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Jackson Hole Real Estate – April 2014 Update

Excellent choice for East Jackson living!

Excellent choice for East Jackson living!

If you are looking for trends in our current real estate market I would say the strongest trend is lack of inventory. And in direct correlation with lack of inventory we have less sales and higher prices. Comparing April 2013 to April 2014: we had 31 residential sales in 2014 verse 42 sales in 2013. Sales volume was about identical at about $27 million which results in a 30% increase in average sales price. The inventory numbers for lower price properties continues to shrink and is also represented when comparing sales for the two Aprils – April 2013 had 31 sales under $1 million where 2014 only saw 22 sales under $1 million.
Vacant land in Jackson Hole continues its resurgence as we had 7 sales in 2014. 4 properties south of Town in the more “local” locations of Little Horse Thief and Game Creek sold last month.
Pending sales have been averaging about 55 sales every month and that number did not change in April as we have 58 pending sales. The friendly competition between Sotheby’s International Realty and Jackson Hole Real Estate Associates is a dog fight and a tie in the number of transactions pending.
Active Market – there are 412 active listings. 119 residential units priced under $1 million, 54 properties priced between $1 and $2 million, 50 properties between $2 and $4 million and 22 properties priced over $ million. There are 70 vacant lots priced under $1 million.

For additional statistics or to discuss the current Real Estate Market in Jackson Hole please contact the Jackson Hole Experts – Christy and Garth Gillespie at 307-413-5243 or email us at garthgillespie@jhrea.com.

Vacation Home Property Sales Surge

Solitude - Jackson Hole, Wyoming

Another great post from our friends at KCM Blog…..

The American desire to own a second home as a vacation home is alive and well!

The National Association of Realtors analysis of U.S. Census Bureau data shows there are approximately 8 million vacation homes in the U.S. Their 2014 Investment and Vacation Home Buyers Survey shows vacation home sales improved substantially in 2013.

NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:

“Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.”

Here are the key findings from the report:

Raw Numbers

  • Vacation-Home sales rose 29.7 percent to 717,000 from 553,000 in 2012
  • Sales accounted for 13% of all transactions last year, up from 11% in 2012
  • The median price was $168,700, compared with $150,000 in 2012, reflecting a greater number of more expensive recreational property sales in 2013
  • 42% of vacation homes purchased in 2013 were distressed homes (in foreclosure or short sale)

Buyer Profile

  • The typical vacation-home buyer was 43 years old
  • The median household income was $85,600
  • Buyers plan to own their recreational property for a median of 6 years
  • 33% said they were likely to purchase another vacation home within two years
  • 82% of all second-home buyers said it was a good time to buy (compared with 67% of primary residence buyers)

Reasons for Purchasing

Lifestyle factors remain the primary motivation for vacation-home buyers:

  • 87% want to use the property for vacations or as a family retreat
  • 31% plan to use it as a primary residence in the future
  • 28% wanted to diversify their investments or saw a good investment opportunity
  • 23% plan to rent to others

Location

  • 41% of vacation homes purchased last year were in the South
  • 28% in the West
  • 18% in the Northeast
  • 14% in the Midwest

The vacation homebuyer purchased a property that was a median distance of 180 miles from their primary residence (down from 435 in 2012)

  • 46% were within 100 miles
  • 34% were more than 500 miles

Financing

  • 38% of vacation-home buyers paid cash in 2013
  • The median down payment was 30%, up from 27% in 2012

To find out more about the Jackson Hole Vacation Home market call Christy and Garth Gillespie – the Jackson Hole Experts – Jackson Hole Real Estate Associates at 307-413-5243 or email us at garth@jhexperts.com.

Jackson Hole Real Estate Market Update for March 2014 – Sold Results

market trend march 2014

Yesterday Jackson Hole Mountain Resort closed for the 2014 winter ski season.  As most of you know, we had incredible snow conditions and we ended with 494 inches of total snowfall (41 feet) and our last recorded base was 140 inches.  Jackson Hole Mountain Resort was rated #1 ski resort in the county this year and you could tell that we had many visitors come to see for themselves why we were ranked #1.  All winter we had strong tourist interest and as a local we saw some of our largest lift lines ever.  Of course it helped that we had the best ski conditions in the county too.

Did the extra tourist visitation result in stronger real estate activity?  Not really….but we did see a continuation of a very healthy market.  March 2014 was on average with our 2013 results.  We had slightly lower total sales volume but had just about the same number of transactions (36 in 2014 vs. 38 in 2013).    One of the biggest differences between the two years is that we had 8 vacant land transactions vs. only 2 in 2013.  Another huge difference was “Days on Market”.  In 2014 days on market averaged 187 days vs. 356 days in 203.  That is a great improvement!

The Town of Jackson saw the most activity with 9 sales, next was Teton Village with 5 and the rest of the locations in the valley (Wilson, North, South) all averaged 3 sales during the month.  The highest sale recorded was a beautiful estate located in Teton Village which was listed at $12.5 million.  There were 10 sales that were listed for over $1 million.

The friendly competition between Jackson Hole Sotheby’s and Jackson Hole Real Estate Associates resulted in very similar results.  There were a total of 40 sales in March 2014 including timeshare product.  This means there are 80 transaction “sides”.  Sotheby’s recorded 33 sides and JHREA recorded 31 sides.  This means 80% of the market involved Jackson Hole Real Estate Associates or Jackson Hole Sotheby’s!

