Tag Archive for: Jackson Hole Experts – Garth and Christy Gillespie

Jackson Hole Report Back In Action – 2009 To Date Market Report

After a two week hiatus I am back bringing you updated information on the Jackson Hole Real Estate Market. Christy and I have seen a continued “look and wait” attitude in the market. We currently have over 20 listings in all price ranges so we have a pretty good pulse on the market. Also here at Sotheby’s International Realty – Jackson Hole Brokerage – we have the agents that do the most business so we have access to any behind the scenes activity that may not show up in the Teton County MLS system.

The statistics for the first 2 quarters of 2009 are bleak at best. Transaction data is the lowest we have seen in recent history with just 57 closings for a sales volume total of $80 million. The data will probably not get much better as units sold in June were down 53% from last year meaning that the market is not exactly picking up speed. Unit volumes are down a dramatic 84% from their peak in 2005 and 2009 sales volume is down 79% from the peak in 2007.

Active Residential and Building Sites in Jackson Hole and Teton County continue to build. Currently there are 815 active listings on the market. This is a new high in recent history. Active inventory is 40% higher than last year and 105% higher than in 2007! In segments of price range there are 660 listings of properties listed under $3 million and 160 listings over $3 million. Over $3 million inventory has jumped 31% when compared to 2008 and 2007.

In Summary —
Under $1.5 million: *77% of units sold in 2009 vs. 67% in 2008. *Units sold declined 58%. *Sales volume is down 63%. *Average sales prices are down 12%. *Listing inventory is up 49%.

Over $1.5 million: *23% of units sold in 2009 vr. 33% in 2008. *Unit sales are down 73%. *Average sales price is up 16% (due to few sales). *Active listings are up 31%.

Come back soon as we will be posting a lot of current information in the next few days. If you would like additional information on the Jackson Hole Real Estate Market please feel free to contact the Jackson Hole Experts – Garth and Christy Gillespie – associates at Sotheby’s International Realty. We can be reached toll free at 877-739-8056 or email me at garth.gillespie@sothebyshomes.com.

Weekly Jackson Hole Mortgage Update

In today’s post we though we would update you on what’s happening on a national level with the banking industry. We have been hearing from almost all media outlets that there is still a lending issue with the banks. As a matter of fact two nights ago Donald Trump was on Larry King Show and he said multiple times that banks are not lending. His suggestion to the viewers were to get owner finacing. In a future post I’ll highlight owner fiancing – how it works, when it works and who is offering owner financing in Jackson Hole.

When reading through the Federal Reserve Survey of Lenders, Winter 2009 statement it was found that 58% of lenders have upped the credit standards for consumer loans in just the past three months. That said, consumers with good credit can still borrow- Car loans is a good indicator: in October of 2008 less than 80% of consumers with good credit were qualifing for car loans. Today that has increased to over 85%. How about home loans? According to the Mortgage Bankers Association, March 2009 there was $138 billion in home loans for purchases in the first quarter of 2009 but it is estimated that about $250 billion will be loaned during the second quarter!

In local Jackson Hole mortgage news we like to ask the “mortgage expert” T.R. Pierce at the Bank of Jackson Hole. Below is the banks current rates and report:

Conforming interest rates are unchanged again this morning after Citigroup surprised Wall Street by delivering its first profit statement in more than a year. The company reported net income of $1.6 billion for the first quarter… up from a loss of $5.1 billion a year ago! General Electric also posted a first quarter profit of $2.9 billion. With businesses ranging from manufacturing to finance to media, GE is seen by many as a proxy for the broad U. S. economy and their profitability is a strong indication that the economy may be recovering!

Residential Mortgage Rates for April 17, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

(Loans to $417,000)
(Loans over 417,000)

30 Year Fixed

15 Year Fixed

10/1 ARM

7/1 ARM

5/1 ARM

3/1 ARM

30 YEAR FIXED RATE FHA LOANS TO $693,750: 4.875%
PRIME RATE: 3.250%

If you would like additional information on the Jackson Hole Real Estate market please contact us – the Jackson Hole Experts – Garth and Christy Gillespie. Feel free to call us toll free at 877-739-8056.