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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

 

 

 

Where was real estate selling in Jackson Hole in 2010?

Teton County real estate sales totaled $387 million for 2010, which includes Jackson Hole, Wilson, Teton Village, South of Town, North of Town, and West of the Snake River (Wilson).  The Town of Jackson aside, all areas reported susstaintial improvement in sales and unit volume. The area West of the Snake River saw the largest increase over 2009 of 136%, spurred by 4 large land sales and several single family home sales in Teton Pines.  Teton Village, at the base of Jackson Hole Mountain Resort, also saw a 74.5% increase in real estate sales over 2009, perhaps fueled by the new Aerial Tram and several bank owned condominium sales.

Teton County Units sold in 2010 totaled 261 transactions. The most sales (78) occurred in the Town of Jackson, however the Town experienced the smallest increase (13%) over 2009.  The highest increase (66.7%) in properties sold occurred in the South of Town locations, including Rafter J, Melody Ranch, and Hoback Junction – there were 50 sales in that area.

Average Sales Price increased in all areas, except the Town of Jackson, which experienced a decrease of 16.5% in the average sold price when compared to 2009. Properties West of the Snake River, including Teton Pines & Wilson, saw the largest increase of 93.8% over last year’s average sold price. Again, 4 large land sales and several Teton Pines home sales (averaging $2.8 million each) contributed to this increase. Average days on market were also higher than 2009. The overall all average days on market for sold properties was 282 days in 2010. This is 38% higher than in 2009.  Leading the way was North of Town, where properties were on the market for 367 days, and increase of 75% over last year.

The Gillespie Real Estate Team at Jackson Hole Sotheby’s Internation Realty has access to much more detailed information – call us at 307-739-8078 for a copy of the entire report of the 2010 Jackson Hole Real Estate Market Update.

New Real Estate Office Opens in Jackson Hole

Jackson Hole Real Estate Associates – Christie’s Great Estates opened its doors last week. JHREA is a new company that combines agents from many different real estate firms in the valley. The office will have multiple locations in the valley but most prominently at their current office next to Sports Authority and the old Real Estate of Jackson Hole site on East Broadway.

The eight partners of this new firm are Bob and Karen Graham and Julie and Matt Faupel of the Graham 4, David Viehman, Brad Andrews, Bill May, Carlton and Cathy Loewer, Chad and Dianne Budge and Bomber Bryan. Christy and I have the highest respect for these brokers and wish them the best.

If you would like additional information about real estate in Jackson Hole please contact the JacksonHoleExperts – Christy and Garth Gillespie at Sotheby’s International Realty. Feel free to call us toll free at 877-739-8056 or email us at garth.gillespie@sothebyshomes.com.

Jackson Hole Real Estate Hotsheet Highlights for 12.31.08

Holiday lull; more REJH fallout; looking ahead to 2009

The Web is crawling with ways to search for real estate listings. In this region, the best way to get started is at Jackson Hole Experts.com. But for when you want to know what Realtors know … you need the Hotsheet!

New listings: Activity has been light during the holiday period, with many “new listings” representing extensions of listing contracts that often expire at the end of the year. For example, Garth and Christy Gillespie extended their listing for a beautiful home in 3 Creek Ranch listed at $3M. There are now 8 homes available in this private development just south of Jackson listed between $2.695M and $5.295M.

Real Estate of Jackson Hole: Also notable in the last week under new listings are all the properties formerly listed with Real Estate of Jackson Hole, which completed a nearly yearlong demise earlier this month when they announced on Dec. 22 they would be closing their doors. As the approximately 70 agents resurface at other valley brokerages, their listings are steadily reappearing. An article written in the Jackson Hole News and Guide is published here – http://www.jacksonholenews.com/article.php?art_id=4045

One other note on REJH: Sotheby’s agents were provided a good bit of information in this week’s sales meeting that was not available in the extensive newspaper coverage of REJH’s demise. I would be glad to help anyone better understand this complex story, to the best of my ability, or refer them to someone even closer to the facts.

Outlook for 2009: What will next year bring in the Jackson Hole real estate world? From my perspective — opportunity. As a buyer’s agent, I am working with several people very interested in entering the Jackson market in 2009. With sales prices generally regressing to years past, market watchers are well aware this will be one of the best times to buy into Jackson in the last 20-25 years. And with current interest rates near historic lows, the question becomes: Even if prices have not reached bottom, will an increase in the cost of credit in the coming months offset any future price reductions?

My advice is to identify a specific area or neighborhood and a price range and make an offer on available properties based on what you are willing to pay, regardless of the listing price. Many sellers today do not have the luxury of being “insulted” by offers much lower than asking price – in fact, my inbox is filled daily with e-mails from agents saying their sellers are willing to look at any and all offers. In other words, ask today for next summer’s price reduction, and you might get it. And if the market rebounds before that, your deal will look even better.

For details about any property mentioned in this blog post or a FREE PERSONALIZED Jackson Hole real estate market analysis, please call Brian Siegfried [my name should be a link to my bio page] at 690-9346 or e-mail him at Brian.Siegfried@sothebysrealty.com.

Sotheby’s International Realty — 61.8% Market Share!

 

2007 was a record year for the Jackson Hole real estate market, and even better one for Sotheby’s International Realty Jackson Hole Brokerage, which increased its local market share to 61.8% based on its sales volume contrasted against Teton County total sales as reported by the Teton County Assessor’s office.

Looking at the market as a whole, the total dollar volume of sales reported through the Teton Board of Realtors Multiple Listing Service (MLS) in 2007 rose 9.1% over 2006.  Even in the fourth quarter, a rocky period for the national real estate market, sale volume was up 5.6% over the same period in 2006.  Sotheby’s sales associates outpaced their competitors for the year, boosting the MLS sales volume in 2007 by 12.2%.  Based on the Teton County Assessor’s numbers, which include both MLS and non-MLS transactions, Sotheby’s associates handled 61.8% of the $1.055 billion real estate sales volume in the Jackson Hole region.  The company’s average market share for the past five years is now 58.2%.

As the result of agent’s efforts and enhanced support they receive, listings with Sotheby’s International Realty in 2007 resulted in an in-house sale nearly 60% of the time.  This was more than 50% better than the company’s nearest competitor – Real Estate of Jackson Hole.  Sotheby’s agents do 88% more transaction sides per agent and 83% more dollar volume than their closest competitor.

This story was written by Sotheby’s International Realty Jackson Hole Brokerage with contributions and editting by Garth Gillespie, sales associate. 

For more information on these statistics or if you have any questions about the Jackson Hole Market please feel free to visit JacksonHoleExperts or to call me at 307-413-5243.