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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.

Jackson Hole Real Estate Market Update – 1st Quarter 2014

1st Quarter 2014 Real Estate Market Report

Overall Market: The first quarter of 2014 made a strong bid to keep pace with the overwhelming improvement of the real estate market seen in the first quarter of 2013. The 1st quarter ended with the number of transactions down by about 3% when compared to the first quarter of 2013, a negligible decrease in the larger picture. The primary factor which contributed to this decrease in transactions is the decline in inventory available to buyers, down nearly 25% compared to the first quarter of 2013. This has been a continuous trend in 2014, and it’s been slowing some of the ready, willing and able buyers from purchasing because of this slight inventory. The total dollar volume of sales also experienced a drop, decreasing about 14% over last year’s first quarter. Nonetheless, the median sales price actually increased about 6%, from $675,000 to $716,000. This can be attributed to the dominance of the $500,000 to $1 million dollar sales which accounted for about 35% of the total sales, more than any other single price segment. With inventory levels at historic lows, you can expect 2014 to bring a unique challenge to both buyers and sellers. Buyers will struggle to find quality properties at supportable prices. At the same time, sellers will struggle with the decision of whether or not to sell in 2014 or choose to wait. Many sellers sense the market is improving, and prices will likely rise as the law of supply and demand holds true, as it has demonstrated in many segments of the market.

Q1 2014 Graph 2
Single Family Segment: The statistical information for the first quarter of 2014’s single family segment displays some interesting facts about the Jackson Hole real estate market and implores further explanation. The number of transactions decreased approximately 30% when compared to the same time period last year. However, the average sales price remained roughly the same, and the median sales price actually increased about 20%, to $980,000. The vast majority (44%) of the single family home sales occurred in the $500,000 to $1 million price range. Most captivating about this segment of the market is what the future holds. At the time of this report, there were 28 homes for sale in the $500,000 to $1 million price range. Those 28 homes only represent 22% of the available inventory. This means nearly half of all potential single family home buyers must compete for a very small piece of the pie. This supply and demand equation has already showed signs of appreciation, and it should continue as long as this shortage of inventory exists. A precise rate of appreciation varies depending on price range and area of the valley. There were only 3 sales under $500,000 this first quarter, and only 1 single family home is currently for sale under $500,000. While the future is bright for sellers with homes valued under $1 million, the market for homes over $1 million is much more competitive, especially in the over $5 million price range. This price range accounted for only 2 sales this first quarter of 2014, while there are 23 homes over $5 million currently for sale.

Condo & Townhome Segment: The condo and townhome segment of the market had an incredible year in 2013, and the first quarter of 2014 was no different. The number of transactions increased about 26% as well as an impressive 35% increase in total dollar volume. The condo and townhome segment of the market has experienced the most appreciation of any segment. Both average and median sale prices increased, nearly 4% and 16% respectively. The most astonishing statistic is the quarter to quarter comparison of the average sale price in the Town of Jackson where the majority of the condo and townhome sales occur. This segment had an over 30% increase in average sale price. About 50% of the condos and townhomes sold in the first quarter of 2013, sold for less than $500,000. In comparison, about 40% of the sales in the first quarter of 2014 were sold for less than $500,000. Active inventory in the condo and townhome segment is also in short supply, down nearly 20% from the first quarter of last year. With only 82 condos and townhomes currently for sale, there is less than a 6 month supply of inventory.

Q1 2014 Graph 1

Vacant Land Segment: In 2013, the vacant land segment of the market showed steady improvement as more and more buyers were unable to find homes to suit their needs in the limited single family home inventory pool, and speculative builders began to purchase land for new projects. The first quarter of 2014 continued this trend of steady growth with a modest increase in the number of transactions, up nearly 5% when compared to the first quarter of 2013. Based on the information available, it is estimated that the total dollar volume decreased slightly, however, due to the large number of sales with undisclosed sales prices, an exact total dollar volume figure is difficult to determine with certainty. Lack of inventory is not yet an issue in the vacant land segment of the market, yet the supply is decreasing, down over 20% compared to the first quarter of 2013. The price range with the least amount of supply is the under $500,000 price range. This lower price range represents just over 15% of the available inventory, yet it contributed to nearly 45% of this first quarter’s sales. All indications point to the vacant land segment continuing on a path of steady improvement.

In Summary: Following a record ski-season and #1 rating for the Jackson Hole Mountain Resort by Ski Magazine and Forbes Magazine, Jackson is experiencing more demand from people from all over the world who are coming to enjoy not only the Jackson lifestyle with countless world-class outdoor and cultural opportunities, but also Wyoming’s tax friendly status. With over 97% of our county protected in national parks, national forests, wildlife refuges and conservation easements, the remaining less than 3% of developable property is highly desirable for residents and second home buyers. With continued constraints on inventory and high levels of demand from buyers, we anticipate continued strong performance in the Jackson real estate market. Considering that Jackson’s lifestyle benefits are matched only by the financial benefits of Wyoming residency and the unparalleled flight access into Jackson Hole, with 12 direct flights, we believe that Jackson offers a “perfect storm” of real estate opportunity, security and access that will continue to appeal to the most discerning buyers.

