Tag Archive for: Jackson Hole real estate market

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!

Melody Ranch – Jackson Hole Neighborhood Description

Beautiful home in Melody Ranch - recently sold by the Gillespie Team

Beautiful home in Melody Ranch

Melody Ranch, just four miles south of the Town of Jackson, is a place of wide-open spaces, remarkable views and a strong sense of community. While residents appreciate the development for its close proximity to town and its natural beauty, they also love the fact that it feels like a true neighborhood, a place where people have chosen to make as their year-round home in Jackson Hole.

Melody Ranch has deep roots in Jackson Hole history. In 1888, the area was settled as Cheney, one of the first townships in the valley. In the 20th century, an out-of-towner named Paul von Gontard visited the area as a boy and was so bowled over by the soaring mountains and grassy meadows that he later returned to establish a cattle ranch on the land. The main lodge and outbuildings from those days still stand, and their historic character is complemented by the design of today’s Melody Ranch homes, which are in the Western mountain and ranch styles, in natural earth tones.

As a planned residential community, Melody Ranch retains all the openness and close-to-nature attributes of its ranching heritage. Development started in 1995 in accordance with a master plan that emphasizes preserving open spaces. Today, in fact, open spaces make up 70 percent of the community. As Melody Ranch Development states, “Our philosophical approach is that maintaining these views and landscapes will enhance and protect what we value so highly – the freedom to live in, and appreciate, the wide open spaces of the hard-won West.” Flat Creek, the water source for the hay meadows of Melody Ranch, still meanders through the development, and thanks to careful planning, the Teton and Snake River mountain views that made such an impression on young Von Gontard more than 50 years ago can still be enjoyed in full. Cottonwoods, spruce and aspen dot the landscape and add a sense of privacy. Melody Ranch “has incorporated time-honored concepts of historic ranch development into its master plan, to preserve the open character of horse and cattle pastures and hay meadows while allowing native and natural vegetation to protect and shade its buildings,” the developer says.

The development features manmade improvements that give residents a backyard playground. There are bike trails, trout fishing ponds, playgrounds and playing fields that make the development ideal for families with children. Schools, grocery stores, shops, restaurants and all the other amenities of town are within easy reach, as are Grand Teton National Park and Jackson Hole Mountain Resort. But at Melody Ranch, staying home is just as an attractive option as getting out to other parts of the valley. Great views are just the beginning.

To learn more about Melody Ranch please contact us – The Jackson Hole Experts – Christy and Garth Gillespie – at 307-413-5243 and email at garth.gillespie@jhsir.com.


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


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.

September Jackson Hole Real Estate Sales

Jackson Hole in September

Fall Aspen Leaves

September Jackson Hole Real Estate Sales Update:

September….a favorite month in Jackson for many as the nights cool off, the leaves change to a beautiful orange and yellow and the elk begin to bugle.  It is normally a strong Real Estate month too.  How was the Jackson Hole Real Estate market in September of 2013?

Healthy but not robust would be how we categorize our current market.  September 2013 had 47 residential and land transactions with a sales volume close to $31,500,000.  The transaction numbers are 28% higher than 2012 September numbers but our volume is off by about 44%.  A closer look at the numbers:  47 sales with 39 residential sales verse 8 land transactions.  28 of the residential sales took place under $1 million.  The highest sale was $4.8 million which was a large estate home at Spring Creek Ranch.  The Town of Jackson dominated the action with 19 sales, 7 sales South of Town and 4 sales in Teton Village.  The 8 land transactions were spread throughout and the highest sale was $1,150,000 for a 4 acre lot north of town at Upper Cascade subdivision.

The September numbers look a little down but the market has quite a few pending transactions.  Currently there are 91 pending transactions with a transaction that was priced at $32,500,000, one listed for $25 million and another listed for $15 million!  Total listed volume is almost $200,000,000!  2/3rds of the pending transactions are priced under $1,000,000.

If you are interested in learning more about the Jackson Hole Real Estate Market please do not hesitate to call the Jackson Hole Experts at 307-413-5243 or send an email to garth.gillespie@jhsir.com.  To learn more about coming to Jackson for the Fall or Winter check out the Jackson Hole Chamber of Commerce website.

Jackson Hole Luxury Homeowners –

Exterior - northside_revToday’s luxury homeowners and buyers are savvier and more confident than ever according to a study by Better Homes and Gardens Real Estate.  Christy and I found the information very interesting and it seems to support what we are seeing in the Jackson Hole Real Estate market today.  In 2012 we had a total of 49 transactions over $3,000,000 and as of today we already have 35 transactions with some of our strongest closing months ahead.

