Tag Archive for: Jackson Hole real estate market

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

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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.

Teton Pines and The Aspen’s Jackson Hole Real Estate Update – December 10, 2010

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In today’s update we will explain the Teton Pines and Aspen’s locations for 2010. Both locations allow for short term rentals and are within the resort district. The location being on the Moose-Wilson makes it convenient for skiing in the winter and hiking in the summer. The Teton Pines offers a “resort” golf course, year round tennis, a summer pool and year round dining and bar. In the winter there is a wonderful Nordic center.

Teton Pines had a good year for real estate transactions. There were a total of 9 single family homes sales ranging from $950,000 for the desired Teton Pines Garden Homes to a high sale of $7,800,000 for a 7,300 sq. ft. estate home. The once popular Teton Pines Town Home on the other hand did not see a lot of activity. There are only 2 on the market but to see a year where no townhomes sold is a rarity. With the sale of a Garden Home below $1 million there is considerable price pressure on the townhomes. There are currently 22 active listings in Teton Pines. This is a great amount of inventory for buyers to choose from. We are predicting a strong sales season in Teton Pines.

The Aspens is located just north of Teton Pines and offers a mix of condos, townhomes and single family homes. Lake Creek carves its way through the neighborhood creating a very peaceful environment. The Aspens is frequented by moose throughout the seasons. Since January 1, 2010 there have been a total of 14 sales ranging from a low of $186,000 for a 760 sq. ft condo (Bank Sale) to a high of $1,293,700 for a wonderful single family log home (Gillespie Real Estate Team Listing). There are 2 current pending transactions – both below $500,000. As for Active inventory in the Aspen’s….there’s a lot of it. 23 listings – 13 condos (1, 2, 3 bedrooms), 6 townhomes (all located in the Pond’s and Cove) and 4 single family homes. The 6 townhomes in the Cove and Pond’s is an eye opener. The least expensive is $799,000 and the most expensive is $1,197,500. Hopefully there are a few buyers this winter and in 2011. Unfortunately I believe that the sellers are not quite realistic as to the current market.

With all the new snow and the best early ski season we have seen in years we are anticipating a very strong Holiday Season. Some of this visitor traffic should translate to an increase of real estate sales. If you would like additional information about the real estate market in Jackson Hole — please 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.

Teton Village, Wyoming Real Estate Market Update December 2010

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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.

Jackson Hole Real Estate Improving In 2010…

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Jackson Hole Q1 Real Estate Results

Today at Sotheby’s International Realty – Jackson Hole Real Estate Brokerage we sent out this informative newletter to out client base.  It is a very good article about recent active in the Jackson Hole housing market.  I think you will find it very helpful in understanding what is currently happening….

With things a bit quieter here now that Jackson Hole Mountain Resort has successfully closed out the ski season, Sotheby’s International Realty is studying recent real estate activity and preparing for what by recent indications could be a hot summer selling season. Click for more

So far this year data from the Teton County Multiple List Service reports an upward trend in real estate sales in Jackson Hole. In March, for example, unit volume was up 170 percent suggesting increased buyer demand.

Looking at entire first quarter of 2010, dollar sales volume rose 88% percent over the same period in 2009 according to our analysis of the market and MLS data. Interestingly, twenty-five sales were for properties of more than $1 million, versus only 11 in the first quarter of last year. This could be read as a sign that though there are still excellent values to be found, some buyers see current prices as true bargains and are taking action and the lower end of the market is beginning to stabilize.

Certainly proper pricing has played a key role in getting the market back on track. Our market-watch committee meets each week to review pricing of the latest pending sales, closed sales, current inventory and new listings. The committee reports its findings at our weekly sales meetings.

While the lines on the graph are heading in the right direction, we continue to increase our sales and marketing efforts keeping us on top of the latest trends with increased e-marketing as well as creative print advertising.

Our overall expertise as well as in specific market areas around the valley such as the Town of Jackson, Shooting Star, Teton Pines, Jackson Hole Mountain Resort, Hotel Terra, north of town, in eastern Idaho, etc. – allows us to closely monitor the pulse of the daily market activity and helps us deliver exceptional service to our clients.

Initiatives like this appear to be working for Sotheby’s and its clients. In Q1 of 2010, Sotheby’s Jackson Hole Brokerage accounted for more than 70 percent of the total dollar volume in the Teton County.