Christy and Garth Gillespie – The Jackson Hole Real Estate Experts:  We can be reached at 307-413-5243 or by email at garth@jhexperts.com.  The first quarter of 2014 has started off great for us.  We recently move brokerages from Sotheby’s International Realty Jackson Hole to Jackson Hole Real Estate Associates – Christie’s International Real Estate and we could be be happier.  We have been involved 11 transactions so far in 2014.  Call us today to find out why we are successful in this complex market we are seeing in 2014.

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market database. Our report is derived from our proprietary data base (not just mls data) as well as decades of history and success in the region. No other real estate company or agent can offer this depth of expertise or insight regarding current or previous market conditions. The local knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the Teton region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offers the ideal balance of local expertise and global reach. The Christie’s International Real Estate network exceeds $100 billion in annual volume, nearly three times greater than our nearest competitor.

 

* The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
*Average sale price is the total combined dollar volume divided by the number of sales.
*The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.

© Copyright 2014 by Jackson Hole Real Estate Associates. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from Jackson Hole Real Estate Associates.

Jackson Hole Real Estate Compared to Other Western Resorts?

Report on Destination Resort of the West

Report on Destination Resorts of the West

We have attached an excellent article from the Western Mountain Resort Alliance (WMRA).  The WMRA is an organization composed of Realtor Boards of destination ski resorts in the Mountain West.  Boards include Park City, Utah; Sun Valley and McCall Idaho; Jackson Hole, WY; Crested Butte, Steamboat, Summit County, Vail Colorado; Big Sky, Montana; Whistler, British Columbia and Tahoe California.

The most recent report can be found here: Click this link —-    http://origin.library.constantcontact.com/download/get/file/1107631264353-51/WMRA+Graphs.pdf

The information is really interesting to see.  When comparing Teton, County (Jackson Hole) to the other communities you can see that Teton, County has the highest Average Sale Price by far, the least amount of active listings and the largest decrease in the number of available properties for sale when compared to 2012.  To me, it illustrates some of the benefits and down falls of our real estate market here in Jackson Hole.  The benefits are that our real estate values are going to be strong and will increase significantly as activity increases.  The negatives are going to be our lack of inventory.  When looking at available real estate for sale in areas like Vail it is remarkable to see almost 2,500 active listings compared to Jackson 450.  Wow – I can only imagine what it would be like to have that much inventory.

One more stat that is interesting to point out — Number of Listings per Realtor — Jackson Hole = 1.02.  Vail = 3.65.  Big Sky = 14.2.  Park City = 5.0

For additional information on the differences in real estate markets please contact the Jackson Hole Experts – Christy and Garth Gillespie at Jackson Hole Real Estate Associates – Christie’s International Real Estate307-413-5243 or at gillespieteam@jhrea.com.

What’s Going on with Real Estate in Jackson Hole and Nationwide?

kcm test 2

While reading the current news these days it is very easy to get confused when determining what is happening with real estate. One article you read talks about the next real estate bubble and then the next article talks about the worst month of home sales in almost 1 year. Well Christy and I are here to tell you that the real estate market is extremely healthy and we are seeing strong buying signals in just about every market here in Jackson Hole.

Why some of the negative information out there? The data we are using for comparing last years March totals verse 2014 March totals involves a lot of distressed properties that were on the market in 2013 and the strong push of buyers that swooped in to buy them before they were all gone.  Now we are seeing a big push by buyers to purchase by we are encountering a lack of inventory. The sales numbers for house sales in 2014 have been very strong but since there is not the added inventory from the foreclosures or “short sales” the sales totals are lower than in 2013.  But if we segment the sales by price point like the chart above the real story is that home sales are trending upward.

The chart above is from the National Association of Realtors.  Sales for homes over $500,000 (most of the Jackson Hole market) are above to way above 2013 numbers.  This data for for nationwide sales.  Here locally ours sales are tracking at the same rate as 2013 or just slightly lower. Why are we not trending as fast as the national average?  Inventory!  We have not seen a stronger Seller’s market in Jackson Hole since the mid 2000’s.

For a free Listing Presentation by Christy and Garth Gillespie, Jackson Hole Real Estate Associates, please call us at 307-413-5243 or email us at gillespieteam@jhrea.com.

 

February 2014 in Review – The Jackson Hole Real Estate Market

elk in refuge

February’s market update needs to start with a recap of our crazy weather in Jackson Hole.  As most of you have read – February was the wettest on record.  We had a ton of snow but the big story was the amount of moisture we received.  Temperatures were warm so we had a few episodes of rain in the valley.  Weather forecasters call this the Pineapple Express as our storms originate in the Pacific and stream right over the Tetons.  The weather pattern continues as even today we are seeing a rain in the valley and snow in the mountains.  The ski resort has seen record amounts of tourists/skiers and the town has been very busy in the evenings.

