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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

Wow! What is happening to high end real estate in Jackson Hole?

 

March and April of 2012 have started with a bang!  Major “transactions” have been taking place in Jackson Hole these past few months and we are really getting excited about the upcoming summer.  Since March 1st we have had 47 closings with 15 of those over $1 million dollars!  Half of those have been over $2 million and of those there have been 4 transactions over $6 million.

The action is not stopping either.  There are currently 12 under contract over $1 million dollars.  The biggest surprise has to be the vacant land buyers on the high end.  Since April 20th, 7 parcels have either sold or are under contract that were priced over $1 million.  On the high end side 2 parcels closed north of town in the Bar BC Ranch neighborhood that had listing prices of $6.5 and $8.9 million.  2 more properties just went “under contract” in the past week that are priced at $5 and $6.5 million?

Another observation is even though Teton Village and the Jackson Hole Mountain Resort have closed for the ski season properties at the village have really been selling.  A Granite Ridge Lodge, an older Teton Village home and a Four Season Resort property have all sold.  There is one Older Teton Village home under contract and 2 vacant land parcels in the Granite Ridge Subdivision.

This is great news for the Jackson Hole Real Estate Market.  As more information is gathered about these transactions we will post it.  If you need additional information on the Jackson Hole market please feel free to call us at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Jackson Hole Mentioned As One of the Top Ski Towns In the World

 

 

 

 

 

 

 

 

National Geographic just listed their top ski towns in the world and guess who is there — Jackson Hole!  Here is the article:

http://adventure.nationalgeographic.com/adventure/trips/best-ski-towns-photos 

There are some great towns listed but we believe the Best Ski Town is Jackson, Wyoming!

For more information on our wonderful town or real estate market please contact us at 307-413-5243 or email Garth and Christy at garth.gillespie@jhsir.com.

Are you ready for winter in Jackson Hole?

The beautiful oranges and yellows of fall are alive in Jackson Hole. The sun is shining, temperatures have cooled off and the tourists have left after a busy summer season. Don’t be fooled! Winter is just around the corner and weather experts are expecting another big winter, much to the delight of local skiers, tourists and the folks at Jackson Hole Mountain Resort. While it won’t be an easy task to top last year’s record breaking snow fall of over 700″ (locals are still talking about their epic ski runs from last winter), Jackson Hole Mountain Resort is ready another “La-Nina” snow year.

During these times of economic uncertainty, while many ski resorts are tightening their budgets, Jackson Hole Mountain Resort continues to show its commitment to improving and enhancing the skier experience. Construction is nearly complete on the new Marmot chairlift, which will provide access from the bottom of the Thunder chairlift up to the top of the Gondola and the Coulier Restaurant. JHMR will also increase their snow making capacity and will have an additional cat for more grooming.

Getting to Jackson Hole this winter will be even easy with direct flights from Atlanta, Salt Lake City, Denver, Chicago, L.A. and Dallas. A new flight from Newark takes off this season as well. From the airplane window, visitors can get their first glance of the 4,200 feet of vertical available for skiing, along with the famous Grand Teton mountain range. There are several winter lodging / skiing packages available. Click HERE for more information.

Jackson Hole Sotheby’s International Realty has several Teton Village property opportunities from condos to condohotels to single family homes. The Gillespie Real Estate Team can help you find the perfect ski vacation home. Contact us at 307-413-5243 or garth.gillespie@jhsir.com

Jackson Hole Real Estate Market Update: Statistics through June 2011

The first half of the year, the Jackson Hole real estate market experienced a slight improvement in sales dollar volume, but saw a significant increase in unit sales, suggesting that more transactions are happening in Teton County, but at lower sales prices.

Through June 2011, closed real estate transations in the Jackson Hole area were up 28% compared with the same period in 2010, while dollar volume sales rose improved only slightly. However, both unit sales and dollar volume were well above the lows of the real estate market in 2009 – unit sales up 96% and sales volume up 114%. Click here to view graph

June has proven to be the best month in 2011 for real estate sales dollar volume. In the month of June in Teton County, there were 29 transactions totaling $36.5 million. Compare this to the previous month of May (typically a slow month in real estate out here), where sales volumn totaled only $12 million.  Click here for a graph

Real Estate Sales by Area:

North of Town has seen the largest improvement in sales volume, with a 48% increase over the first half of 2010. North of the Town of Jackson includes neighborhoods such as Owl Creek, Solitude, Bar-B-Bar Meadows, Jackson Hole Golf & Tennis and Moulton Ranches. There were 23 sales totaling $46 million through June 2011.  South of Jackson Hole also experienced an increase in sales volume with sales totaling $21 million, a 28% increase over the first half of 2010. Teton Village experienced the largest increase in real estate transactions, with a whopping 81% increase over 2010. There were 38 sales in the first half of 2011, with many of the sales happening in the condo and condo-hotel market in Teton Village. Many investors took advantage of low prices on bank owned and foreclosed condos, in order to have a place located walking distance to Jackson Hole Mountain Resort.

