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Jackson Hole Real Estate Compared to Other Western Resorts?

Report on Destination Resort of the West

Report on Destination Resorts of the West

We have attached an excellent article from the Western Mountain Resort Alliance (WMRA).  The WMRA is an organization composed of Realtor Boards of destination ski resorts in the Mountain West.  Boards include Park City, Utah; Sun Valley and McCall Idaho; Jackson Hole, WY; Crested Butte, Steamboat, Summit County, Vail Colorado; Big Sky, Montana; Whistler, British Columbia and Tahoe California.

The most recent report can be found here: Click this link —-    http://origin.library.constantcontact.com/download/get/file/1107631264353-51/WMRA+Graphs.pdf

The information is really interesting to see.  When comparing Teton, County (Jackson Hole) to the other communities you can see that Teton, County has the highest Average Sale Price by far, the least amount of active listings and the largest decrease in the number of available properties for sale when compared to 2012.  To me, it illustrates some of the benefits and down falls of our real estate market here in Jackson Hole.  The benefits are that our real estate values are going to be strong and will increase significantly as activity increases.  The negatives are going to be our lack of inventory.  When looking at available real estate for sale in areas like Vail it is remarkable to see almost 2,500 active listings compared to Jackson 450.  Wow – I can only imagine what it would be like to have that much inventory.

One more stat that is interesting to point out — Number of Listings per Realtor — Jackson Hole = 1.02.  Vail = 3.65.  Big Sky = 14.2.  Park City = 5.0

For additional information on the differences in real estate markets please contact the Jackson Hole Experts – Christy and Garth Gillespie at Jackson Hole Real Estate Associates – Christie’s International Real Estate307-413-5243 or at gillespieteam@jhrea.com.

3 Reasons to Sell Your Home this Spring in Jackson Hole

This story is from the KCM blog — I believe it is an excellent article for anyone thinking about selling their home this Spring of Summer.

4.8-Visual

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.

1. Demand is about to skyrocket

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.

These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition – For Now

Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.

The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.

Moving up to a new home will be less expensive this spring than later this year or next year.

If you are interested in learning more about the Jackson Hole Real Estate Market please contact Christy and Garth Gillespie, Associates at Jackson Hole Real Estate Associates – Christie’s International Real Estate – Jackson Hole.  We can be reached at 307-413-5243 or email me at garth@jhexperts.com.

The Jackson Hole Community Truck – Christy and Garth Gillespie

IMG_6993Christy and Garth Gillespie recently moved to Jackson Hole Real Estate Associates – Christie’s International Real Estate – and we “moved” the Jackson Hole Community Truck with us!  We know the value our truck brings to the valley so we want to make sure you have the information available to reserve the truck.

If you are not sure what the Jackson Hole Community Truck is….well about 8 years ago Christy and Garth Gillespie thought about a way that we could make a positive impact in our community.  Jackson has so many non-profits and we tried to think of a way that we could support most of them.  We came up with the idea of a Community Truck and to allow all non-profits the use of it for what ever they need.  Moving supplies, setting up for a function, helping a needy family or changing office locations it is available for all.

During the past 8 years the truck has been used at least 100 days of each year to all sorts of individuals and non-profits.  Every year we also ask for supporters/sponsors of the truck and in 2014 we’d like to thank — First Interstate Bank, Jackson Hole Title and Escrow, All American Home Inspections and Albertson’s for their generous support.

To use the truck call the Community Truck Hotline at 307-732-7614, call Garth at 307-413-5243 or email us at gillespieteam@jhrea.com.

February 2014 in Review – The Jackson Hole Real Estate Market

elk in refuge

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 AssociatesChristie’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

A Quick Look at the Jackson Hole Real Estate Market

Sold!  List Price $1,850,000

Sold! List Price $1,850,000

January 2014….where do you go?  We had an excellent January in Jackson as we had great sunshine most of the month and then 2 feet of powder the end the month.  Today it is snowing and we have a Winter Storm Warning thru Monday (sometimes a jinx but the jet stream is positioned to deliver lots of moisture).

The first month of the season saw a pretty stable real estate market.  We had 24 closings with 18 residential unit sales and 8 vacant land parcels selling.  There were 3 sales at $3 million (2 vacant land parcels in Teton Village and a beautiful ranch in Dairy Ranch).  Sales were spread out throughout the valley including Melody Ranch(1), The Aspen’s(2), Town of Jackson (9), north of town (2), south of town (5) and the westbank (2).

Christy and Garth Gillespie had one fantastic closing south of town – Eagle Ranch – listed for $1,850,000.  Christy and Garth have been marketing Eagle Ranch for almost 3 years (never gave up hope, never stopped advertising and always believed we’d find the perfect buyer).  Eagle Ranch was an amazing parcel consisting of 20 acres, a 5,000 sq. ft . home, 1,200 sq. ft. guest house and offered privacy and wonderful wildlife viewing.  The new owners are going to be pleasantly surprised.

Currently the real estate market in Jackson Hole has 50 pending transactions and 453 active listings. 

To find out more about the current real estate market in Jackson Hole please do not hesitate to call us at 307-413-5243.  Christy and Garth Gillespie are some of Jackson’s leading real estate agents and have recently move real estate brokerages from Sotheby’s International Realty to Christie’s International Real Estate – Jackson Hole Real Estate Associates.

Garth and Christy Gillespie – The Jackson Hole Experts move to Christie’s!

Christy and Garth

JHREA Logo

December 5, 2013

 

Jackson Hole Real Estate Associates — Christie’s International Real Estate Proudly Welcomes The Gillespie Real Estate Team

Established professionals and top producers announce alignment with Jackson Hole Real Estate Associates, exclusive affiliate of Christie’s International Real Estate in Wyoming and Idaho 

For Immediate Release — Jackson Hole Real Estate Associates, the exclusive affiliate of Christie’s International Real Estate, announced today that Christy and Garth Gillespie and their team have joined the firm.