Although the foregoing data has been compiled from sources deemed to be reliable, SIR does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, omission, error, revision and cancellation without notice, and should be independently verified with the source of such information.
Thanks for reading the Jackson Hole Experts Real Estate Blog — Please contact us at 307-739-8056 or visit us at www.jacksonholeexperts.com.

February Sales and Activity Update – Jackson Hole Real Estate 2010

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Wanted to post with an update on the improving sales and activity in the Jackson Hole real estate market.  As with the January statistics we have to put the numbers in perspective — last year we only had 4 sales….  February 2010 was much better with 10 recorded sales in the Teton Board of Realtors Multiple Listing Service.  7 sales under $1,300,000 and 3 sales over $4,000,000.  Notice the market gap between $1.3 and $4 million — This is the market Christy and I see as the slowest segment. 

Of the lower priced properties 4 look to be “local” purchases which is very encouraging.  Last year Christy and I did not see the “local” market move around much through out the valley.  We are currently showing a lot of properties to locals so we hope this translates to an active spring and summer sales season.  Of course the only way this market will move forword will be if the sellers of all properties properly understand the market and price their homes at current market prices.  There is an indication that we are starting to see the new listings enter the market with proper price placement.

The other segment of the market – over $4 million looks to be responding to the more stable ecomony and rising stock prices.  We still see uncertainty in the markets but it seems like there is a general consensus that we have turned a corner.  This news seems to have brought a few additional buyers into the market.  We will continue to watch this trend as we close out the first quarter. The three other transactions mentioned above were:  All on the “west bank” with one in Teton Village (ski/ski out home – Granite Ridge), one in HHR and one in John Dodge which sold for over asking price (listed at $7.4 million!).

Updates should be coming more frequest as we will have Katie Colbert – Buyer and Commercial Real Estate specialist – for the Gillespie Team adding to our blog posts.

Here’s to a Happy St. Pats.  Go Marquette and Wisconsin in the NCAA Tourny!

For additional information on Jackson Hole Real Estate please feel free to call or email the Jackson Hole Experts!

Real Estate Activity for January 2010 – Jackson Hole

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The headlines could be misleading if taken out of context when reviewing the recent sold activity in the Jackson Hole real estate market.  “Sales transactions and volume more than double from previous year!” or “2010 starts off with a bang!”  You never know what some agents will report if you do not know their agenda.  Here at the Jackson Hole Experts Blog we try to give the facts but also try to give you our opinion as to where the markets are trending.  Our agenda is to give you a feeling of what we are seeing in the field and follow that up with the statistics that the MLS reports.

January felt very slow and quite possibly worse than this time last year.  The economy and job outlook in Jackson feels like it is slower and weaker than in years past.  With that said we did see activity more activity than we witnessed last year and sales did double and sales volume more than doubled so our “gut impressions” did not hold up when reviewing the past’s months activity.

 When looking very macro – Teton County MLS recorded 10 closings with a sales volume around $19 million.  This compared to 2009 when we had 4 transactions and just over $7 million in sales volume.  2009 was just plain awful so to compare any month to January 2009 we are bound to report better results.  One issue when looking at the 2010 numbers is that there were 2 very large transactions ($8.2 and $3.8 million) which account for $12 million in volume!  Remove those 2 transactions and we have volume numbers that are almost identical to lasts years awful results.  As we continue to go micro with the stats we can see how those 2 “big transactions” play with the data.  When including all 10 transactions the average sold price is $2 million.  When we peel away the Indian Springs transaction ($8.2) the average sold price slides to $1.2 million and if we also peel away the Four Seasons penthouse sale the average sales price slides to $900,000. 

 To wrap up the report I’ll pass on a few more statistics:  Of the 10 reported sales there are a total of 20 transaction sides.  Sotheby’s International Realty – Jackson Hole Brokerage represented half (10) sides.  The rest of the sides are spread out but coming in second was our friends Jackson Hole Real Estate and Appraisal with (3).  There was 1 sale in Crescent H Ranch, 5 sales in the town of Jackson, a sale in Teton Pines, 2 sales in Teton Village (includes the above mentioned sale) and the Indian Springs sale.  The average days’ on the market was 262.

In the next update we will detail the pending transactions currently reported in the (MLS).  There is a little upside as we see a good set of inventory under contract.  Stay tuned!