For more information contact The Gillespie Real Estate Team at 307-739-8056 or garth.gillespie@jhsir.com.

Real Estate Sales in February 2011 – Most Activity in Teton Village and Wilson

February 2011 was a very active month in real estate sales in Jackson Hole, Wyoming. Overall, this month we saw 16 real estate sales in the Jackson Hole area, with most sales concentrated in Teton Village and Wilson, WY. Total real estate sales volume for the month topped $27 million, with an average sale price of just over $2 million. On average properties were selling at 85% of thier latest listing price and, on average, were on the market for 245 days prior to selling.

It appears the record snowfall at Jackson Hole Mountain Resort, encouraged many buyers to purchase condos, condohotels and homes in Teton Village this winter. Of the 16 total real estate sales in the area, 1/2 of them were near the ski resort. These sales covered a wide range of properties and price points  – a 2 week fractional sold at the Teton Club, a 1 bedroom condohotel at Snake River Lodge and Spa and a 3 bedroom condohotel at Teton Mountain Lodge sold this February. There were also 2 sales of condominiums in the Nez Perce condo and the Teewinot building. These condos are a short walk or shuttle ride from the Aerial Tram at Jackson Hole Mountain Resort.   A 2 bedroom unit at the Four Seasonsand a 3 bedroom unit at Crystal Springs also sold, both with ski-in, ski-out access. A large home in Lake Creek Ranch and the end of Granite Creek Road across from Teton Village sold in early February.

 Four Seasons Resort Jackson Hole > Exterior of hotel.                            

Wilson also saw several sales this past month including a home in Stilson Ranch, a home in Crescent H Ranch and large home with a horse stable in Wilson. There were twp sales in Town – a 2 bedroom Ponderosa condo that was listed at $99,900 and a Love Ridge Condo at the base of Snow King Resort. The largest sale of the month was a 10,000 square foot, 5 bedroom home in Spring Creek Ranch that was listed at $9,500,000.

The Gillespie Real Estate Team of Jackson Hole Sotheby’s International Realty is always tracking the real estate market in Jackson Hole. We’d be happy to share our market knowledge, insight and experience – just give us a call at 307-739-8078.

Teton Village Real Estate: Off to a great start in 2011

In 2011, we have seen an increase in real estate activity in Teton Village.  In the past 20 days, there have been two closed sales in Teton Village. Both real estate sales were condos located at the base of Jackson Hole Mountain Resort. A 2 bedroom, 2 bath, bank owned, condo sold in mid January. The other sale happened this past weekend – a 3 bedroom, 2 bath penthouse condo in the Nez Perce Condominium Building.

                                  

 Additionally, there are currently 15 properties under contract in Teton Village. Seven of those were put under contract in the new year!  They include a wide range of property types. Four of the sales are condominiums within walking distance to the Jackson Hole ski resort. There is one unit under contract in the Snake River Lodge & Spa and a 2 bedroom unit in the Four Seasons – both ski-in, ski-out properties. There is also a 3 bedroom Timbers at Granite Ridge currently under contract.

While the above properties are spoken for, there are still many real estate opportunities in Teton Village. In fact, there are 85 properties for sale in a wide range of price ranges – a condo hotel for $299,000,  a 2-bedroom condominium for $445,000, a 4 bedroom vacation home for $3 million and a Four Seasons Penthouse Residence for $6 million.

The Gillespie Real Estate Team can easily guide you through these real estate opportunities and help you to find the perfect winter getaway in Jackson Hole. Call us today at 307-739-8078 for a list of all available properties in Teton Village.

Jackson Hole Mountain Resort tops 300″ of snow

While it may feel like winter has just begun, Jackson Hole Mountain Resort has already received over 24 feet of snow this season. Teton Village has received more snowfall than any other ski resort in North America.

With a record amount of early season snow fall, Jackson Hole Mountain Resort was able to open 100% of the mountain, including the Aerial Tram, on opening day in late November. Since opening day, we have continued to receive consistent snow which has contributed to a strong and stable snow pack.

Word has gotten out, as Teton Village has seen high occupancy levels at all the base area hotels – including the Four Seasons, Teton Mountain Lodge, Hotel Terra and the Teton Club. Jackson Hole Real Estate activity has also increased at the base of the mountain. There are currently 19 properties under contract in Teton Village. These pending sales include ski-in, ski-out condominiums, condo hotel investments, fractional time shares and large single family homes located underneath the Aerial Tram at Jackson Hole. We are well on track to out pace last winter’s 32 closed sales in Teton Village.

