellers and amazing coverage of the Teton Village real estate market moving forward.

Market Leader Acquires Fastest Growing Local Firm to Expand Presence in Teton County

Jackson Hole, Wyo. (May 13, 2009) – Sotheby’s International Realty, Inc., a residential real estate brokerage firm representing fine properties in some of the world’s most sought-after markets, today announced it has acquired the assets of Teton Village Realty in Jackson Hole, Wyo. Teton Village Realty, specializing in properties at the Jackson Hole Mountain Resort and surrounding areas, will now operate as Sotheby’s International Realty, Inc. The Teton Village Realty offices, located in the Teton Mountain Lodge and Hotel Terra at the Jackson Hole Mountain Resort, will complement Sotheby’s International Realty’s existing offices in Jackson Hole and Driggs, Idaho.

Clayton Andrews, executive vice president and COO of the Mountain Region for Sotheby’s International Realty, Inc. who leads the company’s Jackson Hole operations, will also manage the new offices.

The acquisition expands Sotheby’s International Realty’s footprint in Jackson Hole and shows the firm’s commitment to serving clients throughout Teton County. Since first opening in Jackson Hole in 1999, Sotheby’s International Realty acquired Jackson Hole Realty in 2003. Since then, Sotheby’s International Realty has been the market leader in sales volume, according to the Teton Board of Realtors MLS.

After its founding in 2003, Teton Village Realty became the fastest growing brokerage in Teton County, achieving the third highest market share in the Teton MLS each year from 2005 to 2008. Teton Village Realty sales associates, including owner Rob DesLauriers, will now operate as agents of Sotheby’s International Realty, Inc.

According to Andrews, Teton Village Realty is an ideal fit with Sotheby’s International Realty, based on its historical performance as well as its office locations. “As a relatively young and fast growing firm, Teton Village Realty offers a fresh perspective on the local real estate market,” said Andrews. “Rob DesLauriers is well known and respected at the Jackson Hole Mountain Resort, and his firm’s experience in development sales at Teton Village is unmatched. We are pleased to be gaining such a dynamic and talented team at a pivotal time in our market.”

“It’s exciting to be part of the Sotheby’s International Realty organization,” said DesLauriers. “We appreciate the company’s successful history and expertise in the valley. We have a long and productive working relationship with the firm’s local team, and our agents and clients will benefit from the enhanced regional and global presence as well as the referral opportunities the company offers.” DesLauriers continued, “Sotheby’s International Realty provides a strong and far-reaching platform from which we can continue to grow and leverage the synergies of our firms.”

About Sotheby’s International Realty

Sotheby’s International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house and represents fine properties at a range of price points. Today, Sotheby’s International Realty, Inc. operates brokerage offices in key metropolitan and resort markets, including London; Manhattan; the Hamptons; Westchester County, Greenwich, Conn.; Litchfield County, Conn.; Cape Cod; Palm Beach, Fla.; Beverly Hills; Brentwood; Pasadena; Santa Barbara; San Francisco; Sonoma; Monterey Peninsula; Sun Valley, Idaho; Santa Fe, New Mexico and Jackson Hole, Wyo.

Sotheby’s International Realty, Inc. (www.sothebyshomes.com) is part of NRT LLC, the nation’s largest residential real estate brokerage company, and a member of the Sotheby’s International Realty® network that spans 39 countries. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices.

Hotel Terra – Luxury in Teton Village, Wyoming

The JacksonHoleExperts are excited about our new listing in Hotel Terra in Teton Village at the Jackson Hole Mountain Resort. Unit 223 is located in the southeast corner of this new Eco-Boutique Hotel and has 2 beautiful, spacious bedrooms and 3 luxurious bathrooms. The unit is almost 1,000 square feet and has outstanding sunny views to the southeast. It is extremely well priced at $1,195,000.

The Two Bedroom Terra Guest Room offers 2 large bedrooms, a spacious entrance foyer, 9 foot high ceilings, and (2) double vanity bathrooms and (1) 3/4 bathroom/powder room. The Terra Guest Room also includes a 32″ flat screen HiDefinition TV, complimentary wireless access, the “Terra Bed” and oversized picture windows.

