Tag Archive for: Sotheby’s International Realty – Jackson Hole Brokerage

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 Market Update for March 2014 – Sold Results

market trend march 2014

Yesterday Jackson Hole Mountain Resort closed for the 2014 winter ski season.  As most of you know, we had incredible snow conditions and we ended with 494 inches of total snowfall (41 feet) and our last recorded base was 140 inches.  Jackson Hole Mountain Resort was rated #1 ski resort in the county this year and you could tell that we had many visitors come to see for themselves why we were ranked #1.  All winter we had strong tourist interest and as a local we saw some of our largest lift lines ever.  Of course it helped that we had the best ski conditions in the county too.

Did the extra tourist visitation result in stronger real estate activity?  Not really….but we did see a continuation of a very healthy market.  March 2014 was on average with our 2013 results.  We had slightly lower total sales volume but had just about the same number of transactions (36 in 2014 vs. 38 in 2013).    One of the biggest differences between the two years is that we had 8 vacant land transactions vs. only 2 in 2013.  Another huge difference was “Days on Market”.  In 2014 days on market averaged 187 days vs. 356 days in 203.  That is a great improvement!

The Town of Jackson saw the most activity with 9 sales, next was Teton Village with 5 and the rest of the locations in the valley (Wilson, North, South) all averaged 3 sales during the month.  The highest sale recorded was a beautiful estate located in Teton Village which was listed at $12.5 million.  There were 10 sales that were listed for over $1 million.

The friendly competition between Jackson Hole Sotheby’s and Jackson Hole Real Estate Associates resulted in very similar results.  There were a total of 40 sales in March 2014 including timeshare product.  This means there are 80 transaction “sides”.  Sotheby’s recorded 33 sides and JHREA recorded 31 sides.  This means 80% of the market involved Jackson Hole Real Estate Associates or Jackson Hole Sotheby’s!

The Jackson Hole Experts – Christy and Garth Gillespie had a great month of March with 7 transaction sides representing almost 9% of the market.  Our sales volume was $5,775,000 in March.  Thank you Jackson Hole!

If you would like additional information on the current real estate market in Jackson Hole please do not hesitate to call us at Christy and Garth Gillespie 307-413-5243

***All statistics above were gathered from the Teton Board of Realtors Multiple Listing Service

Wyoming Taxes – Great Facts About Wyomings Wonderful Tax Climate


Last week Christy and I were treated to an excellent discussion at our Jackson Hole Sotheby’s International Realty morning meeting about Wyoming Taxes.  Every Wednesday the agents and staff at Sotheby’s get together to discuss new listings, recent sales activity, office policies and important educational seminars.  This past week we had the pleasure of having Jim Gersack, VP of Wealth Management at First Interstate Back in Jackson Hole (who can be reached at 307-732-7852 or by email at james.gersack@fib.com) give us an interesting presentation of the current momentum Wyoming is receiving from individuals looking to relocate their residency to Wyoming.  You see, Wyoming is simply one of the top states in the country to live in if you are looking to preserve wealth and to avoid major taxes that many state impose on individuals and businesses.

So why is Wyoming so special?:

In March, 2013 Wyoming was rated as the top tax-friendly state by Barrons Penta (Barron’s Penta offers advice for families with assets of $5M or more). Residents of Wyoming reap significant tax benefits due to its tax certainty, asset and creditor protection and state budget surplus of $1 billion.

• According to a study by 24/7 Wall Street, Wyoming is the 2nd best run state with regards to account debt per capita, budget deficits, unemployment, and median household income

• Wyoming has very progressive estate and tax planning legislation with more to come

• Wyoming has $6.1 billion in their Mineral Trust Fund and nearly $1.3 billion in cash in their Legislative Stabilization Reserve Account

• Wyoming has a AAA credit rating, the highest possible (and better than the Federal Government)

• All Wyoming high school graduates have access to the Hathaway Scholarship, a state program that provides free college tuition who qualify with both merit- and needs

• And if you need more convincing, Wyoming has the lowest beer tax at just 2 cents per gallon.

When compared to higher tax states such as California, New York, Illinois or Maryland (which recently instituted a “rain tax” estimated to cost Marylanders $300 million annually) it becomes clear why Jackson Hole, Wy is experiencing a surge of tax-motivated buyers.

To learn more about Jackson Hole and some of its advantages please feel free to contact us – the Jackson Hole Real Estate Experts – at 307-413-5243 or by email at Garth.gillespie@jhsir.com



February Real Estate Results for Jackson Hole, Wyoming


 A little bit of a mixed bag for real estate results in February 2012 for Jackson, Wyoming.   The bad news is that our sold transaction total fell from 18 transactions in January to 17 closed transactions in Feb.  The average price also fell to $857,976 and the median sale price of $476,000.  The highest sale for the month was a home on the West Bank in Lake Creek Acres .  It sold for $2,300,000. 

