Posts

December 1st – Jackson Hole Real Estate Update

It has been a while since this site has been updated – we are sorry. The Jackson Hole Experts – Christy and Garth Gillespie of Sotheby’s International Realty – have been extremely busy over the past 4 months and unfortunately our Blog fell silent.

We are excited about getting back into posting current information about Jackson Hole and the Jackson Hole Real Estate Market. 2009 has been a challenging real estate climate nationally and locally. Financing continues to be a struggle and declining property and home values are creating a burden for many homeowners. We understand these issues and hope to cover topics within our blog that offer solutions and opportunities.

In our first Blog back we want to bring people back up to speed on the current market statistics. We will be updating the information soon as our last current review of the market is thru October 2009. Year to Date there have been a total of 152 closings with a sales volume of $182 million as reported by Teton Board of Realtors (TBOR) MLS system. When comparing this information to 2008 unit volume was down 41% and down 70% from 2007. Sales volume is down 58% from 2008 and 73% from 2007. Positive news is that in October we had 29 closings which was the high for 2009 and also in October we saw 7 sales over $2 million.

Christy and I believe that Sotheby’s International Realty – Jackson Hole Brokerage offers our customers the best opportunity for success. If you are a seller, hands down there is nobody in Teton County that can offer you so many marketing opportunities and exposure to the most buyers. For buyers – the same can be said – we work extremely hard in the office to educate each other on the most up to date statistics which offers our sellers the most educated price analysis. This in turn offers a buyer the opportunity to look at properties that are priced correctly for the market. We have incredible tools for both Buyers and Sellers as too how the real estate process works in Jackson Hole.

The statistics uphold our thoughts above. In October alone, Sotheby’s was involved with 23 transaction sides (a transaction = 2 sides a buyer and a seller). This equaled a 62% market share. Year to date Sotheby’s has sold 72 properties and has assisted 61 buyers complete a transaction. This equals 133 transaction sides or 55% market share. These are fantastic numbers.

As for Christy and Garth Gillespie – we continue to work extremely hard to produce results for our sellers. We have sold 8 listings so far in 2009 and have been involved in 14 transaction sides. When compared to years past we are lagging our average but we are proud of our efforts and continue to learn more about our market every day.

If you would like additional information, please feel free to call us at 307-413-5243 or email me at garth.gillespie@sothebyshomes.com. Thanks for visiting our site and we hope you stop by again real soon.

Good News On Housing! Anything Happening with the Jackson Hole Real Estate Market?

We woke up this morning to good news on Wall Street as reaction to the new “Toxic Asset” program was cheered by traders with big movement in the financial sector. Wall Street is also reacting to better than expected housing data. The interesting stat to notice is that this is the first time housing sales and median price both increased at the same time since May 2008.

What about the Jackson Hole real estate market? Well, so far the month of March could be labeled the “Month of Showings”. Activity has been quite strong with buyers looking at property but not yet pulling out their wallets. The news out of the federal government is great for home buyers as mortgage rates are very low, there are extremely favorable tax credits for first time home buyers and financing is becoming a little easier to find. All of this should add up to some transactions but currently we are waiting. Prices in Jackson Hole are still holding fairly strong but we are seeing some movement just not an overall pattern.

Data includes: Current inventory staying about the same since March 3rd with a slight increase (3%) to 732 listings. The big increase came into the residential market with an additional 16 listings. There have been a total of 45 price reductions since the start of March. As for buying activity — slow go. Only 1 confirmed pending transaction in March — Aspen’s Condo 2B/2B priced at $595,000.

For additional real estate information on Jackson Hole -please feel free to email or call us at 877-739-8056. Christy and Garth Gillespie, Sotheby’s International Realty, are ready to answer any questions.