 “Jackson Hole Real Estate Associates has positioned our company as the largest and most dynamic real estate firm in the Teton Region.  Christy and Garth offer a track record of 17-years of success in the business and we are proud to have them on board,” said Chad Budge, JHRE Associates Partner.  “Christy and Garth have built a business based on unparalleled integrity and market expertise.  Their affiliation with our organization is a natural fit,” continued Budge.  “The Christie’s affiliation is extended 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.   Christy and Garth epitomize this client-focused approach to real estate and we look forward to great things with them on board,” stated Julie Faupel, JHRE Associates Partner. 

 Both Christy, Garth and their team members are equally enthusiastic about the move. “We are thrilled to align our team with the new market leaders in the valley along with the affiliation to the world’s leading luxury real estate brand; Christie’s International Real Estate.  This partnership offers an incredible opportunity for us to grow our services as professionals and we are looking forward to having an even more competitive edge in our market.   Our successful reputation has been based upon serving our customers and the decision to join Jackson Hole Real Estate Associates is no exception,” said Christy in a recent phone interview.

 

The Gillespie Real Estate Team will maintain offices at Jackson Hole Real Estate Associates flagship downtown location at 80 West Broadway.        

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

 

Jackson Hole Real Estate Associates – Christie’s International Real Estate – Jackson Hole!

Garth and Christy Gillespie move to Christie's International Real Estate Jackson Hole -- Jackson Hole Real Estate Associates

Garth and Christy Gillespie move to Christie’s International Real Estate Jackson Hole — Jackson Hole Real Estate Associates

 

Last week was a very exciting time for Christy and Garth Gillespie as we moved our real estate business to Jackson Hole Real Estate Associates.  Sometimes a little change is good and we feel like moving our business to the largest real estate brokerage in the valley is a great opportunity for us to expand our business.  Local ownership is another exciting development as we know the owners at Jackson Hole Real Estate Associates and know they are committed to providing the best opportunities for all their customers and their employees.  Christy and I have worked closely with many of the agents here at Christie’s Jackson Hole so getting used to our new environment will take no time at all.

 

We have new phone numbers — Garth at 307-732-7611.  Christy at 307-732-7610 and Audrey at 307-7612.  Please call us to say “Hi” or stop by our new office at 80 West Broadway – Directly across the street from the Wort Hotel.

Customer Testimonials for Christy and Garth Gillespie – the Jackson Hole Real Estate Experts

See what our Jackson Hole buyers, sellers and friends are saying about working with us.

http://www.youtube.com/watch?v=sffL3a429CI&feature=youtu.be

To learn more about Christy and Garth Gillespie and the Jackson Hole Experts please call us at 307-413-543 or email us at garth.gillespie@jhsir.com

 

One of Jackson Hole’s Most Active Real Estate Neighborhoods In 2013 — Melody Ranch

Melody Ranch - Jackson Hole

Great property in Melody Ranch. Best price per square foot in the subdivision!

The 2013 Real Estate Market in Jackson has been one marked by vast improvement over past years.  This of course should be expected after a few of our worst years (2009, 2010, 2011).  2013 has been tracking below the “glory years” of (2007, 2006, 2005) but overall we have seen robust sales and sales volume.

One neighborhood that has seen an incredible rebound is the South of Jackson neighborhood – Melody Ranch.  Melody Ranch is a beautiful neighborhood just 4 miles south of Jackson and it is relatively a young subdivision for Jackson standards as it is less than 20 years old.  Newer homes, floor plans and house designs are attractive for many residents in the Jackson Hole area.

Melody Ranch has always seen active sales as it offers an opportunity for new residents, residents moving up in the market and residents looking to change addresses due to the wonderful views and weather Melody offers.  Sales for the past 10 years are as follows:

2004 : 12

2005: 25

2006: 21

2007: 16

2008: 8

2009: 13

2010: 13

2011: 10

2012: 12

2013 is looking much stronger as we have already seen 17 sales and there are 6 pending transactions.  There are currently only 5 active listings.  Wow – What a great time to think about listing in Melody!  We have seen nice appreciation this year and expect that to continue with the lack of inventory.

To learn more about Melody Ranch – Call Christy and Garth Gillespie at 307-413-5243.  We have represented the most buyers and sellers in Melody Ranch for the past 5 years and nobody in the Jackson Hole Real Estate business has even gotten close to our success.  We have proven sales techniques that we are happy to share with you.  We have have the most complete market report for the area.  Email us at garth.gillespie@jhsir.com for a Free Market Update!

Where Is The Jackson Hole Real Estate Inventory Under $1 Million??

Slide131

We have a little bit of a dilemma going on in Jackson Hole.  Supply and demand is becoming a problem for properties priced under $1 million.  There are currently about 133 residential listings (townhomes, condos and single family homes) listed as active in Teton County Wyoming.  Of the 133 listings 59 are single family homes and 74 are condos/townhomes.

During the 3rd Quarter the Jackson Hole real estate market averaged 32 sales of homes, condos and townhomes per month priced under $1 million.  Quick math tells us we have a little more than 4 months of inventory.

Interest rates are still very low and we have not seen a decrease in Buyer’s interest so it is a great time to be thinking of listing.  Christy and I have been very active this summer selling homes.  We have been involved with over 30 transactions with 27 listings SOLD!  If you are thinking of selling your home please do yourself a favor and call Christy and Garth Gillespie, Jackson Hole Sotheby’s International Realty at 307-413-5243.  We have a very professional listing presentation explaining how and why we have had success this year and for over 15 years running.