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Sotheby’s International Realty – May 31, 2009 Market Update – Jackson Hole

Last weeks sunset from Melody Ranch

Last weeks sunset from Melody Ranch

Christy and I just got out of our Sotheby’s International Realty morning meeting and have some new statistics to share with all of you. Today’s meeting was not as encouraging as last weeks when we saw 5 new pending transactions – this week we announced just 1 (vacant lot in Willowbrook under contract).

The Jackson Hole Experts have been working our tails off. Last week we listed 3 more properties. We are so grateful to the many sellers out there that have confidence in our marketing program. We believe that the combination of Christy and Garth Gillespie and Sotheby’s International Realty is hard beat and we wake up every day trying to do our best. We look for new, creative marketing ideas, we make sure we have updated photography, we network with the right people….it is on going and effective.

The May 31, 2009 update sums up the market quite well — 43 transaction since January 1st! Yep – 43… The previous low was 2008 with only 127 closings and before that it was 2003 with 186 closings already. This is a shocking number! Jackson Hole Real estste sales volume is half ($66.5 million) of what it was in 2003 ($122 million). The unit volume peaked in 2005 and 2009 unit sales are down 85% from that level. Sales volume peaked in 2007 and 2009 volume so far is down 79% vs. 2007. Days on market is just about irrelevant with so few deals. Prices are hard to fine tune into a pattern but 20% off the high selling prices seems to be a number we are seeing quite a bit. That is about all we can say about the current/past market.

Where do we go from here? An interesting marketing tool that Sotheby’s of Jackson Hole has started in the past 2 months seems to be working. Here at Sotheby’s we have a pricing committee which is comprised of 12 working real estate agents. The pricing committee talks about the market and the current listings at Sotheby’s. They discuss current trends and closings that have occured during the past few months. They also evaluate Sotheby’s current listings on the market. They then select the best values on the market. In turn Sotheby’s uses the top section of our advertising to highlight these exceptionally priced properties. During the past 2 months – 50% of the Sotheby’s listings that have sold have come from this list! Currently 50% of the under contract properties Sotheby’s has listed came from the “priced great” list. Christy and I are meeting with seller’s weekly and we are doing our best to assist them in understanding the market — we are advising our seller’s to make the list with our original listing price.

For details on what makes listing homes or land with Christy and Garth Gillespie and Sotheby’s International Realty different than any other “agency” or “associates” in Jackson Hole – call us toll free at 877-739-8056 or on our cell at 307-413-5243. We are very excited to be busy and we are working very hard to increase transactions in this difficult market.