February 2014 in Review – The Jackson Hole Real Estate Market
February’s market update needs to start with a recap of our crazy weather in Jackson Hole. As most of you have read – February was the wettest on record. We had a ton of snow but the big story was the amount of moisture we received. Temperatures were warm so we had a few episodes of rain in the valley. Weather forecasters call this the Pineapple Express as our storms originate in the Pacific and stream right over the Tetons. The weather pattern continues as even today we are seeing a rain in the valley and snow in the mountains. The ski resort has seen record amounts of tourists/skiers and the town has been very busy in the evenings.
Our real estate market continues to move forward in a fairly uneventful manner. In many ways this is good as we see steady sales and no major swings of activity. The winter months are known for this so I would call the market “normal”. The big story is that inventory is starting to wane. Comparing 2013 to 2014 we have 100 less listings in the Teton Board of Realtors MLS. When comparing February 2013 to 2014 we had 28 fewer new listings hit the market. Christy and I specialize in listing homes in Jackson Hole and our call volume for spring listings is down when compared to last year.
February 2014 saw 20 residential sales and 6 vacant lot sales. The highest priced listing to sell was 2675 W. Stonecrop Road which is located on the “westbank” and was listed for $5,575,000. There were a total of 7 sales over $1 million and 13 sales under $1 million. Sales were spread out throughout the valley with 5 sales on the west bank, 4 sales at Teton Village, 4 sales in the Town of Jackson, 2 sales south of town and 1 sale north of town. When comparing sold data to 2013 the market had equal transactions (27) in 2013 to (26) in 2014. Dollar volume was considerably less in 2014 with List Price Volume of $44 million compared to List Price Volume of $33 million in 2014.
There are 57 pendings in Teton County with a List Volume of $51 million. 36 of the pending transactions are price under $1,000,000. There are 14 pending transactions in the town of Jackson with 12 of those under $500,000 (the condo and townhome market). More breakdowns: 6 pendings in Teton Village, 17 pendings in the south of Jackson market, 4 north of town and 11 pending sales on the “westbank”.
Active Market: a total of 420 total active listings in Teton County. 41 in the town of Jackson with 34 of the 41 units priced under $1 million. 41 units for sale in Teton Village with an additional 37 fractional ownership properties actively marketed.
Christy and Garth Gillespie are actively looking for additional properties to sell. We have a very aggressive marketing plan to go along with our thorough analysis of all properties we list so that we achieve the goal of the seller – a quick sale with the highest possible sales price. 2013 was one of our most successful and if we would have stayed at Sotheby’s International Realty – Jackson Hole through the end of 2013 we would have ranked extremely high in their rankings of successful real estate teams. Call today to find out more about our services or if you would like us to do an analysis of your home or vacant lot in Jackson Hole.
Christy and Garth Gillespie work at Jackson Hole Real Estate Associates – Christie’s International Realty and can be reached at 307-413-5243 or email us at gillespieteam@jhrea.com.
****All statistics gathered by Garth Gillespie from the Teton Board of Realtors MLS