For more information about the Jackson Hole real estate market please feel free to call us – Christy and Garth Gillespie at 307-739-8056.  We are full time Realtors who enjoy their jobs….

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

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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.

What’s Under Contract in the Jackson Hole Real Estate Market

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In the past week we have seen an increase in activity in the Jackson Hole real estate market. The market is not on fire by any means but again we are starting to see some activity that indicates the market has some life. The most interesting aspect of the current activity has been the variety of properties going under contract.

There are currently 16 “Under Contract” residential properties which does NOT include pre construction projects (Terra, Pine Glades, 199 Pearl) or vacant land. There are 8 propeties under $1,000,000 and 8 properties over $1,000,000. There are only 3 condos verse 13 single family homes. In the past week, the most exciting activity we witnessed was a property north of town listed for $5,150,000 go under contract (both sides of the transaction are being represented by Sotheby’s International Realty – Jackson Hole). There are currently 4 properties under contract listed for more than $4.8 million. There are 5 under contract vacant land parcels.

As for Active Listings….there are 571 Residental Properties for sale in Jackson Hole and 214 Vacant Land Parcels for sale in Jackson Hole! There have been 54 closed transactions reported in the Teton Board of Realtors Multiple Listing Service since January 1st, 2009.

If you have time – check out our Top Real Estate Picks in Jackson Hole.

We hope this helps you understand the current market activity in Jackson Hole. If you would like us to expand our thoughts or if you have any additional questions please email or call the JacksonHoleExperts – 877-739-8056.

Happy Fourth of July!

Cheapest Real Estate Property in Jackson Hole — It’s Quite Nice!

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Convenient Living in the Heart of Jackson Hole

Convenient Living in the Heart of Jackson Hole

The Jackson Hole Experts just listed a completely remodeled 1 bedroom / 1 bathroom condo in the heart of Jackson Hole. We are talking 5 minutes walk from the town square, 5 minutes (in ski boots) from the base of Snow King Resort, 1 minute from the local bus stop and within walking distance from all the local taverns.

We are very excited about the opportunity to represent all segments of the real estate market in Jackson Hole. It is of course an honor to work with sellers of multi-million dollar listings and we work extremely hard to represent these properties but it is just as much of an honor to assist first time home buyers and entry level sellers in helping them take another step up in the market.

This particular property is located at 140 East Kelly, Jackson, Wyoming. It is about 500 square feet with a full kitchen and bathroom. There are laundry facitlities on the premises. New windows and doors, newer roof on the complex, updated appliances — it’s all here. Homeowner fees are very reasonable at $1560 and taxes were just above $1,000 in 2008. This building and price range qualify for the government stimulus credit of $8,000 (see previous posts for details) and also FHA loans (3-10% down).

Call us for details and and to learn more about the Jackson Hole real estate market – 877-739-8056.

Top Real Estate Values in Jackson Hole – Ask the Experts

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Top Pick? Click link to see....

Top Pick? Click link to see....


Christy and Garth Gillespie, the Jackson Hole Experts at Sotheby’s International Realty, have just updated our Top Picks for April 23, 2009. Just about every 2 weeks we take a look at the Jackson Hole real estate market and look for the current “deals” in the market. We also review the current situation with pending transactions, closed transactions and noteable price reductions.

This week we note that there were 34 price corrections in the past 2 weeks. For Christy and I this is a good signal that sellers are becoming motivated to jump start the market. For the past 4 months the Jackson Hole real estate market has been painfully slow. We have credited alot of this “non-action” on the fact that sellers have been sitting back and waiting for the buyers to arrive. Well, here at Sotheby’s International Realty – Jackson Hole Brokerage, we have seen our fair share of buyers but very little contract activity. The economy has shown signs of stabilization or at least of bottoming and the result has been a slight increase in buyer activity and inquiries. The federal government has been helping by putting pressure on mortgage rates (lowering) and offering incentives for first time home buyers. To support this thinking we have seen 7 new pending transactions from all over the market. They include 4 single family homes ranging from $599,000 to $895,000, 1 Aspen’s home and a townhome at Teton Village priced at $1,795,000. Congrats and good luck to all the involved Jackson Hole real estate agents.

To find out what we choose as out Top 3 Picks click the link. If you have any additional questions or thoughts about available Jackson Hole homes, vacant land or current activity please feel freee to contact us – the Jackson Hole Experts – Christy and Garth Gillespie toll free at 877-739-8056

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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