The 3rd quarter has come to an end just as the snow begins to fall in Jackson Hole, Wyoming. Overall, year to date unit sales in Teton County are up 30% over this time last year – great news, however overall sales volume is down slightly. This means that while more properties are selling, they are selling at lower prices (overall). Yet, both unit sales and sales volume are well above the lows seen in 2009. The average sales price in Teton County, through the 3rd quarter 2011, was $1,120,000, (down 25% from last years $1.4m average price).

Sales by Area – Teton County

South of the Town of Jackson

South of Town, including neighborhoods like Rafter J, Melody Ranch, Singl’ Tree Ranches, 3 Creek Ranch and Game Creek, have seen the most improvement in sales volume.  Overall sales volume is up 78% versus last year and unit sales are up 60%. Single family unit sales in particular have doubled to 37 sales this year, compared to just 18 this time last year. This area also saw the largest increase in the average sales price, up 10.8% from the end of the 3rd quarter last year. This could be supported by the fact that 5 properties have sold in this area for over $2 million this year, compared to only one last year.

Teton Village

The area surrounding Jackson Hole Mountain Resort has been another hot spot this year, where bargain hunters have purchased 50 properties this year compared to only 28 this time last year. However sales volume remained flat, as most of these sales were lower end condominiums sales (many of them bank owned). The average sales price in Teton Village this year is $870,000, down 46% from this time last year. The average days on market for sold properties doubled since last year – the units that sold this year where on the market an average of 606 days (that’s 20 months!). Much of the older inventory is finally selling.

Town

The Town of Jackson experienced an 8% increase in unit sales, but sales volume slipped 23% compared to 3rd quarter last year, which illustrates the high volume of bank sales, short sales and motivated sellers currently in the market. The average sales price in Town this year is $540,000, down 10% from last year. Of the 67 properties that have sold so far this year, the average time on the market was 218 days, very similar to the properties that sold through the 3rd quarter of last year.

Westbank

The area West of the Snake River, including The Aspens, Wilson and several higher end neighborhoods including John Dodge, Tucker Ranch and Stilson Ranches also saw a drop in sales volume (down 23%) with a slight increase in unit sales (up 5.4%). The average sales prices in this area is down 27% to $1.7m. Through the 3rd quarter of 2011, 39 properties have sold on the Westbank and were on the market an average of 275 days (similar to the county average of 295 days on market).

Sales by Property Type:

Residential- Single Family: Single family home sales volume was unchanged from last year, despite a 22% increase in unit sales. The averages sales price for single family homes in Teton County is currently $1,521,300 (down 17% from this time last year).

Condominium sales: Condo sales (which includes tow homes and condo-hotels) saw the largest increase in unit sales (up 46% over last year). Sales volume also increased in this segment of the market; total volume was up 22.4% over last year. The average sales price for this segment of the market dropped to $560,000 from $668,000 last year (16% drop).

Average Prices and over all Sales Volume will continue to fall going forward, so long as inventories remain high, particularly in the condo market. Bank sales and short sales on contributing to falling prices, as they are many times able to come on the market at below-market prices. They also contribute to increased transactions, as many times they are under contract the same day the hit the market, and are sold before many people even realize they are available.

If you are interested in learning more about the 3rd quarter statistics for the Jackson Hole Real Estate Market or would like to learn of any bank owned opportunities, please contact The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty in Jackson Hole, Wyoming.  We can be reached at 307-413-5243 or garth.gillespie@jhsir.com

Over the past year, there have been 6 sales of one bedroom condos and 4 sales of two bedroom condos in the Aspens, located near Teton Pines on the Village Road. Of the one bedroom condo sales, the average sales price was $291,000, which equates to a price per square foot of $341.  These condos were on the market an average of 134 days before they were sold. The sales rate was one sale every 2 months. The most recent sale was a Foxtail condo on July 15th. It was an end unit and was remodeled.