An indulgent combination of the components found in the Urban Studio and Terra Guest Room, the Two Bedroom Suite brings together high end conveniences of home, including furnished kitchen and terrace, with the added space and amenities of a luxe hotel room. Ideal for families or a friends’ getaway.

Hotel Terra includes 72 rooms and suites, equipped with:
– Flat screen Hi Definition TVs
– Bose surround sound speaker system in suites and studios
‘iHome’ ipod docking stations
– Complimentary hi speed wireless access
– Hi-tech full color touch screen telephones
– DVD player
– 100% organic cotton sheets, towels, bath mats, bathrobes
– The “Terra Bed”, a custom designed 100% natural mattress in guest rooms and suites
– Gas fireplaces and terraces in suites and studios
– 100% organic bath amenities
– In room recycling program
– In-floor heating, deep soaking Zuma Airbath, and rainshower head in bathrooms.
– Personal Refrigerator
– Personal safe

Dining at Hotel Terra is also one of the tastiest experiences in Teton Village and for that matter – all of Jackson Hole. Christy and I have a personal favorite in Hotel Terra and it is Osteria!. An Italian restaurant serving lunch and dinner nightly specializing in Roman Trattoria fare. A lively bar area and salumni bar. Wood fire oven for gourmet pizzas, in addition to a full menu of fish, game, chicken and pasta specialties. Extensive wine list, specializing in hard to find and undiscovered bottles and vintages. Menu relies on sustainable and locally sourced ingredients. Outdoor terrace dining with a fire pit.

Terra Cafe
Serving a selection of breakfast crepes, daily breakfast burritos, home baked goods, fresh fruit and snacks.
Provides a full coffee bar serving free trade organic coffee and tea. Selection of smoothies, juices, natural energy drinks.

For more information on Hotel Terra and the real estate opportunities that exist in Teton Village please email at garth.gillespie@sothebyshomes.com or call the JacksonHoleExperts at 877-739-8056.

Overall Market Update – Real Estate – Jackson Hole, Wyoming

Preliminary Market Update for Year End 2008
Sotheby’s International Realty – Jackson Hole and Christy and Garth Gillespie, the Jackson Hole Experts, have been busy looking back at 2008 putting together final real estate market numbers which are not quite finished. In the meantime we thought we would update the most current information we have gathered and give out the preliminary market update.

November and December were the 2 worst sales months in the past 10 years! With the election, economy downturn and the credit crisis in full swing the housing market nationally took a huge hit and Jackson Hole was not immune to the crises. There were 9 sales in November and 12 sales in December. November unit volume is 51% below that of 2007 and 55% below that of 2004. Sales volume fell 39% to $460 million compared to $750 million in 2007. All five regions (Teton Village, West of the Snake River, North of Town, Town of Jackson and South of Jackson) of the Jackson Hole real estate market saw major declines in activity through the first 11 months. The strongest segment was the Town of Jackson with 110 (-43%) transactions and $120 (-14%) million in sales volume. South of Jackson took the biggest hit with sales volume down 64% and unit sales down 61%! The large decrease in activity in the South of Jackson category is explained by a huge reduction in sales at 3 Creek Ranch and the now bankrupt Snake River Sporting Club.

If we look at sales by property type we see that vacant land sales had the largest decline with sales volume down 47% and unit sales down 67%! Overall the averages were Condos down 33%, Single Family homes down 42%, and Vacant land down 47%. The bright spot in the market has been Commercial listings with sales volume up 35% and unit sales only down 24%.

Active inventory has been trending upward with a slight decease in November 2008 due to sellers removing listings from the market. When we look back we see that active listings have been trending upward since May of 2007. This increase in listings is market wide with active listings under $3 million at 548 and greater than $3 million at 150.

Do we see any positive trends? Of course – we have to find some positives in this market. First and foremost we have great inventory to show potential buyers and the prices are starting to trend downward. There have been many times in the past ten years that Jackson Hole has offered a very limited number of options for buyers in the market. Well that has changed! We also are starting to see some very unrealistic sellers adjusting their pricing. We have a new page on our website at www.jacksonholeexperts.com that offers our “Top Values” – check it out! Another trend we are starting to see is an increase in interest in our market. The Christmas / Holiday season was very busy in Jackson Hole. Most of you may have heard but the Jackson Hole Mountain Resort received over 5 feet of snow between Christmas and New Years. Many visitors filled a day or two of their visit with a real estate agent. Showings increased two-fold and real estate inquiries doubled at Sotheby’s. To turn this market around we need interested parties so this was a good first step. Stay tuned for more information and thanks for reading — please send comments to garth.gillespie@sothebysrealty.com or give us a call at 307-739-8056.