On a positive outlook we had 3 land sales in Feb. and we just had 3 additional lots go under contract in the past few weeks.  Land prices have fallen, construction costs are lower and finding professional works is much easier at this point.  My other theory is that the consumer is going to demand a newer homes in a few years and there simply will not be any due to the lack of construction and spec building during the past 4-5 years.  The opportunity is there for owners to start construction on a new home with the idea of living in it or selling it after or during construction.

Finally – the pending outlook is strong.  There are 54 pending transactions at the moment.  44 of those are priced below $1 million.

For additional information on the Jackson Hole Real Estate market please contact the Jackson Hole Experts – Jackson Hole Sotheby’s International Realty – Christy and Garth Gillespie. – 307-413-5243 or garth.gillespie@jhsir.com

Jackson Hole: 2010 Final Stats on Sales Volume in Teton County

Jackson Hole Sotheby’s International Realty has analyzed all real estate sales in Teton County, Wyoming from the Teton County Multiple Listing Service for the year 2010. The big picture, and good news, is that sales volume is up from 2009, and is parallel with 2003 sales numbers. Sales volume for 2010 totaled $387,800,000 which is an 69% increase over 2009 ($229,200,000) and unit volume of 261 is up 28% from the 203 sales registered in the MLS in 2009.  However, 2010 sales volume was still less than 1/2 of what is was in the peak of 2007, which saw real estate sales top out at $792,000,000 from 581 sales in Teton County.

It should be noted that not all real estate sales are registered in the MLS. In fact approximately 1/3 of all sales are not reported in the MLS. Over the past 10 years, approximately 37% of the units sold and 32% of the sales volume was NOT reported in the Teton County MLS. Therefore, the 2010 MLS volume of $388 million suggests that ACTUAL sales volume was about $510 million.

Teton County, Wyoming: Real Estate Stats – Year to date Feb 2011

According to the Multiple Listing Service (MLS), Teton County real estate sales volume is on track with 2004 and 2008 sales volume levels. Through Feb 2011, there have been 43 real estate sales reported in the MLS in Teton County, which includes Jackson, Wilson, Teton Village, Hoback Junction and Alpine. Total sales volume in this period is $58.1 million. This is a 38% improvement over the same period in 2010, where there were only 22 sales and $44.5 million in sales volume through the months of January and February.  While the first two months of 2011 are will above the ‘bottom’ of 2009, which only had 8 sales totaling $9.7 million, but still below the ‘peak’ of 2006, which saw 92 sales in the first two months of the year totaling $86 million.  

Along with an increase in real estate sales volume, the number of real estate transactions in teh first two months of the year in Teton County doubled from the first two months of 2010.  Of the 21 sales in February alone, Jackson Hole Sotheby’s International Realty had a 33% market share in Teton County. For more information, including graphs, please contact The Gillespie Real Estate Team at Sotheby’s International Realty at 307-739-8078.

Teton County Wyoming December 2010 Real Estate Update

Working at Jackson Hole Sotheby’s International Realty has so many benefits…To name a few – We have the strongest real estate professionals in the Jackson Hole Valley.  Year after year we post an incredible market share usually averaging over 60% of the buyers in the market.  That is staggering when you compare it to like markets.  Technology is another – www.jhsir.com is one of the best Real Estate websites out in the cyber world.  Sales office locations is another huge benefit – especially for sellers as JH Sotheby’s has working real estate professionals located in the Town of Jackson, Teton Village, the Aspens and all the major resort hotels at the Jackson Hole Mountain Resort – including the Four Seasons, Terra and Teton Mountain Lodge.  Finally but not the last benefit is out “stats man” – Leonard Klieman.  Every month Leonard looks over the data and provides all of us up to date market statistics.  Today I’ll share the latest December 2010 information.

During the end of 2010 we have started to see an increase in activity with properties listed over $2 million.  This continued in December 2010.  In Dec. 2010 we had 6 sales over $1 million with an average sales price of $3.7 million compared to 10 sales over $1 million in 2009 but had an average sales price of $1.9 million.  Overall we had 20 transactions during the month.  Unfortunately that is not a great number and was the lowest number of transaction since July 2010.  Unoffical numbers indicated that Teton County, Wyoming had 241 transactions in 2010 with a volume of $359 million.  That is the second lowest sales volume and transaction datat recorded in the past 8 years – only beating 2009. 

Comparing Year to Date December units and volume – 39% more transaction and 78% more volume when compared to 2009.  Sales volume is 3% below that of 2003 and 52% below the peak of 2007.  The increase in activity in the higher end is evident in the residential average sales price increasing 53% when compared to 2009.

Hopefully that was helpful.  For additional real estate information please feel free to contact Christy and Garth Gillespie – the Jackson Hole Experts.  We pride ourselves with working hard for buyers and sellers and having a secure grip on the market.  Feel free to visit our website – www.jacksonholeexperts.com or feel free to give us a call at 307-413-5243.

Jackson Hole Real Estate Improving In 2010…

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

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!