With the exception of one low bank sale of a very small, older two bedroom condo in the Buckwheat building in the Aspens, the average sales price of two bedroom condos over the past year was $477,000. These condos were on the market an average of 418 days, (significantly more than one bedrooms) before they were sold. The sales rate was one sale every 3 months.

The Aspens allows short term renting, so many investors have been focusing on this area as it is within 5 minutes to Jackson Hole Mountain Resort, 10 minutes from Grand Teton National Park, and minutes away from golf, tennis and swimming  at Teton Pines Resort and Country Club.

Inventory is at an all time high, creating opportunities for real estate investors and homebuyers. There are currently 6 active real estate listings for one bedroom condominiums in the Aspens ranging in price from $269,000 – $325,000. The average list price is $310,000. These condos have been on the market for an average of 111 days. There are 7 active real estate listings for two bedroom condominiums in the Aspens starting at $415,000.

Call or email Katie Colbert, Buyer Specialist for The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty for a link to the available condos for sale in The Aspens. 307-739-8078 or Katie.Colbert@jhsir.com

Huntsman Family Affiliate Signs Long-term Franchise Agreement with Sotheby’s International Realty Brand for Luxury Real Estate Operations in Jackson Hole, Wyo., Driggs and Sun Valley, IdahoPARSIPPANY, N.J. and JACKSON HOLE, Wyo. (May 7, 2010) – Sotheby’s International Realty Affiliates LLC today announced the signing of a 20-year franchise agreement with a company wholly owned by the Jon M. Huntsman family for the existing Sotheby’s International Realty luxury residential real estate operations in the Jackson Hole, Wyo., and the Driggs and Sun Valley, Idaho, markets. The Huntsman family has significant real estate investments as well as philanthropic and personal interests in the region. David Huntsman, who oversees all of the family’s real estate interests in Idaho and Wyoming, will direct the Sotheby’s International Realty operations in both regions.

“We are extraordinarily pleased to have the Huntsman family and their distinguished reputation become part of our luxury real estate brand network,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “The Sotheby’s International Realty brand has enjoyed a presence in the greater Jackson Hole area since 1999 and in Sun Valley since 2005. This new long-term relationship with the Huntsman family will ensure that our global brand will continue to have strong market presence in these key Western markets for many years to come.”

As part of the transaction, the Huntsman family affiliate company acquired the existing Sotheby’s International Realty Inc. offices located in Jackson Hole, Driggs and Sun Valley, which were previously owned and managed by NRT LLC, the largest owner and operator of real estate brokerages in the United States. Financial terms of the transaction were not disclosed.

“We have observed and respected the professionals at Sotheby’s International Realty in these markets for many years,” said Jon Huntsman. “We are excited now to have the opportunity to join forces with the best in the industry and look forward to supporting their continued growth and success.”

Under the agreement, these offices will continue to operate as part of the Sotheby’s International Realty brand and will do business under new geographic names. The offices in the Jackson Hole and Driggs region will operate as Jackson Hole Sotheby’s International Realty while the offices in the Sun Valley area will do business as Sun Valley Sotheby’s International Realty. The existing Sotheby’s International Realty regional leaders, staff members and approximately 160 sales associates are all expected to remain with the company.

“We are proud of the growth and success that we achieved in these mountain resort areas over the years,” said Kathryn A. Korte, president and CEO of Sotheby’s International Realty, Inc. “At the same time, we recognized that this was a unique and valuable opportunity for our presence in these markets to be aligned with the Huntsman family. Through their ongoing membership with the Sotheby’s International Realty affiliate network, these offices and sales associates will

maintain their close referral ties with the entire global brand network, which will be to everyone’s benefit.”

The Sotheby’s International Realty network has approximately 500 offices in 38 countries and territories worldwide. Franchise affiliates benefit from an association with the world-renowned Sotheby’s Auction House, established in 1744.

About Sotheby’s International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.