The national survey of over 500 luxury home buyers had many interesting findings:

  • 75 percent of the luxury home buyers believe home ownership is a more sound investment than the stock market and 57 percent of employed luxury homeowners believe home ownership is a bigger indicator of success than their job or title.
  • A majority of luxury homeowners surveyed (53%) prefer owning multiple “lifestyle” homes to support activities like skiing and golf.
  • 58% of luxury home buyers already own multiple homes to support their lifestyle activities.
  • 60% of luxury buyers surveyed would rather have as many upgrades as they can afford verse larger square footage.
  • Nearly all (94%) of luxury home buyers would be willing to give up 1,000 square feet of living space from their next home in order to get a lifestyle amenity they desire, such as — Living in a better neighborhood (54%), living in a house that has “character” (51%), more land (44%), access to dining and entertainment (39%).
  • (66%) would rather have a “smart” home verse a “green”” home.
  • (87%) would not consider living in a home that is not tech-friendly.
  • Three of the top 5 luxury home essentials are outdoor orientated:  A garden oasis (53%), outdoor fire pit and or fireplace (50%) and a separate guest house outside of the main home (47%).

Those are some very insightful results.  If you are thinking of buying a luxury home or are in the process of remodeling or building one in Jackson Hole these results should be considered.

If you have any interest in learning more about Jackson Hole’s luxury real estate market please feel free to email us at  garth.gillespie@jhsir.com or drop us a phone call at 307-413-5243.


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.


August 2013 Jackson Hole Real Estate Market Review

After a hiatus Christy and Garth Gillespie are back to blogging.  The Jackson Hole real estate market has been very busy so far for 2013.  We have been exceptionally busy and are having one of the best years that we can remember ever having.  Why?  We pride ourselves in pricing properties correctly and educating our Sellers and Buyers as to what is “current market”.  We have seen 4-5 years of depreciating sales and prices so now that we have better sales and prices are increasing it takes time to understand the market.  Unfortunately many sellers and agents working with sellers have over priced their properties because they saw the market heat up.  Buyers are out there but they are not stupid and are not willing to over pay for properties now that the market has done better these past 6 months.  There has been a nice increase in property prices of anywhere between 10-20%.

August was a good month with 50 sales market wide.  Over half the sales were for single family homes spread out around the valley.  Town had the most sales with 13 but also the lowest average sales price so most of these sales were either condos/townhomes or entry level homes.  North of Town also saw nice traffic as we had 7 sales.  Teton Village, 6 sales, has invested a lot of money in its infrastructure in the past 4-5 years and it is starting to see the benefits as occupancy has been at very high levels all summer.  Melody Ranch had a good August with 4 sales including the first reported million dollar sale of the year at $1.1 million (Listed by Garth and Christy Gillespie).

The highest sale recorded in August was $19,250,000 million for a home/estate located at Teton Village. Notably both sides of the transaction were represented by Jackson Hole Sotheby’s International Realty.  The Auction was put on by Concierge Auctions.

Total Sales Volume for August was just about $70 million.  Average Sales Price verse List Price was 95%.  Median sales price was $770,000 and the average sales price was $1,334,000.

If you have any questions or comments about this report please feel free to email Garth at garth.gillespie@jhsir.com or to call at 307-413-5243.

Jackson Hole Real Estate Market Update April 2012

Jackson Hole Real Estate Market update for April 2012.  We are selling a property just about everyday!  Last month the Jackson Hole real estate market had 26 closings for the month which included 21 residential properties and 5 vacant land parcels.  The 5 land deals were a welcome sight as we seem to have seen an increase of activity in this market segment.

The median residential sale price was close to $800,000 and the average listing price was $1,300,000.  The highest sale was not recorded but was listed for $7,995,000.  We saw a resurgence of “non-reported” sales as we saw 6 out of the 26 closed transactions (23%) report a $0 sales price.

Sales were scattered throughout the valley with 8 sales taking place in Wilson or Teton Village, 6 sales taking place “north of town” and 8 sales taking place in the Town of Jackson.  Average days on market were 261.  10 sales took place over $1 million.

Activity continues to hold pace as we have 61 pending transactions – 5 of which are vacant land.

For additional information on the Jackson Hole/Teton County Wyoming Real Estate Market please feel free to contact the Jackson Hole Experts – Garth and Christy Gillespie at 307-413-5243 or by email at garth.gillespie@jhsir.com.

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.

Investment and Vacation Homes in Jackson Hole, Wyoming

Jackson Hole has many Vacation / Second Homeowners and we are seeing an increase in these type of buyers.  This graph was put together by the National Association of Realtors and the Wall Street Journal.  The graph explains that Vacation Home sales increase 7% from 2010 to 2011.  The Jackson real estate market mirrored this increase as properties priced over $1,000,000 had an increase of 7% over 2010 (100 in 2011 verse 97 in 2010). 

As for the increase in investment type properties I believe Jackson lagged this market in 2011 and we are seeing that increased action in 2012.  We have 40 pending transactions at the moment of properties listed under $500,000.

There are a good amount of second homes for sale in today’s market so we can only hope that this summer provides a flurry of activity for the second home seller.  The Jackson Hole Experts – Christy and Garth Gillespie – specialize in assisting the second home buyer.  More than 50% of our transactions take place “log distance” so if you would like more information on second homes in Jackson Hole please contact us at 307-413-5243 or by email at garth.gillespie@jhsir.com.