An Exciting Winter for Teton Village – Jackson Hole, Wyoming

It isn’t every day that workers at Jackson Hole Mountain Resort get applause for their work. But then, a new Aerial Tram at isn’t exactly an everyday occurrence.

In late October, spectators gathered at the resort and clapped as crews placed the first of two bright-red Tram cars from Switzerland onto their track cables. Seeing the cars put into place was like watching the curtain lift at the theater, although in this case the performance is to start December 20, when the Aerial Tram will begin carrying skiers and snowboarders up Rendezvous Mountain. For the legions of people who are passionate about this particular ski hill, it will be as though Christmas arrived five days early.

Anyone who has skied at Jackson Hole Mountain Resort any time from the 1960s to more recent years will find the sight of the little red boxes moving along their cable to be a familiar sight. The Tram cars are red, like their iconic predecessor, which shuttled skiers up the mountain for 40 years before being retired. But the new tram will be bigger and faster, whisking 100 passengers at a time to their starting point for their adventures in about nine minutes.

Change is afoot at Teton Village as a whole. The Village has kept hold of its classic attractions, like the Mangy Moose Saloon, while adding new ones like Hotel Terra, a boutique property that’s sleek, upscale and eco-friendly. Some changes at the Village are subtle, like the acoustical upgrades at Walk Festival Hall, home to the Grand Teton Music Festival. Other changes are more dramatic, a case in point being the new Shooting Star™ golf course.

Teton Village has become famous for its resort offerings. But it has become viewed more and more in recent years a great place to live, whether year round or on a part-time basis. The new hotels, for example, offer condo ownership opportunities in addition to options for out-of-towners to stay in style and comfort when they come to Jackson Hole. With the opening of the Four Seasons Resort, Teton Village acquired a “grande dame” hotel as well as a new group of slopeside luxury residences. In addition to Hotel Terra, there’s also Teton Mountain Lodge and others are coming, including the second phase of Hotel Terra.

Another new arrival in Teton Village is the newly completed Timbers, a group of three- and four-bedroom homes in Granite Ridge. Designed by John Carney, they average 3,300 square feet, with vaulted ceilings, gourmet kitchens, stone fireplaces and private Jacuzzi decks. Elsewhere in the village, the condos along McCollister Drive and Rachel Way, though not exactly new, are newly interesting to the real estate market. With upgrades and improvements the units, which like the Timbers, are zoned for short-term rentals, creating an attractive opportunity for investors who would like to generate some revenue from their properties.

As for Shooting Star™, it’s easy at this time of year for Nordic skiers to look out at the snow covered rolling terrain of the Tom Fazio-designed golf course and fantasize about streaking along a freshly groomed track. The golf course will, in fact, be a Nordic ski center, but its big unveiling will be next summer, when the golfers who have been watching the new facility take shape can finally walk out onto those greens and play a few rounds.

Construction is well underway on the Shooting Star™ club house, which will feature spa and fitness facilities, as well as a restaurant. The residential portion of Shooting Star™ includes cabins by architect Paul Bertelli of JLF Associates, featuring reclaimed materials and old world craftsmanship, plus spectacular views of the Tetons and the golf course.

Not everything planned for Teton Village is on such a grand scale, but little things make a difference. The pond behind Crystal Springs Lodge will eventually be replaced by a group of smaller water features and landscaping better suited for functions or for just relaxing. An 812-space, paved parking lot was just approved by the Teton County Board of Commissioners to be built between Granite Loop Road and Highway 390. It’s possible that someday there will be an automated “lift” that will whisk skiers and snowboarders from the lot to the clock tower so they can begin their day on the slopes. There’s no doubt that the opening of the new Arial Tram at Jackson Hole Mountain Resort is the biggest story for winter 2008-09 at Teton Village. But as is always the case with news, some of the other stories are pretty interesting, too. For first timers and veterans, Teton Village is worth exploring this winter.

For more information on Teton Village or Jackson Hole please feel free to email or call the Jackson Hole Experts – Christy and Garth Gillespie.