Our real estate market continues to move forward in a fairly uneventful manner.  In many ways this is good as we see steady sales and no major swings of activity.  The winter months are known for this so I would call the market “normal”.  The big story is that inventory is starting to wane.  Comparing 2013 to 2014 we have 100 less listings in the Teton Board of Realtors MLS.  When comparing February 2013 to 2014 we had 28 fewer new listings hit the market.  Christy and I specialize in listing homes in Jackson Hole and our call volume for spring listings is down when compared to last year.

February 2014 saw 20 residential sales and 6 vacant lot sales.  The highest priced listing to sell was 2675 W. Stonecrop Road which is located on the “westbank” and was listed for $5,575,000.  There were a total of 7 sales over $1 million and 13 sales under $1 million.  Sales were spread out throughout the valley with 5 sales on the west bank, 4 sales at Teton Village, 4 sales in the Town of Jackson, 2 sales south of town and 1 sale north of town. When comparing sold data to 2013 the market had equal transactions (27) in 2013 to (26) in 2014.  Dollar volume was considerably less in 2014 with List Price Volume of $44 million compared to List Price Volume of $33 million in 2014.

There are 57 pendings in Teton County with a List Volume of $51 million.  36 of the pending transactions are price under $1,000,000.  There are 14 pending transactions in the town of Jackson with 12 of those under $500,000 (the condo and townhome market).  More breakdowns: 6 pendings in Teton Village, 17 pendings in the south of Jackson market, 4 north of town and 11 pending sales on the “westbank”.

Active Market:  a total of 420 total active listings in Teton County.   41 in the town of Jackson with 34 of the 41 units priced under $1 million.  41 units for sale in Teton Village with an additional 37 fractional ownership properties actively marketed.

Christy and Garth Gillespie are actively looking for additional properties to sell.  We have a very aggressive marketing plan to go along with our thorough analysis of all properties we list so that we achieve the goal of the seller – a quick sale with the highest possible sales price.  2013 was one of our most successful and if we would have stayed at Sotheby’s International Realty – Jackson Hole through the end of 2013 we would have ranked extremely high in their rankings of successful real estate teams.  Call today to find out more about our services or if you would like us to do an analysis of your home or vacant lot in Jackson Hole.

Christy and Garth Gillespie work at Jackson Hole Real Estate AssociatesChristie’s International Realty and can be reached at 307-413-5243 or email us at gillespieteam@jhrea.com.

****All statistics gathered by Garth Gillespie from the Teton Board of Realtors MLS

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.

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.

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.

Quick Glance at Jackson Hole Real Estate Sales in January 2012

Eagle Ranch - Beautiful Views

Published closed sales transactions fell in January 2012 in Jackson Hole.  Only 18 home and land sales took place in the month with a sales volume estimate of about $25 million.  Last year, January 2011 we saw 22 sales and probably the same volume.  We used an estimate because there were 4 non-disclosed sales published in the month.  What’s interesting in this data is that of the 18 sales 6 of them were vacant land.  The median sales price was $850,000.  The average days on market for the 18 sales was 414 days! 

The sales varied through out the valley with transactions taking place in the Town of Jackson, South of town in Dairy Ranches, Polo Ranches and 3 Creeks, a couple on the Westbank.  The highest sale was undisclosed and was a 35 acre lot in Crecent H Ranch which was listed at $5,950,000.

For additional information on the Jackson Hole Real Estate market please feel free to contact the Jackson Hole Experts — Christy and Garth Gillespie – at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Jackson Hole Real Estate November 2011 Market Update

 

 

 

 

 

 

 

Novemeber 2011 has come and gone here in the Jackson Hole Real Estate Market and we witnessed a pretty strong month when looking at the year as a whole.  There were 31 transactions last month — No quite the 13780 properties that sell every day in the United States but Jackson does contribute!  “How’s the Jackson Hole Real Estate Market?” — Well, “We sell a property every day!” 

In a couple of weeks we will be able to show you a graph of how we measure up when comparing Nov. 2010 to Nov. 2011 but in a nutshell, last year we had about $10 million more in sales volume but transactions were 16% lower.  November 2011 saw a median sales price of about $550,000.  This is quite low indicating a stronger low end market.  This is encouraging in my eyes as we are really starting to see the lower end market strengthen.  This of course is being generated by a few short sales, bank sales and realistic sellers.  1/3 of the market in Novemeber sold for under $400,000.

The higher end market saw some good signs too as we saw 2 transactions of about $7 million.  The Jackson market had 9 sales over $1 million. 

Other stats:  3 vacant land transactions, 5 condo transactions in Teton Village, 10 sales in the Town of Jackson.

Please call with any questions or if you need any additional information on the Jackson Hole Real Estate Market — Garth Gillespie, sales associate and partner of the Gillespie Real Estate Team – Jackson Hole Sotheby’s, 307-413-5243 or email at garth.gillespie@jhsir.com