The Jackson Hole Experts – Christy and Garth Gillespie had a great month of March with 7 transaction sides representing almost 9% of the market.  Our sales volume was $5,775,000 in March.  Thank you Jackson Hole!

If you would like additional information on the current real estate market in Jackson Hole please do not hesitate to call us at Christy and Garth Gillespie 307-413-5243

***All statistics above were gathered from the Teton Board of Realtors Multiple Listing Service

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

 

Real Estate Sales Totals Through the 3rd Quarter for Teton County, Wyoming — Market Update

One of our best charts.  Cumulative Sales Totals with sales volume and the number of properties sold.

One of our best charts. Cumulative Sales Totals with sales volume and the number of properties sold.

(Click the chart to enlarge)

Working at Sotheby’s in Jackson Hole has many advantages, one of which is that we receive quarterly reports from our master accountant Leonard Kleiman.  The quarterly reports breakdown the market into many segments and help educate the Gillespie Real Estate Team on the current Real Estate Market in Jackson Hole.  On this post we see the Cumulative Sales Totals through the 3rd quarter and can compare the totals to the past 10 years.  We can see from the chart that 2013 is by far our best year since the recession.

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

 

5 Reasons To Hire Christy and Garth Gillespie – Jackson Hole Real Estate Agents

Christy and I are proud to work with many different buyers and sellers in the Jackson Hole real estate market each and every year.  We work extremely hard is taking care of our customers in all of the aspects of a real estate transactions.  We sat down the other day and discussed what we do and why we believe Buyers and Sellers call us.  It was an extremely interesting team meeting and we came up with many reasons but we kept coming back to these 5 reasons:

1.  We help with all the disclosures and paperwork necessary in today’s heavily regulated environment.  Of course we don’t do all of these ourselves but we do have a large team of individuals and businesses that assist in this.  Buying and Selling real estate involves a lot of paperwork!  Our team consists of three of us — Christy, Garth and Audrey Williams.  Audrey Williams is a licensed agent that works as our Client Coordinator.

2. We are well educated in and experienced with the entire sales process.  There are not many real estate agents or teams in Jackson Hole that complete the amount of transactions the Gillespie Real Estate Team does year after year.  In 2013 we have already completed 33 transactions – that’s 1 transaction every week!  We have seen the difficulties in financing in the current banking environment, we have seen prices jump in the beginning of 2013 which have now settled down, we have seen inventory shrink and sellers raise their listing prices…we have basically seen the market evolve in the past year and know how to handle the current environment.

3. We act as a “buffer” in negotiations with all parties throughout the entire transactions.  We enter every transaction trying to make it as easy as possible for all parties involved.

4.  We understand today’s real estate values when setting the price on a listing or on an offer to purchase.  Emotions can run high when people are negotiating.  We try to explain the statistics, the trends and make sense out of the whole process.  Some neighborhoods are easier than others but we sit down with each Buyer or Seller and lay out reasons for Listing Prices or where current values are headed.

5.  We simply and effectively explain today’s real estate headlines and decipher what they mean.  There are so many mixed signals in the press today.  Values going up, inventories shrinking, interest rates rising, markets cooling off…..what does all this mean.  We are here to explain.

To learn more about Christy and Garth Gillespie – the Jackson Hole Real Estate Experts – Call us at 307-413-5243.

 

River Front Property in Jackson Hole – 4375 Shidner Lane, Jackson, WY 83001

 

 “A River Runs Through It” and a special one at that – The Hoback River.  The Hoback River was recently granted Wild and Scenic River status in 2009 and is one of the more beautiful area in the greater Teton County area.

Christy and I are honored to have been selected to market and sell this wonderful property.  The property itself is an incredible parcel of 11 acres and has an absolutely gorgeous 6,000- sq. ft. custom log home.  

The stone fireplace soars in the greatroom with cathedral ceilings looking towards the river mountains to the south.  The main level has a beautiful gourmet kitchen, executive office and dining room all centered around the great-room.  The main level also boasts the large master suite.  The upper level of the home has 2 spacious guestrooms and a full bathroom.  In the lower level we have a wonderful game room and 3 full bedrooms.

The 11 acres are perfect for a horse set up as 8 of the acres are a lush meadow.  The property comes with Wyoming Water Rights allowing for extensive irrigation.

It is hard to explain what an amazing opportunity this is for a potential buyer to have this type of property available.  The access to hunting and excellent fly fishing is almost impossible to duplicate in the Jackson Hole area.  The fly fishing alone allows for an angler to have almost 3 full miles of rarely fished cutthroat fishing.  Deep pools, rifles and runs provide variety and challenges for all types of fishermen.  There is excellent opportunities for floating the river in kayaks or a raft.  The National Forest is in view from every window.

The home is offered below replacement cost at $1,780,000.  Call the Gillespie Real Estate Team at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Jackson Hole Home Prices Ready to Rebound?

This is a great cover from one of the more trusted investment institutions – Barron’s.  The article explains how there is a belief that housing prices will remain rather flat for the year but by the beginning of 2013 we should start to see some appreciation in the housing market. 

What’s important here is that there is a general feeling that appreciation is going to start soon.  If you are on the fence about getting back into the housing market there are a lot of signs and people saying now is a good time to jump in.  Last week home mortgages hit another low but we should not expect rates to stay low like this ever.  If the economy and job market continues to improve we can hedge a bet that loan rates will slowly rise again.

To learn more about the real estate market and especially the Jackson Hole real estate market please call us, Christy and Garth Gillespie @ 307-413-5243 or send us an email at garth.gillespie@jhsir.com.