If you would like to learn more about current real estate opportunities in Teton Village contact the Gillespie Real Estate Team – the Jackson Hole Experts by visiting www.jhexperts.com or calling 307-413-5243.

Teton County Wyoming December 2010 Real Estate Update

Working at Jackson Hole Sotheby’s International Realty has so many benefits…To name a few – We have the strongest real estate professionals in the Jackson Hole Valley.  Year after year we post an incredible market share usually averaging over 60% of the buyers in the market.  That is staggering when you compare it to like markets.  Technology is another – www.jhsir.com is one of the best Real Estate websites out in the cyber world.  Sales office locations is another huge benefit – especially for sellers as JH Sotheby’s has working real estate professionals located in the Town of Jackson, Teton Village, the Aspens and all the major resort hotels at the Jackson Hole Mountain Resort – including the Four Seasons, Terra and Teton Mountain Lodge.  Finally but not the last benefit is out “stats man” – Leonard Klieman.  Every month Leonard looks over the data and provides all of us up to date market statistics.  Today I’ll share the latest December 2010 information.

During the end of 2010 we have started to see an increase in activity with properties listed over $2 million.  This continued in December 2010.  In Dec. 2010 we had 6 sales over $1 million with an average sales price of $3.7 million compared to 10 sales over $1 million in 2009 but had an average sales price of $1.9 million.  Overall we had 20 transactions during the month.  Unfortunately that is not a great number and was the lowest number of transaction since July 2010.  Unoffical numbers indicated that Teton County, Wyoming had 241 transactions in 2010 with a volume of $359 million.  That is the second lowest sales volume and transaction datat recorded in the past 8 years – only beating 2009. 

Comparing Year to Date December units and volume – 39% more transaction and 78% more volume when compared to 2009.  Sales volume is 3% below that of 2003 and 52% below the peak of 2007.  The increase in activity in the higher end is evident in the residential average sales price increasing 53% when compared to 2009.

Hopefully that was helpful.  For additional real estate information please feel free to contact Christy and Garth Gillespie – the Jackson Hole Experts.  We pride ourselves with working hard for buyers and sellers and having a secure grip on the market.  Feel free to visit our website – www.jacksonholeexperts.com or feel free to give us a call at 307-413-5243.

Teton Village, Wyoming Real Estate Market Update December 2010

The winter season is upon us and we wanted to give you an update on the Teton Village real estate market. We are hearing the questions…Is the market getting stronger? What are you seeing with the market? Is it going to be a strong winter season for sales? Christy and I have been in the real estate business for 15 years so we know how hard it is to predict the future but we will tell you that we have a sense that the market is strengthening. When we say strengthening we mean that there is an indication that interest has increased and some sales have taken place but we don not necessarily mean that prices have bottomed out let alone start to increase.

There are currently 100 active listings in the Teton Board of Realtors Multiple Listing Service. This does not include fractional ownership opportunities like the Teton Club or The Four Seasons. The active listings range from a 1 bedroom, 1 bathroom condo priced at $259,000 all the way up to a fabulous ski home retreat priced at $29,500,000. A third of the inventory is priced under $1 million, a third between $1 and $2 million and a third $2 million and over.

In the past year – data since January 1, 2010 – there have been 31 disclosed sales with an average sales price of $1.675 million. The closed data almost mirrors the active market in the sense of percentages. Some interesting sales – A Tram Tower Townhome located below the Tram was listed at $1.9 in 2007 and just closed for $915,000! A Granite Ridge Timbers unit listed for $2.7 in 2009 just sold for $1.9 and another Timbers unit listed for $3,750,000 in 2008 just closed for $1.9 million. On the lower end a condo in the Gros Ventre complex just sold (as a bank sale) for $239,000. This condo was 2 bedrooms, 1 bathroom and 800 square feet in size. A like unit sold in 2006 for $435,000. Not all the transactions are this extreme but this illustrates how value was created for a buyer in a difficult market.

As we reported in the last entry – Jackson Hole Mountain Resort is in the best shape it has almost ever been in this early in the season. The lower part of the mountain – including the Hobacks – are skiing as well as they do in February. Bookings at the Four Seasons resort are looking strong for the season so 2001 is looking to start off on the right foot.

If you would like additional information about the real estate market in Jackson Hole — pick up the phone and give us a call – 877-739-8056. We are excited to answer any questions you may have. You are also welcome to visit us at www.jacksonholeexperts.com.